Blog

Down the Donut Hole: The Medicare Coverage Gap

October 4, 2018

One of the most confusing Medicare provisions is the prescription drug coverage gap, often called the “donut hole.” It may be clearer if you consider the gap within the annual “lifecycle” of Medicare Part D Prescription Drug Coverage. This also applies to drug coverage that is integrated into a Part C Medicare Advantage Plan. Annual…

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What to Do If Your Term Life Insurance Policy Is About to Expire

August 30, 2018

One advantage of term life insurance is that it is generally the most cost-effective way to achieve the maximum life insurance protection you can afford. Many people first purchase term life insurance to protect their family’s financial interests after a significant life event, such as getting married or the birth of a child. You may…

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The Financial Implications of a Chronic Illness

August 30, 2018

When you live with a chronic illness, you need to confront both the day-to-day and long-term financial implications of that illness. Talking openly about your health can be hard, but sharing your questions and challenges with those who can help you is extremely important, because recommendations can be better tailored to your needs. Every person…

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Can the federal funds rate affect the economy?

August 30, 2018

The Federal Open Market Committee (FOMC) is the policymaking branch of the Federal Reserve. One of its primary responsibilities is setting the federal funds target rate. The FOMC meets eight times per year, after which it announces any changes to the target rate. The Federal Reserve (the Fed), through the FOMC, uses the federal funds…

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A Parent-Child Conversation About College Costs

July 30, 2018

If you’re the parent of a high school student who’s looking ahead to college, it’s important to have a grown-up conversation with your child about college costs. A frank discussion can help both of you get on the same page, optimize the college search process, and avoid getting blindsided by large college bills. An initial…

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Building Confidence in Your Strategy for Retirement

July 30, 2018

Each year, the Employee Benefit Research Institute (EBRI) conducts its Retirement Confidence Survey to assess both worker and retiree confidence in financial aspects of retirement. In 2018, as in years past, retirees expressed a higher level of confidence than today’s workers (perhaps because “retirement” is less of an abstract concept to those actually living it)….

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Tax Benefits of Homeownership After Tax Reform

July 30, 2018

Buying a home can be a major expenditure. Fortunately, federal tax benefits are still available, even after recent tax reform legislation, to help make homeownership more affordable. There may also be tax benefits under state law. Mortgage interest deduction One of the most important tax benefits of owning a home is that you may be…

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What are some tips for creating a budget and sticking to it?

June 27, 2018

It’s a common problem for many individuals — wondering exactly where your paycheck goes each month. After paying expenses, such as your mortgage, utilities, and credit card bills, you may find little left to put toward anything else. Creating a budget is the first key to successfully manage your finances. Knowing exactly how you are…

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Protect Your Heirs by Naming a Trust as IRA Beneficiary

June 27, 2018

Often, tax-qualified retirement accounts such as IRAs make up a significant part of one’s estate. Naming beneficiaries of an IRA can be an important part of an estate plan. One option is designating a trust as the IRA beneficiary. This discussion applies to traditional IRAs, not to Roth IRAs. Special considerations apply to beneficiary designations…

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Four Points to Consider When Setting a Retirement Income Goal

June 27, 2018

No matter what your age or stage of life, targeting a goal for monthly retirement income can seem like a daunting task. Following are four considerations to help you get started. 1. When do you plan to retire? The first question to ponder is your anticipated retirement age. Many people base their target retirement date…

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