Debt piling up during the coronavirus outbreak? Here’s how to manage it
It’s never ideal to build up debt, but it may be necessary these days. The coronavirus outbreak has disrupted the economy. Businesses have shuttered and workers have been laid off or furloughed from their jobs. On April 2, the Labor Department reported 6.6 million people filed for unemploym …
The 3 Questions to Ask Your Lender During the Preapproval Process
Buying a home is one of the biggest decisions you’ll ever make — and being prepared ahead of time with a preapproval letter can make the process a lot smoother. Getting a mortgage preapproval gives you a leg up in the buying process by showing how serious you are about purchasing a home and …
How to financially support your adult children without breaking your nest egg
If parents aren’t careful, financially supporting their adult children could harm their retirement — and damage their kids’ own financial development. Of course, living in the time of Covid-19 brings its own set of unique circumstances. Many young adults are reeling from the economic fallou …
More than 1 in 4 Americans are raiding their retirement accounts after a coronavirus-related job loss
More than 38 million people have filed for jobless claims since the coronavirus pandemic started. The unexpected loss in income is causing many Americans to tap their retirement savings just to make ends meet. And many people who lost a job — or have a spouse or partner whose income has de …
How to avoid a tax problem if you get a refund from your college for spring semester
If you got a refund from college for room and board or other expenses, consider yourself lucky. But beware of the potential tax bite. As colleges and universities across the U.S. remain closed in an effort to slow the spread of Covid-19, refunds for meals or housing have varied from school …
Taking Emotion Out of Investing
The volatility in the stock market due to the COVID-19 pandemic is stirring a range of emotions, including fear in even some very experienced investors. Some of these investors might be your clients. As their financial advisor, part of your job is to help your clients look past any emotions …
When you wish you were home alone: How to survive the quarantine with kids
You didn’t set out to home-school, yet the global pandemic is changing your career plans. We’re seeing an unprecedented disruption of K-12 schooling. As of April 14, at least 124,000 public and private schools in the U.S. have been closed in response to the growing coronavirus outbreak, acc …
Should You Dip Into Your Retirement Savings During the Pandemic?
In the midst of a global pandemic, your social media feeds have likely been swarmed with bad news. However, there have been some glimmers of hopes during this period of uncertainty. For instance, the CARES Act is making it easier for Americans to tap into retirement accounts during the pand …
3 Roth Conversion Traps To Avoid After The SECURE Act
Roth conversions can be a powerful tax and retirement planning technique. The idea behind most Roth conversions is to take money from an IRA and convert it to a Roth IRA. Essentially, you’re paying taxes today instead of paying taxes in the future.
10 Common Estate Planning Mistakes (and How to Avoid Them)
Estate planning and end of life planning are about taking control of your situation. Death and long-term care later in life might be hard to fathom right now, but we can’t put off planning out of fear of the unknown or because it’s unpleasant. Don’t wait for life to happen to you, though.
