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College costs are about to double (or worse) for many families that will have more than one child enrolled at the same time. Starting with the 2024–2025 academic year, the discount currently available under the Free Application...

You’re no doubt aware that cost of living is a major concern when you’re contemplating a place to retire. Indeed, housing expenses, taxes, and even grocery bills can vary dramatically depending on where you reside, which...

Whether you’ve been working hard for 30 years or are just three months into your first job, it’s always wise to plan ahead for retirement. After all, one day you will close the chapter on your career and start the next...

How’s your “asset allocation” looking these days? If you’re a stock market junkie or perhaps even just a mildly active investor, you probably know. But if you shy away from 401(k) statements or sidestep making...

For many parents, giving their children a college education is a priority. After all, a college degree often means better income and a better standard of living in the years ahead. Unfortunately, there are some uncomfortable truths...

Skill at decision-making tops the list of the capabilities a business owner needs. Of course, a great many business decisions affect more than just your business. They can have an impact on your personal finances as well. The two sides...

A secure retirement…no college debt…a home without a mortgage…a huge credit card line and zero balance… Do any of these notions suggest “financial independence” to you? The concept means...

If you plan to age in place, wish to protect your children’s inheritance, or like the sound of an upscale senior living facility, you may be a candidate for long-term care (LTC) insurance -- and not even know it. Financial...

An individual makes the choice to go into business for themselves typically for one or more of three reasons. They can be: Motivated by a passion for their craft or trade. Yearning for a lifestyle change that provides independence and...

Babies are a cause for celebration. But a new child also requires some careful financial planning by the parents. Indeed, that little bundle of joy comes with some pretty big financial expenses. The average cost of raising a child born...

Your financial professional spends years, often decades, helping you navigate a path to a comfortable retirement, reviewing and revising your plan to help you stay on course. It may not surprise you to learn, then, that the person you...

If you have parted ways with your previous employer, you may be wondering what happens next with your retirement account. Generally you cannot keep contributing to an employer-sponsored plan, such as a 401(k) or 403(b), if you have...

It was early in his career when the importance of helping his clients create a financial safety net to protect their loved ones hit home. Nilesh Patel, a MassMutual financial professional, was working with a client — a friend he...

This is it — the home stretch, the last hurrah, the final few months before you retire. Congratulations! You’ve earned the right to relax. Just be sure your pending retirement doesn’t distract you from the important...

Trusts serve far more varied purposes than many people realize, and they aren’t just for the wealthy. A trust may be right for you if you need to accomplish any of these goals: Avoid probate. Transfer your business or real estate...

Grandparents with the financial resources to help pay for their grandchildren’s college education can potentially lower their own tax liability while spreading the wealth. Indeed, while no specific tax breaks exist for generous...

Guaranteed returns, you ask? Yes, but it's complicated – one simple word can make a big difference. If you have a fixed annuity, you get a fixed rate of return. If you add one simple word "indexed" creating a fixed indexed annuity,...

Investing is a common way for people to build wealth. But it can take many forms and involve different levels of risk. What makes sense will differ from person to person. Why? Because everyone's financial circumstances are different....

We spend years of our life working and saving for that retirement dream, and as you get closer, it's important to take all steps to preserve your nest egg. Perhaps a move across state lines will help in that endeavor. Some states don't...

Estate planning can provide peace of mind, ensuring that your assets, interests, and loved ones will be protected after you die, but it is also fertile ground for some costly mistakes. Whether due to oversight or improper planning,...

Cryptocurrency is a form of digital payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that...

The emergency fund is an important pillar of any financial plan, the safety net that enables you to pay the bills and keep your financial goals on track in the event of a job loss, costly home repair, or sudden illness. But very few...

Saving money is a time-tested way to improve your financial situation over time. It can give you more peace of mind today, and get you started down the road toward a comfortable retirement, a college education, or family vacation. Of...

Financial Literacy Month suggests it's time to take advantage of available tools, resources, and tips for financial education that can help increase your financial success. This month put yourself back in the driver's seat! Do a...

Do you recognize yourself, a friend, or a family member in this list of five common personal finance blunders? Carrying unreasonable debt. Spending thoughtlessly instead of thoughtfully. Not saving for the future. Failing to invest....

If you haven’t shown your children how to handle their money, you’ve left them vulnerable to a lifetime of financial insecurity. And when it comes to money and finances, exposure is everything. According to a 2019 study by...

The process of calculating personal net worth may well be the only exercise in financial planning that savers and investors actually enjoy. After all, it’s fun to tally the fruits of your labor. Beyond the satisfaction of...

Health savings accounts (HSAs) are an option to help pay for today’s medical expenses and are typically coupled with a high deductible health insurance plan. But a health savings account can be even more valuable when you...

If you are new to the world of annuities, you might bump into some financial terms you’ve never met before. So we thought it’d be useful to explain some of the more common annuity language. Before going over the terms,...

Good personal finance habits are essential to wealth building and financial security, not only in good times, but also challenging times. “There are always going to be downturns, setbacks, and challenges that shake our confidence...

When you’re in your twenties and early thirties, you have a huge advantage in growing wealth: Time. The longer invested money has to work, the better the return is likely to be. But what’s the best way to grow wealth? The...

Millennials, Gen Z, and those with modest incomes listen up: You may be able to give your retirement savings a boost by contributing less to your 401(k). Huh? Financial professionals say those who qualify for a Roth IRA are sometimes...

You may have learned about Maslow’s hierarchy of needs in your high school or college psychology class. Well, it can work for your financial needs too. Maslow’s idea is that you have to meet your most basic level of human...

It’s never a bad time to review your progress toward your retirement goals, but your 40s is an especially important time to do so. Why? Because you’ve probably been working for about two decades, and you still have two to...

As a business owner, you’re constantly looking to add value. You invest in innovation. You utilize models of efficiency. You follow best practices. But have you invested in employee financial wellness, specifically employee...

As small businesses mature, their evolving human resource needs require filling key positions with employees who have different attributes than those who contributed to the company’s initial success. A business’s first...

Before deciding on an investment strategy and portfolio mix, there’s a crucial piece of information you need: Your risk tolerance profile. While everyone’s risk tolerance is different, several factors will help determine...

Every adult needs to financially plan. Notice how I didn't say have "a financial plan" and, instead, emphasized the verb ― “plan.” That's because I strongly believe that the most impactful outcomes of a financial planning...

It was another joyful holiday season and your gifts to friends and family did not disappoint. Sure, you went a bit over budget, but perhaps you did elicit some memorable “wows.” Now, as you set your sights on a happy and...

The holiday season is upon us and with it the eternal struggle of what to buy for the special kids on our list. Many already have more knick-knacks than they need and any new toys or games they receive will no doubt be gathering dust...

Is there anything better than the pure joy that fills your heart when your grandson or granddaughter makes eye contact and smiles at you? Well, perhaps, yes: The ability to leave most of the hard work in raising them to your son or...

What can a godparent, aunt, uncle, or close family friend do for a youngster to help them succeed in life? Financial advisors and personal finance experts point to three versatile ways of doing that: Set up a 529 college savings plan....

Managing money with your spouse is a challenge by any measure, but when you merge two families under a single budget, it can be harder still to strike a balance. Harder, but not impossible. Blended families bring to the table a mix of...

The holidays are much beloved not only for their spiritual significance, but also for the sense of togetherness they instill. Indeed, the time-honored traditions, seasonal foods, and momentary respite from work and school help set the...

Babies are a cause for celebration. But a new child also requires some careful financial planning by the parents. Indeed, that little bundle of joy comes with some pretty big financial expenses. The average cost of raising a child born...

Both traditional IRAs and Roth IRAs can help you save for retirement. But they have different rules about taxes on contributions and withdrawals, what happens if you need to take money out before retirement, and other things that can...

For a parent, the instinct to protect never ends. When your child turns 18, however, your legal right to access their protected records — medical, financial, and academic — does come to an abrupt halt, regardless of whether...

How much do I need for retirement? That is a question many people ask. And the answer changes from person to person. What you will personally need for retirement will depend on many things. Some will depend on external factors like the...

Will I have enough money to retire? It’s a common question and one that has increased in magnitude lately — especially for people in their 40s and 50s. Indeed a MassMutual study in 2018 found that the greatest worry for...

Life insurance is, first and foremost, about protecting the ones you love after you’re gone. But some types can help you in retirement as well, by providing: A way to accumulate a source of funds. Tax-deferred growth insulated...

As a business owner, you know what it means to be the boss, from managing employees, to winning new business, to paying the bills. But these aren’t the only things you’re in charge of. You’re also the boss when it...

Life insurance proceeds can help alleviate a major source of stress after the loss of a loved one, giving the newly bereaved time to tend to their emotional needs without fretting over their finances. But the sudden influx of a large...

If you own all or part of a business, you should know about buy-sell agreements. A buy-sell agreement is a legally binding agreement that requires one party to sell, and another party to buy a particular ownership interest in a...

Do you want a say in what will happen to everything you own after you die? Do you want to prevent your family from fighting over your assets? If so, then you need an estate plan — no matter how much or how little you have. Estate...

Life insurance is a fundamental part of one’s financial safety net. But having life insurance and having enough of it are two different issues. In fact, the Life Insurance and Market Research Association (LIMRA) estimates that...

When you’re thinking about buying life insurance to protect those you care about from the financial cost of your death, the first choice you must make is whether to purchase a term life insurance policy or a permanent one. To...

Thousands of people become entrepreneurs and start a business every year. In fact, there have been about 400,000 startups annually for the last decade, according to the Small Business Administration.1 Of course, a good number of...

Boosting your credit score is a lot like going to the gym: It’s painful at first, requires consistency and patience, but is ultimately worth the (financial) effort. The key is to develop or re-establish good spending habits, set...

As a business owner, it’s hard running day-to-day operations and still have time left over to think about the what-ifs. What if I lose a key employee? What if a competitor sets up shop down the street? What if a global pandemic...

The conventional wisdom is that you should pay off your mortgage before you retire. Yet many in their senior years do not, choosing instead to retire with a mortgage. According to a study by Harvard University, 46 percent of homeowners...

Taking out loans from the cash value built up in your life insurance policy can be an advantageous way to help pay off a mortgage or supplement college expenses. But the cash value you accumulate from your policy can just as easily be...

The advantages of physical activity, including decreased risk of heart disease and improved emotional wellness, have long been touted by the medical community, but recent research suggests that those who run on a regular basis may get...

Once you decide that getting married and/or having children is in your future — and especially once those events come to pass — your finances can rapidly grow more complicated. Making a family financial plan can help you...

Recent events and ongoing economic problems have many people looking to do something — anything — to feel financially grounded again. Here are some things you can do immediately, in the coming week, and for the month that...