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Market update: COVID hope and housing worries
Hope. Fear. Risk. Greed. As humans and investors, we deploy these emotions every time we make a significant decision. While the extremes are not diametrically opposed, they often keep us from making the logical...
Read MoreHow to handle sudden medical expenses
Sudden medical expenses can arise after an ambulance ride, emergency room visit, sudden hospitalization, or unplanned surgery. In fact, they can even come up after a planned doctor’s visit or medical procedure. Whether you...
Read MoreEstate planning: Learning from the famous
It’s a lesson seen periodically in news headlines: A famous celebrity or musical artist passes away, leaving behind a substantial estate, and there is no will in place to determine how...
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FAFSA changes could double some family college costs: Are you ready?
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...
Read MoreWhere you retire & your wallet: The varying cost of long-term care
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...
Read More5 potential retirement obstacles
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...
Read MoreKnowing which financial eggs are where
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...
Read More3 uncomfortable truths about college saving
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...
Read More5 common business decisions that can impact your personal finances
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...
Read MoreWant financial independence? Grasp interdependence
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...
Read More6 people who dismiss long-term care insurance, but maybe shouldn’t
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...
Read MoreLooking to start a business? You need a market, means, and mindset
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...
Read MoreHow new parents can start budgeting for their kids
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...
Read MoreWhat to do when your financial professional retires
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...
Read MoreWhat to do with an old retirement account
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...
Read MoreHow financial professionals become family
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...
Read MoreRetiring in 12 months or less? What to do
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...
Read More7 situations where a trust might help
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...
Read MorePossible college gifting moves for your grandchildren
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...
Read MoreIs There Really Such a Thing as a Guaranteed Rate of Return?
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,...
Read MoreUnderstanding the basics of investing
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....
Read MoreWhere to Live if You Prefer Zero Social Security or Pension Tax
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...
Read MoreEstate planning: 6 big mistakes you might be making
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,...
Read MoreCryptocurrency and Bitcoin – The New Funny Money
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...
Read MoreDon’t have an emergency fund? Get one
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...
Read MoreSetting financial goals: Savings
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...
Read MoreFinancial Literacy Month and What You “Must Consider”
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...
Read More5 financial mistakes and tips for avoiding them
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....
Read MoreMoney and children: Teaching by age groups
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...
Read MoreYour net worth matters. What’s yours?
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...
Read MoreHealth savings accounts for retirement planning: Pros and cons
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...
Read MoreUseful annuity terms to know
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,...
Read More6 steps to better personal finance
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...
Read MoreHow to grow wealth: 3 strategies
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...
Read MoreHow a 401(k), Roth combo can help younger savers
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...
Read MoreBudgeting and building your financial pyramid
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...
Read MoreHow much retirement savings should you have in your 40s?
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...
Read More3 ways employee financial education can boost your business
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...
Read MoreA strong team: At the intersection of strategy & tactics
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...
Read MoreWhy identifying your risk profile is essential to investing
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...
Read More7 things financial planning does for you
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...
Read MoreHow to ditch that holiday debt
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...
Read More5 financial gift ideas for teens and kids
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...
Read More5 things to do now to help your grandkids
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...
Read More3 ways to give your godchild (or niece or nephew) a financial boost
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....
Read MoreBudgeting for blended families
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...
Read MoreStaying connected when you’re far apart for the holidays
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...
Read MoreHow new parents can start budgeting for their kids
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...
Read More8 FAQs on traditional vs. Roth IRAs
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...
Read More4 forms you need when your child turns 18
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...
Read MoreSetting financial goals: Retirement
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...
Read MoreSaving in your 40s and 50s: It's never too late to get started
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...
Read MoreHow life insurance can help you in your retirement
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...
Read MoreKeeping your retirement plans in sync with your business
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...
Read MoreUsing life insurance proceeds wisely: 8 options
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...
Read MoreDifferent types of buy-sell agreements
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...
Read MoreWhat is estate planning?
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...
Read MoreIs group life insurance enough?
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...
Read MoreTerm vs. perm life insurance: 3 considerations
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...
Read More3 reasons an entrepreneur needs life and disability insurance
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...
Read MoreImproving your credit score: It pays off
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...
Read MoreBusiness owners: Focus on what matters in this crisis
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...
Read MoreIs it OK to retire with a mortgage?
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...
Read MoreLife insurance: Treat cash value with care
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...
Read MoreRunning adds life...and other benefits
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...
Read MoreHow to make a financial plan for your family
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...
Read More3 financial steps for today, this week, and this month
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...
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