You may have heard of annuities before, and wondered what are annuities and whether should you invest in them. Annuities have a reputation, and to a lot of finance people it isn’t a very good one. It’s a fact that an awful lot of financial advisors (not to be confused with annuity salesmen) don’t recommend them or even like to talk about them very much. They are more likely want to talk to you about investments in stocks, bonds, and mutual funds for growing your wealth. They’ll also talk about participating in a 401k plan to combine with your Social Security benefits, pension, and brokerage accounts for your retirement program.
That may be a good plan for many people. But it is wise to consider an annuity or at least feel that you have examined them and understood what they are and why you’d use them before you rule them out. For some people, it can be a real complement to their financial security and retirement plans. And that raises the question, “Do they make any sense for you?” Continue reading
It’s a subject that none of us enjoy talking about: whether you need life insurance. It can be a bit frightening to dwell on our death and planning for it whether you are 25 or 85. Being 67, I can’t help but think that I’m not going to be around as long as I have been, and that’s a subject that makes me worry about my younger wife, my kids, and their financial futures. There are a number of important things to consider here and a number of myths about life insurance that need to be discussed while you can do something about it. Let’s examine the facts we are facing now when looking at life insurance in 2016.
Fewer Americans have life insurance today than they did just 10 years ago. Just 60% of us have life insurance and that number was around 70% before the 2008 “great recession”. The reason is fairly simple. A lot of us feel that having life insurance is just too expensive and doesn’t fit into our budget plan since the economy, unemployment, and the difficult times of 2008 have lingered into the present. Continue reading
Today is New Year’s Day and I’d like to wish everyone happiness, health, and prosperity for 2016. And how do we get to happiness, health, and prosperity?
Resolutions: every new year we make a list of them and then by February they just seem to disappear in the cold north wind. I know you know what I’m talking about. You’ve pledged to lose some weight or to give up your nasty smoking habit, but it’s so much easier to say it than to do it. You can talk the talk, but can you walk the walk?
Well, when it comes to your financial resolutions, it’s much the same. Making resolutions that can make real changes in your life is something that most of us think, talk about and plan every year. But what becomes of that plan?
About a year ago, I wrote about how to make a better plan, by setting measurable goals, dealing with setbacks, engaging others, and more. This year I’d like to talk about what some of those financial goals might include. Continue reading
Unless you live in an urban area with ample public transportation, having a car or truck is practically a necessity. And if you own a car or truck, having some car insurance is a necessity by law here in the United States. According to the National Association of Insurance Commissioners, in 2012 the average cost of auto insurance was $815. My home state of New Jersey was the most expensive with a whopping average of $1,220. While you can’t avoid paying for it, there are ways to save on car insurance premiums and shrink your bill.
When you’re young, single and healthy, your mortality (and therefore life insurance) is something you rarely think about. After finishing school, you usually focus on your employment and career, perhaps marriage and family, rather than what may be a basic cornerstone of your financial plan. However, life insurance is something you should review, even at an early age. It can be more affordable, provide protection for loved ones and against debt, as well as provide a safety net as you grow older and have serious needs for your own spouse and children.