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legacy planning

Things to Do Before You Retire

Some people set a particular age when they want to retire. It might be more helpful to look at your financial schedule to establish a retirement date. Just because you want to retire on a certain birthday doesn’t mean you’ll be quite financially ready to do so. After all, there’s more to retirement planning than…

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The Student Housing Investment

It’s hard enough for students to come up with the money to pay the rising cost of college tuition, but what about room and board? In fact, at some colleges, the amount charged for housing has increased at a faster rate than tuition. This expense offers an opportunity for family members to help out. In some…

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How Grandparents May Benefit From College Funding

With the increase of student loan debt over the past 10 years, more grandparents are taking on the role of college funding. In fact, a Fidelity survey in 2014 found that 72 percent of grandparents feel it’s important to help out in this regard. Many retirees walk a tightrope between wanting to make gifts to…

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The Role of College in Socio-Economic Circles

Some high school students painstakingly work to perfect their college applications and essays with the dream of going to the best school possible, for the best life possible. Others may not have to try as hard to achieve that goal. New data shows that the family you are born into has a significant impact on…

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How Millennials can Still Build Equity Through Home Ownership

Financial experts have long touted that buying a home is a foundation for building long-term wealth. In fact, the younger a homeowner enters the housing market, the more potential he has for greater wealth over his lifetime. However, fewer young adults today are buying houses than in the past. This puts a damper on the…

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Strategies for Paying for College

Even as college tuition continues to rise, more and more American families are paying less out of pocket than in previous years. During the 2015-16 academic year, grants and scholarships paid the largest portion of college expenses — 34 percent, compared to 30 percent the year before. In addition to grants and scholarships, parent income…

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“Caregiving” a Parent’s Investment Portfolio

Many individuals often spend large sums of their own money caring for an aging parent. A recent survey found that one out of three caregivers provide $5,000 or more per year helping their loved one, and nearly one in five provide $10,000 or more. One reason is because adult children are uncomfortable talking about their…

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Why Convert a Roth IRA?

Investing in a traditional IRA while earning a paycheck is a good way to defer income taxes on the money you contribute. Currently, taxpayers who aren’t covered by a retirement plan at work may deduct the full amount of their annual contributions to a traditional IRA. Those who do participate in a work plan may…

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Parental Financial Socialization

“Parental financial socialization” is an ominous-sounding term that basically describes parents who freely and openly discuss money matters with their children. Parents can have a tremendous influence on how children value and manage money, and those values are often carried over into adulthood. Parents who assist an adult child financially can cause dependency issues, while…

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Legacy Planning Tip: POD

Not all wealth is distributed according to a will. Life insurance, annuities, pensions, IRAs and 401(k)s are distributed according to the beneficiary designation assigned in your contract or policy. Another way to transfer assets is to assign a beneficiary through a payable on death (POD) account designation. Some states allow bank account owners to assign…

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