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Keeping Your New Year’s Resolutions

  How many of you have made a New Year’s resolution only to break it within a few weeks or months? I see quite a few raised hands, including my own. Why do you think it’s so hard to keep these important promises we make to ourselves? My experience is that our resolutions lack the elements necessary for […]

With the Fiscal Cliff Coming, Is My Money Market Safe?

  Question: With all the upcoming changes is it safe to keep your money in a savings account? Or should you invest in Gold or some other safer investment? R.K. Answer: I assume you are not referring to the Mayan calendar that some folks think predicts the end of the world on December 21st, but rather the fiscal […]

Understanding IRA Required Minimum Distributions

  One thing I love about writing this column is that if I make a mistake or create confusion, readers are quick to let me know! I always strive for perfection and typically have one or two other professionals review my column before sending it to our editor but sometimes there are still mistakes…as from last […]

Tax Benefits of Charitable Donations

  Question: I am retired and gross $156,000 per year in income from my retirement account. I net $9,998 after taxes per month. I donate $400 per month to my church. How much of that is deductible and how much does that reduce my tax bill? T.W.   Answer: Assuming that you itemize deductions and are married […]

5 Year-End Tax Saving Strategies

  As 2012 quickly comes to a close, now is the time to sit down and consider what you might do to reduce your April 15 tax bill. This year will be a particular challenge because Congress is planning significant changes to the tax laws and we may not know the new rules until after December […]

Don’t Drop that Long-Term Care Policy!

  Eighty million Baby Boomers are headed for the retirement exits and many will face a significant rise in medical costs during their retirement years. Your choices include self-insuring these potential expenses or hedging your bets by purchasing long-term care insurance. We had one case where both the husband and wife required around-the-clock nursing care at an […]

Black Friday- Winning the Game!

  With Thanksgiving fast approaching, we each have so many things to be thankful for including living in the greatest nation in the world. The day after Thanksgiving, Black Friday, marks the official kick-off of the holiday shopping season and with a bit of planning you can get great deals on gifts without starting the New […]

5 Predictions for the New Congress

  In the aftermath of the elections, our nation faces a number of unprecedented challenges both immediately and in the near future. Here’s my best guess at how they’ll play out over the next few weeks and months ahead: 1.       Fiscal cliff – part 1: Automatic spending cuts. As part of the 2011 debt ceiling compromise, members […]

10 Tips for Divorcing Couples

  The ‘D’ word. It happens in about 50% of the marriages in America. The reasons for divorce varies by couple but most of the cases have at least some roots in money issues. The tendency for most couples is to run out and hire a lawyer and let them do battle for you. Before you hire the lawyer, […]

How to Invest Small Amounts of Money

  Question: I am fortunate to have a six-month emergency fund but I know I must save more for my retirement. I am currently investing in my company 401k plan but know I also need to be investing more into something like a Roth as well. I don’t know anything about investing so I’ve tried reading various books […]