Financial Planning

Believe it or not, the penalty for failing to file a tax return exceeds the penalty for failing to pay your taxes. Filing an extension is a way to make sure you don’t fall into the bad graces of the Internal Revenue Service. I’ve talked to lots of folks who would rather give up their first-born child than file an [...]

There are certain questions of life we all want answered. What happens when you die? Does my life have meaning? How long should I keep tax records? Personally, my answer about keeping tax records is biased because I’m a safety man. I would wear a belt AND suspenders—just in case. But the length of time you should keep a document [...]

One quick glance at the interest rate your bank is paying on your hard-earned savings account balance and you'll turn green. Even though the Federal Reserve has been raising benchmark interest rates for the past three years, the big banks have not followed suit. They are the biggest beneficiaries of the Fed’s rate hikes, allowing them to charge a higher [...]

With more than 200 ways to claim Social Security benefits, discovering what’s best for you can be a challenge. And for two benefits, in particular, there has been a lot of confusion—spousal benefits and survivor benefits. In fact, an internal audit of the Social Security Administration found that 82% of SSA representatives were giving incorrect information about these two benefits [...]

When naming a beneficiary for your IRA the number one choice is a spouse, a child, or a relative. There’s something in our DNA that wants to make sure our money stays in the family if possible, and that’s certainly understandable. But if you’re looking at the bigger picture, the financial planning picture, you may ask the question, “Should I [...]

“I can’t wait to retire!” Have those words ever come out of your mouth? Oh, the thought of divorcing that demanding, unreasonable boss; doing what you want when you want; burning all the bridges you never intend to cross again. It’s the payoff for all those years of hard work. Unfortunately, the retirement dream we’ve built in our minds may [...]