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Are You Retiring Within the Next 5 Years?

You can prepare for the transition years in advance. In doing so, you may be better equipped to manage anything unexpected that may come your way.How much monthly income will you need?

TFC Congratulates our associate Brandon Grocki on passing the CFP® Exam

The CFP® exam is for the financial industry what the bar is for the legal industry. Being a CERTIFIED FINANCIAL PLANNER (CFP®) is largely considered the highest standard in financial planning.Brandon Grocki joined Total...

Monthly Economic Update for September 2022

In this month’s recap: Stocks dropped on renewed fears of higher rates and economic weakening, coupled with some tough talk by the Fed chair.

Care for a COLA with Your Social Security?

As you might have heard, people are talking about a big bump in Social Security benefits next year.

Should You Downsize for Retirement?

You want to retire, and you own a large home that is nearly or fully paid off. The kids are gone, but the upkeep costs haven’t fallen. Should you retire and keep your home? Or sell your home and retire? Maybe it’s time to...

Monthly Economic Update: August, 2022

In this month’s recap: Stocks surge on receding inflation and recession worries, and better-than-expected second-quarter earnings.

Couples Retiring on the Same Page

Agreeing about what you want from retirement is crucial.

When Bears Are Loud, Consider This

Some gloomy headlines are coming out of Wall Street lately. Have you noticed?

Monthly Economic Update for July 2022

In this month’s recap: Stocks fell as growing recession talk prompted investors to manage risk in their portfolios.

The Behavior Gap and Your Financial Health

“It turns out my job was not to find great investments but to help create great investors,” writes Carl Richards, author of “The Behavior Gap.”

States Are Requiring Retirement Plans

Too many Americans save too little for retirement. This problem has been discussed for decades in all kinds of media, and there seems to be no easy way to solve it. 

Optimistic Sign In a Fear-Filled Market?

"Be fearful when others are greedy and greedy when others are fearful," according to legendary investor Warren Buffett.It's a great quote but complex advice to follow, especially in 2022 when stock prices are down double-digits.

We're Hiring: Financial Operations Specialist Position

Financial Operations Specialist Position. Total Financial Concepts, INC., a wealth management firm based in Tinton Falls, NJ is seeking a Financial operations specialist (OS) to join its esteemed team.

Taking Charge of Your Financial Life

When you are putting together a household, it isn’t unusual to delegate responsibilities. One spouse or partner may take on the laundry, while another takes on the shopping.

The Retirement Reality Check

Decades ago, there was a book entitled What They Don’t Teach You at Harvard Business School. Perhaps someday, another book will appear to discuss certain aspects of the retirement experience that go unrecognized...

Monthly Economic Update for May 2022

In this month’s recap: It was a challenging month for investors as losses in mega-cap tech companies spilled over to the broader market

Getting (Mentally) Ready to Retire

Even those who have saved millions must prepare for a lifestyle adjustment.

How Market Cycles Can Impact Retirement

Sequence of returns can play a role in your overall portfolio.

Inflation's Overreach

What do The Dukes of Hazzard, M*A*S*H, and The Love Boat all have in common? They were top-rated television programs in 1982; the last time inflation was hovering in the 7% range.

The Need for a Power of Attorney

The point of the POA. A power of attorney (POA) is a legal instrument that delegates an individual’s legal authority to another person.

RMDs Get a Small Reprieve

2022 brings new life expectancy tables.

Monthly Economic Update for March, 2022

U.S. Markets Escalating tensions in Eastern Europe upended markets in February, sending stocks lower for the month.

Retirement Preparation Mistakes

Much is out there about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, some classic financial missteps plague retirees. 

The Cycle of Investing

When markets fall, it’s easy to forget that downtrends are part of the investing cycle. So when prices slip, it's a good time to review some common terms that you may be hearing that describe today’s financial markets.

Rising Rates & Your Account

When bond yields go up, bond prices go down. It’s a time-tested principle, but it’s also one we haven’t experienced much since the pandemic began. At least, not until the past several weeks.

Monthly Economic Update for February, 2022

U.S. Markets Rising yields, elevated inflation, and a hawkish-sounding Fed took turns rattling the stock market in January, with technology-heavy Nasdaq particularly hard hit.

Fed Gives Clear Signal About Interest Rates

Wise Decisions with Retirement in Mind

Holiday Wrap-Up

The Power of the Consumer

Are Capital Gains Taxes Changing?

There are a lot of questions about President Biden’s Build Back Better plan and potential tax law changes, including an adjustment to capital gains taxes. One of the proposals Congress is considering sets the top rate for taxing...

Proposed Tax Changes in Congress

Investors are watching the Build Back Better Act. This $3.5 trillion bill, refined through months-long negotiations, may be approaching a final vote in the House of Representatives. If the BBA becomes law, it would finance large-scale...

401(k) Millionaires

Your workplace retirement account can play a critical role in your overall retirement strategy. However, some have gone further with the accounts than others, especially recently. CNBC reported on findings that place 401(k) accounts at...

2021 Retirement Confidence Survey

Will your retirement dreams match your reality? That's perhaps the most critical question to ask people who are currently retired. Was your retirement what you expected, or was it something else? For more than 30 years, the Employee...

A Dividend of Confidence

The most recent stats on corporate dividends suggest that global companies are bullish on the world’s economic recovery. Dividends paid to investors are on track to hit $1.4 trillion this year and are expected to stretch even...

September is National Life Insurance Awareness Month

It’s time for your life insurance checkup. September is National Life Insurance Awareness Month, so it’s a great time to review your coverage.1 If you don’t have any life insurance, you’re not alone. Life...

Debate Starts on Capital Gains Tax

Now and again, the price action on Wall Street can surprise even the most seasoned investors. Look no further than when President Biden in late April proposed an increase in the tax on capital gains to 39.6% from 20% for those...

Economic Lessons from Used-Car Inflation

Inflation is defined as the general upward price movement of goods and services in an economy. The key word is “general.” Inflation tends to be uneven and affects the price of some items more than others. If you’ve...

A Roaring Start to Earnings Season

Corporate earnings season has begun, and the results are turning heads on Wall Street. Of the 120 companies in the S&P 500 index that reported numbers as of Friday, July 23, 89% of them beat the Street’s earnings-per-share...

Insurance When You Marry After 40

When you marry, you buy life insurance. Right? You buy it out of consideration for your spouse, and also realize that in the event of either your untimely death or your spouse’s untimely death, your household could be left with...

Tax & Estate Strategies for Married LGBTQ+ Couples

Tax & Estate Strategies for Married LGBTQ+ Couples In this age of marriage equality, there are new possibilities. Provided by «representativename» The 2015 Obergefell v. Hodges Supreme Court decision streamlined tax and...

A COLA with Your Social Security?

If there is a "silver lining" to all the inflation talk, it may be that Social Security benefits are expected to see a larger-than-normal increase in 2022. Preliminary estimates call for a 4.7% cost-of-living increase (COLA) in Social...

Are You Ready for the Second Act of the S.E.C.U.R.E. Act?

Recently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0. As the bill moves from the House of Representatives to the Senate, many...

Investor Sentiment Is Shifting

A recent survey shows that 63% of investors are more interested in protecting their financial assets and planning for uncertainty in the future than anything else.1 There are many reasons for this change, but here are a few of the most...

The Emergence of ESG Investing

ESG: what does that acronym stand for? Those three letters stand for "Environmental, Social, and Governance" and signify an investment that has particular merit to investors of all ages. A recent Morgan Stanley Bank survey found that...

Investing During Periods of Inflation

In August of 2020, the Fed announced that it is willing to allow inflation to run higher than normal in order to support the labor market and broader economy. This major policy shift allows inflation to run above the Fed’s 2%...

Why Roth IRA Conversions May Now Be Advantageous

Roth IRAs have attracted retirement savers since their introduction in 1998. They offer the potential for tax-free retirement income, provided Internal Revenue Service rules are followed. Do Roth IRAs seem even more attractive these...

The New Inherited I.R.A. Rules

New inherited I.R.A. rules took effect on January 1, 2020. The Setting Every Community Up for Retirement Enhancement (SECURE) Act became law on that day, altering the regulations on inherited Individual Retirement Account (I.R.A.)...

Guarding Against Identity Theft

America is enduring a data breach problem. As many workers traded in the office for remote work, data security has been a focus for the public and private sectors. Between robocalls pitching low-cost health insurance, pretending to be...

Economic Predictions: What Lies Ahead?

It can be easy to overlook the nation’s solid economic fundamentals when the financial media splashes stories every day about an army of amateur traders, short-selling mania, and initial public offerings (IPOs) that double in...

Cash Balance Plans

In corporate America, pension plans may be fading away. Only 14% of Fortune 500 companies offered them to full-time employees in 2019. In contrast, legal, medical, accounting, and engineering firms are keeping the spirit of the...

The Shadow of Inflation

I’m sure you’ve heard that the House recently passed the Senate another round of stimulus to try and counteract the economic effects of the COVID-19 pandemic. The new stimulus package could narrow income eligibility to...

Navigating Your Required Minimum Distribution

As much as you would like to, you can’t keep your money in your retirement account forever. These investment vehicles include 401(k)s, IRAs, and similar retirement accounts.1 Under the SECURE Act, once you reach age 72, you must...

It's Not Too Late to Fund Your IRA

If you’re like many investors, you’re probably looking for a way to manage your tax bill. One approach to consider is contributing the full amount to your retirement accounts. It’s not too late to fund your retirement...

Building a Healthy Financial Foundation

When you read about money matters, you will sometimes see the phrase, “getting your financial house in order.” What exactly does that mean? When your financial “house is in order,” it means it is built on a...

How the Internet Gamed Wall Street’s Short Sellers

You may have heard the news about stocks for certain companies suddenly ballooning, quickly going from lunch money prices to several hundred dollars a share. In one case, the shares rose over 1700% since December 2020.1 So, what gives?...

How to Prepare for Tax Season

In this guide, we’ll explore ways to help you prepare for the upcoming tax season. Keep in mind, this guide is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal...

2020 IRA Deadlines Are Approaching

Financially, many of us associate April with taxes – but we should also associate April with important IRA deadlines. April 15, 2021 is the deadline to take your Required Minimum Distribution (RMD) from certain individual...

5 Highlights of the New Stimulus Package

After a bit of political posturing in December, the $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump as the COVID-19 pandemic continues to impact employers and employees....

January Is Financial Wellness Month

January is Financial Wellness Month, a time to remind people to make arrangements for their financial strategy.1 For a financial professional, it’s time to connect with new clients and discuss their financial situation and...

A look back at 2020 thus far

The year in brief. The coronavirus pandemic disrupted the global economy, global financial markets, and daily life in 2020. For investors, it was certainly an eventful year. Economic activity abruptly contracted in the spring, and...

Speed Bumps & Headlines

As an investor, it can be tempting to get caught up in daily news headlines. Consider how news about the election and COVID-19 vaccines have moved the markets over the past several weeks. But having a financial strategy can help you...

Your Year-End Financial Checklist

The end of the year can help remind us of last-minute things we need to address and the goals we want to accomplish. To that end, here are some aspects of your financial life to think about as this year leads into the next. Keep in...

End-of-the-Year Money Moves

What has changed for you in 2020? For many, this year has been as complicated as learning a new dance. Did you start a new job or leave a job behind? That’s one step. Did you retire? There’s another step. Did you start a...

When the Fed Talks Inflation, Bond Investors Listen

Most recently, you may have read that Federal Reserve Chair Jerome Powell announced a change in how the Fed views inflation. In the past, the Fed said it would consider adjusting short-term rates when inflation approached 2 percent....

The Social Security Administration Announces 2021 COLA

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable...

2021 Limits for IRAs, 401(k)s and More

On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)s. The salary...

Managing Money as a Couple

When you marry or simply share a household with someone, your financial life changes—and your approach to managing your money may change as well. The good news is that it is usually not so difficult. At some point, you will have...

Strategic vs. Tactical Investing

Ever heard the term “strategic investing”? How about “tactical investing”? At a glance, you might assume that both these phrases describe a similar investment approach. While each approach involves the periodic...

September is National Life Insurance Awareness Month

It’s time for your life insurance check-up. September is National Life Insurance Awareness Month, so it’s a great time to review your coverage. If you don’t have any life insurance, you’re not alone. Life...

The A, B, C, & D of Medicare

Whether your 65th birthday is on the horizon or decades away, understanding the different parts of Medicare is critical, as this government-sponsored program may play a role in your future health care decisions. Parts A & B: Original...

The Fed’s Year-Long Review Expected in September

As many of you know, the Federal Reserve's Open Market Committee has eight scheduled meetings each year when the seven board members review the nation's economic activity and set the federal funds rate's target rate. In this...

What Are Stock Splits?

Two high-profile companies—Apple and Tesla—have announced stock splits in the past few weeks, which makes it a great time to discuss what’s involved when a company announces a stock split. Remember, any companies...

Keep Your Life Insurance When You Retire

Do you need a life insurance policy in retirement? One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed. If you are thinking about dropping...

What Makes 2020 A Unique Year For Retirement?

Q: What makes 2020 a unique year for retirement? A: Big changes to retirement account rules. You can attribute those changes to two major pieces of legislation: the Setting Every Community Up for Retirement Enhancement (SECURE) Act,...

A Stock Market Lesson to Remember

Undeniably, spring 2020 has tried the patience of investors. An 11-year bull market ended. Key economic indicators went haywire. Household confidence was shaken. The Standard & Poor’s 500, the equity benchmark often used as...

Life Insurance at an Early Age

Perhaps you’ve heard the maxim, “Preparation is the key to success.” But when it comes to life insurance, knowing when to prepare is almost more important than the preparation, itself. Sure, it can be difficult to...

Insurance Needs for Empty Nesters and Retirees

With the children now out of the house, financial priorities become more focused on preparing for retirement. At this stage, you may very likely be at the height of your earning power and fast approaching peak savings as you lay the...

Market Behavior and the Economy

As states cautiously begin the process of relaxing their COVID-19 restrictions, some are wondering, “Why is the stock market doing so well when the economy is doing so poorly?” It’s a great question, and fortunately,...

Details on the Tax Deadline Extension

The Internal Revenue Service knows that many taxpayers have had a stressful spring. So, it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes...

Inherited Accounts Under the CARES Act

Tucked into the gigantic “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act were two key changes you should know about, regarding required minimum distributions (RMDs). Both were designed to give...

COVID-19 Financial Relief for Small Businesses

Our last two updates discussed important financial information within the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).This is information you should know if you have a qualified retirement plan OR if you have...

Important 401K Information You Should Know (CARES Act)

In my last update I shared important information about the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with respect to Required Minimum Distributions (RMD). In this update below, I've highlighted important...

Important RMD Information You Should Know (CARES Act)

As you may know, the $2 trillion coronavirus economic recovery bill — officially known as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) — was recently signed into law. The CARES Act is overwhelming...

Should You Care What the Financial Markets Do Each Day?

Investors are people, and people are often impatient. No one likes to wait in line or wait longer than they have to for something, especially today when so much is just a click or two away. This impatience also manifests itself in the...

Pullbacks, Corrections, and Bear Markets

The COVID-19 outbreak has put tremendous pressure on stock prices, prompting some investors to blindly and indiscriminately sell positions at a time when the entire market is trending lower. Worried investors believe "this time it's...

Lesser Known Provisions of the SECURE Act

The SECURE Act passed into law in late 2019 and changed several aspects of retirement investing. These modifications included modifying the ability to stretch an Individual Retirement Account (IRA) and changing the age when IRA holders...

Rules Tighten on Stretch IRAs

Washington was busy this holiday season. As many of us were looking forward to some well-earned time off, new legislation was passed, and it affects some of the old rules for traditional Individual Retirement Accounts. These changes...

New I.R.S. Contribution Limits

The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes. *Next year, you can put up to $6,000 in any type of IRA. The...

Cash Flow Management

You’ve probably heard the saying that “cash is king,” and that truth applies whether you own a business or not. Most discussions of business and personal “financial planning” involve tomorrow’s goals...

Debunking Common Retirement Assumptions

Financial generalizations are as old as time. Some have been around for decades, while others have only recently joined their ranks. Let’s examine a few. Retirement means I can stop investing. In the past, retirement was viewed...

Establishing Good Credit in College

Good credit may open doors. It is vital to securing a loan, a business loan, or buying a home. When you establish and maintain good credit in college, you create a financial profile for yourself that can influence lenders, landlords,...

Can You Put Your IRA into a Trust?

Can your IRA be put directly into a trust? In short, no. Individual retirement accounts (IRAs) cannot be put directly into a trust. What you can do, however, is name a trust as the beneficiary of your IRA. The trust would inherit the...

Creating a Retirement Strategy

Across the country, people are saving for that “someday” called retirement. Someday, their careers will end. Someday, they may live off their savings or investments, plus Social Security. They know this, but many of them do...

End-of-the-Year Money Moves 2019

What has changed for you in 2019? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your finances...

Retirement Wellness

How healthy a retirement do you think you will have? If you can stay active as a senior and curb or avoid certain habits, you could potentially reduce one type of retirement expense. Each year, Fidelity Investments presents an analysis...

Systematic Withdrawal Strategies

Some retirees wish they could simplify money management. Estimating investment income, annual retirement plan distributions, and quarterly taxes can be a chore. This is why some retirees choose to make systematic withdrawals. Just as...

Will You Avoid These Estate Planning Mistakes?

Many people plan their estates diligently, with input from legal, tax, and financial professionals. Others plan earnestly but make mistakes that can potentially affect both the transfer and destiny of family wealth. Here are some...

Avoid Large Losses In Your Portfolio

Risk is a factor in any investment decision that you make. Your tolerance for risk is something that you will want to consider when you make decisions alongside your trusted financial professional. Your risk tolerance is balanced...

Your Extended Care Strategy

Do you have an extra $33,000 to $100,000 to spare this year? How about next year, and the year after that? Your answer to these questions is probably “no.” What could possibly cost so much? Eldercare. According to the AARP...

Pension Plans & De-risking

A new term has made its way into today’s financial jargon: de-risking. Anyone with assets in an old-school pension plan should know what it signifies. De-risking is when a large employer hands over its established pension...

What the SECURE Act Could Mean for Retirement Plans

If you follow national news, you may have heard of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Although the SECURE Act has yet to clear the Senate, it saw broad, bipartisan support in the House of...

Your Diversified Portfolio vs. the S&P 500

“Why is my portfolio underperforming the market?” This question may be on your mind. It is a question that investors sometimes ask after stocks shatter records or return exceptionally well in a quarter. The short answer is...

Eight Mistakes That Can Upend Your Retirement

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. No Strategy. Yes, the biggest mistake is having no strategy at...

An Estate Strategy for Your Digital Assets

When you think about your estate, you may think about your personal property, real estate, or investments. You also have other, less-tangible assets – and they deserve your attention as well. Your digital assets should not...

Retirement and Adult Children

Families are one of the great joys in life, and part of the love you show to your family is making sure that their basic needs are met. While that’s only to be expected from birth through the high school years, many households...

Three Key Questions to Answer Before Taking Social Security

Social Security will be a critical component of your financial strategy in retirement, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement...

Teaching Your Heirs To Value Your Wealth

Some millionaires are reluctant to talk to their kids about family wealth. Perhaps they are afraid of what their heirs may do with it. If a child comes from money and grows up knowing they can expect a sizable inheritance, that child...

Introducing Brandon Grocki

Total Financial Concepts, Inc. is pleased to announce that Brandon Grocki has joined its team of financial services representatives serving the greater New Jersey, Pennsylvania, New York area. With just over five years of experience in...

Wise Decisions with Retirement in Mind

Some retirees succeed at realizing the life they want; others don’t. Fate aside, it isn’t merely a matter of stock market performance or investment selection that makes the difference. There are certain dos and don’ts...

The Cost of Procrastination

Some of us share a common experience. You’re driving along when a police cruiser pulls up behind you with its lights flashing. You pull over, the officer gets out, and your heart drops. “Are you aware the registration on...

Gradual Retirement

Are you in a hurry to retire? Not everyone is rushing to that particular finish line. According to the 2018 retirement survey from the Transamerica Center for Retirement Studies, which gauges the outlook of American workers, 56% of...

Have You Budgeted For Retirement?

Run the numbers. There is a rule of thumb for retirees suggesting that retirement income has a target of 70-80% of the household’s end salary, though this can certainly vary. So, years before leaving work, sit down (perhaps with...

Is America Prepared to Retire?

Are Americans saving enough? Only 19% of U.S. adults describe themselves as “very confident” when asked about their savings. Worry spots include retiring without enough money saved (16%) and anxiety about having a...

Succession Planning

A successful finale. If you are an entrepreneur, what is the final act for you and your business? If you have been successful, you likely want the company you created to be able to continue once you are no longer at the helm. For that...

A Look At HSAs

Why do higher-income households inquire about Health Savings Accounts? They have heard about what an HSA can potentially offer them: a pool of tax-exempt dollars for health care, a path to tax savings, even a possible source of...

ABLE Accounts For Loved Ones With Disabilities

Families with special needs children have a new tax-deferred savings option. The ABLE account, also called a 529A savings account, is patterned after the popular 529 savings plan created to help parents save for a child’s higher...

The Value Of Insuring Against Life's Risks

When you are planning for your future, what do you think about? You may think about your retirement, enjoying having the time and money to take trips and pursue your interests. Maybe you think about your home and enjoying the feeling...

Why Do You Need A Will?

According to the global analytics firm Gallup, only about 44% of Americans have created a will. This finding may not surprise you. After all, no one wants to be reminded of their mortality or dwell on what might happen upon their death...

Your 2019 Financial To-Do List

What financial, business, or life priorities do you need to address for 2019? Now is a good time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund...

End-of-the-Year Money Moves

What has changed for you in 2018? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your finances...

The IRA and the 401(k)

How do you save for retirement? Two options probably come to mind right away: the IRA and the 401(k). Both offer you relatively easy ways to build a retirement fund. Here is a look at the features, merits, and demerits of each account,...

5 Retirement Concerns Too Often Overlooked

Retirement is undeniably a major life and financial transition. Even so, baby boomers can run the risk of growing nonchalant about some of the financial challenges that retirement poses, for not all are immediately obvious. In looking...

Starting a Roth IRA for a Child or Grandchild

Do you have a child or grandchild earning some income? Indirectly, that after-school or summer job might present a savings opportunity for that teenager. You could help your child or grandchild save for future goals by assisting them...

Build Your Rainy Day Fund

Sometimes, life gets expensive. A little bad luck or a twist of fate can hit us right in the checkbook and challenge us to live within our budget. An emergency fund may help us handle major financial disruptions. For the minor ones, a...

Keep Your Life Insurance When You Retire

Do you need a life insurance policy in retirement? One school of thought says no. The kids are grown, and the need to financially insulate the household against the loss of a breadwinner has passed. If you are thinking about dropping...

Coping with College Loans

Is student loan debt weighing on the economy? Probably. Total student loan debt in America is now around $1.5 trillion, having tripled since 2008. The average indebted college graduate leaves campus owing nearly $40,000, and the mean...

Should You Leave Your IRA to a Child?

Can a child inherit an IRA? The answer is yes, though they cannot legally own the IRA and its invested assets. Until the child turns 18 (or 21, in some states), the inherited IRA is a custodial account, managed by an adult on behalf of...

Who Is Your Trusted Contact?

Investment firms have a new client service requirement. They must now ask you if you want to provide the name and information of a trusted contact.1 You do not have to supply this information, but it is certainly welcomed. The request...

The Backdoor Roth IRA

Does your high income stop you from contributing to a Roth IRA? It does not necessarily prohibit you from having one. You may be able to create a backdoor Roth IRA and give yourself the potential for a tax-free income stream in...

Why Medicare Should Be Part Of Your Retirement Planning

Medicare takes a little time to understand. As you approach age 65, familiarize yourself with its coverage options and their costs and limitations. Certain features of Medicare can affect health care costs and coverage. Some retirees...

Avoid These Life Insurance Missteps

Are you about to buy life insurance? Shop carefully. Make your choice with insight from an insurance professional, as it may help you avoid some of these all-too-common missteps. Buying the first policy you see. Anyone interested in...

Adjusting Your Portfolio As You Age

If you are an experienced investor, you have probably fine-tuned your portfolio through the years in response to market cycles or in pursuit of a better return. As you approach or enter retirement, is another adjustment necessary? Some...

Gender Gap in Retirement? It Exists

What is the retirement outlook for the average fifty-something working woman? As a generalization, less sunny than that of a man in her age group. Most middle-class retirees get their income from three sources. An influential 2016...

Post Tax Season, What Should You Keep?

Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold onto for the future. Is it okay to shred more of them? Maybe not....

Why You Want a Retirement Plan in Writing

Many people save and invest vaguely for the future. They know they need to accumulate money for retirement, but when it comes to how much they will need or how they will do it, they are not quite sure. They will “wing it,”...

Try the Bucket Approach

Stocks sometimes retreat. That reality can be overlooked in a long bull market. Bear markets do appear, and a deep downturn could force you to sell securities in retirement, so you can pay for necessary expenses. Right now, you might...

Are There Blind Spots In Your Insurance Plan?

Many households and businesses are insufficiently insured. The problem is not necessarily the quality of coverage, but the breadth and depth of it. Your own business or household may be more vulnerable than you realize. Too many people...

The Retirement Mind Game

What kind of retirement do you think you’ll have? Qualitatively speaking, what if the success or failure of your retirement begins with your perception of retirement? A whole field of study has emerged on the psychology of saving...

Comprehensive Financial Planning: What It Is, Why It Matters

Just what is comprehensive financial planning? As you invest and save for retirement, you may hear or read about it – but what does that phrase really mean? Just what does comprehensive financial planning entail, and why do...

The Major Retirement Planning Mistakes

Much has been written about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, there are also some classic financial missteps that plague retirees. Calling...

Fear Must Not Inhibit a Financial Strategy

Fear affects investors in two distinct ways. Every so often, a bulletin, headline, or sustained economic or market trend will scare them and make them question their investing approach. If they overreact to it, they may sell low now...

Retirement Plan Contribution Limits Rise for 2018

You will be able to put a little more into your workplace retirement account in 2018. The federal government has boosted the annual contribution limit on some of the popular qualified retirement plans thanks to inflation and made other...

Is a Home an Investment?

When you buy a home, are you investing? If you buy it to flip it or buy it as a rental property, the answer is yes. If you buy a home simply to live in it, the answer may be no. Your home is an expression of your lifestyle, a wonderful...

Why Life Insurance Will Always Matter in Estate Planning

Every few years, predictions emerge that the estate tax will sunset. Even if it does, that will not remove the need for life insurance in estate planning. Why? The reasons are numerous. You can use life insurance proceeds to equalize...

Do Our Attitudes About Money Help or Hurt Us?

Our relationship with money is complex & emotional. When we pay a bill, go to the mall, trade in a car for a new one, hunt for a home or apartment, or pass someone seemingly poor or rich on the street, we feel things and harbor certain...

Building an Emergency Fund

We all would love to have a little extra cash on hand for emergencies. Saving up that cash can be a challenge – but with a little effort, that challenge can be met. Imagine a 30-year-old couple with no real savings. Let’s...

Saving More Money, Now & Later

Directly & indirectly, you might be able to save more per month than you think. Hidden paths to greater savings can be found at home and at work, and their potential might surprise you. Little everyday things may be costing you dollars...

Financial Priorities Young Families Should Address

As you start a family, you start to think about certain financial matters. Before you became a mom or dad, you may not have thought about them much, but so much changes when you have kids. Parenting presents you with definite, sudden,...

Cryptocurrencies: A Risky Choice

Bitcoin. Ethereum. Litecoin. Ripple. These are just four of the cybercurrencies attracting opportunistic investors today. Are they the next big thing? Or the next big bust? The answer to that question may vary per day, week, month, or...

4 Really Good Reasons to Invest

48% percent of Americans do not own any stocks or stock-related investments, such as mutual funds, according to a recent Gallup poll.¹ Individuals may cite different reasons for not investing, but with important long-term...

IRA Withdrawals that Escape the 10% Tax Penalty

The reason withdrawals from an Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything other than...

The Value of Succession Planning in an Emergency

A comprehensive and well-thought succession plan saved my business when I suffered a medical emergency. While there were no explicit provisions in the succession plan that covered such things, all the components of the process worked...

Disability and Your Finances

The Social Security Disability Insurance program paid out $143.4 billion in benefits in 2015. And with a rush of new applicants lining up each year, the system is expected to exhaust its reserves at the end of 2023 if changes...

9 Facts About Social Security

Social Security has been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Here are nine things that might surprise you. The Social Security trust fund...

Should the Self-Employed Plan to Work Past 65?

About 20% of Americans aged 65-74 are still working. A 2016 Pew Research Center study put the precise figure at 18.8%, and Pew estimates that it will reach 31.9% in 2022. That estimate seems reasonable: people are living longer, and...

Douglas F. Grant Joins Total Financial Concepts

Total Financial Concepts, Inc. is pleased to announce that Douglas F. Grant has joined its team of financial services representatives serving the greater New Jersey, Pennsylvania, New York area. With 10 years of experience in the...