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PersonalHub

Your one-stop resource for everything related to your financial well-being. 

 

6 Ways a Wealth Advisor Delivers Value to Your Portfolio

No matter which sports you follow, your favorite winning team no doubt owes much of its success to its coach's leadership and decisions. It's similar in the wealth management world: your investments and returns are far more likely to be successful if your wealth advisor functions as your knowledgeable and trustworthy coach, leading your financial team and creating your investments playbook.

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Is a 401(k) Rollover Right for You?

When you leave a job, one big decision you face is figuring out what to do with the funds you've accumulated in your employer's 401(k). You have a number of options for moving your money out of that plan, or you could opt to keep your money invested there, even though you won't be able to make new contributions anymore.

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IRA Options for High-Income Earners

 

The more money we make, the more complicated our lives can become. While most people will not express much heartfelt sympathy for high earners, a high paycheck does indeed come with challenges when it comes to taking advantage of tax deductions. For example, the federal government allows tax breaks on retirement savings and a number of other financial vehicles up to certain income levels. Individuals earning incomes above those levels may have to look for alternate retirement investment vehicles to build their nest egg.

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How Working Past Full Retirement Age Affects Your Social Security Benefit

Ah, retirement . . . when we can stop keeping a dictated schedule and are able to arrange our days as we please. Even better, once we hit a certain age, the government pays us back each month for all the years we paid into the social security system.

We always hear that it's smart to continue working, at least part-time, as long as possible. What you may not know is how your social security benefits may be affected if you work while you collect social security.

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6 Smart Ways to Use Your Holiday Bonus

While there are unfortunately few "nice problems to have" in life, here's one: you need to decide what to do with unexpected or bonus cash. We all would love to have this problem more often! If you're receiving a year-end or holiday bonus, first, take a little time to enjoy the feeling. Second, let's talk about smart ways to use the extra money.

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Benefits of Participating in Employer-Sponsored 529 Plans

With the cost of college tuition continually increasing at a rate greater than inflation, most parents could use some help saving for children's future college expenses. If your employer offers a 529 college savings plan, be sure to take advantage of this savings opportunity. 

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How To Convert Retirement Savings to Income

You worked and saved for years, preparing for the day you could retire and live comfortably on the savings you have accumulated. Hopefully those savings allow you to live the lifestyle you've become accustomed to or even better. But how do you make sure you can cover your monthly living expenses without taking so much from savings that you run out of money later? Here are some tips for creating a dependable, realistic income stream from your retirement savings.

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Three Advantages of a Contributing to a Roth IRA

Whether you're new to the workforce and just getting started on your retirement planning course, or you've been at it for a while, either contributing to your company-sponsored 401(k) plan, and/or making regular contributions to a traditional individual retirement account (IRA) through a private brokerage firm, I'd like to talk a bit today about the advantages of contributing to a Roth IRA.      

A Roth IRA is essentially the same as a traditional IRA, except that instead of making pre-tax contributions, your contributions are made after taxes—you won't get an annual tax deduction like you do with a traditional IRA or 401(k) plan—giving you tax-free income once you retire and start making withdrawals. Not only does the government not touch your contributions, but your interest earnings can be withdrawn tax-fee as well.

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Is Your Retirement Savings on Track? [Infographic]

When it comes to planning and saving for retirement, there are a number of strategies, tools, and paths that you can take to prepare. Depending on age, goals, and number of dependants, retirement needs can vary from person to person. However, 20- and 30-somethings should be prepared to save much more than their parents because 77% of investment advisors suggest Gen Y-ers should aim to save $2 million for retirement, according to a survey conducted by Scottrade Advisor Services. 

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Four Ways to Maximize Your Social Security Benefits

Ask any financial adviser, and they will tell you that retiring on Social Security alone is not an ideal situation. It can be done, however, with some careful planning. 

The fact is, the Great Recession of 2007–2009 had a profound impact on retirement savings, particularly affecting those that were approaching retirement age. With the stock market decline and falling home values, workers close to retirement did not have adequate time to recoup their lost savings, forcing many to rely on Social Security benefits earlier, or more than they initially planned.

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