• When Doing Your Own Taxes Makes Sense…And When It Doesn’t
    03/02/2010 - 03:00

    Tax deadline is April 15, so if you haven’t begun gathering your annual tax records it’s time to do so. Every year, however, people’s lives change – they buy and sell houses and move, they take new jobs, have kids, buy and sell stock. Those and dozens more reasons might give you cause to hire a tax preparer.

    It’s worth going over the primary reasons why some people should get help with their taxes and others can continue going it alone.

    Should you do it by yourself? If you meet the following circumstances, you can probably do your taxes by yourself:

  • Helping Older Relatives Articulate Their Long-Term Care Wishes
    03/01/2010 - 03:00

    In the best of all situations, helping an older relative or a parent plan for long-term care and other end-of-life issues happens when they’re healthy and various options can be considered with adequate time to do so. Unfortunately, events can sometimes intervene and make an elder’s need for assistance an emergency.

  • Love and Money: Is a Postnuptial Agreement Right for You and Your Spouse?
    03/01/2010 - 03:00

    Valentine’s Day might not be the best time to focus on money, but some married couples are taking the unusual step of re-setting the clock on money issues both good and bad with a legal document called a postnuptial agreement.

    A postnuptial agreement is a contract between spouses. It is similar to a prenuptial agreement except it is signed during marriage to protect assets in case of divorce or separation.

  • Downsizing Isn’t All About Stuff: It Can Be a Smart Financial Move, Too
    03/01/2010 - 03:00

    As people move into their 50s and 60s, priorities change. The hours spent on home improvements and the sheer time necessary to maintain a full-sized home seem to be a little more of a burden. As kids move on, there’s all that unneeded space.

    Men and women tend to turn on the gas in the last 15-20 years of their working lives to make sure their retirement savings will be adequate to their needs. That’s why the idea of downsizing is a good one to start early. It’s also a good time for a financial check-up as well.

  • Should You Be a Borrower or Lender? The Return of the Personal Loan
    03/01/2010 - 03:00

    As lending requirements stay relatively tight for most consumers, the chance of borrowing outside the banking system from family or friends can be attractive. After all, it’s rare to see a parent or sibling demand a credit check or other lengthy documentation.

    On the other hand, it could be one of the most dangerous financial transactions you ever make simply because money can drive a wedge between relatives in even the closest of families.

    There are good and bad aspects to private loans. The good news first:

  • New Careers After Age 50 – Where The Jobs Are, How to Spruce Up Your Skills and Ready Your Finances for the Change
    03/01/2010 - 03:00

    During the recent recession, many have found themselves back in the job market after age 50 due to layoffs or changing demands at their employers. Yet as life expectancies lengthen, a late career change isn’t always a negative. It may be a welcome chance to renew, re-educate and restart a full life.

    It’s possible that in the future, an over-50 career change might become a common event, maybe even a desired event in our society – which means it’s definitely worth planning for.

  • Ways to Afford Your Retirement Account Catch-Up Contributions
    03/01/2010 - 03:00

    Turning 50 might not be everyone’s idea of excitement, but when it comes to saving for retirement, 50 is when things start getting a lot more interesting.

    That’s because people age 50 and over can make what are known as “catch-up” contributions to IRAs and most workplace-based retirement plans. These special contributions are in addition to regular contribution limits and allow individuals to maximize the amount of tax-advantaged retirement savings they can stash away.

  • 10 Money Steps to Take When Someone in the Family is Facing A Serious Health Crisis
    01/01/2010 - 03:00

    A June 2009 article in the American Journal of Medicine reported that medical bills are behind more than 60 percent of U.S. personal bankruptcies, adding that more than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts.

  • 10 Ways to Help Your Kid Build a Lifetime Emergency Fund
    01/01/2010 - 03:00

    One of the most effective financial tools you can give a child is an appreciation for an emergency fund and the advice on how to build it themselves.

    An emergency fund should contain 3-6 months worth of money to cover living expenses – its main focus should cover all loss of income, not just a car payment or a refrigerator repair. With parents losing jobs and college expenses continuing to grow, the younger you can get a person started, the better. Some advice:

  • To borrow in 2009 will take a plan
    01/01/2009 - 03:00

    Consumer Borrowing in 2009 Will Mean Making a Plan

    If you’re planning to buy a home or a car in 2009, the process is going to be a lot tougher without an excellent credit score and a significant down payment. So that means you’re going to have to work harder—and possibly wait a little longer—to make those key purchases.

    What’s a good credit score? According to credit scoring giant Fair Isaac Corp., the best FICO score range as of late 2008 stood at 760-850, according to reports; that minimum is roughly 20 points higher than it would have been a year ago.

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