Author: Shawn D. Wall

You’ve probably heard about “genius” investors or those who got in on the “ground floor” of a company that grew to be a huge success. These stories may be interesting, but they are also rare — and sometimes not even true.

The truth is that . . . 

You may have heard of the “4% rule” when it comes to retirement. The idea is simple: After you retire, you withdraw 4% of your investment portfolio each year. In theory, this helps ensure your savings last for your lifetime. While this rule can . . . 

In life, balance is everything, whether it’s finding time between work and family or maintaining a healthy diet. The same goes for your investments. Keeping your financial portfolio balanced is a smart way to stay on track toward your long-term goals, . . . 

Think estate planning is only for the wealthy or elderly? Think again. If you own anything, a home, a car, a savings account, even a pet, you already have an estate plan. The only question is: Did you create it, or will your state do it for you?

When . . . 

If you’re planning to retire within the next few years — or you’ve recently retired — market volatility may feel especially unsettling. After years of saving and planning, you’re now entering a stage where your portfolio may shift from growth . . . 

It’s important to save for retirement, but only half of Americans have calculated how much money they’ll need, according to the 2024 Retirement Confidence Survey by the Employee Benefit Research Institute. Yet without knowing how much you’ll . . . 

Perhaps you’ve heard the expression: “Life is what happens when you’re busy making other plans.” It’s certainly true about an unexpected job loss. And it may cause stress over your financial situation. Here are a handful of steps you . . . 

Some financial decisions can be challenging — like whether to use your money to reduce your debt or to invest. If you already have a significant amount of debt and not a lot in savings or investments, it can be hard to figure out which issue should . . . 

Do you have a parent or other elderly relative who may soon need a caregiver? If so, be diligent when selecting the right person for the job — because choosing the wrong one could lead to big financial problems.

You might find a close family member . . . 

With the recently announced tariffs on trade with other countries. While there has been a lot of uncertainty as to how these policies will evolve, it’s generally agreed that tariffs can be inflationary, and they have also sparked volatility in the . . . 

Achieving financial stability doesn’t happen overnight — it takes a journey. And, as with every journey, you’ll need to make some stops along the way. These stops, or milestones, can tell you how far you’ve gone — and where you need to go . . . 

The financial markets always go through periods of instability. And we may see more of that now, given concerns about tariffs, inflation, and the economy. As an investor, how can you deal with this volatility?

Some investors try to take advantage of . . . 

Are you concerned about debt? It’s important to recognize this, but, at the same time, you may have more ways of gaining control of your debt situation than you had realized.

To begin with, not all debts are bad — after all, your mortgage provides . . . 

Your Social Security benefits can be an important part of your retirement income, but when should you start collecting them? It’s a big decision, so you’ll want to consider your options carefully.

Essentially, you’ll need to decide whether you’re . . . 

Once you and your spouse retire, you’ll have some decisions to make — decisions that could affect your quality of life in your retirement years. What are these choices?

Here a few of the most important ones:

• How much should you withdraw from your retirement accounts? By the time you retire, you may have contributed for decades to an IRA and a 401(k) or similar employer-sponsored retirement plan. But once you retire, you’ll probably need to draw on these accounts to help pay your living expenses. Consequently, both of you will need to be sure that you don’t withdraw so much each year that you risk running out of money later in your retirement. One common guideline is to aim for an annual withdrawal rate of 4%, but everyone’s situation is different based on age, pre-retirement income, lifestyle, health, travel plans and other factors. (Once you turn 73, or 75 if you were born in 1960 or later, you will have to take certain amounts, based on your age and account balance, from your traditional IRA and traditional 401(k) each year.)
• When should you take Social Security? The answer to this question depends on many factors, such as your age and other sources of income. You can take Social Security as early as age 62, but your monthly payments will typically be bigger if you wait until your full retirement age, which will be age 67 if you were born in 1960 or later. And if you can afford to wait even longer, your payments will “max out” when you reach age 70. Your decision on when to take Social Security can affect your spouse — and vice versa. If the lower-earning spouse claims Social Security before their full retirement age — again, age 67 — their own retirement benefit and any potential spousal benefit will be reduced. (Spousal benefits are given to the lower-earning spouse if their full retirement benefit is less than half the other spouse’s full retirement benefit.)
• Should you downsize? If you live in a big home and your children are grown, you may find it economical to downsize. Of course, this is also an emotional decision, but you may find that you can save money by moving into a smaller home.
• Where should you live? Some states are far more expensive to live in than others. You’ll want to weigh your decision carefully, considering the cost of housing, food, income and real estate taxes, transportation and health care in whatever state you choose.
• Have you finished your estate plans? If not, now is the time. You’ll want to work with your legal professional to create whatever documents are needed — a will, living trust, power of attorney — to help ensure your assets go where you want them to go, and that your financial and health care choices will be protected if you become physically or mentally incapacitated.

Of course, many of these same issues will . . . 

After working for decades, you may have been looking forward to retiring. But what if you decide to “reverse” your retirement?

You could rejoin the workforce for any number of reasons. You might need the added income to help pay for your living . . . 

Most of us probably don’t enjoy preparing our taxes, but there’s often a reward at the end — a tax refund. If you get a refund this year, how can you make the best use of it?

Of course, the answer depends somewhat on the size of your refund. Last . . . 

Once you retire, you’ll likely need to draw on a variety of financial sources — and one of the most important ones may be your 401(k). And for 2025, you can put even more money into your plan than ever.

You can invest in your 401(k) in one of two . . . 

As we enter the holiday season, your life may well become busier. Still, you might want to take the time to consider some financial moves before we turn the calendar to 2025.

Here are a few suggestions:

• Review your investment portfolio. As you look at your portfolio, ask these questions: Has its performance met my expectations this year? Does it still reflect my goals, risk tolerance and time horizon? Do I need to rebalance? You might find that working with a financial professional can help you answer these and other questions you may have about your investments.
• Add to your 401(k) and HSA. If you can afford it, and your employer allows it, consider putting more money into your 401(k) before the year ends — including “catch-up” contributions if you’re 50 or older. You might also want to add to your health savings account (HSA) by the tax-filing deadline in April.
• Use your FSA dollars. Unlike an HSA, a flexible spending account (FSA) works on a “use-it-or-lose-it” basis, meaning you lose any unspent funds at the end of the year. So, if you still have funds left in your account, try to use them up in 2024. (Employers may grant a 2½ month extension, so check with your human resources area to see if this is the case where you work.)
• Contribute to a 529 plan. If you haven’t opened a 529 education savings plan for your children, think about doing so this year. With a 529 plan, your earnings can grow tax deferred, and your withdrawals are federally tax free when used for qualified education expenses — tuition, fees, books and so on. And if you invest in your own state’s 529 plan, you might be able to deduct your contributions from your state income tax or receive a state tax credit.
• Build your emergency fund. It’s generally a good idea to keep up to six months’ worth of living expenses in an emergency fund, with the money held in a liquid, low-risk account. Without such a fund in place, you might be forced to dip into your retirement funds to pay for short-term needs, such as a major car or home repair.
• Review your estate plans. If you’ve experienced any changes in your family situation this year, such as marriage, remarriage or the birth of a child, you may want to update your estate-planning documents to reflect your new situation. It’s also important to look at the beneficiary designations on your investment accounts, retirement plans, IRAs and insurance policies, as these designations can sometimes even supersede the instructions you’ve left in your will. And if you haven’t started estate planning, there’s no time like the present.
• Take your RMDs. If you’re 73 or older, you will likely need to take withdrawals — called required minimum distributions, or RMDs — from some of your retirement accounts, such as your traditional IRA. If you don’t take these withdrawals each year, you could be subject to penalties.

These aren’t the only moves you can make, but . . . 

As we enter the annual season of giving, you might be thinking of charities you wish to support. But you also might be wondering how to gain some tax benefits from your gifts.

It used to be pretty straightforward: You wrote a check to a charity and . . . 

The individual retirement account (IRA) is celebrating its golden anniversary. Created in 1974, this savings vehicle has helped millions of people build resources for retirement. And in 1997, the Roth IRA was introduced. But which IRA is right for . . . 

We all hope to enjoy long, healthy lives, retaining the ability to think clearly and make our own decisions. But life doesn’t always work out that way — which is why you need to prepare for a potential incapacity that could affect your independence . . . 

Like most of us, you may someday want to enjoy a comfortable retirement. Your ability to achieve this goal will depend on how much you save — but it also matters how much you spend.

And saving and spending are certainly related: The more you can reduce . . . 

Investing involves risk — and so does not investing. You should know how both these types of risk can affect your ability to reach your financial goals.

Let’s start with the risks associated with investing. There’s not a single investment risk . . .