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Educational Library

Disability Income Insurance: Protecting Your Most Valuable Asset

Have you ever wondered how you would manage financially if you were to sustain an injury or illness that left you unable to work? How long could you maintain your standard of living, pay your bills, and cover your daily expenses? The likelihood of such an event may be greater than you think. According to the Council for Disability Awareness (2013), Americans underestimate their chances of experiencing a long-term disability: 64% of working Americans believe they have a 2% or less chance of being disabled for 3 months or more during their working years; however, the reality is that the odds of experiencing a long-term disability are about 25%.

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Creating a Long-Term Financial Plan

To help manage your personal finances, you can now purchase computer software that will balance your checkbook, figure out your budget, track your investments, and even help take the sting out of filing your income tax return. Even with the best apps available, you still have to take the initiative to create a strategy that will meet your needs while reducing the stress that goes along with financial planning.

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Estate Planning: A Team Effort

Estate planning often involves a team consisting of an attorney, a financial professional, an insurance professional, and yourself. However, whether you are establishing a new estate plan or revising an existing one, only you can provide the guidance, direction, and information your estate planning team needs to develop an effective plan.

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Filing the FAFSA for Higher Education Costs

Even if you expect to cover your child’s college costs through sources other than Federal aid, it usually worthwhile to complete the Free Application for Federal Student Aid (FAFSA). In addition to determining your family’s eligibility for Federal assistance, the FAFSA is the primary qualifying form used by many college, state, local, and private financial assistance programs.

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Estimating Future College Costs

For most people, a child’s college education is the second most expensive purchase (after that of a home) they will ever make. For parents and grandparents who wish to estimate the cost of a college education, the following tables can facilitate an educated guess.

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Your Family Business and Estate Planning

If you are like most entrepreneurs, you don’t expect the business you worked so hard to establish to falter when you are no longer here to run it. But sometimes, when business owners die without leaving wills or estate plans, the business must be liquidated to pay the tax liability, or the company collapses because family members have not been sufficiently prepared to take over operations. If you own a family business, you may want to consider taking steps now to help ensure this valuable asset will remain intact for your children, grandchildren, and others.

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Important Steps in Preserving Your Estate

If you are like most people, wills, trusts, life insurance, disability income insurance, and advance directives are topics you would just as soon avoid. Yet, timely planning is necessary to preserve the assets you have worked so hard to accumulate and to protect your loved ones. Here are some important steps you can take now to help ease your family’s emotional and financial burden in the event of your death:

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A Financial Review Can Pay Off at Year End

Today, many people find themselves bombarded by a constant stream of financial news from television, radio, and the Internet. Yet, does all this “information age” data really help you manage your finances any better now than in the past? Often, what are considered old-fashioned practices, such as performing periodic financial reviews, can lead to greater success in the long run. Why not spend a few hours reviewing your finances? The changes you make today could result in increased savings. Consider the following seven important items:

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A Budget May Help Boost Your Savings

Whether you have substantial resources or live close to your means, a budget may be an effective foundation for a savings program. It can help you monitor your personal and household expenditures, potentially freeing up income that can be redirected toward savings. Consider the following:

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Countdown to Retirement: Strategies for Saving in Your 50s

The Baby Boom generation is about to enter another era: retirement. Never known for accepting the status quo, Baby Boomers are ready to redefine the “golden years.” Forget about endless days of leisure. This generation seeks adventure, travel, and new business pursuits. While these changes may redefine retirement, will Boomers be able to finance their plans? Today, many people age 50 and older have not begun to save for retirement or have yet to accumulate sufficient funds.

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Choosing the Right Retirement Plan for Your Business

You’re an entrepreneur and you’re not looking back. You’ve opened your own business, whether alone or with partners, and you’ve achieved success. Now you’re thinking about retirement, not just for you, but also for your employees. Offering a retirement plan can help your business attract and retain employees, while making it easier for you to save for your own retirement. Here are some of the options available to business owners:

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Simplifying Retirement

Retirement planning can seem complex and intimidating, which explains why some people delay doing it. However, with the appropriate help from a knowledgeable financial advisor, preparation can be a straightforward process that produces a sound strategy and a sense of security. To simplify your planning, consider pursuing these 10 steps:

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Mapping the Road to Retirement

It makes sense to periodically review your financial strategy along the road to retirement to make sure you are taking advantage of all available tools and resources that may help build your retirement income. Your ability to save more now, before retirement, will provide you with a nest egg that will help support a comfortable retirement. You may want to consider these five steps to stay on track toward reaching your retirement goals:

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How to Structure Your Business

Proprietorship. Partnership. S corporation. Limited liability company. C corporation. Which form is best for your new business? The decision can be difficult. Each business form offers you both advantages and disadvantages.

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Analyzing the Flows in Your Financial Plan

For most investors—even those with significant wealth—a secure financial future doesn’t simply happen. Instead, it must be carefully crafted to help meet your most important goals and leave nothing to chance. Of course, the future is unpredictable and your own personal situation changes over time. That makes it all the more challenging to answer the most crucial of financial questions: Are you on track towards achieving your financial objectives?

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Working with a Financial Advisor: Six Steps to Help You Get the Most Out of the Relationship

Would you trust your medical diagnosis to a casual acquaintance? Do you cut your own hair or dry clean your own clothes? For some services, it makes more sense to pay a professional who has the expertise to deliver the appropriate results. A professional financial advisor can help you build a sound estate plan, designed to help you toward your long-term financial planning goals. These six steps can help you locate and get the most out of this important relationship.

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Traditional IRAs vs Roth IRAs

Currently, there are two popular Individual Retirement Accounts (IRAs) vying for your attention: the traditional IRA and the Roth IRA. While both are long-term savings vehicles with tax benefits, each has different rules concerning contributions, age, and income that may change from one year to the next.

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Four Steps to Managing Your Cash Flow in Retirement

Retirement planning is a lifelong process, evolving from a focus on saving and investing to wealth preservation that sustains your cash flow in retirement. To confidently manage your retirement funds, it’s important to understand not only how much you have, but how much you will need. Then you can determine how to fill in the potential gap. Keep in mind that creating a retirement plan is not a one-time event: It requires periodic adjustment in order to help ensure that your money is available when you need it – for as long as you need it. The following four steps can help you get started.

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The Reality of Early Retirement

Is early retirement on your wish list? Do you envision a relaxing lifestyle in a warmer climate or the leisurely pursuit of a personal hobby? Unfortunately, retiring later than anticipated, rather than sooner, is becoming more and more commonplace. But some people are still managing to retire early. You may be asking yourself, “How do they do it?”

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Navigating the Top Five Retirement Risks

Longer lives and better health translate into longer retirements and new concepts of what retirement should be. Many of today’s retirees view retirement as a time to shift gears but not necessarily to slow down.

They keep their skills sharp in new job roles or by starting businesses. They continue learning new skills by going back to school as both teachers and students. Some choose to serve on boards of directors or to pursue creative and artistic passions.

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Top 10 Tips for Fiscal Fitness

As days turn into weeks and weeks turn into months, it may feel like there is little time to catch up on all of your financial responsibilities. Sometimes it may be easier to simply toss ATM receipts, credit card bills, and bank statements into the “junk drawer” to deal with later. But, later never seems to come. Is it time for you to put fiscal fitness at the top of your to-do list?

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Newlyweds: Get a Financial Head Start

If you are newly married with no children, you may have a special opportunity to build your savings and investments. Financially, a married couple can be more than the sum of its parts. One spouse can work steadily, while the other studies for a college degree or launches a promising business. Or, if both spouses hold jobs, you can try to live on one paycheck and save or invest the other paycheck.

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Tips for Getting and Staying Out of Debt

Debt management is a practice that is always “in style,” whether economic times are good or bad. Effectively managing your debt prepares you to weather tough economic times, as well as to capitalize on a more robust economy. Here are some tips to help you get out, and stay out, of debt:

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Protecting Your Financial Information Online

More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet, understanding how to protect your privacy can help minimize your exposure to risk.

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