Financial Power Blog

Life Insurance provides more than an income tax free death benefit. From time of policy purchase until retirement and beyond, there can be unique medical and financial challenges. Have you considered incorporating the options that can be available in a life insurance policy? A Long-Term Care Rider (LTC), often referred to as a Chronic Illness Rider, is a life insurance policy option that allows you to leverage your inforce policy should you develop an illness that leaves you unable to take care of yourself on a daily basis. The death benefit then can be used to pay for those unforeseen long-term care...

You might assume that a 401k or a mutual fund is a solid way to save for retirement. Here's a quick crash course on 401(k) plans.   Money in a 401(k) is often invested in stocks and mutual funds. If the market goes up, so can your money. If you have money in a 401(k) with stocks or mutual funds, your money could be at risk for loss as well! That means if the market goes down, you can lose.   Lastly, your 401(k) contributions are made before you pay taxes on the money, so you're taxed as you withdraw money...

The cost of doing business on Wall Street can be more than exposure to risk. The market crash of 2008 and the first quarter of 2009 gave many investors good reason to think their approach to a comfortable retirement. For most Americans living today, this was the biggest financial crisis in their lifetimes. Now that the market has made recovery, many investors are looking more closely at the fees and loads that can erode their nest eggs substantially over time.   An article in the Wall Street Journal, “The Hidden costs of Mutual Funds”, pointed out doing business on Wall...

In a ruling on January 26, 2009, on Plan Beneficiary Form in the case of Kennedy vs. Dupont Savings and Investment Plan, the U.S. Supreme Court unanimously ruled that William Kennedy's ex-spouse would receive his $402,000 retirement plan because she was the named beneficiary. Mr. Kennedy died in 2001. Under the divorce decree of 1994, his ex-spouse waived her rights to any benefits from his retirement plan. Mr. Kennedy wanted the proceeds to be paid to his daughter.   So what could go wrong? Simple, Mr. Kennedy failed to change the beneficiary form. Mr. Kennedy believed because his ex spouse...