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MONEY MATTERS > Money Matters 4


Money Matters 4 –Quick Links:



Baby Boomers - Aging Parents


Baby Boomers: Four questions to ask your aging parents

 It turns out that the parents of baby boomers – the silent generation – may still be living up to their name. Recent research reveals that only 28 percent of boomers’ parents say they regularly discuss money and finances with their family, and 41 percent feel they haven’t discussed their financial situation adequately with their children.1 So the responsibility may fall on boomers to approach their aging parents about money-related issues. Whether your parents are only a few years into retirement or more elderly these four questions are a good starting point for important financial conversations.

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Financial Resolutions


New Year’s Resolutions for Every Stage of Your Financial Life

It’s time for that annual rite of passage into the New Year: making your resolutions. In addition to vowing to lose 10 pounds or organize your photo drawer, perhaps 2012 should be the year to focus on your finances. Regardless of your age or financial status, the following ideas might help make 2012 more financially beneficial.

Twenty-Somethings.

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5 Misconceptions About Reverse Mortgages


A reverse mortgage can do different things for various people. For some people it might be a fairly easy technique to pay bills . For some individuals it may well be a cushion within their wallet or even more money designed for an unexpected emergency.  It may even be that remarkable family vacation you’ve been fantasizing about, or perhaps the remodeling of your home that you’ve been putting off for a long time. What exactly a reverse mortgage is not , nevertheless, is no cost currency that by no means will have to be paid back. There are several of the reverse mortgage rules that are regularly misconstrued.

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 Understanding the Four Stages of Retirement


Why It's Important to Understand the Four Stages of Retirement

By: Mark Singer, CFP


One of the biggest mistakes I find that people make is misunderstanding what retirement is. Many think it is the end goal - in other words, they look at the act of retiring as being the finish line. The reality is that there are distinct phases of retirement and as planners we need to understand them and know how to adjust our planning for them accordingly.

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Click Below to Hear Mark Singer on The Elder Insider Radio Show!


Should You Move to a Different State? 


Source: AspenCross.com

Are you happy where you’re living now? You may be comfortable in your location because it’s close to where you work, it’s a great place to raise your kids, and it’s close to your friends and family. But it doesn’t have to be forever. In fact, you might contemplate a move in the near future, especially if you’re nearing retirement or are already retired.

Why would you move? For starters, there could be personal issues.

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   The Best States to Move to for Tax Purposes  

 
Source: AspenCross.com

Federal income taxes can take a big bite out of your income, but they aren’t your only tax concern, particularly if you’re about to retire. Don’t forget to take state and local income taxes into account. For instance, if you’ll be relying less on Social Security and more on investment income during retirement, you might move to a state that doesn’t have an income tax or that has relatively low tax rates. Conversely, if you expect to depend heavily on Social Security, consider moving to a state that doesn’t tax these benefits. Here are a few key areas to ponder.

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Tips for Grandparents and Giving


Six Important Tips for Grandparents about Giving

 If you enjoy supporting your grandchildren financially – or if this is one of your goals – you’re not alone. Eighty-four percent of seniors say that creating a financially secure life for themselves and their family is an important goal.1

Yet, deciding how to best help your grandchildren can be a struggle, especially if you share some of the same financial concerns as your peers. For example, you may be among the 27 percent of seniors who say changes to Social Security are most likely to jeopardize your retirement plans or the 23 percent who identify healthcare costs as the biggest threat.

When evaluating how much financial support to provide, consider the following:


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