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It's a fact: People today are living longer. Although that's good news, the odds of requiring some sort of long-term care increase as you get older. And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you're ever going to be able to afford long-term care. One solution that is gaining in popularity is long-term care insurance (LTCI).

You want to retire comfortably when the time comes. You also want to help your child go to college. So how do you juggle the two? The truth is, saving for your retirement and your child's education at the same time can be a challenge. But take heart — you may be able to reach both goals if you make some smart choices now.

 

Small business owners often hesitate to adopt 401(k) plans due to high costs and complex testing requirements. Fortunately, lawmakers have introduced simplified alternatives to make retirement benefits more accessible. These options include:

• Safe Harbor 401(k) Plan
• Qualified Automatic Contribution Arrangement (QACA)
• Starter 401(k) Plan

An important part of managing your personal finances is keeping your financial records organized. Whether it's a utility bill to show proof of residency or a SocialSecurity card for wage reporting purposes, there may be times when you need to locate a financial record or document--and you'll need to locate it relatively quickly.

Even with all of your savvy college shopping and research about financial aid, college costs may still be prohibitive. At these prices, you expect you'll need to make substantial financial sacrifices to send your child to college. Or maybe your child won't be able to attend the college of his or her choice at all. Before you throw in the towel, though, you and your child should consider steps that can actually lower college costs. Although some of these ideas deviate from the typical four-year college experience, they just might be your child's ticket to college — and your ticket to financial sanity.

An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you're contributing to a 401(k) or other plan at work, you might also consider investing in an IRA.

You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you'll need to fund your retirement. That's not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your goals and many other factors.

When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes.

Many parents pay for college with a combination of current income, savings, and financial aid. By learning the basics of financial aid, you'll be able to understand how the aid process works and compare the aid awards your child receives.

 

You should start by filling out the federal government's aid application, the FAFSA. This application is used by both the federal government and colleges when federal money is being dispersed.

 

Your need for life insurance changes as your life changes. When you're young, you typically have less need for life insurance, but
that changes as you take on more responsibility and your family grows. Let's look at how your life insurance needs change throughout your lifetime.

 

An integral part of managing your personal finances involves properly maintaining your financial records. This is especially important in the event of a crisis or emergency so that you can quickly locate something if needed. 

• Do you have a new years resolution?
• Exploring Available Sources of Emergency Funds 
• Indexed Annuities: Potential for Growth with Some Downside Protection
• What's New for 2025?

• Enjoying Retirement Despite the Costs
• Key Retirement and Tax Numbers for 2025
• Accounts for Two: A Team Approach to Retirement Savings
• Get Ready for Tax Time

• Funding the Federal Government
• The Versatile Roth IRA
• Return of Premium Term Life Insurance: Is It Right for You?
• Concerned About Cyberattacks? The Threat Is Real

April 2025 Newsletter