Author: Thomas Callaway

Four financial questions to ask your parents

If you haven’t discussed your parents’ long-term financial goals with them, you aren’t alone. Over one-third of adult children say they haven’t had this conversation, according to recent research by Ameriprise Financial.1 While talking about this sensitive topic may seem uncomfortable, addressing it sooner rather than later can help eliminate challenges and uncertainty down the road. In fact, the Ameriprise Family Wealth Checkup study found that families who make time to talk about money matters feel more confident about their financial future. Not sure how to broach the subject with your parents? The following questions can help you start...

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Smart retirement saving strategies for each decade

Whether you can still count the days since you started your first job or you are nearing the end of your career, saving for retirement should be a top financial priority. You have the potential to spend decades in retirement, so it’s worth committing to saving today. Here are some fundamental strategies to think about at different ages as you seek to maximize your retirement savings: In your 20s – get started You are in the early years of your working life, likely facing tradeoffs as you decide how to allocate your salary. You want to prioritize key financial...

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Five financial steps to take before the new year

December is a great time to review your finances and get ready for a fresh start in the new year. Here are five key financial moves that are worth reviewing before year-end: Review your goals and financial progress If you’ve laid out a plan to achieve your key goals such as retirement or saving for a child’s education, now is a good time to measure your progress. Are you on track or do you need to make adjustments? If you don’t have a clear plan, now is a good time to establish one for 2018. Take full advantage of...

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How your tax strategy can help cover rising college costs

In today’s world, many families rely on more than one strategy to save for the costs of their children’s education. Whether your children are getting ready for kindergarten or graduation, capitalizing on tax-saving opportunities can help make college a financial reality. Longterm saving strategies The best defense to rising costs is to save early and often. While there are a variety of accounts and ways to save for college, 529 plans, Coverdell and custodial accounts offer possible tax benefits. 529 plans These plans, named after a provision in the tax code, are one of the most popular ways to...

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Is the snowbird or sunbird life for you?

As the saying goes, birds of a feather flock together. In the case of snowbirds and sunbirds— affectionate nicknames for traveling retirees—this is definitely true. Snowbirds are residents of Northern states who flock to the south to escape harsh winters, while sunbirds travel north in droves to get away from summer heat and humidity. If you’re tempted to take flight in the off-season, think through the costs and logistics first. Keep tabs on your home. You’re right to be concerned about leaving your home vacant for weeks or months at a time. An unoccupied home may be vulnerable to...

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