We are certainly living in interesting times. Let’s very briefly explore some of the topics that have caused market anxiety this year.
One of the many issues that we don't want to deal with is our own mortality. However, there are many good reasons to review your life insurance coverage, and some of your life goals may be met by doing so.
I Already Have Insurance... Why Do I Need To Review It?
One of my clients, when the markets do what they have been doing recently, will call or send an email and ask me to please stop messing around and fix the markets. I feel his pain and I wish I had that kind of power. If only it were that easy.
Everybody needs estate planning to protect your loved ones when you die or if you become incapacitated. When emotions run high, your estate plan settles your affairs and will help the people you care most about with difficult decisions. In addition to a Last Will and Testament (which you need to get NOW if you don’t already have one), some other considerations are also important.
I am not an expert in healthcare, so you should consult someone who is. However, when you retire and decide to travel abroad, what are you doing for health insurance? If you are enrolled in Medicare, basic coverage is no good as soon as you’re six hours out of port. From there on, any emergency care could be on your dime. Medicare covers enrolled Americans at home, not overseas.
Many clients are concerned with stock prices. Are they overvalued? Yes, by some measures. Are economic conditions not exactly inspiring? Yes again. Of course, many people had the same feeling two and three years ago. Imagine what would have happened if they converted their investments to cash and missed all of the last three stock market years.
Many clients have asked questions about the typical required minimum distribution (“RMD”) that must eventually be taken from nearly all retirement accounts. Here is some general information. Note that there are many special situations which I cannot cover here, but I will be happy to discuss them with you.
When must I begin to take my RMD?
With the end of the Fed’s bond buying program, we know that the days of perpetually low interest rates are ending. When bonds are a part of your investment portfolio, rising interest rates can present a challenge.
How many times have you heard someone at a backyard party or family gathering bragging about that stock that made them big money? Conversely, you may even have insisted that you need to go to cash because the world is ending (we all remember early 2009) and of course cash, or gold, is what some guy on television said is the only way to survive. Well, you need to nod pol