If you have an old life insurance policy, insurance sales people will sometimes try to talk you into exchanging it for a new one. This can happen with term or whole life insurance. There are two possible reasons for this. First, it might actually be in your interest. Second, since the salesperson makes juicy commissions […]
Are prepaid college plans for you?
There are a variety of ways to save for college. One option is to use prepaid college plans . But what are they and are they a good deal? How Prepaid College Tuition Plans Work. Prepaid plans allow you to pay today for the college education your child will get some time in the future. […]
Is It Smart To Join An Investment Club?
Have you ever considered joining an investment club? Two heads are better than one….right? Using that logic, 5 or 6 people (or more) must be a brilliant way to invest. Right? Well……..joining together with others can have huge benefits. But there are some dangerous pitfalls to be aware of as well. Let’s take a look […]
Why Turning Your 401k Into A Pension Is A Bad Idea
You may have heard about a recent Treasury Department ruling that allows investors to buy deferred income annuities (DIAs explained below) within 401k plans. DIA plans convert your 401k into a pension. Up until now you could make IRA contributions to DIAs but with this Treasury ruling target-date funds operating within a 401k or other […]
Are Life Insurance Death Benefits Taxable?
No they are not – if you take a few simple precautions. In fact, it’s very easy to avoid paying income tax on life insurance proceeds. Then again, all it takes is a little sloppy bookkeeping and you can inadvertently name Uncle Sam your new life insurance beneficiary. Who needs that? Let’s make sure that […]
How to Get a Full Tax Deduction for Your 529 Contributions
You can actually get a full tax deduction for your 529 contributions. This is completely legal and available to almost anyone. Have I got your attention? Good…..let’s get to work. Quick Primer – What Is A 529 A 529 plan allows people to sock money away to help pay for college down the line. While […]