Money Management for Senior Citizens

Today's News and Information for Senior Citizens on
Money Management, Retirement Planning, Estate Planning, Insurance

More Senior Citizen News and Information on Retirement Than Any Other Source - SeniorJournal.com

Guarding Your Wealth for Senior Citizens

Try Defying Conventional Wisdom When Investing During Retirement

The bottom line is that there are ways to invest that can allow you to meet your needs

By Jeffrey D. Voudrie, CFP

Sept. 3, 2008 - Relying on conventional financial services advice may result in working years longer or living with less during retirement. They say that you should only take 4% a year off of your investments. They also say you should increase the amount you have in ‘safe’ investments like bonds. But I believe they are wrong. Read more...

Think of Investing in Stock Market as Game of Tug of War

Buy what’s going up and sell what’s going down - If it were only that easy

Aug. 22, 2008 - A novice investor recently asked me, “Why don’t you just buy what’s going up and sell what’s going down?” If it were only that easy, we’d all be millionaires! Read on to learn a simple analogy that seeks to explain the underlying forces that move the markets. Read more...

When To Start Receiving Social Security Benefits - Is Bird in Hand Worth Two in Bush?

If you have enough birds in the freezer to feed you for several months it might be worth taking the chance

Aug. 13, 2008 - Conventional wisdom and many financial planners say that you should start taking Social Security benefits as soon as you are eligible. For many, that is at age 62. This is another time that conventional wisdom may be wrong. Read on to see whether you should delay receiving those benefits. Read more...

Going ‘Green’ Part 2: What Should You Do to Protect Your Nest Egg?

The issue in these turbulent times isn’t just the price of oil

July 10, 2008 - As the summer heats up, so does the rhetoric about the energy crisis. The presidential candidates are taking political shots at each other’s solutions to the problems, while everyone else in Washington is playing the blame game. Even OPEC is washing their hands of the matter, blaming ‘speculators’ for the current crisis. Read more...

It’s Time for Investors to Go Green with Their Portfolio

Positioning your portfolio so that you add enough ‘green’ to your bottom line

June 23, 2008 - Everyone is feeling the pinch at the pump. And just about everywhere else it seems. No matter where you look: the grocery store, utility bills or airline tickets; prices are going up. We all hope these increases are just a temporary ‘road bump’ on the financial landscape, but unfortunately, I believe we’ll be experiencing the effects of the energy crisis for years to come. Read more...

Reader Wants Investment Advisor That Talks Straight with No Fluff

Beware of financial sales people pushing pre-packaged solutions

June 6, 2008 - I recently received a question from a reader in Florida who is taking an early retirement. Like many investors, he was confused after meeting with a couple advisors. My advice to him might save you from making a wrong decision, too. Read more...

Financial Advisors’ Commissions Revealed and You May Find Them Shocking

There is a conflict of interest when these details aren’t disclosed

June 5, 2008 - Most investors have absolutely no idea how much money advisors earn from their investments. There’s certainly nothing wrong with advisors being compensated for their work. The problem arises when there is a lack of transparency in the advisor/client relationship. You should know exactly how much you are paying for the investments and services you receive. Only then can you make an informed decision on whether or not you are receiving a good value for your money. Read more...

Where’s the Beef Part Two – Ask Yourself the Right Questions

…You are much more likely to get the results you desire.

June 2, 2008 - We all remember those old television commercials where a little old lady disappointed with the puny hamburger she just purchased shouts out, “Where’s the beef?” In last week’s article, we discussed how investors often pay top dollar for below average results. How can you be sure that you are receiving the service you are paying for? Read more...

Where’s The Beef? A Good Question for Financial Advisors

Don’t pay ‘prime rib’ prices for ‘cube steak’ service from financial advisors

May 19, 2008 - There’s nothing better than a hot and juicy steak, especially one from your own grill. But can you imagine going to the grocery store to pick up a few prime ribs, only to get home and realize you ended up with cube steak instead? Talk about injustice! Of course, this doesn’t happen to most of us, because grocery stores package their meat in clear plastic wrap, so we can see exactly what we’re buying. If only we bought financial services the same way. Read more...

Do You Need A Trust or Foundation to Control Your Assets?

They are not just for the rich and famous anymore

May 12, 2008 - Trusts and private foundations aren’t just for the rich and famous like Warren Buffet or Bill Gates. Nowadays, even people of modest means are realizing the great benefits trust and foundations can provide. Read on to see if you can, too. Read more...

Why Investors Lose Money on Wall Street: Fear and Greed Cycle

Every time one person is making a dollar on the stock market, someone else is losing one

May 5, 2008 - Investors fear losing money, but they are almost as afraid of losing out - of not making money when they could have. This is referred to as the fear and greed cycle and is one reason the Wall Street pros make money while the individual investor often loses it. Read more...

The Wolf Among the Lambs - I Warned You About Indexed Annuities

'I wouldn’t recommend them to anybody' - Alabama Securities Commissioner

April 23, 2008 - For years I’ve been warning seniors about the dangers of equity indexed annuities. And I’ve taken quite a bit of heat for it from those in the insurance industry. While many agents and some readers have discounted my views, the uproar against equity indexed annuities and the tactics used to sell them is growing louder and louder. And now the national media has entered the fray. Read more...

Three Financial Risks You Must Avoid – Control, Access and Flexibility

These risks are difficult to place a dollar value on…until you are affected

April 18, 2008 - There are many financial risks that investors want to protect themselves from: inflation risk, interest rate risk, market risk, and more. But there are three risks that most investors don’t take into account - and I believe not doing so can quickly get them into trouble. I call them control risk, access risk and flexibility risk. Let me explain. Read more...

Booming Housing Market Was Really a House of Cards: Part 2

You can’t expect the one selling you a product to watch out for your best interests

April 4, 2008 - Last week, I talked about how the current credit crises evolved. This crisis is the result of mistakes made by the homeowner, the mortgage company, the investment banks and the rating agencies. This week, you’ll see what caused the House of Cards to fall and will learn how this example can keep you from making a financial mistake. Read more...

Booming Housing Market Was Really a House of Cards: Part 1

First part of a simplified explanation of the credit crisis that has overtaken our economy

March 31, 2008 - The current credit crisis has impacted multiple sectors of our financial economy. Home foreclosures are on the rise. Credit-worthy consumers struggle to secure mortgages. Investment banks are brought to their knees. Foreign and domestic stock markets experience gut-wrenching volatility. The Federal Reserve is forced to take historical steps to maintain liquidity. And the list goes on. Read more...

Financial Advisor Gets Sticker Shock Choosing a Service Professional

Trust your ‘red flag’ indicator, don’t move quickly and do extensive research

March 25, 2008 - It can be difficult for someone in the financial services industry to know how the investor feels - especially when first choosing which advisor to work with. I recently had an experience that put me in your shoes for a change. Read more...

An Ounce of Prevention Worth a Pound of Cure When it Comes to LTC Insurance

A real life story to motivate procrastinators on long-term care

March 14, 2008 - We’ve all heard the old adage that an ounce of prevention is worth a pound of cure. This applies to many areas of life, but perhaps none better than in the area of long term care. Read more, plus links to series on LTC insurance...

Many Senior Citizens Worry About Leaving Something for the Kids

Biggest fear is spending all of that money on assisted living and/or nursing home

March 7, 2008 - One of the biggest issues seniors face as they get older is how to preserve an inheritance for their children. Their biggest fear is spending all of that money on assisted living and/or nursing home care. As each family situation is different, so is each solution. Perhaps you can learn something from the experience of one of my clients. Read more...

Pulling Back the Curtain on Why Reverse Mortgages are So Heavily Marketed

Don’t blindly fall for the reverse mortgage sales pitch

Feb. 28, 2008 - Last week’s article on reverse mortgages generated a very interesting response from one reader. Unfortunately, due to his choice of vocabulary, I can’t print his response here. Suffice it to say that this advisor doesn’t want me saying anything negative about his chief source of revenue. This week I’d like to ‘pull back the curtain’ on the real reason reverse mortgages have become so heavily marketed and what you need to do as a consumer to protect yourself. Read more...

Should Senior Citizens Use Reverse Mortgages? Columnist Has An Answer

Every month you go further and further into debt and have less wealth

Feb. 22, 2008 - Some of the most popular products being pitched to seniors today are reverse mortgages. Everywhere you turn there are free seminars, free reports and free DVDs, all touting the amazing benefits these loans offer. Are reverse mortgages the answer to seniors’ prayers, or are they too good to be true? Read more...

How to Chart a Course for Investment in Emerging Markets

How you can take advantage of this opportunity without losing your shirt

Feb. 15, 2008 - Investors dissatisfied with domestic returns have been seeking greater growth in foreign markets. As noted in last week’s article, the growth of emerging markets is not a short-term fad, but a long-term trend that will affect global markets for years to come. The question then, is how you can take advantage of this opportunity without losing your shirt. Read on to find out.

Can Emerging Market Growth Continue to Reshape the Global Economy?

‘We've only begun to see the impact they will have in the financial markets’

Feb. 11, 2008 - We've all heard about the amazing growth taking place in developing countries and how the global economy will never be the same again. But countries like China, India and Vietnam seem so far away. It can be hard to understand how those marketplaces can affect the individual investor here in the U.S.A. After my recent trip to Cambodia, I'm here to tell you that emerging markets aren't some short-lived fad. We've only begun to see the impact they will have in the financial markets. Read more...

Senior Citizens and Adult Children Often Ask if They Owe Taxes on a Gift

With a gift comes the cost basis of the person giving the gift

Feb. 4, 2008 - As a Certified Financial Planner, I’m often asked about issues regarding inheritance, gifting and the resulting taxes. Here’s a classic example of just how complicated these situations can be, using a question from a reader in Michigan we’ll call ‘Bob’. Read more...

When Should You Start Receiving Social Security Benefits?

A bird in the hand is better than two in the bush, right?

Jan. 29, 2008 - Conventional wisdom and many financial planners say that you should start taking Social Security benefits as soon as you are eligible. For many, that is at age 62. This is another time that conventional wisdom may be wrong. Read on to see whether you should delay receiving those benefits. Read on...

Six Easy Steps for Tuning Up Your Finances in the New Year

Even if you think finances in ‘good shape’, everyone could use a little ‘tune up’

Jan. 21, 2008 - With the beginning of a new year, it seems everywhere you turn you hear something about self-improvement. There are plans for weight loss, exercise regimens, quitting smoking, going green and more. What about your finances? Even if you think your finances are in ‘good shape’, everyone could use a little ‘tune up’ to make sure everything is running smoothly. And it’s not as hard to do as you think. Read more...

Arbitration Won’t Fix It: Investor Often Wins but Gets Small Award for Damages

Over 90% of Jane’s retirement money went down the tubes.

Jan. 16, 2008 - Some of my best article ideas come from my readers, and this week is no exception. This is a story of misplaced trust, dishonesty, inaction and great financial loss. The lessons learned through their experience will hopefully save you from a similar fate. Read on to find out more.

Understanding Trends of 2007 Helps in Building and Maintaining Wealth in 2008

2007 could easily be referred to as the Year of the Tums

Jan. 11, 2008 - Last year (2007) was a tumultuous year for the stock market. Now that the LED ball in Times-Square has dropped and the confetti has been cleaned up, it’s time to briefly recap 2007 and, more importantly, look at how your portfolio should be positioned for 2008. Read more...

Think of Your Investment Portfolio as a Living, Breathing Entity

Knowing how interest rates affect the business cycle, helps you structure your portfolio

Dec. 26, 2007 - The effect interest rates have on the performance of our economy cannot be overstated. Understanding how interest rates affect the business cycle will help you know how to structure your portfolio to achieve growth while minimizing risk. Read on to learn more...

It’s Time for the Tax Gifts that Keep on Coming Through Good Planning

Depending on your income, your capital gains rate might be 0%.

Dec. 20, 2007 - Did you know that you can sell a stock at a profit and pay next to nothing in capital gains tax? Or that you may not owe any tax on dividends you receive? It’s true. The Tax Increase Prevention and Reconciliation Act (TIPRA), which was signed into law in early 2006, reduces capital gains and dividend tax rates even further—down to 0% in some cases. Read on to find out more and how you can save money through proper planning. Read more...

Retirees Need Investments to Generate Income – Don’t Settle for Dismal Returns

While everyone else is in a panic and rushing for the exits, look for opportunities

Dec. 13, 2007 - The Federal Reserve cut interest rates again this week and will be likely to do so again in six weeks. Yields on 5-year Certificates of Deposit are down to around 4.25% and falling. On top of that, the ‘mortgage meltdown’ has hindered the performance of the entire stock market. If you are retired and need your investments to generate income you don’t have to settle for these paltry rates and dismal returns. Read on to learn how you can get rates that are double that! Read more...

Are Variable Annuity Guaranteed Living Benefits Worth It?

‘Financial services industry is great at selling the sizzle and delivering very little steak!’

Dec. 6, 2007 - If you have an IRA, sorting through all the investment options can be very confusing. Unfortunately, there is a lot of hype out there and - in my opinion - the financial services industry is great at selling the sizzle and delivering very little steak! Read more...

Buy, Sell or Hold Decisions Should Not Be Based on Overall Market Performance

When everyone rushes to exits, those brave enough to stay can pick up real bargains

Nov. 28, 2007 - The markets continue to be tumultuous and we’re seeing the markets re-test the lows that were reached in August. . Since October 29, the S&P 500 is down 8.5%, the Russell 2000 is down 10.7% and the emerging markets are down over 15%. Even energy stocks are getting hit hard. Should you be selling stocks, gritting your teeth and hanging on or be stepping up to the plate and buying? Read more...

A Sure-Fire Investment: Invest Yourself in Those You Love

Grandparents have opportunity, responsibility to pass on a heritage

Nov. 23, 2007 - As we celebrate Thanksgiving, now is the time to start considering end-of-year returns. It is also time to analyze our investments and decide if changes need to be made. Here is one sure-fire investment that you need to consider as you evaluate your portfolio and calculate your wealth. Read more...

Market Survival Tips: Look at These Traits of Successful Investors

Rarely is casual investor successful, professional has different approach

Nov. 16, 2007 - To say that the stock markets have been volatile lately is an understatement. If you’re like most investors, you may be wondering if you should stay the course or cut your losses. There are several traits that successful investors have and understanding them will help you increase your chances of success. Read more...

Changing Investment Landscape Requires Radical Change in Our Thinking

Old approach may hinder ability to maintain standard of living in retirement

Nov. 9, 2007 - Seeing the ‘lay of the land’ can help us invest more effectively. Investment landscapes can change, sometimes very quickly. I believe the investment landscape we’ve experienced for decades has been changing and that the speed of those changes is increasing. If you agree, you may need to make significant changes in how you invest. Read more... and read what Voudrie said last year about "OIL - The 800-lb. Gorilla."

Daughter’s Sad, Disgusting Tale of What Happened to Elderly Father's Money

'What really hurt… this broker pretended she really cared about my father’

Nov. 1, 2007 - I receive quite a few emails requesting free financial advice. Often the questions are fairly routine, but a few share heartbreaking stories of investors who are trapped in difficult situations. In this case, the writer was glad to have me share her story, in hopes that it would prevent others from repeating the same mistakes. Read more...

Outsourcing Making Inroads into U.S. Healthcare Services with Lower Prices

Bottom line is that patients could see savings from 50% to 95%

Oct. 24, 2007 - American companies have been downsizing by hiring overseas workers to handle tasks once reserved for American employees. Manufacturing plants from a wide variety of industries have moved their operations abroad. Now another area is being influenced by outsourcing: healthcare. Read more...

Equity-Indexed Annuities: Seeking Legal Recourse When Promises Fall Short

Tens of thousand of senior citizens fall prey to these sales pitches

Oct. 19, 2007 - One of the main reasons I so adamantly oppose the use of Equity-Indexed Annuities is because what the investor receives isn’t anything like what they expected. What should you do if this happens to you? Read on to find out...

What To Do When A Good Investment Goes Bad

My mother-in-law knows not every seed planted will result in a harvest

Oct. 16, 2007 - We always hope for the best when we enter into an investment, but what happens when things don’t work out as planned? Follow this simple advice to make the most out of a bad situation. Read more...

Easy Money! It Comes at You From Many Directions

We want to believe there is a secret shortcut to becoming wealthy

Oct. 8, 2007 - You won’t believe it - I just found out that I am about to receive $2,700,000.00! My family and my kids shouldn’t ever have to worry about money again! It’s not a result of my job, but of providence. It almost seems too good to be true…Read more...

Protect the Ones You Love: Lesson Learned from Experience of Friends

Advice on what to do to protect your family after you no longer can

Sept. 28, 2007 - Alzheimer’s. Stroke. Heart Attack - they are words we all dread to hear, especially when they occur to a loved one. The emotional strain is tremendous. But it can be compounded if the loved one didn’t take steps in advance to authorize someone to manage his or her assets. Regardless of your age, it’s imperative that you have the proper documents in place. Read on to find out why...

No Such Thing as a Free Lunch and Senior Citizens Should Know Better

With baby boomers swelling the ranks of retirees, regulators expect a rise in financial scammers

Sept. 21, 2007 - Most of the seniors that contact me about investments they regret admit they’ve purchased them as a result of a free “educational” lunch or dinner seminar. They go expecting to have a nice meal with other seniors “on the house”, and end up losing their shirt in some kind of investment scheme. Read more...

Borrowing Against Home’s Equity – are There Better Ways to Use that Wealth?

Those who make the most off of these ‘equity stripping’ schemes are the advisors who sell them

Sept. 18, 2007 - The value of a home today, even with the current ‘housing bubble’ is considerably higher than it was 5 years ago. If you’ve owned your home that long, your equity (the difference between what it’s worth and what you owe) may have become one of your largest financial assets. Are there better ways to use that asset than leave it in your home? Read more...

Protecting Your Equity from Lawsuits Requires Understanding the Choices

Most secure method of protecting assets is an irrevocable trust

Sept. 11, 2007 - Many investors today are anxious to protect their assets from litigation. As a result, there are many professionals in the business of helping investors meet this need. But consumers need to be very careful about the advice they receive and the path they choose. Read more...

How Do You Like These Odds? 90 Percent are Incompetent Before They Die

You could needlessly cost your spouse thousands of dollars and countless headaches

Aug. 31, 2007 - Are you a gambler? Do you like to play the odds? Here are some real-life odds for you to consider: 90% of people become incompetent before they die! Of course, your spouse might not think you’re of sound mind right now, but that’s beside the point! If you don’t take action, you could needlessly cost your spouse thousands of dollars and countless headaches in order for them to make decisions on your behalf. Read more...

You Don’t Sell Your Home Just Because You Fear the Storm

Market upheavals leave investors three choices

Aug. 27, 2007 - The stock and bond markets worldwide have been in upheaval the last several weeks. Panic has gripped the markets as investors run for the exits. As the markets continue to go down, even seasoned investors find themselves asking how much pain they are willing to take. What should you do? Read more...

How to Manage Your Money in This Crisis of Confidence

'Economy is strong and I believe the crisis is one of confidence'

By Jeffrey D. Voudrie, CFP

Aug. 16, 2007 - The stock market has been incredibly volatile since early July, with daily swings of 1% to 2% or more. It’s enough to cause even the most seasoned investor to stop and wonder what is going on. The news keeps talking about ‘credit swaps’, ‘CDO’s’ and sub-prime mortgages. But what does it all mean and why is the market reacting the way it is? I want to explain why there is a "Crisis of Confidence," and how to manage your money in the midst of it. Read more...

Senior Citizens Need to Understand Why a Will Sometimes 'Won't'

Many think that with a Will they don’t have anything to worry about

Aug. 9, 2007 - A Last Will and Testament is the most basic of estate planning documents, but also one that is often misunderstood. Many think that if they have a Will they don’t have anything to worry about - everything will go to the persons they specify. That’s not true, though, and it’s important you understand why a Will sometimes "Won’t". Read more...

Tough Love: Children Protecting an Ailing Parent When Roles Reverse

Love really becomes tough when the parent/child roles are reversed

August 2, 2007 - Anyone with children understands the phrase “tough love”. Doing what is in the best interest of our children isn’t always something they agree with or even understand. But love really becomes tough when the parent/child roles are reversed as our parents become elderly. Knowing how to respect their freedom, maintain their dignity and yet protect them from themselves is a tricky balancing act at best. At worst, it can become a major confrontation, involving heated arguments, broken relationships and legal action. Read more...

Taking Your Lumps When You Retire, Maybe or Maybe Not

‘Keep the cow’ or receive the guaranteed monthly stream of milk?

July 27, 2007 - When people retire, many face the biggest financial decision of their lives. Do they keep their pension and its monthly payments or do they take the lump sum? The pension provides security and peace of mind, but having the lump sum would really be nice, too. Which should you choose? Here’s a simple analogy that might make that decision easier. Read more...

U.S. Stock Market Returns Mislead Investors into False Security

Threats out there to your ability to retire, maintain your lifestyle

July 20, 2007 - The three leading U.S. market indexes recently set all-time records. Investors are being rewarded with impressive returns. But those returns are very misleading, and unless you understand why, you are putting your wealth at risk. Read on to see why.

United States Has a Cancer and Senior Citizens are Most Vulnerable

U.S. to see a long period of inflation, maybe higher than 1966 - 82

July 13, 2007 - Inflation is like a cancer that eats away at our standard of living. And those most vulnerable to inflation are retirees and near-retirees. I believe we will experience a damaging level of inflation over the next 10-20 years. If that’s true, then action must be taken today to protect your way of life. Read on to see why.

Single Greatest Threat to Retirees is America’s Loss of Its Independence

Investors cannot let patriotism cause them to lose their money

July 6, 2007 - Each year, our country proudly celebrates its independence on the 4th of July. I am a flag-waving American that still believes our nation is one of the greatest nations in our world’s history. But I can’t let my patriotism result in my clients losing money. Read more...

Keep the U.S. in Perspective as Overseas Markets are Booming

90% of money invested in recent week went to equity mutual funds focused outside U.S.

June 28, 2007 - They say there’s no place like home and, for most American investors, our domestic markets have created handsome returns over the years. But the tides are turning and foreign markets are presenting great opportunities. The average annual return over the last 5 years for foreign developed countries (EFA) was 18% versus 10.5% in the U.S. (SPY). The 3-year average annual return of emerging-market countries (EEM) was over 36% per year. Read more...

It's Vital That Investors Stop and Look at the ‘Big Picture’

The person who made the most off of the gold rush was selling shovels

Most investors that I talk to know they want to protect and grow their wealth. They are looking for an investment that will help them do that. Should they buy an annuity or a mutual fund? But they are missing the Big Picture and, in doing so, are putting their financial future at peril. Read more...

Don’t Let Fear of Losing Money Keep You from Investing

Risk can and should be managed as we do other things in life

June 6, 2007 - Millions of people fail to own stock market based investments because they fear losing their money. That’s understandable. Lots of people lost 30%, 40%, 50% or more between 2000 and 2002. But it doesn’t have to be that way! Don’t let the fear of losing money keep you from an investment that can help you better reach your financial goals. Read on to see how.

Do You Owe Taxes On That Gift You Received?

Or will your family members owe on gifts you give them?

June 1, 2007 - Many readers of this column take me up on my offer for free financial advice. ‘Mr. K’ from Michigan, like many, wondered about taxes owed on his mother’s house. Chances are you will deal with the same issues. Read more...

Is Investing Overseas a Trend or Just a Fad?

There is a reason overseas markets are performing so well

May 26, 2007 - The returns on international mutual funds have far out-paced those earned by U.S. funds for the last several years. As a result, there has been a deluge of money flooding into these funds. Is this the 1999 Tech Bubble all over again? Read on to find out. Read more...

How to Provide a College 'Scholarship' and More for Your Grandchildren

You can award those ‘scholarships’ and ‘grants’ - Talk about a legacy

May 18, 2007 - Imagine what it would be like if each one of your grandchildren earned a scholarship to pay their college costs. Wouldn’t that be great? In a sense they can. Not only that, they could receive grants to help them purchase their first home, start a business and even provide additional retirement funds! Read on to find out how. Read more...

Income plus Growth for Retirees may be Income Deposit Securities

IDS is combination of a corporate bond and a common stock

May 9, 2007 - Investors everywhere seek opportunities that can provide stable income while increasing the value of their initial investment. Traditionally, these investors turn to stocks that pay dividends. Income Deposit Securities are designed to more directly meet these goals. Read on to learn about three such investments you should consider now. Read more...

How to Lower the Price of Gasoline Back to $1.25

Supply and demand law is why the ‘simple solution’ to reducing the price can’t work

April 30, 2007 - Gas prices seem near all-time highs and the summer driving season hasn’t even started yet! A recent email presented a simple solution that will force gas prices back to the $1.25 a gallon range. Read on for details and to learn basic principals that may make investing more profitable. Read more...

The Solution to the ‘Investment Roller Coaster’

Important that you can easily make changes to your portfolio

April 14, 2007 - Does investing put you on an emotional roller coaster? If so, you are not alone. The fluctuations of the market are hard for most investors to stomach, and many suffer from financial "motion sickness" as a result. But making investment decisions under these circumstances is a recipe for disaster. Read on to find out how you can get off the emotional roller coaster of investing. Read more...

Do Not Leave Your Children the Challenge of Sorting Out Your Estate

April 9, 2007 - Recently, I shared the heart-wrenching story of a young soldier who had to deal with the unexpected death of his mother. She didn’t have her affairs in order and now her son has the extremely difficult task of recreating her financial details from scratch. Here are some simple steps you can take to ensure that your loved ones aren’t left in a lurch. Read more...

Soldier's Financial Battle Began At Home With Mother's Death

Mother never talked about her plans, doesn’t even know if she had a Will

April 2, 2007 - I received a heart-wrenching phone call from a young soldier. His mother had just died and he was left with the responsibility of settling her estate. He had no idea the difficulties he would encounter—not on the battlefield but here in East Tennessee. The worst part is it could have been completely avoided. Read more...

Saving Your Home Should You Need to Use Medicaid

Long-term care insurance best means of preserving assets for those who can afford it

March 23, 2007 - For many seniors, their home is their most valuable asset. It’s painful to think that their home might be lost to Medicaid in the event they have to go to a nursing home. I am often asked if this can be prevented. Read on to find out. Read more...

Changes in Tax Laws Have Created the ‘Corrected 1099’ Nightmare

Banks, brokers now report interest, dividends on different 1099s

March 19, 2007 - There’s nothing more frustrating than receiving a corrected 1099 a few weeks after you’ve filed your tax return. Must you amend your return? Read on to find out. Read more...

Equity Indexed Annuities: 'The Investment from Hell'

Too bad that Greg’s grandpa didn’t know the truth

March 12, 2007 - If you were nearing the edge of the cliff and didn’t know it, would you want someone to warn you before it was too late? Of course you would. That’s been the guiding principle of this column, to inform everyday investors of the pitfalls that could cause them and their nest egg irreparable harm. Read more...

Grandparents May Avoid Capital Gains to Provide College Funds

Feb. 18, 2007 - For the last two decades, financial planners, lawyers and accountants have recommended their clients take advantage of the ‘kiddie-tax’ when selling investments to pay for their child’s college education. The Tax Increase Prevention and Reconciliation Act (TIPRA), which was signed into law in early 2006, changed the ‘kiddie-tax’ rules. But you can still avoid paying capital gains tax on the sale of appreciated assets if you plan ahead. Read on to find out more. Read more...

Tax Gifts Keep On Coming If You Sell Stock at Profit and Pay No Capital Gains

Regardless of tax bracket, dividends and capital gains are more valuable than interest

January 23, 2007 - Did you know that you can sell a stock at a profit and pay next to nothing in capital gains tax? Or that you may not owe any tax on dividends you receive? It’s true. The Tax Increase Prevention and Reconciliation Act (TIPRA), which was signed into law in early 2006, reduces capital gains and dividend tax rates even further—down to 0% in some cases. Read on to find out more and how you can save money through proper planning. Read more...

It’s all about Cash: Making Your Money Last in Retirement

You need income and nest egg increasing throughout your life

December 2, 2006 - It’s vital that your nest egg last longer than you do. The only way for that to occur is if the nest egg continues to grow over time. If you take out more than you earn you are guaranteed to run out of money at some point. If your nest egg continues to grow, though, it will always last longer than you. Read more...

What is a Retirement Paycheck You Can Depend On?

You need to depend on your money lasting far beyond age 85

November 9, 2006 - Financial retirement was very different for our parents. They worked for the same company for most of their careers. When they retired, they started receiving monthly checks from their company pensions. Nowadays, financing retirement is much more complicated. But it doesn’t have to be. Read on to find out how. Read more...

Senior Journal Expert Answers Financial Questions for Seniors at No Charge

Guarding Your Wealth for Seniors on this Website for over a year

October 29, 2006 - Sometimes it is the little things in life that really make the difference. That’s especially true then when it comes to dealing with financial matters. Decisions about who to trust, what to invest in, making gifts or the type of insurance to buy all have long-term consequences—and often unintended results. There are many times that a simple answer from a professional would have made all the difference. And now you can get that answer free of charge. Read more...

Defying Conventional Wisdom Improves Your Odds and Retirement

Strategies and techniques for a more comfortable retirement

October 19, 2006 - Relying on conventional financial services advice may result in working years longer or living with less during retirement. They say that you should only take 4% a year off of your investments. They also say you should increase the amount you have in ‘safe’ investments like bonds. But I believe they are wrong. Read more...

OIL: The 800 lb. Gorilla

Don’t be fooled by short-term trends in the price of oil

October 9, 2006 - The price of oil is down almost 25%. Gasoline prices at the pump are down almost $1. Make no mistake, though, the returns on your investment portfolio over the next 10-15 years will be determined by energy investments. Invest wisely and prosper; don’t, and risk peril. Read more...

Retirement Investing: Forget 4% Guide

Take action now to protect your lifestyle dreams

October 4, 2006 - Do you want to reduce your standard of living when you retire? Of course not. But if you follow conventional financial planning ‘wisdom’ concerning retirement investing, that’s exactly what you may have to do! Whether you are currently retired or wanting to in the next 5 to 10 years, you must take action now to protect your lifestyle dreams. Read more...

Pension Protection Act Affects Those Working or Retired

One change may save families hundreds of thousands of dollars

By Jeffrey D. Voudrie, CFP

September 20, 2006 - The Pension Protection Act was recently passed by Congress and signed into law. It is “the most sweeping reform of America's pension laws in over 30 years.” Whether you’re retired or still laboring to build your nest egg, the Pension Protection Act (PPA) will affect you. Read on to find out how. Read more...

Factoring Terrorism into Investment Decisions: Remembering 9/11

September 13, 2006 - This week marked the 5-year anniversary of the terrorist attacks of September 11th, 2001. It is a tragic day that none can forget. And it is a day that should continue to affect our investment decisions. Read on to find out how. Read more...

Signed, Sealed, Delivered – It’s Theirs

How to make dividing your possessions easier on your family

By Jeffrey D. Voudrie, CFP

September 8, 2006 - Few issues can be more emotional and complicated than those that occur at the end of our lives. No one likes to think about them, and fewer still plan properly in advance. In this article, we’ll discuss the simple steps you can take that will make dividing your personal possessions easier on your family. Read more...

Annuities? Give Me a Break!

For millions of seniors suckered in, there’s little they can do

August 23, 2006 - Millions of seniors are sold equity-indexed and variable annuities with promises of guaranteed returns with little or no risk. And hardly a day goes by that I don’t hear from some frustrated investor who finds him/herself trapped by one of these investments. Let me paint a very clear picture of the dangers of these products and share some pointers for those who have already bought one. Read more...

Beware of Universal Life Insurance: Part 1

Reasons sales people give seem compelling, but…

August 16, 2006 - Has a life insurance agent suggested that you buy ‘permanent’ insurance such as Whole Life, Universal Life or Variable Universal Life? The reasons they give seem so compelling, but are they in your best interest? Here’s an explanation of the basics, plus what the insurance agent isn’t telling you! Read more...

Beware Of Universal Life Insurance: Part 2

Perfect retirement vehicle? New way to build wealth? Exposing the fallacies

August 17, 2006 - In my last article, I explained the basic differences between term and permanent insurance. Permanent insurance such as Whole Life, Universal Life, Equity-Indexed Universal Life and Variable Universal Life is regularly promoted as the perfect retirement vehicle or the new way to build wealth. This week I will expose the fallacies of those arguments. Read more...

When A Will Isn’t The Way

Your wishes may not be carried out if you are not careful

August 2, 2006 - Many people have the mistaken impression that their Last Will and Testament determines what happens to their possessions when they die. As John, a reader in Marysville, TN learned, that’s not necessarily true. Read more..

Life Insurance: Too Much, Too Little or Just Right?

Once you retire you may no longer need life insurance

July 26, 2006 - The thought that you may not need life insurance is anathema to most life insurance agents. But as a Certified Financial Planner who is also a life insurance agent, I have a different point of view. There are times when you may not need life insurance. Read more...

Do You Owe Taxes On That Gift?

July 14, 2006 - Many readers of this column take me up on my offer for free financial advice. ‘Mr. K’ from Michigan, like many, wondered about taxes owed on his mother’s house. Chances are you will deal with the same issues. Read more...

About-to-Retire Boomer Has Questions about Financial Planner's Advice

July 8, 2006 - I recently received a question from a reader in Florida who is taking an early retirement. Like many investors, he was confused after meeting with a couple advisors. My advice to him might save you from making a wrong decision, too. Read more...

Are Low Cost Annuities A Good Choice?

July 5, 2006 - I’ve disliked variable annuities for many years because of their high fees and onerous surrender penalties. Now, low-cost variable annuities are available that slash fees and do away with the surrender penalties. Does this change my opinion on the use of variable annuities? Read on to find out. Read more...

Beware of Generalities When Considering Real Estate Investments

Real estate should be a normal part of any portfolio

June 22, 2006 - Talking heads and pundits everywhere are quick to make predictions based on broad generalities. Many investors respond by making changes to their portfolio. Doing so isn’t always in your best interest. Let me explain why. Read more...

Real Estate Can Be in an IRA but Basic Rules are Critical

June 16, 2006 - Did you know you can use your IRA to purchase real estate? You can, but it’s important that you follow some basic rules or you risk the IRS disqualifying your entire IRA! Read more...

When To Start Receiving Social Security Benefits?

A bird in the hand is better than two in the bush... maybe

June 2, 2006 - Conventional wisdom and many financial planners say that you should start taking Social Security benefits as soon as you are eligible. For many, that is at age 62. This is another time that conventional wisdom may be wrong. Read on to see whether you should delay receiving those benefits. Read more...

Retired Variable Annuity Investor Gets Justice After Loss

May 7, 2006 Countless investors have lost large portions of their investments. Some have been in investments where they lost everything. But investors looking for help in recouping losses often find there are few places to turn for assistance. Read on to learn about one investor that finally got justice. Read more...

How Senior Citizens Can Hype-Proof Their Portfolio

Six ways senior citizens can protect themselves from slick salespeople?

April 21, 2006 - My recent article criticizing the controversial equity-indexed annuity has generated a boatload of email. But one email in particular caught my eye. And it wasn’t from being flamed by irate insurance agents (I got plenty of those!), or emails from thankful consumers, pleased the public is being warned about equity-indexed annuities’ pitfalls. Read more...

Retire Sooner and Make Money Last Decades Longer

April 12, 2006 - Everyone would love to retire early, but they also desire to be free from the fear of running out of money. Changing your attitude toward investing and the approach you take will help you accomplish both. Read on to see how you can retire years sooner and make you money last decades longer. Read more...

Changing View on Retirement May Allow You to Retire Sooner

April 10, 2006 - In our culture, the main goal of retirement is to put our working days behind us and devote ourselves to the pursuit of pleasure. Many find, though, that continuing to work in some form keeps them active and gives their lives purpose. Changing your concept of retirement may even allow you to retire sooner. Read more...

Equity-Indexed Annuities Exposed as Dangerous for Senior Citizens

April 5, 2006 - I don’t like equity-indexed annuities. I believe they are dangerous to seniors and that they should be avoided at all costs. I’ve been shouting this message from the mountaintops the last two years. And people are listening—everyone, it seems, except the agents selling them! Read more...

Strategies To Boost Growth in Retirement Investments

Keep your investment nest egg growing even after you retire

March 30, 2006 - You should continue to grow your nest egg even when retired--unless you’ve been blessed with more money than you will ever spend! Last week I discussed in detail how retirees can boost their income without taking on unnecessary risk. This week, I’ll explain ways you might safely grow your portfolio while minimizing risk. Read more...

How Retirees Boost Income from Their Investments

March 26, 2006 - Retirees have two major investment goals. They want income to provide for their living expenses today, and they need growth so they can maintain their standard of living in the future. This week I’ll focus on effective ways to manage your portfolio that may dramatically increase your income. Next week I’ll share growth-oriented strategies. Read more...

Avoid More Financial Razor Blades

Why are 70 and 80-year olds being sold variable annuities?

Feb. 10, 2006 - Our nation has just enjoyed one of its most popular annual rituals: the Super Bowl. One can draw many lessons from the drama on the gridiron and all the hoopla surrounding it. But as I watched this year’s spectacle, one thing in particular caught my eye. And what I saw can teach a very valuable lesson about investing. Read more...

Understanding Long Term Care Insurance: Part 4

Feb. 1, 2006 - Today’s senior citizens are living longer than ever, but as life spans increase, so do the needs for additional care. The majority of today’s retirees will need some form of special care as they age, whether that help is delivered in their own residence, in an assisted living facility or at a nursing home. The cost of such care is skyrocketing and many find they are unable to afford it. Read more..

Bridging the Long-Term Care Gap: Part 3

The real conundrum exists for senior citizens of moderate means

Jan. 25, 2006 - Providing for adequate health care is one of the top concerns for today’s seniors. And yet, many find themselves coming up short when that need is for long term care. With costs skyrocketing and government purse strings tightening, planning for such care has never been more important. Don’t let long term care costs take you by surprise. Read on to make sure you’re prepared. Read more...

Don’t Rely On Medicaid For Long-Term Care: Part 2

Part Two of series on Long-Term Care

Jan. 20, 2006 - Millions of retirees expect to rely on Medicaid to cover the cost of their long-term care needs. If you or your parents have that expectation then you must read this article. You shouldn’t rely on this program and by doing so you may end up becoming dependent on family and friends for care. Read more...

Facing the Long-Term (Care) Nightmare: Part 1

The government is likely to cover even less care in the future

Jan. 11, 2006 - Recent legislation in Congress may make it even more difficult for seniors to qualify for government-paid long-term care coverage. If you don’t take action now, you may be setting you and your family up for a Long Term Nightmare! Read more...

Don’t Scramble Your Eggs When Investing

Jan. 5, 2006 - Financial advisors have been preaching the use of portfolio diversification to reduce risk for years. Unfortunately, the way most do it leaves your portfolio vulnerable! Read on to find out how to properly diversify your portfolio. Read more...

New Year Financial Tune Up for Seniors

Dec. 31, 2005 - While you’re making your New Years’ resolutions, don’t forget to give your financial house an annual tune-up. As the old saying goes, an ounce of prevention is worth a pound of cure, and few adjustments now could save you thousands of dollars, not to mention some major headaches, in the months and years to come. Read more...

Don’t Be Left Holding the Bag on Estate Planning

Dec. 28, 2005 - Ned almost lost the farm that had been in his family for 8 generations! We’ve all heard that ‘The Devil is in the details.’ It is especially true when it comes to estate planning. Make sure you don’t make the same mistake Ned did. Read more...

How Do You Like These Odds – 90% Incompetent Before They Die

Dec. 21, 2005 - Are you a gambler? Do you like to play the odds? Here are some real-life odds for you to consider: 90% of people become incompetent before they die! Of course, your spouse might not think you’re of sound mind right now, but that’s beside the point! If you don’t take action, you could needlessly cost your spouse thousands of dollars and countless headaches in order for them to make decisions on your behalf. Read more...

The Solution to the ‘Investment Roller Coaster’

Dec. 13, 2005 - Does investing put you on an emotional roller coaster? If so, you are not alone. The fluctuations of the market are hard for most investors to stomach, and many suffer from financial ‘motion sickness’ as a result. But making investment decisions under these circumstances is a recipe for disaster. Read on to find out how you can get off the emotional roller coaster of investing. Read more...

It’s YOUR Money: Make Sure You Keep Control Of It!

Nov. 30, 2005 - One of the biggest mistakes I frequently see investors make is needlessly losing control of their money. Any time you pay a hefty commission or face surrender penalties in order to get YOUR money you lose control. Losing control severely limits access to YOUR money and limits your flexibility to make changes. This can trap you in an under-performing investment adding years to the time needed to reach your goals. Read more...

When Your Life Insurance Is A Pot Of Gold

Nov. 15, 2005 - Don’t cancel your life insurance policy without reading this first! Depending on your situation, you may be losing tens of thousands of dollars if you do. If you have a life insurance policy that you no longer can afford or need, consider selling the policy. Read on to find out how. Read more...

Afraid of Losing Your Home To Medicaid?

Nov. 3, 2005 - Doris from Minnesota is considering transferring her assets to her son so they won’t be lost to Medicaid should she need assisted-living or nursing home care. Is that the right move? If so, what’s the best way to do it? Read on to find out. Read more...

Are Your Company Retirement Benefits in Jeopardy?

Oct. 26, 2005 - In years gone by, when someone retired from a large company they didn’t have to worry about losing their retirement benefits. That’s no longer the case. Being faced with ever increasing competition, many large companies are changing their benefit programs. If this hasn’t affected you yet, it soon will. Read on to find out how. Read more...

Oversight Needed On Equity-Indexed Annuities

Oct. 24, 2005 - The sales of Equity-Indexed Annuities has increased 45% the first 6 months of this year. I’m concerned that the vast majority of those sales are unsuitable for the investors buying them. Oversight by the Securities and Exchange Commission (SEC) and the National Association of Securities Dealers (NASD) is desperately needed to protect retirees from being taken to the cleaners by agents hungry for the large commission. Read on to find out how this oversight will benefit you. Read more...

Clearing Up Estate Document Confusion

Living Will, Living Trust, Powers of Attorney...

Oct. 14, 2005 - Few topics confuse investors more than figuring out what estate-related documents they need. Living Wills, Living Trusts, and Powers of Attorney are just a few of the terms that most find hard to define, let alone understand. But being comfortable with these terms and what each one can do for you is important, and can make the difference between your wishes being followed or creating a nightmare. Read more...

The Real Reason For Long-Term Care Insurance

Oct. 10, 2005 - My mother-in-law recently passed away after a long and courageous battle with cancer. Throughout her battle, our family had to deal with many emotional and legal issues. Read more...

To Trust or Not to Trust? That is the Question for Seniors

Is a Living Trust right for you and how to go about getting one

Oct. 4, 2005 - Living Trusts have become very popular and are being heavily promoted to seniors. Should you Trust or not Trust? That is the question. Read on to learn some simple guidelines that will help you know whether a Living Trust may be right for you and how to go about getting one if needed. Read more...

Beyond the Living Will: Seniors Have More to Consider

There are other important documents seniors need in place

Oct. 3, 2005 - Living wills have received a great deal of attention due to the Terry Schiavo situation. Because her end-of-life wishes were in dispute, family members battled each other in the courts over her treatment and care. By having a proper Living Will, you can avoid such confusion. But a Living Will doesn’t ensure you have all your bases covered. There are other equally important documents you must have in place. Read more...

Seniors Targets of Financial Charlatans

Sept. 29, 2005 - Seniors in your community may be targets of financial charlatans. I’ve received a number of disturbing reports recently from seniors about the abusive tactics of some advisors. Their actions are not only unethical, but they border on the criminal. You must be aware of these despicable tactics so you and your nest egg are protected. Read more...

The Ins and Outs of Reverse Mortgages

Sept. 28, 2005 - Reverse mortgages have been around since 1989, but they are rapidly gaining in popularity. The complexity of reverse mortgages makes it difficult for the average senior to separate myth from reality. Let me help you decide if one is right for you. Read more...

Seniors Not Getting The Whole Story on Mortgages

Sept. 26, 2005 -- Financial salespeople such as investment advisors and mortgage brokers are recommending ‘new’ types of mortgages to senior citizens and baby boomers for improving cash-flow, freeing up money to invest, and having money to take that dream vacation. Their sales pitches sound so enticing. But here’s what they don’t tell you. Read more...