Jay Zigmont's Blog, page 12

What is an annuity?

There are a lot of avenues to retirement, and one you may have heard of is annuities. What is an annuity, and are they appropriate for Childfree people?

Should I Set Up a Roth IRA?

A Roth IRA is a type of investment account that you don’t ever pay taxes on once you’ve put money into it. As with anything, there are exceptions to the rule, but the Roth IRA can be an extremely powerful tool when it comes to your finances.

Third Meeting with a CFP® - Goal Setting and Budgeting

Dr Jay sits down with Anna and Grant to do ongoing work withtheir goals and budget.

What is compound interest?

“Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn't, pays it.” – Albert Einstein

The How and Why of Backdoor Roth Conversions

Backdoor Roth Conversions are a creative way of getting around income limits for contributing to a Roth IRA if you can meet the requirements for it to work.

Can I Take a Loan From My 401(K)? (and should I?)

For those who want the quick answer: Yes, 401K loans exist on many (maybe even most?) plans! That said, there are lots of rules and pitfalls in taking 401K loans so read further for more information.

Do I Need Life Insurance if I Don’t Have Kids?

The primary concern that life insurance protects against is leaving loved ones behind with significant burdens like debt or without enough resources to continue their lives. This is especially the case for people who have dependents, but is it as important for people who don’t have kids?

Childfree Retirement

In my 10+ years of being a financial planner, the most exciting aspect of this job is helping people do something they never thought they could do. This is particularly rewarding when working with Childfree people and they have the realization that all the “traditional rules” of life are thrown out when you don’t have kids.

How Much Do I Need to Retire?

“How much do I need to retire?” may be one of the most commonly asked questions among those turning their eyes toward retirement. I vividly remember the ING campaign from 2008 that catered to this common question with the “What’s your number?” advertisements that suggested something as complex as retirement planning could be summed up in a number.

Should I Rollover my 401K?

Let’s end the suspense and say immediately that you probably SHOULD rollover that old 401K and the better question is where you should roll it to. You generally have two options: your new 401K or an IRA. There are pros and cons to each option and which one suits you best depends on your situation.