Your relationship with risk can change noticeably over time. When you started saving for retirement, you may have been willing to take on more investment risk, which translated into a relatively high percentage of stocks and stock-based mutual funds in your investment portfolio.
Now that we're a few weeks removed from 2020, it's a good time to reflect on such a momentous year. We can think about developments in the social and political spheres, but we also learned – or perhaps re-learned – some valuable lessons about investing.
f you're in a blended family, you're already aware of the emotional and financial issues involved in your daily life. But what about the future? When it's time to do your estate planning – and it's never too soon for that – you'll need to be aware of the entanglements and complexities that can get in the way of your vision for leaving the legacy you desire.
Risk tolerance may appear less bothersome in the abstract but seem quite different in reality. For example, you might initially think you wouldn't be fazed by short-term market downturns, no matter how severe. However, when the financial markets really decline, as happened when the COVID-19 pandemic struck last March, you might find yourself being more concerned than you thought you would be.
Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now?
It's almost Thanksgiving. And although 2020 may have been a difficult year for you, as it has been for many people, you can probably still find things for which you can be thankful – such as your family. How can you show your appreciation for your loved ones?
You've no doubt heard reports of personal data being stolen and used for financial fraud – anything from online shopping on your credit cards to actual theft from your financial accounts. This problem won't go away anytime soon – but you can take steps to defend yourself.
Like everyone, you want to remain physically and financially independent throughout your life. But if you lose some of this freedom, the last thing you'd want is to become a burden on your family. How can you keep this from happening?
The upcoming election is, of course, big news. But there's more than one way to look at it. As a citizen and voter, you have your own preferences about the issues and the candidates. But as an investor, should you be rooting for any particular outcome?
If you're a caregiver, possibly for a loved one dealing with an illness such as Alzheimer's disease, you're probably already facing some significant emotional and physical challenges – so you don't need any financial ones as well. Yet, they are difficult to avoid. What steps can you take to deal with them?
When you retire, you've learned a lot about all sorts of things, helping you avoid some of the mistakes you made earlier in life. However, you may still be susceptible to financial missteps specifically related to your retirement years. How can you dodge these errors?