Our caveman ancestors had a simple test for survival – Fight or Flight. In our modern world money is the source of survival. As a result every primitive survival and pleasure-seeking drive is intensely focused on capturing and guarding money. These drives are involuntary and highly emotional emerging more quickly and forcefully than logical analysis. [...]
The recent release of the “fiduciary rule” from the Department of Labor is being hailed as a boon to consumers. Conflicts of interest in the retirement advice industry are supposed to be a thing of the best. But will they be? Many consumers seek guidance from a brokerage firm. You know them well – Morgan [...]
Earlier this week the Department of Labor (“DOL”) released new rules aimed at ensuring providers of retirement investment advice adhere to a fiduciary standard – that is, to put the best interests of clients first and above all. This may seem like an obvious point but as we wrote here many investors have no idea [...]
Years ago I was in the office of a friend and colleague who was purchasing tickets from Ticketmaster. He wished to take his young child to the circus. A fairly straightforward and common transaction. At the end of the call the Ticketmaster rep summarized the transaction. "The cost per ticket is $x including a convenience [...]
Many ‘experts’ advise waiting until age 70 to claim Social Security benefits. The reasoning is sound on its face – the longer you wait the larger your monthly check. According to the SS Administration the following is how much of your full benefit you will receive depending upon the age you file: age 62 - [...]
In an oft-paraphrased 1789 letter to Richard Price Thomas Jefferson wrote that a well-informed electorate is a prerequisite to democracy. The next time we as a society collectively wonder about the political landscape and direction of our country we need look no further than ourselves and the things we deem important. Just what are the [...]
Under new Federal guidelines borrowers with a loan closing date on or after Jan 1st will be required to escrow funds with their mortgage lender or servicer to cover flood insurance premiums and fees if the property is located in a Special Flood Hazard Area in a community participating in the National Flood Insurance Program. [...]
In an attempt to close a ‘loophole’ they claim is exploited by ‘evil one-percenters’ Congress has done away with a very useful planning strategy – File and Suspend. File and Suspend allows spouse #1 to file for and immediately suspend receipt of benefits until a future date up to age 70. This allows spouse #2 [...]
Last week the IRS told us what’s new in 2016. While some items remain unchanged there are interesting developments with 401(k) contribution limits, income tax brackets and deductions, IRA contributions, the estate tax credit, AGI phase outs and more. More than 50 tax-related items were addressed. A partial summary and some of the more interesting [...]
Carl Richard is a believer in The KISS Principle. He spends his time providing financial education by explaining complex strategies and terms using simple, easy to understand diagrams. You can find examples in his weekly “Sketch Guy” column in The New York Times and his book “The Behavior Gap: Simple Ways to Stop Doing Dumb [...]