FPA-NENY Educational Articles

What the New Tax Law Means for Your Wallet, Your Financial Future

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It’s not a question of whether the most far-reaching federal tax overhaul in decades will impact you, but how much it will impact you, according to personal finance experts. Here are some notes on the new tax law.

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Kids, Parents and Paying for College: Seven Steps to Striking the Right Balance

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If you’re a student who wants to go to college, or you’re the parent of a student with college aspirations, the dollar figures can be daunting. As of 2017, according to the College Board, the average all-in price (including tuition and fees) for four years at an in-state public college approaches $40,000. For four years at an out-of-state public college, the number exceeds $102,000. And for four years at a private nonprofit college, the tab runs about $139,000. Paying for college can be daunting.

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An Investor’s Guide to Transitioning Your Money — and Your Mindset — to Retirement

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The transition to retirement after years in the workplace, as welcome as it may be, can also be jolting and even downright daunting, for all the changes it brings to a person’s day-to-day lifestyle, to their state-of-mind and to the handling of their finances.

 

A key part of the shift into retirement mode, explains Michael Palazzolo, a Certified Financial Planner™ who heads Birmingham, MI-based Fintentional, is adjusting from a growth-focused approach to asset-management and investing, to an approach which recognizes that protecting assets from downside risk and volatility is as important as growing them. Successfully transitioning to retirement entails not only a shift in investing mindset, but also an actual shift in how assets are invested.

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20 Birthdays and Milestones That Matter Most in Your Financial Life

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Just like certain birthdays and life milestones carry extra personal significance, there are certain points in life that carry extra financial weight.

Starting in the late teens and running through virtually every decade thereafter, the calendar of your life is dotted with dates and milestones, some representing key financial decision points and others that trigger important money-related developments.

The list below draws from input provided by members of the Financial Planning Association, the nation’s largest organization of personal finance experts. Add them to your calendar now so you won’t forget them later!

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Surviving the Sandwich: A Financial Balancing Act for People with Adult Kids, Aging Parents

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If you’re feeling pressure to provide some kind of financial support to your aging parents as well as to your children while still trying to meet your own monetary goals and obligations, if you find yourself struggling to set your financial priorities because you feel pulled in multiple generational directions, you have company as a member of the Sandwich Generation.

 

Younger baby boomers and members of Generation X are most likely to find themselves “sandwiched.” A Pew Research Center study from 2015 found that in the United States, nearly half — 47% — of people in the 40-59 age range not only have one or two parents age 65 or older, they are also either raising a young child or have provided financial assistance to a grown child in the preceding 12 months.

In a perfect world, you would have enough money to meet your own financial needs and goals, while also offering financial assistance to an adult child and/or an aging parent if and when they need it. But many people don’t have that luxury. Instead, they’re faced with difficult either-or choices. And sometimes, given the emotions and family dynamics involved, those choices aren’t so clear-cut, says David Emery, a Certified Financial Planner with Marshall Financial Group in Doylestown, PA. “You have all these competing forces in play. It takes a lot of thought to sort out.”

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