The full report, available at www.nefe.org/early-warning-signs, documents new research funded by the National Endowment for Financial Education® (NEFE®) to identify very early financial skill declines in cognitively normal older adults funded by the National Institute of Aging of the National Institute of Health.
INESCAPABLE TRUTH: FINANCIAL ABILITY DECLINES WITH AGE
IT IS INEVITABLE that people will see a decline in their financial skills and decision-making ability as they age. No one is exempt: Everyone experiences normal cognitive aging in their later years, which in turn affects various financial skills. The degree of cognitive decline and its effect on specific financial skills varies by individual.
Most of us do not give it another thought and simply assume we can contribute to an IRA if we meet IRS income criteria. But what if your only source of income is alimony? Guess what – the new tax law changes may just eliminate your only means to save in a retirement account.
By Judy Heft who offers professional and personal assistant services that are tailored to meet the specific and changing needs of her clients. All services are provided on an accurate and timely basis with complete confidentiality. http://judithheft.com/services.html
I thought this explanation was so clear so timely that I asked Judy if I could copy it for you. With full acknowledgment to her unique financial concierge services, here it is!
Your Money & Your Brain by Jason Zweig looks at neuroeconomics, which is research using brain activity, economics, and behavioral psychology to study how we make decisions.
The main focal point is how the brain affects financial decisions but it’s obvious the material goes beyond money matters. It’s equal parts scary and impressive how much is going on behind the scenes in our brains unconsciously that we’re unaware of.
When one partner takes on all the financial tasks, the other loses out on building money skills.
By Susannah Snider, Staff Writer |June 14, 2018, at 7:40 a.m.
Set financial goals with your spouse. (Getty Images)
Your romantic relationship comes with all sorts of wonderful benefits.
It gives you a partner with whom you can confide, cuddle and share the tasks of maintaining a household. But lovebirds beware: While your long-term relationship comes with lots of advantages, it may be harming your financial literacy.
That's according to research recently published... Read More
Lili Vasileff is quoted in a recent article by Tom Anderson for CNBC's 'Your Money, Your Future' on how to handle adult children moving back home. Lili says, “Create a spending plan and timeline. The plan should include how expenses are shared, what savings will be tapped to pay for additional expenses and how, if possible, those savings will be replenished.”
An adult child coming home to live with you can sidetrack your financial plans
By Tom Anderson for CNBC's 'Your Money, Your Future' – March 19, 2017
You should be enjoying life. Your kids are out of college, you're in your top earning years and you can see the... Read More
For many years there has been no means by which to save tax-deferred money for a child with disabilities without placing at risk their government entitlements. But in 2014, Congress created Achieving Better Life Experience (ABLE) accounts.
Prior to the creation of the ABLE accounts, individuals with disabilities who were eligible for Medicaid or federal Supplemental Security Income were limited to a maximum of $2,000 in assets, such as bank savings accounts.
ABLE accounts now allow disabled people to have up to $100,000 in these accounts without jeopardizing their Medicaid or Supplemental Security Income.
ABLE accounts are fashioned after qualified state tuition programs, sometimes referred to as Section 529 plans. Although there is no tax... Read More
Reach your financial goals by taking a business leader's approach to your family's finances.
By Susannah Snider, Staff Writer |May 3, 2018, at 10:45 a.m.
How to Be the CFO of Your Financial Household
Consider it a promotion. From now on, you are more than a humble household money manager, a bill payer and a check writer.
Instead, you are the chief financial officer of your household. You're the CFO of your finances, the C-suite executive of your personal capital. No corner office is required, but you're welcome to make business cards if you'd like.
Your new role as household CFO will require... Read More
Parents often face the competing challenge of funding their children's college or their own retirement savings.
During divorce, these goals collide more acutely. Income is stretched and expenses increase with two households.
How do 529 plans come into play? Here is a great resource with more information:
College Savings Savvy: Under what circumstances should I advise clients to change 529 plans?
Click image below to view the video.Read More
Lili Vasileff is quoted in a recent article by Brittney Laryea for Magnify Money on how to handle a spouse who is chronically overspending. Lili says, "Financial infidelity is not a financial exercise, its an emotional exercise. Sometimes overspending may be the result of miscommunication, emergency spending, or unrelated, deeply seated emotional issues like an addiction."
How to confront an overspending spouse
By Brittney Laryea for MagnifyMoney.com - February 15, 2017
You’ve brown-bagged lunch for weeks and even cut out your morning latte and other non-essential purchases because you and your partner agreed to save up for your next vacation. A few months into saving, you’re riding in the passenger’s... Read More