Your 401(k) Fees Could Cost You A Half Million in Retirement
by Christie Whitney, CFP®Ask anyone with a 401(k) plan at work what they pay in fees and the answers may surprise you: Most people think they pay nothing at all. Even those who know that’s impossible undershoot by a surprisingly large margin, guessing “about 1%” in fees. The full truth is usually a shock: Many 401(k) savers pay… Continue reading
Three New Years Resolutions for 401(k) Plan Sponsors
by Christie Whitney, CFP®Most 401(k) plan sponsors are finishing out the year with an eye towards how they can drive improvements to their plans in 2021 and boost outcomes for plan participants. In that spirit, 401(k) Specialist Magazine has developed a list of three New Years Resolutions for 401(k) plan sponsors that includes the end of automatic cash-outs,… Continue reading
Avoid Holiday Spending Blues With These Expert Tips
by Christie Whitney, CFP®Overspending can be as much a part of the holidays as latkes and caroling. While it’s easy to say “make a budget” there are ways to simplify the process and stay on track. First, go ahead and make that budget, but think beyond your immediate household. The budget should be as broad as possible to… Continue reading
A Foolproof, One-Move New Year’s Resolution Anyone Can Make
by Christie Whitney, CFP®Every January, a flood of people resolve to lose weight. Then they show up at a nearby gym for the first time ever. By February, everything settles down and the true gym rats are left to grunt in peace. That’s how it goes with resolutions. We break them at the slightest test of will. What… Continue reading
Tenderly Help Your Aging Parents Manage Their Money
by Christie Whitney, CFP®During this time of year families spend ample time together. This occasion provides a great opportunity to help aging parents with their finances. New York Times columnist Alina Tugend explores how to navigate this tricky yet important financial conversation. How to (Gently) Help Your Aging Parents Manage Their Money by Alina Tugend When Reagan Alonso, a… Continue reading
Inheritance? Here’s Why Not to Pay Off Your Mortgage
by Christie Whitney, CFP®We all know the stories of famous athletes who go broke. And then there is the infamous “lottery curse,” where winners end up bankrupt a few short years after hitting the jackpot. Most folks think that they’re smarter than that. They believe they will properly manage any inheritances that come their way. If only we… Continue reading
How to Rescue a Ghosted 401(k)
by Christie Whitney, CFP®Our very own Sally Brandon, Senior Vice President of Client Service and Advice, tells U.S. News & World Report how rolling it over into an individual retirement account (IRA) can provide tax benefits and boost your retirement savings. 7 Best IRA Accounts for Your Investments by Ellen Chang, July 23rd, 2019 The tax benefits of… Continue reading
The Basics of 401(k) Retirement Planning
by Christie Whitney, CFP®The history of the most common American retirement plan — the workplace 401(k) — is long, but the essential idea is simple. Save money today and lower your current income taxes. Put in pre-tax money while you are working and take money out later, and pay the income taxes when you take money out in… Continue reading
The Biggest Financial Mistakes Doctors Make
by Christie Whitney, CFP®I purchased a home in 1980 (before the practice!) at the peak of the housing boom for $800 per month per month (12 percent interest rate), bought a new car in 1981 for $310 a month (18 percent), then finally took out a practice loan in 1982 for $1,500 a month (19.5 percent). These loans… Continue reading
