Preferred stocks are worth a closer look
Many investors don’t fully understand the advantages and disadvantages of buying preferred stocks. Preferred stock is really a hybrid security more similar to a bond than to a common stock. The primary advantage is consistent high income with less downside risk than common stocks. The primary disadvantage is that when interest rates increase significantly, the value of preferred stocks ... READ MORE
Where to find financial help in hard times
Dear Savvy Senior, Are there any financial assistance programs you can refer me to? The coronavirus pandemic has cost me my part-time retirement job and has shrunk my measly IRA account. Needy Retiree Dear Needy, Absolutely! In addition to the $1,200 federal coronavirus stimulus check that was distributed in April and May, there are many other financial-assistance programs (both... READ MORE
How to make better financial decisions
As the coronavirus pandemic continues to challenge every aspect of our lives — work, family, health and money — it is imperative we all take a gut check on any of our portfolio exposed to the wild rides of the financial markets. A recap is important: According to JP Morgan’s Q2 2020 Guide to the Markets, the S&P 500 index hit its last historical high on Feb. 19, 2020. It... READ MORE
Finding the upside of a downside market
The year so far has presented a challenging time for investors. However, periods of market dislocation also can provide opportunities on the financial planning side to create a better long-term position. Here are five things you can do right now to prepare for the future financially and take advantage of lower equity prices: Create a personal balance sheet and income statement Many of... READ MORE
A big chance to change spending habits
In conversations with clients, colleagues and friends, there’s one habit many seem to struggle with: spending money. No matter how much we earn, the amount we spend often impacts more of a person’s future financial success than their income, savings or investment returns. Try as we might, cutting back our spending is never easy. Until now. The current pandemic has impacted all of us. ... READ MORE
Bonds still offer pockets of opportunity
Bonds survived a brutal financial upheaval, reinforcing my confidence that positive returns will extend through the remainder of this strange year, albeit with massive help from the Federal Reserve. There will be more bad days and shrill headlines, and you can expect a bulge in corporate debt downgrades to junk status in the most-depressed industries and localities. But actual defaults... READ MORE
Is your target date fund letting you down?
Target date investments are supposed to be an easier way to invest, and they’re a popular choice in 401(k) plans. But the recent market downturn showed that some target date strategies suffered much bigger losses than others, especially for investors nearing retirement. Target date investments did protect near-retirees from the full force of the sell-off. While U.S. stocks overall... READ MORE
Ethical wills let you share life’s lessons
Rebecca Schreiber, a Manhattan real estate agent, was getting her papers in order after a divorce and decided that, along with redoing her legal will, she would also write up an ethical will for her two young children. “It was a way to convey my wishes and hopes to my children,” Schreiber, 42, said. Ethical wills, or legacy letters as they are also called, are documents to... READ MORE
Excellent resources for financial planning
Life is fraught with a series of complicated financial decisions, from financing an education or a first home to distributing an estate after death. Fortunately, on almost every aspect of personal financial planning, there is at least one published guide that can help you through. I use many sources to keep current on the latest innovations, legal developments and information about... READ MORE
Five stocks to consider buying now
With the market finding its way through tricky economic territory, investors will have to strike a careful balance between offensive and defensive moves. These five stocks will help you finesse your approach with a blend of classic safety plays, companies that will shine as the economy recovers, and companies poised to profit in a post-pandemic world: American Electric Power (AEP, $81):... READ MORE
Money 2024
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