Does Your Retirement Portfolio Reflect Life Changes?
A line of cookbooks uses the slogan, "Fix it and forget it".
Well that may work for some things, but fixing and forgetting can be disastrous to your retirement portfolio.
Changes in your family and your income, not to mention the changes in the stock and bond markets, mean you need to review your plan every so often.
It's imperative to re-balance the asset mix from time to time.
It's also important to update your paperwork regarding beneficiaries. Changes in tax laws, a marriage or divorce, could result in your retirement money being inherited by the wrong person.
Remain flexible with retirement funds. A desire to work beyond age 65 might suggest a more aggressive investing style, while an unexpected disability or a loss of job might force a more conservative strategy.
Retirement plans aren't set in stone, or at least they shouldn't be.
Take a few minutes this month to review what you're doing.
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
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