Financial planning

By Byron Moore, posted May 15th, 2014

Question: I pay a lot of insurance premiums and sometimes I just feel insurance poor. Is that unusual?

Answer:  Sometimes stupid things spoken by clever people can sound very wise.

The following column was published in The News Star on Saturday, May 10, 2014.

Question: I wanted to know your thoughts on the new “myRA” that should be rolling out this year.  I have a 401k with my current employer but really like the idea of principal protection even with the small amount of return.  I'm 33 years old with approximately 30k total in both accounts.  My 401k is set for medium risk with a 3% deposit with 3% match.  Should I be more aggressive?

Answer: You’re asking about whether to throw deep or run it up the middle during the first quarter.

The following column was published in The News Star on Saturday, May 3, 2014.

Question: We’re trying to get our budget re-worked for when we retire in a few years. I know we’ll have Medicare and our costs for medical insurance will go away and that we’ll have Social Security coming in. Our debts should all be paid off. What else do we need to be thinking about?

Answer: Hold your horses, Roy Rogers. You need to check your assumptions.

The following column was published in The News Star on Saturday, April 26, 2014.

Question: With my retirement coming up I did what everyone says to do - I interviewed three advisors that I'd either read about or heard about from friends. My problem is that they all tell a different story. One guy is a super big believer in the stock market and says everything will go up in the end. Another guy tells all kinds of scary stories about losing all your money in the stock market. And another seems kind of in between. How do I pick?

Answer: So you've interviewed three advisors - good. Now, interview yourself.

By Byron Moore, posted April 17th, 2014

Question: Recently my wife and I have been arguing a lot about money. When I try to explain things to her, she just clams up. But honestly we are spending too much money and she has to be part of the solution. How do other people deal with their marital conflicts over money?

Answer:  Not too well, I'm afraid. Approximately half of all divorces can be traced to money problems.   

The following segment first aired on KEDM 90.3 on Wednesday, April 9, 2014.

     

The following column was published in The News Star on Saturday, April 5, 2014.

Question: I’ve been hearing advertisements on the radio for annuities for retirement. What are these and do I need one?

Answer: Annuities may be a useful tool in your retirement income toolkit. But they are no substitute for a plan.

The following segment first aired on KEDM 90.3 on Wednesday, April 2, 2014.

The best way to survive a crash…is to simulate it. Listen to my most recent KEDM Public Radio segment to hear how simulating your financial future can better prepare you to respond to a wide variety of possible future events in your life.