Horan - Health. Wealth. Life

Inheriting Individual Retirement Accounts

Posted by Anna Pfaehler on Tuesday, August 04, 2015 in Financial Planning | Comments (0)
When you inherit an Individual Retirement Account (IRA) from your deceased spouse, you have two options: treat it as your own IRA or treat it as an inherited IRA. The choice depends on two things: your age and whether you need to access the funds.  The first option is to treat the IRA like your own. Doing so allows you to postpone taking assets out of the account until age 70 ½, when you must take Required Minimum Distributions (RMDs).   The benefit of this, especially if 70 ½ is a ...  Read more...

The Benefits of 529 Beneficiaries

Posted by Anna Pfaehler on Thursday, July 30, 2015 in Financial Planning | Comments (0)
My alma mater, Vassar College, met 100% of my financial need. This was the only reason I was able to go there. I have some student loans, but they have always been manageable and never made me regret my decision to go to an expensive, private school. I realize my 2-year-old might not choose such a generous school and therefore every month I stock money away in her 529 plan.  I’ve talked to several clients that are hesitant to fund a 529 plan because they worry about overfunding it. The chi...  Read more...
What would your family do if you were to pass away?  I have worked with a number of surviving spouses in helping them understand what a loss means to them financially. In the best cases, the survivor can maintain their standard of living and does not need to adjust financial goals, like helping their children through college. Such results are more likely to be achieved if there are adequate life insurance benefits.    Life insurance provides a safety net for an individual, fami...  Read more...

HORAN's Financial Resource Center

Posted by Anna Pfaehler on Tuesday, June 09, 2015 in Financial Planning | Comments (0)
This year, HORAN’s Financial Planning blog has been focusing on the basics of financial health. We hope it will be a resource for those just starting on the path to financial wellness. However, this blog is just one of the manyeducational resources HORAN’s website offers.   The HORAN Financial Resource Center is a relatively new addition to the HORAN website that provides information for all stages of life, whether you're just getting started or you're recently retired. ...  Read more...

Disability Insurance Part 2

Posted by Anna Pfaehler on Thursday, May 28, 2015 in Financial Planning | Comments (0)
Disability Insurance is a vital part of everyone’s financial plan. In our last post we introduced some general concepts pertaining to different types of disability insurance. In this post, we will continue to explore some of the nuances of disability insurance, such as “own occupation” and “any occupation”. We will also touch on Social Security Disability Insurance and what to expect from Social Security if you become disabled.  Disability insurance policies that are specified as “own occu...  Read more...

Disability Insurance Part 1

Posted by Anna Pfaehler on Wednesday, April 15, 2015 in Financial Planning | Comments (0)
At the intersection of physical and financial wellness is insurance. A key component to your financial health is having the insurance necessary to protect you and your family from the loss of an income either as the result of a disability or death. Our next posts will be about building a safety net with disability and life insurance.  Let us start our discussion with disability insurance because while you are young and working, you are more likely to become disabled than to die prematurely...  Read more...

Making Credit History

Posted by Anna Pfaehler on Tuesday, March 31, 2015 in Financial Planning | Comments (0)
When applying for a job, you want your resume to attract attention and result in an interview. You need a work history in order to have content that will make you look good on paper. Your credit report is similar to a resume and tells your story as a borrower. It is an indicator of what sort of risk you are to potential lenders, employers and landlords. To be useful it needs content. You need a credit history.  Unlike a resume, you cannot edit your credit report to leave off or gloss over...  Read more...

Keeping Score

Posted by Anna Pfaehler on Tuesday, March 17, 2015 in Financial Planning | Comments (0)
One of the core tenets of goal setting is to make measurable goals. With financial planning, it is difficult to make a measurable goal that fits a broad range of people. So much of financial planning is relative and the fact pattern dictates the right course of action for each individual. Numerical financial wellness benchmarks are rare because what is appropriate and “healthy” for one person may not be for another.  Your credit score is one of those rare benchmarks. It is designed to tran...  Read more...

Why Credit Matters

Posted by Anna Pfaehler on Monday, March 09, 2015 in Financial Planning | Comments (0)
In my experience, those who are worried about their debt are also concerned about their credit. These two go hand-in-hand. Credit determines the terms you will receive on new debts and your old debts are what determine your credit.  People looking to pay off their debts are typically also thinking about improving their credit score. Therefore, the next few weeks this blog will focus on credit.    Your credit is considered to be an indicator of your responsibility and risk. It h...  Read more...

Strategies for Paying Debt

Posted by Anna Pfaehler on Tuesday, March 03, 2015 in Financial Planning | Comments (0)
Quinby Hill is a particularly steep beast in Scarsdale, NY that I frequently included in my running loops. It was unavoidable because of its location. One time, I was running up it with a group of fellow runners. A friend, looking for a strategy for attacking the hill, asked me how I get up it. I responded, “One step at a time.”   Paying down debt can feel like running uphill. It isn’t easy and it takes patience. However, you can have more sophistication with your debt payment strategy tha...  Read more...
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