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Financial Planning

The Answers to Frequently Asked Questions about Financial Wellness

 August 19 2015     Anna Pfaehler
Part of my role at HORAN is to act as a resource to our advisors and employees. They often come to me with quick, one off questions. Here’s a roundup of some of the questions I’ve answered recently, in case you’re wondering too: Q. Can someone contribute the maximum to both a Roth IRA and traditional IRA in a year? A. No. The contribution limit, $5,500 in 2015 with a $1,000 catch-up after age 5...

Net Worth - Where do you rank?

 August 14 2015     Anna Pfaehler
“Compared to your other clients, am I on track for a solid retirement?”  I hear that question with some frequency. A client wants to know if their retirement prospects are in the same ballpark as other clients. They want a comparative measure of success. My answer is that whether you’re financially prepared for retirement depends on your lifestyle, not a number. A $400,000 per year income might be...

Inheriting Individual Retirement Accounts

 August 4 2015     Anna Pfaehler
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 tak...

The Benefits of 529 Beneficiaries

 July 30 2015     Anna Pfaehler
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 severa...

The Importance of Life Insurance in Achieving Financial Wellness

 July 17 2015     Anna Pfaehler
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 ...

HORAN's Financial Resource Center

 June 9 2015     Anna Pfaehler
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 stag...

Disability Insurance Part 2

 May 28 2015     Anna Pfaehler
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 S...

Disability Insurance Part 1

 April 15 2015     Anna Pfaehler
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 ...

Making Credit History

 March 31 2015     Anna Pfaehler
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 c...

Keeping Score

 March 17 2015     Anna Pfaehler
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 ...
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