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While students prepare for graduation, retirees should plan for their future
Read full article: While students prepare for graduation, retirees should plan for their futureItโs graduation season and students are preparing to make plans for after high school or college. While making the right choice for their future can be difficult, so can making the right decisions for those facing retirement.
Money Minute: When you should take Social Security benefits
Read full article: Money Minute: When you should take Social Security benefitsFor those getting ready to begin taking their Social Security benefits, itโs important to keep in mind just how much you can receive depending on what your age is.
Money Minute: How Michiganโs ABLE Account works for people with disabilities
Read full article: Money Minute: How Michiganโs ABLE Account works for people with disabilitiesBack in 2014, the federal government realized that for people with disabilities, life is very expensive. In order to help people with disabilities, the government established Able Accounts.
Money Minute: Understanding Medicare Advantage plan
Read full article: Money Minute: Understanding Medicare Advantage planIf youโre signing up for Medicare soon, itโs important to know how to pay for the things that the original Medicare plan does not pay for, like co-pays, co-insurance and deductibles.
Money Minute: Medicare does not cover all payments -- what to know
Read full article: Money Minute: Medicare does not cover all payments -- what to knowIf youโre signing up for Medicare soon, itโs important to know how to pay for the things that the original Medicare plan does not pay for, like co-pays, co-insurance and deductibles.
Money Minute: Understanding Medicare Advantage, the more expensive option
Read full article: Money Minute: Understanding Medicare Advantage, the more expensive optionWeโre taking a special look at to the elements of Medicare and what you need to know before signing up. In this segment, weโre covering Medicare Advantage -- a more expensive health care option.
Detroit woman hopes to break cycle of living paycheck to paycheck, looks toward next chapter
Read full article: Detroit woman hopes to break cycle of living paycheck to paycheck, looks toward next chapterLocal 4โฒs money expert Rod Meloni sat down with LaTonya Edwards, a 53-year-old single working mother of three young men hear more about her financial situation, and to see if any improvements could be made.
Metro Detroit family shares their struggle with living paycheck to paycheck
Read full article: Metro Detroit family shares their struggle with living paycheck to paycheckLocal 4โฒs money expert Rod Meloni sat down with Jason and Trish Keith from Dearborn to hear more about their financial situation, and to see if any improvements could be made.
Detroit Pistons partner with Zelle, local nonprofit to improve financial literacy
Read full article: Detroit Pistons partner with Zelle, local nonprofit to improve financial literacyIn hopes of addressing a financial literacy deficit by working directly with young adults, the Detroit Pistons have partnered with Zelle to offer educational resources to encourage smart and safe banking practices and investing.
Money Minute: What you need to know about gambling on unregulated gaming websites
Read full article: Money Minute: What you need to know about gambling on unregulated gaming websitesMichigan residents who place wagers on unregulated gaming sites may gamble on more than they expected and become identity theft or deposit theft victims, said Michigan Gaming Control Board Executive Director Henry Williams.
Hereโs how a Roth IRA conversion could help after a tough year
Read full article: Hereโs how a Roth IRA conversion could help after a tough yearDETROIT โ The COVID pandemic has impacted nearly everyoneโs finances, but outside of that misfortune may be a silver lining. With many experiencing loss of jobs and/or businesses and lower income this year, the pandemic has forced us to take a closer look at our finances and consider new options to save money -- and a Roth IRA conversion might just be what the doctor ordered. You might be able to help yourself by taking invested assets in a pre-tax traditional individual retirement account and move that money to a Roth IRA. โYou have to pay taxes when that conversion gets made, but once its in the Roth, itโs in an income tax-free investment, which is a significant benefit,โ said Planning Alternatives Certified Financial Planner Nathan Mersereau. Individuals should not attempt to set up a Roth conversion on their own and are encouraged to speak with a certified financial planner or financial advisor before pulling the trigger.
Year End Money: Making better investments in 2021
Read full article: Year End Money: Making better investments in 2021DETROIT โ 2020 has been a unique year with the pandemic, and yet the stock market has done well. So what are the investment prospects for 2021 and what should you do to protect the money you have already saved? Itโs been more than a decade since the great downturn and auto company bankruptcies, and investors have become used to rising markets again. A focus on diversity is more important than ever as the economy recovers, but financial markets always look further down the road. โWe could see some serious inflation in upcoming years, but we could also see or see some serious deflation,โ Foreman said.
Year End Money: Why calculating your net worth is important
Read full article: Year End Money: Why calculating your net worth is importantPlanning Alternatives Certified Financial Planner Nathan Mersereau believes knowing what you have is the stepping off point. Look at your liabilities, what you owe and start to set goals for 2021,โ Mersereau said. A beneficial thing you can do for your financial psychology is a net worth statement. Other people set some money aside. Iโve heard of even an envelope system to set money aside for cash needs that occur during the month.