Planning is key, but pitfalls may be looming

It’s 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.

Just like your garden, your retirement nest egg needs different things to help it grow

Experts from Jacobs Financial Services stopped by “Live in the D” to share tips on how to maximize your retirement.

Some people believe that it’s not necessary to have a will, but there are a number of reasons to have a will that go beyond assets.

Getting into investing might be easier, and more possible, than you think.

There's no better time to start paying off your credit card debt than now.

Financial planning can be tricky and burdensome -- that’s why we want to share a great resource with you that can help keep you well informed and on track.

In this segment, we’re covering credit reports, what they contain and how often you can obtain them.

Here are some tips for repairing your credit score.

Google says that one of the most common Google searches is about credit scoring, so we thought we’d explain them some.

Beneficiary designations are extremely important when it comes to your finances, as designations take priority over a will or a trust.

With a fixed income and higher prices these days, there is a risk of outliving your money.

One of the basics of understanding finances is understanding how compound interest can work for you and against you.

For those getting ready to begin taking their Social Security benefits, it’s important to keep in mind just how much you can receive depending on what your age is.

Crowdfunding has gained popularity, making it important to understand how it's connected to taxes and the IRS.

The state of Michigan offers the MiABLE Account, but there are several things to know when signing up for one. Here’s part two of our ABLE account coverage.

Back 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.

We’re wrapping up our Medicare coverage this week by discussing the Medicare Donut Hole -- a cute name for something you probably won’t like.

We’re sharing some important dates to know about if you’re signing up for Medicare or changing your plan.

If you’re signing up for Medicare soon, it’s 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.

If you’re signing up for Medicare soon, it’s 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.

We’re taking a special look at to the elements of Medicare and what you need to know before signing up.

We’re taking a special look at to the elements of Medicare and what you need to know before signing up. In this segment, we’re covering Medicare Advantage -- a more expensive health care option.

For the next few weeks, we’re going to discuss the elements of Medicare and what you need to know before signing up.

For the next few weeks, we’re going to discuss the elements of Medicare and what you need to know before signing up.

For those of you who are signing up for Medicare this year, it's important to know that the sign-up process is complicated, especially this year.

It’s never too early to start teaching your children about money and how it is used every day.

Local 4′s 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.

Local 4′s 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.

Here are some steps that you can take to stretch your money.

Roughly 60% of Americans live paycheck to paycheck. It’s a living...but there IS a better way.

The State of Michigan offers a 52 page downloadable collection of forms and information to help you plan ahead financially.

In 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.

When it comes to planning for retirement, experts are saying that women should plan to save more money than men do.

Here’s what you need to know to help simplify your financial planning -- watch the video above.

Here’s what you need to know to help simplify your financial planning -- watch the video above.

Michigan 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.

No doubt you’ve heard the pitch on the radio -- buy physical gold as part of your investment strategy.

The CFP certification is the gold standard for financial advisors.

Most divorces are filed between January and March, according to statistics from the government.

We have good retirement savings news for you in this edition of Money Monday.

Higher education savings vehicles done with tax deferred investments use proceeds to pay for education.

Considering the current crazy stock environment, let’s talk defensive investing.

This week we’re talking about TIPs, which stands for Treasury Inflation-Protected Securities.

It’s always a good thing to reacquaint ourselves with the issues that can prevent scammers from taking money from us.

They often don’t graduate equipped with great financial skills, so make certain they have the tools to go it on their own.

A new challenge is encouraging consumers to take a day off from spending in an effort to save money by becoming more mindful of their buying habits.

If you’re scared to look at the balance on your bank account, or wondering where all your money went this summer -- you might be in need of a budget detox.

Today’s financial uncertainty has more people taking retirement planning seriously, including a very young generation.

DETROIT – The COVID pandemic has impacted nearly everyone’s 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. “You have to pay taxes when that conversion gets made, but once its in the Roth, it’s in an income tax-free investment, which is a significant benefit,” 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.

DETROIT – 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? It’s 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. “We could see some serious inflation in upcoming years, but we could also see or see some serious deflation,” Foreman said.

Planning 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,” Mersereau said. A beneficial thing you can do for your financial psychology is a net worth statement. Other people set some money aside. I’ve heard of even an envelope system to set money aside for cash needs that occur during the month.

Heres a look at what the contract between you and the insurance company means. For more, check out these links:

Have you ever seen this quote floating around the internet? “Impossible only means you haven’t found the solution yet.”