Articles

Susan Tompor, Detroit Free Press Personal Finance Columnist Most retirees -- but not all -- see household spending drop the first years in retirement. But the reductions might only be 5.5% to 12.5% in the early years compared with pre-retirement spending. Dorethia Kelly, author of "#MoneyChat," said people preparing for retirement need to start living on a fixed income before they retire. Story Hi…Read More

Forecasting the economy is an area where much effort is placed and which has a fairly decent track record of providing reasonably accurate forecasts. The latest economic update from the University of Michigan’s Research Seminar in Quantitative Economics is this month’s newsletter. The forecast calls for muted growth of the economy this year but increased growth in the next two years. Download …Read More

Opening a Roth IRA for a child may be a wise investment choice. The longer anyone can keep money invested in a tax-free vehicle, the greater the wealth accumulation. There is no minimum age requirement to open a Roth IRA for a child. Many banks, brokers, and mutual funds will let you set up a custodial Roth IRA if you child is a minor (under age 18). The child must have earned income. This can com…Read More

What is phishing? Phishing (pronounced: fishing) is an online-fraud technique that is used by criminals to lure you into disclosing your personal information. Unfortunately, as phishing attacks become more sophisticated, it is very difficult for the average person to tell whether an email message or website is fraudulent. That is why phishing schemes are so prevalent and successful for criminals. …Read More

By Jon Gardey, President and CEO The recent Brexit vote and stock market reaction has dominated the news lately. On June 23, the citizens of the United Kingdom (England, Scotland, Wales, and Northern Ireland [otherwise known as the UK]) voted to leave the European Union (EU). The EU, based in Brussels, is a political and economic union of 28 European countries. The EU got its start in the 1950s as…Read More

Misconceptions, misinformation and miscommunication are prevalent when it comes to retirement planning. Planning for retirement can be a stressful ordeal already, particularly for those over the age of 50. Add faulty understanding to the mix, and some retirees can actually destabilize even the most protected of financial plans. Brokerage house Charles Schwab recently released a survey of nearly 1,…Read More