Regardless of the savings vehicle being used, Americans simply aren't saving enough for retirement. The Wall Street Journal reports: Financial experts recommend people amass at least eight times their annual salary to retire. All income levels are falling short. For people ages 50 to 64, the bottom half of earners have a median income of $32,000 and retirement assets of $25,000, according to an analysis of federal data by the New School’s Schwartz Center for Economic Policy Analysis in New York. The middle 40% earn $97,000 and have saved $121,000, while the top 10% make $251,000 and have … [Read more...]
These are the Questions You Need to Ask Your Advisor: #1
I’ve been writing to you for years about the difference between the fiduciary and suitability standards (Read here, here, and here for starters). A fiduciary standard requires an advisor to look out for your best interests, whereas a suitability standard does not. The first question you should ask any serious investment advisor is, "Are you required by law to follow a fiduciary standard?" Judging by this article from The Wall Street Journal, the idea is finally catching on with investors. The Labor Department’s new fiduciary rule is set to start being implemented in April and is expected to … [Read more...]
Is Your Money with the #1 Online Broker?
No surprises here as Kiplinger’s names Fidelity as the top online broker thanks to its mix of services, investing products, and retirement-planning tools. If you don’t have an account with Fidelity then you’re missing the boat. Investors looking for the best brokerage firm need look no further, according to Kiplinger’smagazine. The results from the magazine’s annual broker survey are in, and while many firms shined in one category or another, Fidelity claimed the number one spot overall for 2016. This is the fifth time Fidelity has received this award. It previously won in 2007, 2008, 2011 … [Read more...]
How to Buy a Boat: Part II
Once you decide you want a boat you need to decide what kind of boat: Power or Sail. I have a ton of memories from sailing as a kid. One that stands out is a re-occurring daydream I’d have. It would often happen while we were sailing out in what felt like the middle of nowhere—not a single boat in sight, a light breeze, barely moving. And I would think: How cool would it be to have a powerboat! Don’t get me wrong. Becky and I love sailing, especially on my parent’s boat Sunset. It’s moored in Mattapoisett—an idyllic location for cruising to the Elizabeth Islands and Martha’s Vineyard. … [Read more...]
Bespoke Gold
You should be able to buy a fine suit with an ounce of gold. Good luck with that at Marc Allen. Over the years I’ve been fortunate to work with Marc Streisand, owner of Marc Allen fine clothiers in Providence, RI. Marc travels the world-over in search of hard to find fabrics and crafts bespoke suits that are truly made for you. The suit is literally pieced together to fit you and the touch of the fabric between your fingers makes you smile. But an ounce of gold will not get you near a Marc Allen suit, or even a Hickey Freeman for that matter. So if you’re in the market for a fine suit … [Read more...]
Even the Wealthy are Broke
Upper-middle income Americans aren't saving much money says a report from the Federal Reserve. Only 45% of upper-middle-income Americans reported saving any money in 2012. This doesn't come as such a surprise to anyone paying attention to the personal savings rate in America. The rate, while somewhat improved since 2005, is below its historical mean by 3.1 percentage points at only 5.3%. Another sad statistic from the Fed report shows that 68.6% of Americans feel as though their financial well-being is about the same, worse, or much worse than in 2008. For those with cloudy memories, … [Read more...]
Best Day to Buy a New Car: This Sunday
Here’s a fun post for you. According to data from Truecar, presented in the nifty infographic below, the best month of the year to buy a new car is August, the best day of the week is a Sunday, and the best time of the month is in the first few days of the sales month (not the same as calendar month—who knew). That makes this Sunday the best day of the year to buy a new car. Lucky you, if you are in the market for a new car. What if you already have plans this Sunday? No need to panic. Saturday is the second best day of the week to buy a new car. And when I say car, I really mean … [Read more...]
Skimming: 3 Steps for Preventing Identity Theft
You've probably heard about credit card skimming at gas stations and ATMs. My client told me how it happened to him twice while wintering in Florida this year. It’s as easy as one, two, three. Here’s how it works. First, the use of universal keys make gas pumps easy to access and therefore easy targets. Second, the identity thief installs an illegal scanner. When you insert your credit card at the pump your data is stolen and saved. And third, he can collect the data via wireless Bluetooth technology a couple of weeks or months later without even getting out of his car. The same technique … [Read more...]