Last week I introduced you to a professional group known as the National Academy of Elder Law Attorneys (NAELA) and the fact that May is National Elder Law Month. If you missed that post, you can read Elder Law Month is Here! to get up to speed. For this post, I’ll focus on an aspect of elder care that we should all keep our eye on: elder financial abuse. Elder financial abuse is real and here in California, it’s against the law. Depending upon the severity and the crime, you can be prosecuted for either a felony or a misdemeanor. Elder law is not consistent across our nation. For example, Louisiana, Maine, Maryland, Tennessee and West Virginia lack elder-specific protections. In these states, one needs to suffer from mental or physical dysfunction to have any protection. Elder itself is not a specific definition for which protections exist.

As many of my longtime readers are aware, April is National Financial Literacy Month. Just, as April showers bring May flowers, May brings us National Elder Law Month. A professional group known as the National Academy of Elder Law Attorneys (NAELA) has dedicated May as National Elder Law Month. What is that you ask? It’s a lot! Think of all the laws, care, and financial planning centered around ageing Americans.

One additional social issue the pandemic revealed is poor money management and a lack of financial literacy. Many people found themselves in the middle of a financial emergency and were totally unprepared. From not having any extra cash on hand for an emergency fund, or even knowing what an emergency fund is, to not understanding their own retirement funds and the consequences for tapping those funds. Pew Research Center reported way back in 2018 that some high school seniors did not know about interest rates and how they work with credit. It seems the lack of financial literacy is only getting worse despite the plethora of personal finance websites, apps, books, and other media.

If you’ve been following my blog posts, you know that April is National Financial Literacy Month. April is a perfect time to get started establishing and maintaining healthy financial habits. If you are afraid of anything financial, or don’t like numbers, and are not sure where to start, here are some easy ideas.

Here are six FREE resources for National Financial Literacy Month 2023 that you can use to learn more about personal financial planning. These links are provided solely for educational purposes and I recommend no source over another. Nor do I receive any compensation from these resources. If the link is broken, please search by name in your browser. If that doesn’t work, contact me and let’s talk.

Yes, you’ve likely seen this post before. If you are a regular reader for more than a year now, you know that April is a big deal in personal finance. It’s National Financial Literacy Month (NFLM) and boy, do we need it! According to debt.com, as of October 2021, 17% of Baby Boomers and 21% of Gen-Xers have less than $5,000 in retirement savings. That same study, produced annually by Northwestern Mutual, found in their 2022 Planning & Progress Study, that those over age 18 believe they need to save $1.25 million for retirement at time when the average retirement savings has actually dropped from $98,800 to $86,869. Those percentages and averages represent a large number of Americans. And, the median 55- to 64-year-old's 401(k) account balance is $89,716 according to Vanguard data (How America Saves, 2022). Note the term median, not average. The average 401(k) balance for 55- to 64-year-old’s is $256,244. It's a bit easier to read your generation’s summarized stats at The Average 401(k) Balance by Age at Bankrate.com. So, what is financial literacy and what can we do to improve ours? Read on to find out.

Recently, I again encountered someone who mistakenly thought Social Security would replace their work income in retirement. I am not talking about the benefit amount they are entitled to receive. I mean, they really thought Social Security would replace their current income dollar for dollar once they retired. I was shocked!

Women definitely need financial planning. For this Women’s History Month let’s encourage women to seek out financial planning and secure their own future. Our mothers, sisters, wives, nieces, aunts, and all of the other women in our lives, face a few hurdles to a financially successful future that their male counterparts do not. Let’s take a look.

Let’s face it, the current Congress we have no longer seems to be the best and brightest our country has to offer. Nor do they seem to have Americans’ best interest in mind. There seems to be a huge gap between the younger, less experienced congress members who simply want to shout the loudest, stay in the headlines, and raise money, and the older, established, knowledgeable congress members who do know how to legislate, but seem loath to do so. This has never been more prominent than with the looming debt ceiling crisis. Would members really withhold raising the debt ceiling and throwing millions of people out of work and wiping out trillions of dollars in household wealth just to prove a point or raise campaign cash? The cynic in me says, yeah, they might.

There’s a big, exciting change for 529 plans! With passage of the SECURE Act 2.0, these popular education funding plans may become even more popular. In the past, many parents were concerned about their child possibly not attending school and not using the funds. Another concern for many was overfunding and how to withdraw the money. Those two fears may be somewhat relieved with the new legislation opening up financial planning opportunities.

I’m frequently asked about how to hold cash for the emergency fund, and where to put savings for earning the most interest. These two are related and even extend into budgeting and goals. For example, saving for a specific long-term goal may require a designated account so you can see your progress. Let’s take a look at some recommendations.

Do you remember that 1980s tv show, The Love Boat? It launched way more than a fan following. The Love Boat sparked interest in cruising and set off a luxury, size, and technology race amongst cruise lines. The Pacific Princess, the icon ship of the popular tv show, is a real ship. She was sold in 2021 by Princess Cruises to an undisclosed buyer. The ship, from what I’ve read, wasn’t in service during the show. The Pacific Princess joined Princess Cruises in 2002. The ship is quaint by today’s standards and only carried 670 passengers. Royal Caribbean’s new Icon of the Seas is slated to carry a whopping 7,600 passengers plus crew! By comparison, RMS Titanic carried 2,435 passengers. You know what is new about cruising? Almost everything!

Happy Valentine’s Day! Did you find a love match? Have you decided to move forward with your current relationship? If so, congratulations! Merging households and lives is one thing, but merging finances can be a bit trickier. If you have decided to marry, tie the knot, or jump the broom, read on to learn about some of the pros and cons of saying, “I do.”

This is the time of year that many folks come into a mini-windfall of cash. If you are one of those folks, and you complain about not being able to save money, fund an IRA, add to investments, or pay down debt, this is a golden opportunity. That mini-windfall is a potential tax refund. Instead of envisioning all of the lovely, disposable, things you could buy with your refund, consider buying some financial peace of mind. Here are three things to do with this windfall that would be financially beneficial.

Something’s in the air and it isn’t good. It appears that many tech companies have decided a round of layoffs is just the ticket. This is terrible for workers considering inflation continues its downward trend, the Fed is slowing rate hikes, earnings are for the most part good, and unemployment is historically low. Companies built up a lot of goodwill during the Pandemic and we even envisioned a new future for work that freed many from the office. Now, it seems that tide has turned and companies are looking for ways to strengthen their bottom line and reward shareholders. If you are in an industry and sense rumblings, their a few steps you should take should the inevitable happen. These tips are also good for your personal bottom line even if you don’t get laid off.

As I mentioned in my fourth quarter newsletter, SECURE Act 2.0 passed and was signed in to law by the Biden administration in December 2022. It ushered in some pretty major changes that all investors, savers, and retirees and future retirees need to be aware of. Although more than 90 changes related to investing, saving, and retirement planning were made, I’ll highlight just a few of the key changes in this post. Many will likely undergo fine tuning. Please note, the regulations may further be revised. This is a consensus understanding at the moment.

It’s the beginning of another year and changes come that all investors should be aware of. Consider these your 2023 important dates and numbers. Many of these are adjustments or changes to thresholds or deadlines. Let’s take a look at some new 2023 information.

For many, the new year brings resolutions to pay debt, save more, or just get better with finances to improve their situation. All are admirable, and most folks get off to a great start, but don’t manage to stay the course. Investing in your debt is actually a tremendous return on investment.  If you have a resolution to tackle your debt in 2023, this post will help you.

Happy New Year! As the new year dawns, we often find ourselves in a contemplative mood. The holiday rush is over and winter is underway. It’s an excellent time to focus on ourselves and our families, and what we want. Resolutions, a.k.a. goals, haunt our psyche. Top resolutions usually include exercising more, time with family, and being better with finances. That said, here are my annual goal tips, a little history on resolutions, and some tips on goal setting.

Your greatest investment should be in yourself, and in your relationships with family and friends. As another year draws to a close, I am taking this opportunity to say thank you for all of your support. It’s also time to pause for a moment and take some time to be with friends and family and enjoy some much-needed downtime.