By Teri Parker | Contributing columnist PUBLISHED: July 13, 2019 at 5:00 am | UPDATED: July 13, 2019 at 5:01 am This is part one in a series of five columns discussing a hypothetical case from various professional perspectives: A and B are about to be married. A has two kids from a previous and B has one. They plan to have children together. A receives child support from an ex-spouse. A’s mother also lives with them and helps to care for the children. B’s only child works in B’s business, and both A and B hope their joint child(ren) will one day join the business as well. A and B have a lot to discuss! Blended marriages have complexities that are not often considered until the wedding bliss has passed and the new reality becomes the norm. Meeting with your advisers before the marriage is a smart approach to mitigating future problems. Will your existing certified financial planner, certified public accountant and estate planning attorney all understand the dynamics … [Read more...] about Merging Family A and Family B: Who gets what?
How do annuity funds work
Kathleen Gray Detroit Free Press Published 2:24 AM EDT May 9, 2019 A day after the state Senate passed drastic changes to Michigan's no-fault auto insurance system, the House of Representatives passed its own version shortly after 2 a.m. Thursday, guaranteeing reductions in auto insurance rates. The House plan was similar to one passed by the Senate, but provided more options for auto insurance coverage and guaranteed rate reduction on the personal injury protection (PIP) portion of insurance bills ranging from 10% to 100%. PIP accounts for about 50% of an insurance bill. The rate reduction would last for five years. Republicans said the bill would not only provide desperately needed rate relief, but would allow people to afford insurance and stay in Michigan, rather than cross borders to find cheaper insurance and bring even more economic development in the state. On a 61-49 vote, all 58 Republicans and three Democrats - Reps. Sarah Cambensy of Marquette … [Read more...] about House guarantees rate relief in vote to reform auto no-fault
Susan Tompor Detroit Free Press Published 7:00 AM EDT Mar 28, 2019 April is a tough month to not think about your money. Everywhere you turn, you're smacked with something — waiting for your tax refund, writing a check to pay the federal government what you owe, meeting a deadline to fund your Roth IRA. And yes, Money Smart Week. This year, Michigan's Money Smart Week isn't just one stretch of seven days. Instead, it's turned into a month of events that run through April 30 to highlight financial literacy month. Many key Money Smart Week seminars run this week. We're looking at a wide range of events that can help consumers do everything from learn how to repair their credit to even fixing the zipper on their pants, a sure-fire way to save real money. And it's all free — free, free, free. "It's cheaper to fix what you've got, especially when it's fixed for free at the Repair Cafe," said Denise Harris-Fiems, a reference … [Read more...] about Money Smart Week: Learn how to fix your credit score
Susan Tompor Detroit Free Press Published 7:00 AM EST Jan 10, 2019 Any woman who isn't investing money in a 401(k) plan — or maybe only sets aside a tiny amount — needs to realize that the retirement game is stacked against her. "Women are more at risk in their older years for economic insecurity," said Amy Matsui, director of income security and senior counsel for the National Women’s Law Center in Washington, D.C. Matsui has startling statistics that I had to share after I heard her speak during the National Press Foundation's fellowship focusing on pensions and retirement. Here are some thoughts to motivate everyone from their 20s to 60s to stick to New Year's resolutions and save far more aggressively in 2019: There's a gender gap in retirement The wage gap that women experience in their working years morphs into a gender retirement gap. "Unfortunately, women have less income rather than more when it comes to … [Read more...] about Gender pay gap hurts women’s retirement, 401(k) plans
Susan Tompor Detroit Free Press Published 7:00 AM EST Nov 9, 2018 Randy Sigley, 63, who grew up in West Virginia, remembers that jobs were hard to come by in the mid-1970s so he headed to Ohio to work in a factory making concrete pipe. He got that job about a year out of high school and made sure to hold onto it at least 10 years because he always heard that he'd qualify for a pension if he stayed that long. But decades later when he tried to collect that pension, he ran into a giant roadblock. He was told he wasn't owed a dime. Most people think you go to work, retire and, if there's a pension, you ask the company to send the checks. For many people, it works out fine. For thousands of others, though, unexpected hurdles stop them from getting a pension check. People end up moving; companies close down plants and offices. Small pensions are easily forgotten about years after you left a job. Even some 401(k)s can go unclaimed in some cases when you … [Read more...] about Tracking a pension or 401(k) can be tougher than you’d imagine