Apprise Wealth Management's Selected Readings for the Week of May 19, 2019

Personal Finance

May 20, 2019
Personal Finance

At Apprise Wealth Management, we want to help people make better decisions about money. We also read constantly and like sharing some of our favorite commentaries each week.

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On May 8th, I gave a webinar: 5 Shifts: Will You Retire With Confidence? Please click here if you would like to listen to the replay.

Here are this week’s articles as well as a brief description of each:

1.   Should I Contribute to a Roth IRA or a 529 Plan? When it comes to saving for your child’s (or grandchild’s) college education, there are many options. Two of the most popular are 529 plans and Roth IRAs. This article provides a checklist to help you choose between the two. A Roth IRA is primarily a retirement savings vehicle, and a 529 plan is specifically designed to be a higher education savings vehicle. However, it may make sense to have both accounts available to help fund education expenses.

2.   Cars Will Change More in the Next Decade Than They Have in the Past Century. The way our cars look and feel changes (at least slightly) with the release of each new model. What hasn’t changed much over the last 100 years is how we drive them. However, fundamental change is coming. In the next decade, not only will the way our cars are powered and wired have shifted significantly, the likelihood is we won’t be the primary drivers anymore either. The article speculates that by 2030, our cars and our driving experience will be quite unlike what we are used to.

3.  Three Jars - A Simple Way to Teach Your Children Life Lessons About Money. Many parents struggle when it comes to teaching their children about money. The three jars method discussed in this article is one I’ve come across often. It helps teach children to “spend,” “save,” or “give” a portion of their money. It can be a great tool to help you have more discussions about money and life with your children.

4.  Remedies for the Distracted Mind. Technology has a material impact on both behavior and relationships. When working, we often receive a stream of interruptions from sources such as email messages, texts, and notifications of social media posts. Perhaps even worse, a large percentage of our interruptions come from internal pulls to check in with our virtual world. This can make it hard to stay focused. If you would like to implement some strategies to avoid the pitfalls of distractions and interruptions and improve your cognitive control, click the link to read more.

5.   Investors Should Weigh HSA Benefits. Health Savings Accounts (HSAs) should not be overlooked when it comes to saving for retirement. I discussed the tax and savings benefits in more detail here (updated here). HSAs are more tax-favored than retirement-savings vehicles such as the following:

·        IRA

·        401(k)

·        403(b)

·        Keogh Plans

·        Self-401(k)

HSAs can also play an important role in helping us cover medical bills in retirement. In general, we live longer and enjoy an active and fulfilling retirement for a longer period than our parents did. Increased longevity means we may need to stretch our savings even longer than expected or planned, particularly when out-of-pocket medical expenses are considered.

We hope you find the above posts valuable. If you would like to talk to us about financial topics including your investments, creating a financial plan, saving for college, or saving for your retirement please complete our contact form, and we will be in touch. We can schedule a call, a virtual meeting via Zoom, or a meeting at Apprise Wealth Management's office in Northern Baltimore County.

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