Jennifer's Compass

On Course - Review Your Medicare Plan

On Course | November 30, 2021 | Volume 21, #11     Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Your Social Security benefit will be increasing next year. So will your Medicare costs. This month we take a look at how to determine if you should change Medicare plans.   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance in reviewing your Medicare plan, we are here to help you stay On Course!   Jennifer Lane, CFP   How to Review Your Medicare Plans   Social Security benefits increase annually based on a year-over-year measure of cost-of-living. This year, your Social Security benefit will be increasing 5.9 percent. Unfortunately, the Medicare premium increase for 2022 will offset much of that Social Security benefit. This month we’re taking a look at how Medicare and Social Security fit into your financial plan.   Medicare premiums are based on the real and anticipated cost of healthcare. In 2020, healthcare costs were greatly increased by the COVID pandemic. In response, to protect Medicare premium payers, the government capped the Medicare premium increase for 2021. Now the 2022 premium increase needs to catch up. The 2022 Medicare Part B premium is a 14.5 percent increase over 2021 premiums.   So, does this mean you should change your Medicare Plan from original Medicare (Part B and D with a Medigap plan) to an Advantage Plan? Or change Advantage Plans? Not necessarily, but it's always worth a look.   The deadline for making changes is Tuesday, December 7, 2021.   Medicare Plan Resources www.Medicare.gov to shop for Part D prescription drug plans and Medicare Advantage Plans. Compare Medigap Plans. To buy a Medigap, you'll need to contact the company directly. The SHINE Program (Serving the Health Insurance Needs of Everyone) provides free health insurance information, counseling, and assistance to all Massachusetts residents with Medicare.   Things to Check Has your plan made changes since last year? Are your doctor and hospital still accepting the plan? Are your needs still the same? Have your doctor appointments increased or decreased? Have any of your prescriptions changed?   Social Security Stability  Most people agree that Social Security needs to change to continue to be a resource for retirees and those with disabilities for years to come. Social Security is made up of two funds – One for retirees and one for people with a disability. The Old-Age and Survivors Insurance Trust Fund (OASDI) pays benefits to retirees and their dependents. Changes to shore up OASDI for retirees have been made and more are likely to follow, as needed. Full retirement age (FRA) has been increased. The CPI used to figure COLA increases has been adjusted The income tax for Social Security in workers' paychecks has increased. We take these changes -- and potential changes -- into account when we are doing financial planning with our clients.     When should you take Social Security? Your life circumstances should be the biggest factor in deciding when to take Social Security – not concern over the stability of the OASDI trust fund. Our single clients most often start Social Security at their FRA unless they are still working. Some retired clients will choose to delay Social Security so they can make a few more Roth IRA conversions without the added income from Social Security. Married clients who file a joint tax return and who both expect a similar benefit often find that mixing the benefit choices make sense. One person files at FRA and the other delays until age 70 to get delayed retirement credit.   A free and secure my Social Security account provides personalized tools for everyone, whether you receive benefits or not. You can use your account to request a replacement Social Security card, check the status of an application, estimate future benefits, or manage the benefits you already receive. All from anywhere.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   Medicare   SHINE   my Social Security Account   Social Security           Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning is a sponsor of YW Boston's 2021 two-part Elevating Lives Series. Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)

On Course - Reminder: Why Timing the Market Doesn't Work

On Course | October 26, 2021 | Volume 21, #10     Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Autumn is historically a rough time for the stock market, which also makes it a good time to review the reasons we follow a passive asset management process. That is, we don't try to time the market!   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance in creating a passive asset management process, we are here to help you stay On Course!   Jennifer Lane, CFP   Passive investing and regular rebalancing works.   I started Compass Planning 25 years ago this month. During those years, we have helped clients shepherd their investments through the dot.com era, Y2K, 9/11, the housing bubble and Great Recession, divisive presidential elections, and, now, the COVID pandemic. From those experiences, it is abundantly clear that guessing what the markets will do over the short term does not work. Passive investing and regular rebalancing does work.   John Bogle, founder of mutual fund giant Vanguard, said it very well. The idea that a bell rings to signal when investors should get into or out of the market is simply not credible. After nearly 50 years in this business, I do not know of anybody who has done it successfully and consistently.   In our world, your investment portfolio's job is to help you meet your financial goals. For most people that means: Reviewing your financial plan yearly Defining the financial goals and expenses as best you can based on current circumstances Building a savings or withdrawal plan to meet those goals Matching that cash flow plan with a mix of stocks and bonds to balance the risk and expected return that makes the plan work   Taking this long-term view helps get the focus away from the day-to-day markets, month-to-month markets, or even the year-to-year market fluctuations and back on the long-term financial plan where it belongs.   So, what do you do when the market has you worried?   Don't trade on fear. Review your plan. Does it accurately reflect your situation or does it need an update or a change? Remember that the plan is the guide. If you don't trust the plan, you may be tempted to change your investments in response to outside information. The plan considers the effect of many factors on your finances: market risk, inflation, job loss, failing health. If your goals or situation change, then the plan changes. At that point, a change in the investments may be warranted. Ask us. We're here to help keep perspective. If you're uncertain of how a particular economic situation, tax law, Fed decision -- really anything -- affects you, then please let us know. Together we can help you steer your financial course.   Investing terms can be confusing. The words equities, shares, and stocks are all used interchangeably. As for fixed income issues, bonds can be issued by government or commercial interests. Paper usually refers to commercial bonds. Notes are short-term Treasury issues. CDs are also considered fixed income and are issued by banks.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   Asset Allocation   Let's Make a Plan   Morningstar Portfolio Manager           Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning is a sponsor of YW Boston's 2021 two-part Elevating Lives Series. Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)

On Course - Reminder: Couples and Money

On Course | September 28, 2021 | Volume 21, #9     Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Many people, and especially couples, avoid talking about money because it can be a tense subject that exposes varying values and desires. This month, a refresher on how to best communicate with your partner and family.   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance learning how to create monthly money meetings, we are here to help you stay On Course!   Jennifer Lane, CFP   Whether you're engaged, married, or living with a partner, the first, best step in joint money management is communication.   When communicating about money and financial planning remember that one of the reasons you are together is because you share common goals. Focusing on those goals rather than on personal short-term spending is the best way to start any communication to keep it from turning contentious.   Play to your strengths It's all right for one spouse to "manage" the money day-to-day. In fact, think of this person as the family CFO - the one who has an intuitive sense of family spending. And the CFO is not necessarily the investment tracker or big-picture planner. Both partners should be involved in M&Ms (Monthly Money Meetings), the annual meeting with your financial planner, and visits to the attorney every five years. While keeping money separate adds complexity, it's manageable if you create joint accounts for each savings goal and for monthly expenses. However you begin is not set in stone -- you can change the way you manage accounts to suit your circumstances.   Communicate, communicate, communicate M&Ms are essential to this. First, talk about what your goals are together. Think both long-term and short-term. Discuss differences to come to a joint decision. Before every M&M, quickly review goals so you are focused on how the money situation affects achieving those goals. To prepare for an M&M, put together a fresh net worth and income and expense statement. Have the investment, bank, and debt statements handy. In the meeting, review the net worth statement together. Look for areas such as savings, account balances, debt, and investments that may have changed to determine why and whether you need to change what you're doing. Meet consistently to form a great habit, and you'll find they will get easier over time.   Use online resources to organize and share Families and children are spread out. Information can easily get lost. Everplans, an advanced platform to store your digital estate, helps organize documents and make current copies available when needed. Password managers can help with cybersecurity and also gives account access to others when needed. Research Dashlane, LastPass, or 1Password   Last words of advice: Be kind and patient!   Keeping track of income, expenses, account balances, and liabilities can take time if you don't have a process. Many people hesitate to get online for fear their financial information might be stolen. In reality, the information is already available online and is no more or less accessible to thieves simply because you accessed it.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   1Password   Dashlane   Everplans   LastPass   SecureSafe       Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning is a sponsor of YW Boston's 2021 two-part Elevating Lives Series. Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)   Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.   This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action. ©2021

On Course - Monthly Money Meetings

On Course | September 28, 2021 | Volume 21, #9     Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Many people, and especially couples, avoid talking about money because it can be a tense subject that exposes varying values and desires. This month, a refresher on how to best communicate with your partner and family.   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance learning how to create monthly money meetings, we are here to help you stay On Course!   Jennifer Lane, CFP   Whether you're engaged, married, or living with a partner, the first, best step in joint money management is communication.   When communicating about money and financial planning remember that one of the reasons you are together is because you share common goals. Focusing on those goals rather than on personal short-term spending is the best way to start any communication to keep it from turning contentious.   Play to your strengths It's all right for one spouse to "manage" the money day-to-day. In fact, think of this person as the family CFO - the one who has an intuitive sense of family spending. And the CFO is not necessarily the investment tracker or big-picture planner. Both partners should be involved in M&Ms (Monthly Money Meetings), the annual meeting with your financial planner, and visits to the attorney every five years. While keeping money separate adds complexity, it's manageable if you create joint accounts for each savings goal and for monthly expenses. However you begin is not set in stone -- you can change the way you manage accounts to suit your circumstances.   Communicate, communicate, communicate M&Ms are essential to this. First, talk about what your goals are together. Think both long-term and short-term. Discuss differences to come to a joint decision. Before every M&M, quickly review goals so you are focused on how the money situation affects achieving those goals. To prepare for an M&M, put together a fresh net worth and income and expense statement. Have the investment, bank, and debt statements handy. In the meeting, review the net worth statement together. Look for areas such as savings, account balances, debt, and investments that may have changed to determine why and whether you need to change what you're doing. Meet consistently to form a great habit, and you'll find they will get easier over time.   Use online resources to organize and share Families and children are spread out. Information can easily get lost. Everplans, an advanced platform to store your digital estate, helps organize documents and make current copies available when needed. Password managers can help with cybersecurity and also gives account access to others when needed. Research Dashlane, LastPass, or 1Password   Last words of advice: Be kind and patient!   Keeping track of income, expenses, account balances, and liabilities can take time if you don't have a process. Many people hesitate to get online for fear their financial information might be stolen. In reality, the information is already available online and is no more or less accessible to thieves simply because you accessed it.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   1Password   Dashlane   Everplans   LastPass   SecureSafe       Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning is a sponsor of YW Boston's 2021 two-part Elevating Lives Series. Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)

On Course - Great Books on Money and Investing

On Course | August 31, 2021 | Volume 21, #8

Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Over the years, we've done newsletters on books we think will help all ages to better understand their finances and investing. For this month, we are combining a couple of the lists to remind you of the valuable information available. Enjoy reading and learning!!   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance putting together an effective financial plan, we are here to help you stay On Course!   Jennifer Lane, CFP   Learn from some of the best minds in the financial world.   Please note that some book descriptions are condensed from Amazon's website.   The classic A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton Malkiel. One of my favorite books, it was first published in 1973 and is updated regularly. Forbes Magazine and The Chicago Tribune call this book a classic. Malkiel uncovers truths about Wall Street and investing and shows how to maximize gains and minimize losses for our volatile markets and the new ranges of investment choices.   A great book to help your children The Opposite of Spoiled by Ron Lieber, a New York Times money columnist. This book talks about how, when, and why to talk to kids about money, whether they are three years old or teenagers. Written in a warm, accessible voice, grounded in real­ world experience with stories from families with a range of incomes, this book is a practical guidebook and a values-­based philosophy.   Especially for the younger set Bunny Money by Rosemary Wells (ages 4-­8). Max and Ruby (surely known to all parents and grandparents who watch Nick, Jr.) shop for Grandma's birthday present while Max slowly goes through all the money Ruby has saved. In the end, they find the perfect gifts, and everyone gets a lesson on the value of money. Alexander, Who Used to Be Rich Last Sunday by Judith Viorst (ages 4-­8). The story begins "Alexander has two dollars and three quarters and one dime and seven nickels and eighteen pennies. Alexander has . . . bus tokens." And it continues to tell of how Alexander managed to let his allowance somehow slip through his fingers in just a week.   Other excellent choices Business Adventures by John Brooks. Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. Longtime New Yorker contributor John Brooks's insightful reportage is so full of personality and critical detail that whether he is looking at the astounding market crash of 1962, the collapse of a well-known brokerage firm, or the bold attempt by American bankers to save the British pound, one gets the sense that history repeats itself.  Unconventional Success: A Fundamental Approach to Personal Investment by David F. Swensen. This book shows individual investors how to manage their financial assets and provides the guidance and financial knowledge for improving the personal investor's financial future. Simple Money: A No-­Nonsense Guide to Personal Finance by Tim Maurer. The author has made a career out of distilling complex financial concepts into understandable, doable actions. In this eminently practical book, he shows readers how to better understand goals to simplify money decisions, budget major expenses intelligently, and reduce and eliminate debt. Asset Allocation: Balancing Financial Risk by Roger Gibson. In this book, Roger Gibson explains how and why strategic asset allocation works. He discusses how adding new asset classes to a portfolio improves its risk­ adjusted returns and how strategic asset allocation achieves financial success. Money Harmony by Olivia Mellan and Sherry Christie.  Why are we so irrational about money? Time after time, it heads the list as the source of conflict and discontent between us and our loved ones. Early money messages and childhood vows, money myths, and gender differences all sway what we think and do - or don't do - as adults. With humor and compassion, simple exercises, and money dialogues, Olivia Mellan and Sherry Christie will teach you how to cultivate a relationship with money that reflects your true values and integrity - and frees you of money anxiety to enjoy the happiness you've earned.

In addition to books, new online resources to help with retirement planning are being created every day. Be sure you use a variety of different online tools and calculators, even if you find one you particularly like. Depending on your inputs, each tool could yield different recommendations. Look for tools that are independent of a brokerage or insurance sales relationship.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   www.amazon.com

Jennifer In The Media

Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.

Compass Planning News

Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)

On Course - Switch Jobs or Retire?

On Course | July 27, 2021 | Volume 21, #7

Welcome. We at Compass Planning continue to appreciate your support. Thank you.   The Labor Department announced that more US workers are quitting their jobs than at any time in the last two decades. In April of this year, 2.7 percent of workers quit, up from 1.6 percent a year earlier.   Businesses are grappling with how to move the pandemic workplace forward with ways that make sense for their employees as well as the business. This month, we're taking a look at the work -- or retirement -- options you have and how to decide what to do.   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance in choosing what employment options are best for you, we are here to help you stay On Course!   Jennifer Lane, CFP   Your Work Options: Change Jobs, Retire, or Become Self-employed   Defining your personal goals and your work life goals will help you better see options that are a good fit.   Look at the big picture Your personal life. What are your must haves, nice to haves, and what are the extras you can do without. What do these things/activities cost? Your work life. What are you prioritizing in your move? What is most important to least important, e.g., fewer work hours per week, flexibility, WFH (work from home) options, child care, money, career opportunities.   Changing jobs Assign a point system to the key metrics of your current job and future options. We love numbers, but, even if you're less math inclined, having a simple scoring system helps boil down your decision because it's easier to compare opportunities logically.   Retiring This expands the personal life analysis. What do you want your personal life to look like when you stop working? What will get added? Subtracted? How does that affect your money? One of the biggest expenses in retirement is healthcare. How long until you're eligible for Medicare? Is COBRA or a spouse's benefit an option? What will the Massachusetts Health Connector plan cost?   Working for yourself Being self-employed brings in a few more expenses that you didn't have as an employee -- health and disability insurance, self-employment taxes, retirement contributions from employer. Work out a self-employed equivalent income to compare this option to your employee situation. Write a business plan or feasibility study to flesh out your thoughts before taking the leap. Options to help are CWE Boston, Dept of Labor, and SBA.

When changing jobs, look at the big picture. Employee benefits are an important part of comparing job offers. Often a lower salary is worth it if other lifestyle or financial benefits make up for the difference. Measuring and comparing the differences are important at any age.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   Changing A Career (Indeed)   Employment Benefits Security Administration   IRS - retirement plans

Jennifer In The Media

Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.

Compass Planning News

Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)

Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.   This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action. ©2021

On Course - How to Catch Up On Your Retirement Savings

On Course | June 29, 2021 | Volume 21, #6     Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Last month we discussed how to review your investments. Once that's done, you are in a good place to focus on your retirement. You're not alone if you feel as though you're behind on saving. Below are some tips to get you on the right track. Even little changes make a difference over time.   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance in planning for your retirement, we are here to help you stay On Course!   Jennifer Lane, CFP   How to Catch Up on Your Retirement Savings   Retirement has many different pieces, the core of which is how much money you have to live on throughout your retirement years. Even if you feel you're behind, begin now to focus on your savings.   Find out where the money goes Are you spending money on anything that is less important that retirement? Redirect those expenses into your retirement nest egg. MINT is an easy expense tracker if you want things to be simple and don't mind a few bugs. If you like to be able to reconcile an account and want more sophisticated reports and tracking, then try Quicken or Quickbooks. For Quickbooks, set yourself up as a company and adjust the chart of accounts to match your personal spending.   Max out any and all work savings opportunities For many people, when it's not in the paycheck, it doesn't get spent. Make sure you're putting the full $19,500 per year into your 401(k) or 403(b) at work. If you're over 50, you can add another $6,000 on top of that. If your employer offers a deferred comp plan (often called a 457 plan), consider saving into that as well. Special rules apply. Click here for more info. More and more employers are offering HSAs (health savings accounts). If you expect your healthcare costs to be low this year, an HSA can work as added retirement savings. Contribute and leave it in the account to use later for healthcare costs in retirement.   Wean your kids off your expense list Momentum plays a big role here. If your kids are still on your car insurance, cell phone plan, student loans, or subscriptions and they are out of the house, it's time to revisit that set-up. Clients last month saved $1,400 per year on their car insurance by taking their grown children off their auto policy. Of course, the kids had their own insurance as well.   Practice retirement Stopping the paycheck is one of the toughest retirement transitions. Get a sense of what that is like by splitting your payroll direct deposit into two accounts. Direct an amount equal to what you think your retirement expenses will be into the checking account and the rest into savings. This will boost the retirement nest egg and give you a chance to see what your retirement income will feel like. If it feels a bit too tight, plan to add a year or two to your work career or sharpen your pencil and revisit the expense tracking.   There are many variations of retirement plans. The plan will have a report called a Plan Document with all the details you need to understand. Ask the plan sponsor -- the investment company or your employer -- for a copy before you invest. Talk to an advisor who is independent of the plan or the company for advice if you're not sure of the plan's risks.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   IRS - retirement plans   Quickbooks   Quicken       Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)   Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.   This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action. ©2021

On Course: How to Review Your Investments

On Course | May 25, 2021 | Volume 21, #5

Welcome. We at Compass Planning continue to appreciate your support. Thank you.   As a reader of On Course, you know how important it is to make a plan! This month we're giving you some tips about how to review your investment portfolio. In any market -- and particularly these days -- reviewing your investments allows you to stay on that plan.   In you missed our series on retirement, you can still access the issues. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance reviewing your investment portfolio, we are here to help you stay On Course!   Jennifer Lane, CFP   How to Review Your Investments     So much has happened in the market over the last year, we believe it's even more important than ever to review your investments regularly. Here's how.   Gather all your information You'll need paper or online statements from your bank savings and checking accounts, IRA/Roth accounts, 401(k) or 403(b), annuities, pensions, stocks, and bonds. First step -- an important one -- is to make sure all the contact and beneficiaries information is correct. This is an area people often forget, with potential unhappy consequences. Then try to consolidate where you can, which will help you manage the portfolio more easily. Once everything is up-to-date, share relevant information with your lawyer, spouse/partner, and other estate planning people.   Review Your Asset Allocation Good investing means picking a diverse array of investments to help grow your money while managing the variety of risks your portfolio faces. Your asset allocation should consider how best to mix risk with return, considering your time frame and the amount of risk you're willing to take. When reviewing your asset allocation, use the big picture, i.e., don't focus on one stock or fund. When a position is new, you'll more easily notice the immediate gains or losses. Short-term value changes are not a reason to sell a position. If you have a plan, then you know the asset allocation that works for you. If not, consider consulting a fee-only financial planner. Check your online accounts to see if your firm provides an asset allocation section, which will show you the current allocation. (Another reason for consolidating your accounts as much as you're able.) Morningstar has a free app as well as a premium app ($199 per year) to track your portfolio. Bankrate's Asset Allocation Calculator is another option.   Rebalance and make adjustments Rebalancing makes sure you sell what's done well and buy what has done less well. In other words, you will be selling high and buying low without trying to time the market! For cash flow or a savings target, figure amounts needed. Retirees should estimate how much they will need to pull out for ongoing expenses and/or required minimum distributions. Understand the transaction fees and tax consequences associated with each investment you sell or buy. Compass Planning clients can ask for a Smart Portal link, which will help you see difference between mix and target asset allocation. Another website to use is CalcXML, which has an asset allocation calculator in addition to many other helpful tools.   A cautionary note on cryptocurrency Crypto is a digital currency that can be used to buy goods and services and uses an online ledger with strong cryptography to secure online transactions. Bitcoin is the most famous; Dodgecoin is the most infamous. Bitcoin arrived on the scene 12 years so the concept is still new in the investing world. From our perspective, it is still speculative. Needless to say, you need to have a high risk tolerance to invest in crypto right now. If you're interested and want to invest for fun, just make sure you play with an amount that you are willing to lose!

Everyone lives on limited resources, so it's very important to be sure your resources are applied toward your most important goals. Being sure that you're making choices to spend deliberately so you can manage an achievable goal is key to good personal finance. Regular, positive communication about money between partners or setting aside time to focus on your money if you're single is a critical part of getting and staying on track.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites     Asset Allocation Calculator   Let's Make a Plan   Morningstar Portfolio Manager

Jennifer In The Media

Below are links to Jennifer's frequent contributions to financial planning articles.   NEW!! NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.

Compass Planning News

Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. Compass Planning is a sponsor for this year's YW Boston's 2020 Elevating Lives Series. YW Boston’s Elevating Lives Series is a curated event series that focuses on areas relating to the YW Boston's mission of eliminating racism and empowering women. The series convenes thought leaders from across sectors for transformative discussions that help elevate lives. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)

Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.   This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action.

On Course: The When and How of Retirement

On Course | April 27, 2021 | Volume 21, #4     Welcome. We at Compass Planning appreciate the understanding and support from all of you as we move through this pandemic. Thank you.   Clients often ask about how to prepare for retirement. This month, we're giving you a quick checklist to help you understand the when and how of retirement.   For a more detailed breakdown of retirement planning, read the following series on retirement. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you would like assistance planning for retirement, we are here to help you stay On Course!   Jennifer Lane, CFP   The When and How of Retirement     An important part of retirement planning is deciding what you want your days to look like once you no longer have the structure of your working life. Creating an achievable goal is not only about building a nest egg to support you, but also about planning activities and developing interests around what you would like to do after you retire. Following are things to think about.   How much is enough money to retire What’s your number? Rules of thumb (like planning for a 4 percent or a 3.5 percent withdrawal rate) are a good place to start – they help put things in perspective.  Your financial plan should help you understand how big the nest egg needs to be before you step away from working. You can help that planning by thinking about your life after work. Will you work part time, reduce your hours in stages, or completely retire to a new life (or maybe the old life with greater flexibility)? Figure out what you need now to support your current lifestyle. Determine which expenses won’t be around when you retire, e.g., day care, school, college, your investments toward retiring. That will give you a base amount of spending. Then add in extra costs of travel, entertainment, and hobbies.    What lifestyle can be like in retirement Think about where you want to live and what kind of house you’ll live in. How will you spend your time, e.g., hobbies, outdoor activities, volunteer work, entertainment. What will those things cost? Will you be doing them throughout your retirement or just in the initial years? Transitions and changes will be a part of those 20-30 years of retirement. Make sure your plan has flexibility built in to compensate for those changes.   Where’s your money? Plan for a tax-efficient nest egg that includes investments in retirement accounts such as IRAs and 401(k)s, as well as investments outside of these plans. Federal social security benefits are not available to you until age 62. If you retire before then, plan on making extra withdrawals from you nest egg to cover expenses. Once you’ve reached full retirement age (age 66 and 2 months this year), you can collect social security and still work without reducing the benefit.   Current liabilities analysis, i.e., will they go away Pay down your mortgage as well as building investments in retirement and non-retirement accounts. Avoid painting yourself into a corner by building home equity at the exclusion of all else.   The right time to retire Working into your 70s may be a lifestyle choice. At the same time, the size of your nest egg can be smaller because it doesn’t have to last as long. If you are thinking about early retirement, pay close attention to your budget and investments because they will have to cover a longer retirement. Study current tax laws, pensions, and social security rules to account for them as well.   Paying for health care Throughout all your life, focus on and invest in your health to improve your quality of life and reduce healthcare costs in the future.   The better the plan, the better retirement will be for you!   Don't forgo emergency-fund saving in order to contribute to a retirement plan. Retirement plan withdrawals are often taxable and can carry penalties, so you shouldn't rely on them for short-term expenses or emergencies. Be sure you have emergency money in a savings account as well as money invested toward your retirement.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites     IRS.gov www.usa.gov/retirement         Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NEW!! NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. Compass Planning is a sponsor for this year's YW Boston's 2020 Elevating Lives Series. YW Boston’s Elevating Lives Series is a curated event series that focuses on areas relating to the YW Boston's mission of eliminating racism and empowering women. The series convenes thought leaders from across sectors for transformative discussions that help elevate lives. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)   Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.   This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action.

On Course - Web Resources

 

On Course | March 30, 2021 | Volume 21, #3     Welcome. We at Compass Planning appreciate the understanding and support from all of you as we move through this pandemic. Thank you.   This month we're sharing websites that we use and recommend to our clients.   You may have missed our series on retirement. For Retirement, Part 1 - Retirement Savings, click here. For Retirement, Part 2 - Social Security, click here. For Retirement, Part 3 - The Retirement Paycheck, click here.   If you need assistance adding to or expanding your technology resources, we are here to help you stay On Course!   Jennifer Lane, CFP   Web Resources     A never-ending list of financial and personal websites can confuse even the professionals. Following is a curated list of web resources that we use and recommend. Try them out to assist in your financial life.   Favorite websites we use every day www.morningstar.com -- investment research and info CalcXML.com -- quick and easy back-of-the-envelope calculators with no advertising www.IRS.gov -- best place to get tax rule info, including retirement plan contribution limits and tax brackets   Stay on top of your financial plan www.MoneyGuidePro.com -- if you want to review your plan or change assumptions between meetings, ask us for your SmartPortal log-in so we can give you access to your plan directly www.MINT.com -- one of the better financial account aggregators for managing all your money and investments in one place. www.SSA.gov -- Social Security has done an excellent job on their website. Easy to search and find answers.   Make managing your finances online safer Web security -- McAfee, Norton, and Microsoft Defender Password managers -- Dashlane, LastPass, and 1Password   Virus protection - Malwarebytes   For the kids Greenlight -- debit card for kids, managed by parents GoHenry -- for ages 6-18, pay an allowance, managed by parents   College planning SavingForCollege.com -- a guide to 529 plans StudentAid.gov -- an excellent website on federal student aid   Learn more about investing and finances www.investopedia.com Your Money - The New York Times (nytimes.com)   Help with estate planning www.Everplans.com -- contact us for a free subscription Cake.com -- end-of-life planning   Any technology you use is only as good as your efforts to set it up and maintain it. Don't work without some form of backup and alternate way to access your account information. Still, the ease of using online systems makes creating a computer-based plan and sharing it with family members much more efficient than having a paper-based system.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites   CalcXML.com IRS.gov Morningstar       Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NEW!! NBC10 consumer investigative reporter Leslie Gaydos interviewed Jennifer for savings tips. For a great video, How to Save $1,000 in 5 Months, click here. For the written article, click here. Jennifer contributed to a timely article, How to seek forbearance on your mortgage, for The Boston Globe. Read article. If you’re interested in dividend funds, Jennifer contributed to The New York Times article, Dividend Funds Can Add Income, and Risk, to Your Portfolio. Read article. Jennifer contributed to a BankRate article, Should I combine my mortgage and student loans? Read article. Need help with your 401(k) during the pandemic? Jennifer contributed to a Boston Globe article, Five tips for managing a 401(k) during the pandemic's turbulence. Read article. Jennifer contributed to the Bottom Line Inc article Prepare your Finances for a Possible Recession. Read article. Jennifer contributed to The Wall Street Journal article If Saving During a Pandemic Is Hard, Here's How to Stay Motivated. Read article. The New York Times featured Jennifer in an article titled, Balanced Funds Don't Inspire Fear or Greed. That's Why They Are So Useful. Read article. With a contrarian view, Jennifer contributed to an article, People are enraged by the idea that you should have twice your salary saved by the time you're 35! published recently by Business Insider. Read article. Moving in together? Check this article from Business Insider, Five questions you and your partner should answer before taking the biggest step in your relationship. Read article. Insider asked Jennifer to contribute to an article on old fashioned ways to manage your money, Six money-saving tips your grandma used that are way more effective than any budgeting app. Read article. Jennifer contributed to an article on Business Insider, This is the best way to do your taxes online - according to experts. Read article. CNN Money's Money Moves featured Jennifer in an article on how to strike the right balance between retiring early and saving enough. Read article. Jennifer contributed to a CNN Money article When is the Right Time to See a Financial Advisor? Read article.   Compass Planning News   Compass Planning continues to meet with clients as well as those interested in learning more about the firm via phone and web-based video conferencing. Email info@compassplanning.com to learn more. Compass Planning has become a supporter of The Center for Financial Planning at the sustainer level. The CFP Board created the center to achieve a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. Compass Planning is a sponsor for this year's YW Boston's 2020 Elevating Lives Series. YW Boston’s Elevating Lives Series is a curated event series that focuses on areas relating to the YW Boston's mission of eliminating racism and empowering women. The series convenes thought leaders from across sectors for transformative discussions that help elevate lives. AdvisoryHQ named Compass Planning as one of the ten best Boston financial advisors. (Disclosures)   Compass Planning Associates helps families, individuals, and small-business clients achieve financial security, knowledge, and control over their money. Our fee-only, client-centered approach provides education and guidance for achieving financial goals and dreams.   This newsletter and any linked references are for informational purposes only and are not to be construed as tax, legal, or investment advice. Compass Planning has gathered the information from sources it believes are reliable, but your individual situation can vary, and you should consult with your investment, accounting, and/or tax professional before taking any action. ©2021