Jennifer's Compass

On Course - Your Personal Cyber Security

On Course | April 27, 2022 | Volume 22, #4     Welcome. We at Compass Planning continue to appreciate your support. Thank you.   We are seeing an ever increasing trend of clever phishing, scamming, and fraud communications -- whether phone, email, text, or mail. Having dealt with many instances over the years, I now believe that the best way to protect against it is to stay current with technology. Those whose work or live in community settings are better able to do this through provided training and as well as IT support. Others have the greater challenge to find ways to stay up-to-date. This month, we’re discussing what could happen and how best to identify and prevent potential schemes.   If 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 with phishing, scams, or fraud, we are here to help you stay On Course!   Jennifer Lane, CFP   Your Personal Cyber Security   Always be alert to potential scams -- phone, email, texts, and mail. The scammers are clever and sophisticated. Knowing what to look for can help you avoid getting caught in a scheme that gives the wrong people access to your personal information.     Key practices So much information is now online, e.g., Social Security payments, bank statements, investment statements and individual transactions. Probably your most important action is to stay current on how technology benefits your cyber security. Use two-factor authentication on all your accounts. It's the best way to keep your personal information secure. You can usually find the sign up under your profile or security. Learn to use your financial providers' apps as well as their websites. As much as possible pay bills online or with credit cards. Keep paper to a minimum. PayPal, Venmo, and Zelle are other options. Set up alerts on your bank, credit card, and investment accounts. The company will then send you notification for any transaction over that amount -- we suggest $500. Always verify separately whenever you aren't sure about the source. Call company directly. Do a search using the return email. Review your statements carefully. Credit card scammers often try small charges to see if the owner notices. Look for courses on current technology and scamming at your local community center, council on aging, or community college. Read articles to keep up-to-date on what's new. Buy a new laptop every few years to get the latest safety and cyber security functions. And also be sure whatever Wi-Fi you are using is secure.   Phone Calls First, DO NOT answer the phone. If it's important, the caller will leave a message. Scammers use fake IDs from known companies or local numbers. We have seen scamming calls from The Geek Squad, Apple, or email providers. Should you answer the phone and the caller wants personal information, say that you weren't expecting the call and need to call back. Ask for an case, ticket, or trouble number to use when you call back. That will quickly get rid of a fake caller.   Emails and Texts Take time when reading your emails and texts -- we get so many, we tend to skip through them as quickly as possible. Do not click on links or open attachments without verifying the authenticity of the email or text, including the "free" gift cards. Even when it closely resembles emails you get from people or organizations you know, do not automatically click. First, look at the return email address -- that often is the first clue that the email is not legitimate. Wording can also be a sign although not always. If you are at all suspicious, then call the company or person directly to double check. Once you confirm a bogus email, forward it to the real company (e.g., [email protected]). Mute and delete texts.   Mail Mail is more of an outbound issue. Thieves can steal the envelope, alter the check, and cash it. Use the US Post Office blue mail boxes or the slot inside the post office itself. If you have to mail a check, make sure you use a security envelope.   Almost all brokerages now offer online statements and transaction confirmations, a much safer option than working with paper. That said, If you do receive paper investment statements, be sure to shred them because they contain lots of personal information -- such as your name, address, account number, and invested balances -- making it easier for identity thieves.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2022 Boston Five Star Wealth Managers.   Helpful Websites     CISA Tips   Identity Guard   Identity Theft Resource Center   IdentityTheft.gov   Lifelock           Jennifer In The Media   Below are links to Jennifer's frequent contributions to financial planning articles.   NEW Jennifer contributed to a WBUR Radio Boston segment, How to Look Before Your Leap into the "Great Resignation." Click here to listen. 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 [email protected] 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. ©2022

On Course - Your Kids and Money

On Course | March 22, 2022 | Volume 22, #3

Welcome. We at Compass Planning continue to appreciate your support. Thank you.   As a parent, you want to raise your children to be self-sufficient adults. Among the many ways you help them is to start discussing money as early as they can understand simple concepts. As they grow, you can expand the how and why, with the ultimate goal of having them financially skilled enough to be able to manage both a credit card and budget by their sophomore year in college.   If 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 helping your children learn about managing their money, we are here to help you stay On Course!   Jennifer Lane, CFP   Your Kids and Money   Spending. Saving. Giving. Investing. The four pillars of teaching your children about money. The sooner you start taking about money, the more comfortable both you and your children will be. Many, many parents shy away from money talks because their parents never spoke about it. Begin wherever you are to instill a healthy, open attitude toward discussing money.   Allowances Your ultimate goal is teach your child how to handle money. In order to do that, they need a cash flow. Each family member has chores and responsibilities for the household. These should be separate from the allowance. Be consistent about paying the allowance -- think of it as your child's payday. When they're older, you can set up direct deposit. Your role is to work with your child to decide how to spend, save, donate, and invest the money -- the four pillars. It's ok to give extra allowance for extra chores.   Managing the money/allowance Some parents set up a separate savings account with a debit card at their bank, which makes it easy to transfer money. Another possibility is an app with a debit card. Greenlight and GoHenry are options. Greenlight costs $5 per month per family. The apps let you set up chores, automatically transfer allowances, recharge the balance, and give you notifications when the card is used. You child cannot overdraw the account -- excellent idea when you're trying to build credit.   In the early years Begin as early as your child can understand what to do with money, perhaps a few quarters a week. Let them use the money in different ways and discuss why and what other options they have.   As they grow up Your goal is to send your kids to college knowing how to manage their money. Ideally, by sophomore year, they should have their own credit card and handle their own budget. One great result of this is that by the time they graduate, they will have a fairly decent credit rating because much of the rating is based on how old the credit history is. In middle school and especially high school, work with them on how they're spending their allowance. Jobs are important for earning extra money as well as learning how to manage a different enviornment from school and home. Great practice for later on. As mentioned below, time to set up a Roth IRA! Ideas For spending, have her figure out what she likes to do socially and use part of the budget for that. If you get a call from the pizza place asking you to put more money on the debit card, it's time for a talk about budgeting! For saving, you might say that he needs to budget for the cost of car insurance. Give him the money for it and then have him pay you back quarterly. Same for events or travel that happens only once or twice a year. Another option is a clothes budget, with required items and discretionary items. The purpose here is to learn how to budget for all types of expenses. For giving, together find a worthy cause that your child wants to support. Add it to the budget. For investing, as soon as she gets a job -- babysitting, camp counselor, lawn mowing, cashier -- it's time to open a Roth IRA! Instill in your child the importance of investing now for the long-term.

Cosigners on a loan are both responsible for the repayment of that loan. Avoid cosigning a loan for your child unless it's absolutely necessary. If you do cosign, ask to receive duplicate statements from the loan company so you can be sure the payments aren't missed.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2022 Boston Five Star Wealth Managers.   Helpful Websites           Greenlight card   GoHenry card   MyBankTracker.com   NerdWallet

Jennifer In The Media

Below are links to Jennifer's frequent contributions to financial planning articles.   NEW Jennifer contributed to a WBUR Radio Boston segment, How to Look Before Your Leap into the "Great Resignation." Click here to listen. 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 [email protected] 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 - Filing Your Taxes for 2021

On Course | February 22, 2022 | Volume 22, #2

Welcome. We at Compass Planning continue to appreciate your support. Thank you.   Tax filing deadline is right around the corner. Tax payers in Massachusetts will have until Tuesday, April 19, 2022 to file their 2021 taxes; the deadline for everyone else is Monday April 18. By now, you should have your tax documents -- either online or paper. Here are some tips as you gear up to file your taxes!   If 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 tax planning, we are here to help you stay On Course!   Jennifer Lane, CFP   Filing Your Taxes for 2021   Tax Prep: Make sure you have everything you need to file your taxes!   Gather all of the tax reporting forms you have received. If you have your 2020 taxes handy, double check against the forms you have to make sure you are not missing anything. Many organizations now post them online to your account instead of mailing them to you. Click here and here and here for different checklists that are pretty comprehensive.   Tax Preparation - Give it a try on your own!   Consider preparing your own tax return. TurboTax, TaxAct, TaxSlayer, and H&R Block are great options to prepare your own return. If you feel more comfortable having a professional prepare your return, turn to a CPA or enrolled agent. If you don't have a tax pro, ask for a referral from a trusted source. Even if you have a tax pro prepare your return, try running your information through online tax software as a double check. The software options may ask you more questions than the tax pro!   Tax Filing - Know your deadline For Massachusetts residents, the deadline is April 19, 2022. For all others, it's April 18, 2022. You can e-file your return through tax software or your tax pro. If you aren't going to be ready to file by your filing date, then make sure you file an extension. Remember that you need to pay the tax liability of money you expect to owe by your filing date but have until October 15 to file the return.   Roth IRA or IRA contributions You have until April 15, 2022 to make a 2021 contribution! IRA contribution limits for 2021 are $6,000 for those 49 and younger, and $7,000 for those 50 and over. If you plan to make a Roth IRA contribution, check to make sure you are under the income limit. Click here for the IRS explanation of Roth IRA contributions.   And -- once you've filed your taxes, take a little time to get set up for 2022 so you're prepared and organized when it comes time to do your taxes next year! Create a place to save tax-related paperwork, including donations, expenses, and medical bills.

Don't forget to file IRS form 8606 when you make nondeductible contributions to your IRA. When you retire, you or your heirs will be able to prove how much of your IRA balance is the money that you contributed after tax and is available to withdraw without additional tax and how much is investment growth and is taxable income on withdrawal.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2022 Boston Five Star Wealth Managers.   Helpful Websites     IRS tips for filing     Tax Checklist (1)     Tax Checklist (2)

Jennifer In The Media

Below are links to Jennifer's frequent contributions to financial planning articles.   NEW Jennifer contributed to a WBUR Radio Boston segment, How to Look Before Your Leap into the "Great Resignation." Click here to listen. 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 [email protected] 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 - Saving and Investing During Times of Inflation

On Course | January 4, 2022 | Volume 22, #1

Welcome. We at Compass Planning continue to appreciate your support. Thank you.   It's been years since most of us had any concerns about rising inflation. Now inflation is affecting us all. This month, we're taking a closer look at how and where to save and invest.   If 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 to offset inflation, we are here to help you stay On Course!   Jennifer Lane, CFP   Planning and Investing for Inflation   Inflation is affecting us all. Home buyers and families saving for college certainly saw the cost of those big goals grow at an alarming pace. For the most part, though, increases in the cost of day-to-day living seemed pretty tame. Until recently.   While homeowners may not be affected by home price inflation, the cost of home renovations (when you can find a contractor) have caused many to put their projects on hold.   If you're renting or searching for a home, you're probably not surprised to hear those rents have increased 10 percent nationwide and home purchase prices are up nearly 20 percent over last year.   So, how can you manage your financial plan and invest your portfolio to stay ahead of inflation?   Plan ahead!   Savings Money market and savings accounts pay such low interest that after taxes and inflation, your money is shrinking in value. If your portfolio is small or you just like having savings tucked away separately from your portfolio, check out www.bankrate.com for a list of higher paying money markets or CDs. If you have a good bead on your monthly expenses, you can more easily hold less emergency cash. If you're fortunate enough to have a portfolio invested in 30-40 percent or more fixed income, you can hold less emergency cash because you have liquidity to allow withdrawals for unexpected expenses.   Investment diversification Your stock funds can be a big help against inflation. Now is a good time to check your portfolio asset allocation if you haven't rebalanced in the past 12 months. You may find that your portfolio is over weighted towards stocks. If that's the case, it's time to sell some stock funds and buy bond funds to rebalance. Bond funds can struggle a bit as the business cycle matures and inflation starts to loom. As interest rates start to go up (or threaten to increase) bonds can lose value. This isn't a reason to sell them, but it is a reason to look more closely at the funds you own. The duration of the bond fund is an important measure. Duration is a measure of the interest rate risk or inflation risk in your bond fund. The duration combines the fund's maturity and interest rate as one easy-to-use measure. You can find your bond fund's duration on its profile at www.Morningstar.com. If we'd done an Investment Recommendation for you, your bond portfolio duration (the inflation risk of all your bond funds taken together) is listed in the Recommendation report. In inflationary times, we like to keep bond portfolios around 5-6 years in duration to limit inflation risk.     TIPS and IBonds TIPS are Treasury Inflation Protected Securities. IBonds are Series I Savings Bonds. You can get both through www.treasurydirect.gov. TIPS pay a fixed rate of interest. The principal value of the bond changes with inflation so that the money returned at maturity has kept up with inflation. TIPS are available through mutual funds, exchange-traded funds (ETFs), and individually. Their interest income and growth in principal is exempt from state and local taxes. IBonds have 2 interest rates A fixed rate, currently at 0 percent. A variable rate that changes every 6 months. Currently, the variable rate is an annualized 7.12 percent. So if you buy a bond between now and April 2022, you'll earn 3.56 percent over the first 6 months until the rate resets. You can purchase a limit of $10,000 in IBonds per year per person, held electronically in a Treasury Direct account. You can purchase up to $5,000 in paper IBonds using your federal tax refund.

If you're thinking about early retirement, realize that inflation will have longer to act on your expenses. Be sure your portfolio continues to hold stock investments even after you stop working. A mix of bonds and fixed-income investments that pay interest can reduce the volatility of your accounts. Many investment companies have tools and calculators to help you decide how much of each to hold.   Get more tips in Jennifer's book Buy Now   Jennifer and Sarah were both named 2021 Boston Five Star Wealth Managers.   Helpful Websites     BankRate.com   IBonds   Morningstar   Treasury Inflation Protected Securities

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 [email protected] 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 - 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 [email protected] 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 [email protected] 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 [email protected] 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 [email protected] 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 [email protected] 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 [email protected] 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