Author Archives: Robert A. Powell - Ameriprise Financial

If you’re thinking about starting a small business, it’s important to look carefully before you leap. Owning a small business can be very rewarding, but it can also require a lot of time, energy and funds long-term. Taking the right steps upfront can help you increase your chance of success and maximize your start-up dollars. Begin by: Using the resources that are available to you — There are several free online resources that can help … Continue reading →

The “million dollar” question many of those preparing for retirement ask themselves is simply stated but not necessarily easy to answer – “how much money do I need to save to secure a comfortable retirement?” In some circles, this is referred to as “the number” – that magical figure that tells pre-retirees how prepared they may be. A recent survey from Ameriprise Financial found that working Americans ages 50-70 with at least $100,000 in investable … Continue reading →

For most, going through a divorce is an extremely difficult and emotional time. Some become so exhausted by the process – or eager to get it over with – that they make costly financial mistakes they later regret. Here are several ways to avoid some of the most common errors:  Document your financial situation — Make copies of your tax returns from the last five years. Also, understand and document your total net worth. This … Continue reading →

The long-struggling housing market is finally showing signs of recovery, giving many homeowners more equity in their properties. This encouraging trend is likely prompting more pre-retirees to consider if, and how home equity can be turned into a source of cash to help fund their retirement. There was a time when owning a home with little or no outstanding mortgage balance was considered a potential financial bonanza for those in retirement. For years, home values … Continue reading →

It’s the time of year when high school seniors across the country are making their final decisions about where they will attend college. Selecting the right college has always been a complex process, but in challenging economic times, the decision can be even more complicated for students and families. As higher education becomes more costly and competitive, it’s often difficult for high school students and their parents to know how to approach the situation emotionally … Continue reading →

Most people have an organization or cause they’re passionate about, and contributing financially to non-profit organizations may be a part of many peoples’ annual financial plans. In planning for 2013, consider the America Taxpayer Relief Act of 2012 that was part of the legislation to partially avoid the “fiscal cliff.” This legislation could have implications on your charitable giving intentions, particularly if your income exceeds certain thresholds. The changes may enhance the tax advantages of … Continue reading →

Workplace savings plans such as 401(k)s and 403(b)s, have become a popular way to set money aside for retirement. As individuals carry more responsibility for their financial security in retirement, paying close attention to how that money is invested is particularly important as retirement draws closer. Workplace savings plans have received some criticism in recent years given that many individuals suffered significant losses in the two dramatic market downturns that occurred between 2000 and 2009. … Continue reading →

Hollywood may have just produced a film playing on the issue, but real identity theft is no laughing matter. Victims are devastated by decimated bank accounts, destroyed credit scores and an intrusion on their privacy. Our growing reliance on electronic data and systems has increased our vulnerability and created new opportunities for identity theft in unexpected places—including your federal tax refund. According to the House of Representative’s Committee on Oversight & Government Reform, identity theft-related … Continue reading →

Planning for the future can take a different shape when children aren’t involved. With no braces to pay for or tuition bills to finance, couples don’t have many of the financial obligations that require resources and can impact an estate. On the other hand, these couples must plan for a future that will not include adult children to give them a helping hand – physically, emotionally or financially – as they age. Estate planning is … Continue reading →

If you’re receiving a raise or a bonus this year, you may feel a little bit wealthier when you see your suddenly inflated bank account or paycheck. But it’s no secret that this money can disappear quickly. Resolve to take extra care with your bonus or raise this year and make sure to get the most of it. This requires you to think beyond the new flat screen TV or summer vacation, and consider how … Continue reading →