Certified Financial Planner Paul Fain, recently polled his Facebook contacts: “During Financial Literacy Month, what financial topics interest you most?”
The following is a sample of the responses:
How do the new tax laws affect a self-employed person?
- Simpler tax filing (of Schedule C)
- Possible 20% deduction on Pass-Through Income
When is the best time to apply for Social Security benefits?
It really depends on your health, expected longevity, and financial need. The options:
- Age 62 with a permanent 25-30% reduction
- FRA Full Retirement Age (65-67)
- Age 70 with a benefit increase for each year deferred beyond FRA
Are Reverse Mortgages good or bad?
- Pros: extra retirement income. Liquidity.
- Cons: High fees. A probable requirement for sale home after death.
How to recover from a barrage of bills that have depleted savings?
- Rebuild savings through temporary budget cuts
How to manage my 401(k) during volatile markets?
- Know your risk tolerance.
- Don’t be greedy.
- Plan long-term.