Cory Burnell

By Cory Burnell Identity Theft Using your personal information, an identity thief can file a fraudulent tax return and claim a refund. If you’ve been a victim of stolen personal information, you can contact the IRS so the agency can protect your tax account. Phishing Be wary of fake emails or websites looking to steal your personal information. If you receive a request for information that appears to be from the IRS, contact the IRS directly to verify the request. Telephone Scams Scammers will contact you pretending to be from the IRS. They may say that you are due a large refund or owe money (even threatening arrest or revocation of your driver’s license). If you receive such a call, call the IRS and contact the Federal Trade Commission using their “FTC Complaint Assistant” at FTC.gov. Promises of “Free Money” Posing as tax preparers, scam artists may promise large tax refunds and charge big fees, while filing false returns with big refunds payable to them. Individu...

College marks a great milestone in a child’s life. It may be the first time he or she will live away from home. Dropping off your child at college may be an experience loaded with emotions, so here are a few tips for a smoother transition. Accept that the Parent-Child Dynamic Has Changed Your child is always your child, and will need you as much as ever. However, parents need to understand that their role has transitioned from “supervisor” to “mentor.” Make the Move Simple Do not bring the moving van. Not only will it embarrass your child, but dorm rooms just aren’t that large. Bring only what’s appropriate. Consider pre-ordering essentials (soap, bedding, shower caddy, etc.) for pick-up at a location by the school. This will save space whether your trip is by car or plane. Don’t Leave “The Talk” to the Drop-off While college represents a gateway to many wonderful experiences, parents will want to have a serious conversation about safety, responsible behavior, finances,...

The baby boomers have re-defined everything they’ve touched, from music to marriage to parenting and, more lately, to what “old” means—60 is the new 50! Longer, healthier living, however, can put greater stress on the sustainability of retirement assets. There is no easy answer to this challenge, but let’s begin by discussing one idea—a bucket approach to building your retirement income plan. The Bucket Strategy can take two forms. The Expenses Bucket Strategy:  With this approach, you segment your retirement expenses into three buckets: Basic Living Expenses—food, rent, utilities, etc. Discretionary Expenses—vacations, dining out, etc. Legacy Expenses—assets for heirs and charities This strategy pairs appropriate investments to each bucket. For instance, Social Security might be assigned to the Basic Living Expenses bucket. If this source of income falls short, you might consider whether a fixed annuity can help fill the gap. With this approach, you are attempting t...

The backyard pool can be great summer fun, but it can also be a source of danger for children. Every year hundreds of children fatally drown. In fact, drowning is the leading cause of preventable death among children ages 1-4.¹ ,  ² If you have a pool or spa, here are seven simple tips to keep your children and their friends safe during swim season. Seven Safety Tips to Save Lives Adult Supervision Always be present when children are using the pool. As any parent knows, it only takes moments for children to place themselves in dangerous situations, so stay attentive. Keep a Life Ring or Shepherd’s Crook Nearby This lifesaver can quickly pull someone from the pool. Always check that it is in good condition. Fence and Alarms Make sure your pool is protected by a fence. You may even want to add an alarm system that can warn you of unintended use of the pool. Rope or Float Line This can distinguish between the shallow and deep ends and serve as a visual reminder to yo...

One of the attractions of leasing a car is that it generally requires a much smaller upfront outlay of cash compared to what purchasing a car might require. This preference to minimize an upfront cash payment may mean that some individuals may also roll into the lease payment other associated costs, including the capital-reduction amount (or down payment). While the predictability of a known payment amount for a set period of time may be convenient, rolling up such costs into the lease payment may create a financial risk in the event that you experience a total loss from an accident or similar misfortune. In some cases, what you owe may exceed the value of the car and the amount of the reimbursement you receive.¹ You can protect yourself against this potential risk by buying gap insurance, which is designed to cover the difference between what conventional auto insurance covers and what you owe at the time of the loss. Gap insurance may be added to your existing auto policy or...

Tip:  Nearly 70% of workers expect to work for pay in retirement, but only 26% of retirees actually have done so. Source: 2018 Retirement Confidence Survey, EBRI Retirement can have many meanings. For some, it will be a time to travel and spend time with family members. For others, it will be a time to start a new business or begin a charitable endeavor. Regardless of what approach you intend to take, here are nine things about retirement that might surprise you. Many consider the standard retirement age to be 65. One of the key influencers in arriving at that age was Germany, which initially set its retirement age at 70 then lowered it to age 65.¹ Every day between now and the end of the next decade, another 10,000 baby boomers will turn 65. That’s roughly one person every 8 seconds.² In 2016, the latest year for which data is available, people aged 65 and older accounted for 15% of the population in the U.S. By 2060, they are expected to represent more than one-in-fo...

Tip:   Correlation. To adequately diversify, it’s important to select securities that have a low correlation — that is, securities that don’t tend to track each other’s movements up and down. Securities with a high correlation may tend to fail together — defeating the purpose of diversification. Source: Investopedia, 2018 Ancient Chinese merchants are said to have developed a unique way to reduce their risk. They would divide their shipments among several different vessels. That way, if one ship were to sink or be attacked by pirates, the rest stood a good chance of getting through and the majority of the shipment could be saved. Your investment portfolio may benefit from that same logic. Diversification is an investment principle designed to manage risk. However, diversification does not guarantee against a loss. The key to diversification is to identify investments that may perform differently under various market conditions. On one level, a diversified portfolio sh...

Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 60 is growing. The United Nations estimates that by 2050 the number of people aged 60 and older will have more than doubled.¹ As our nation ages, many Americans are turning their attention to caring for aging parents. For many people, one of the most difficult conversations to have involves talking with an aging parent about extended medical care. The shifting of roles can be challenging, and emotions often prevent important information from being exchanged and critical decisions from being made. When talking to a parent about future care, it’s best to have a strategy for structuring the conversation. Here are some key concepts to consider. Cover the Basics Knowing ahead of time what information you need to find out may help keep the conversation on track. Here is a checklist that can be a good starting point: Primary physician Specialists Medications and supplements Allergie...