For many people, stock market volatility can be frightening. However, there is a way to use this volatility to your advantage. You can use a method called dollar-cost averaging.

Averaging into the stock market means contributing on a regular basis, say every month, like you may already do in your 401K. While dollar-cost averaging will not guarantee a profit, it may reduce your average cost per share in a fluctuating market.

A friend of mine once said, “Where you are currently is the sum of all the decisions you have made along the way.”

Of course, not everything that happens in life is within your control. But many of the decisions that shape your future are. How much you save, how you spend, the debt you take on, the risks you take—and even the people you surround yourself with—can have a tremendous impact over time.

You can’t change yesterday’s decisions, but you can learn from them. Focus your energy on what you can control and make thoughtful choices moving forward. One good decision may not change your life, but a lifetime of good decisions just might.

If you’ve never had a Roth IRA, consider opening one and putting $500 into it. Why? Because your first Roth IRA contribution starts an important five-year clock that can affect whether future earnings can eventually be withdrawn tax-free.

Here’s something you may not know: the five-year clock starts on January 1 of the tax year for which you make your first contribution—regardless of when during that year you actually make it. So, even a contribution made late in the year can give you credit back to January 1st.

There’s no age limit for contributing to a Roth IRA, but you generally need earned income and must meet IRS income and other eligibility requirements. Unlike a traditional IRA, you don’t receive a tax deduction today—but qualified Roth withdrawals can be completely tax-free later.

Sometimes the most important part of investing isn’t how much you start with. It’s simply getting started.

Unplanned purchases may provide instant gratification but can destroy a sound budget. Some people are more prone to this behavior than others. Try to avoid impulsive buying triggered, for example, by an “on sale” sign or something “shiny and new”.

Larger purchases, such as a new vehicle, an expensive tool, or furniture, can also provide instant gratification.  Avoid impulsive buying of large-ticket items by using the 30-day rule – waiting 30 days to make the purchase. 

Put the date on your calendar and then reconsider the purchase 30 days later.  Do you still want the item?  You may not, and if so, you avoided the impulse purchase. Keep spending in check by following your shopping list, maintaining a budget, and using the 30-day rule.

People often ask us whether they should convert their Traditional IRA to a Roth IRA. The decision to convert depends on the tax consequences of the conversion, your age, and several other factors. If it makes sense for you to convert, Roth money can be very meaningful in retirement. The ability to take tax-free distributions from Roth IRAs may mean more money in your pocket. Engage a tax professional to evaluate the pros and cons of a Roth conversion.

It’s easy to focus on what saving keeps you from spending today. But the better question may be: What are you saving for tomorrow?

Maybe it’s the freedom to travel with your family in retirement, help fund a grandchild’s education, or simply have the resources to be generous with the people you love.

Funding meaningful goals takes time. But when the goal is personal enough, saving begins to feel less like a sacrifice and more like a choice.

Sometimes the best motivation for saving today is picturing who you’ll be able to help—or spend time with—tomorrow.

There is a distinct difference between investing and trading. The term “trading” typically refers to buying and selling within a short period of time. The term “investing,” on the other hand, refers to buying an asset and holding it for a longer period of time.

For tax purposes, remember that long-term and short-term capital gains and losses are treated very differently. Talk with an advisor about the pros and cons associated with each method.

After the immediate responsibilities are behind you, it's time to focus on the future. The surviving spouse often faces important financial decisions that deserve thoughtful planning rather than rushed action.

Review beneficiary designations, update your own estate planning documents, and evaluate whether Social Security survivor benefits should be claimed. It's also a good opportunity to revisit your investment strategy, insurance coverage, retirement income plan, and long-term financial goals now that circumstances have changed.

Nothing can replace someone you love. A good financial plan can't take away the loss, but it can provide stability and peace of mind for the road ahead.

The weeks following the loss of a loved one can be emotional, making it easy to feel pressured to make quick financial decisions. In most cases, slowing down is one of the best decisions you can make.

Avoid making major investment changes or distributing assets before understanding the legal and tax consequences. Don't assume every asset passes through the will, since many accounts transfer directly by beneficiary designation.

It's also easy to overlook automatic payments, online subscriptions, digital accounts, and passwords that should be reviewed or closed.

There are very few financial decisions that can't wait a little while. Give yourself permission to make thoughtful decisions instead of quick ones.

After the first week, your attention will likely turn to settling financial and legal matters. While this process may take several months, handling one item at a time makes it much more manageable.

Locate the will or trust and meet with the estate attorney to determine the next steps. Notify banks, investment firms, retirement plan custodians, and insurance companies so accounts and beneficiary claims can begin to be processed. It's also a good time to cancel the driver's license, passport, and any remaining memberships or subscriptions.

Depending on the situation, a final individual income tax return may need to be filed, along with an estate or trust income tax return. Working closely with your attorney, CPA, and financial advisor can help ensure nothing important is overlooked.

There are many details to work through, but you don't have to navigate them alone. Family members and trusted professionals can help lighten the load.

Losing a loved one is one of life's most difficult experiences. While you're grieving, there are several important tasks that should be addressed during the first week. Taking them one at a time can help protect your loved one's identity and finances while bringing a little order during a difficult season.

Begin by obtaining several certified copies of the death certificate through the funeral home, as many organizations will request one. If applicable, you'll also make decisions regarding organ donation and funeral arrangements. Notify close family members, secure the home, collect the mail, and make sure no one is driving the deceased person's vehicle.

You should also contact insurance companies, cancel or secure credit cards, notify the Social Security Administration if benefits are involved, and place a notification with the three major credit reporting agencies to help reduce the risk of identity theft.

During a time like this, it's easy to feel overwhelmed. Remember, you don't have to accomplish everything at once. One step at a time is enough.

In planning for retirement, you need to plan for longevity risk. This is the risk of living so long that you run out of money. According to recent Social Security life expectancy tables, the average life expectancy for a 65-year-old man is 83, and for a woman, it is almost 86.

You should plan on living longer - just in case you do!! Consider longevity in determining your spending, insurance coverage, and timing of Social Security benefits. 

Many people do not think about the long-term effect of inflation while planning for retirement. If you spend 20 to 30 years in retirement, you have to consider higher costs in the future and whether your income will keep pace with these rising costs. Picture your spending increasing at a slow, steady pace for decades. Will your retirement income keep up with your expenses for decades as well?

A lifetime of lower earnings due to wage discrimination, absence from the labor market due to childbirth and caregiving, and jobs that are less likely to have employer-sponsored retirement plans have all taken their toll on women’s savings. 
Elderly divorced, widowed, and never-married women are especially at risk of poverty during retirement.  It is important for these women to work with an advisor who is ready to address their specific needs as they plan for retirement.

When planning for retirement, financial planners will typically ask you about your goals, especially your retirement goals. Common goals include traveling, covering all healthcare costs and not running out of money.

Some are one-time goals and some are recurring. Quantify your objectives, be conservative in your assumptions and make sure you consider inflation. A financial professional can guide you through this very important part of the process.

Retirees are often concerned about running out of money. This can happen when retirees withdraw too much from their accounts. A good rule of thumb is to keep the amount of your annual withdrawals below 4% of your investment balances. 
This is a general rule. Factors such as age, life expectancy, income, investment performance, and others should be considered. A financial advisor should be involved in this process.  

Take a minute to think about who you currently have listed as beneficiaries on your life insurance policies, retirement accounts, and annuities. Better yet, log in or take a look at the actual documents to confirm they’re still the right people to receive those assets if something happens to you.
 
All too often, people unintentionally leave money to the wrong person - like an ex-spouse or even someone who has passed away—because beneficiary designations don’t automatically update when life changes . A quick review after major life events, both in your life and in theirs, can ensure your assets go exactly where you intend and help maximize the legacy you leave behind.

Many clients ask us when they should include their children in their financial and estate planning conversations.  The answer is that someone needs to be in-the-know.  There are many reasons to include someone in the conversation sooner rather than later. 

Have a conversation with your financial advisor or estate attorney about this subject. Ask them if and when they believe you should have a “family meeting” with a trusted family member or contact, and what information should be shared.  

You do not have to share financial figures, but you would want them to know a bit about your estate plan, where documents can be found, and other directions should something happen to you.

Down the road, you’ll be glad that you were proactive.