Mike Egan on: Millennials and Money—What They Need to Know

April 2016 — The Tax Man Cameth this month, and the good news is that it’s behind us for them most part. So while all of that accounting is still at the top of your mind, here’s something to consider for next year, according to Certified Financial Planner Howard Pressman: Roth accounts.

Indeed, we have Howard here today on Egan, Berger & Weiner’s “Finance Rules” radio show to discuss the fact that Roth accounts are a great way to build flexibility into your retirement income planning. But to make the most of them — it’s best to start planning long before retirement. read more...

March 2016 — With tax season upon us, here’s a question to ask yourself. How tax-smart are you about your healthcare expenses?

According to Egan, Berger & Weiner LLC Financial Adviser Wade Brittingham, Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) may be two great ways to lower your tax bill with Uncle Sam each year — plus save money on out-of-pocket healthcare expenses.

On today’s episode of EBW’s Financial Rules Radio Show, Wade explains:

1. What are HSAs and FSAs? read more...

Financial advisor Sheldon Weiner and his wife Sharon had to consider a problem that many retirees have had to face.

When Sharon retired a few years ago at age 65 from her corporate job, she was not interested in staying home and becoming a full-time babysitter for her grandchildren. She wanted to continue to work, be of value, and bring in some extra money.

And she wanted to start her own business. But what would the consequences be? Where would she start? And how could Sheldon be supportive and helpful? read more...

The growth of automated investment-advice platforms called Robo-Advisers is the topic at just about every conference in the financial advising industry in recent months.

But using robo-advisers can be a very bad idea, insists Certified Financial Planner® Bryan Beatty, a partner at the Tyson’s Corner-based financial services firm Egan, Berger & Weiner LLC.

On today’s episode of EBW’s Finance Rules Radio Show, Beatty explains:

1. What are “Robo-Advisors” that folks have been hearing about?

2. How is working with a real face to face advisor different? read more...

Many of us think about insurance as a necessary evil, something that we must have, but don’t really want to spend money on.

We have homeowner’s insurance because our mortgage company mandates it. We have auto coverage because the state requires it. Now we have to have health insurance because the Affordable Care Act penalizes us if we don’t. What about life insurance? You don’t have to have it, so should you? And if so, why? Insurance specialist Dave Beck of Egan, Berger & Weiner LLC is here today to help us think this through. read more...

Did you know that women worldwide currently outlive men by about five years?

“Statistics show that by age 85, there are roughly six women to every four men. At age 100, the ratio is more than two to one. And by age 122 — the current world record for human longevity — the score stands at one-nil, in favor of women,” explains Egan, Berger & Weiner financial adviser Carmen Wu.

On today’s episode of “Finance Rules,” Wu explains that, unfortunately, achieving retirement security for women is a multifaceted obstacle. read more...

While we were enjoying our vacations last summer, the trustees of Medicare released their annual report on the Status Of The Social Security And Medicare Programs.

“What they decided may not make some people happy,” explains CFP Michael Egan in today’s podcast interview on Finance Rules: EBW’s Financial News Radio Show on the Inkandescent Radio Network.

Egan explains:

1. The hospital fund (Part A) is expected to be funded until 2030, which is the same as last year.

After 2030, there is expected to be enough tax revenue coming in to cover 79 percent to 86 percent of ongoing expenses. There will eventually need to be some kind of reform to keep the system funded at the current levels, but nothing seems imminent at this time. 2. Be aware that Part B (the doctor bills) premiums are expected to rise — dramatically. read more...

Expensive housing, relatively high taxes and maddening traffic frequently motivate people to look elsewhere for their next phase of life For anyone fantasizing about “where next” while stuck in bumper-to-bumper traffic on the Beltway, below is some food for thought as you consider finding your paradise.

But it’s worth noting that the notion of a true paradise may be misleading. And decision you make will likely involve certain tradeoffs.

To help us identify what’s most important to you in your idyllic locale, today we are going to get some advice from Certified Financial Planner Howard Pressman of Egan, Berger & Weiner LLC. read more...

“When it comes to good health, having a healthy retirement plan is key,” knows Pat Rullo, host of the radio show, Speak Up and Stay Alive.

in this podcast interview, the woman who speaks to audiences around the country about the hazards of hospital stays, how to survive them, and the importance of having a health care advocate — interviewed Certified Financial Planner Bryan Beatty about how to plan ahead so you’ll be able to cover health care costs in the future. read more...

American business magnate Warren Buffett and Vanguard Group founder John Bogle have told us time and again: When people see rising and falling prices — the normal, unceasing action of the stock market trying to price thousands of assets in real time — they feel a need to react, to do something. The fact is they should do nothing at all. Volatility is normal and should be utterly ignored.

In fact, Bogle told MarketWatch on June 29: “Don’t pay a lot of attention to the volatility in the marketplace. All these noises and jumping up and down along the way are really just emotions that confuse you.” read more...

Whether you’re watching the nightly news or browsing online, it’s hard to escape the popular topic about baby boomers and America’s shifting demographics.

The nation’s aging population — specifically people ages 65 and older — will grow to 81 million by 2050, up from 37 million in 2005.

As this wave of Americans begins the transition into retirement, financial adviser Wade Brittingham is here today to review the basics of retirement planning.

On this episode of Finance Rules, we ask Wade: read more...

In his role as a founding partner at Egan, Berger & Weiner, LLC, Sheldon Weiner has been giving retirement advice for well over 35 years. During that time he has seen clients make literally hundreds of mistakes regarding their retirement planning.

And he personally has learned from their mistakes — mainly because as a husband for more than four decades, he does not want to have to explain to his wife, Sharon, why they do not have the quality of life in retirement that she has been looking forward to. read more...

Do you have long-term care insurance? If not, you may want to reconsider, suggests Egan, Berger & Weiner partner Dave Beck, who on today’s podcast answers a handful of questions to help you better make this important decision.

Why is it important to buy long-term care insurance? Dave says, “Many people think it’s too expensive. Or maybe they think they really won’t need it. Well, I’d love to agree, but statistics show that the odds are against you.” According to the National Bureau of Economic Research, only 10 percent of the elderly have private long-term care insurance. What are the insurance companies doing about this, because clearly this isn’t their goal. “Right,” says Dave. “Insurance companies are more than willing to let people purchase their policies. Because the marketplace isn’t responding, many companies have set out to determine why this is the case. For starters, they know that the current messaging of the product is not working. And they can assume that the current long-term insurance products themselves aren’t hitting the target of what consumers want.” Now that the industry better understands consumer reluctance to purchase long-term care insurance, what is its answer? “A host of new options designed to match the needs of people in many different types of situations,” he explains, including the fact that insurance companies are changing the narrow focus and messaging of their policies from strictly long-term care expense protection to policies that can address the multitude of risks we experience as we age — including death, long-term care, death of a spouse, etc. “Currently, some policies now offered take into account the possibility that you may not use your long-term care policy — and if not, will pay a benefit to your beneficiaries upon your death.” Do some policies account for the possibility that your spouse may predecease you? Dave says, “Yes, and if this is the case and you are no longer concerned with preserving your assets, these types of policies will allow you to receive back all of the premiums you previously paid.” Also, is it true that many policies guarantee premiums, and you can fund them with a single large investment, or pay regular premiums for up to 10 years? “That’s right,” he notes. “The amount of premium placed into these policies drives the benefits you receive. And don’t forget to consider the annuities available that provide long-term care benefits as an addition or rider to your long-term care policy. While this rider will reduce your return, it is better than having no coverage. But let’s be clear: Though this new policy is appealing on multiple fronts, traditional long-term care insurance policies offer greater long-term care coverage.” Do you think these new policies resonate with consumers? And will the insurance companies be successful in helping to address the broad challenges being created by an aging population? “At this point, your guess is as good as mine,” he adds. “What I am certain about, though, is that the problems these policies are designed to address won’t fix themselves. That’s up to individuals to decide — for themselves and their families.” Download or Stream this podcast now! read more...

Are your estate planning documents accomplishing your estate planning goals?

And did you know that even if you have not yet established your estate documents, you already have an estate plan?

For so many people, this topic is the “big elephant in the room” and is challenging for most of us.

But if you own any assets — regardless of how much you have — you have an estate, insists Financial Adviser Carmen Wu of Egan, Berger & Weiner LLC based in Tyson’s Corner, VA. read more...

Much has been written about the cost of a college education and the debt burden being placed on our children. In fact, 2014 college graduates have the dubious distinction of carrying the highest student loan debt in history.

According to the “Wall Street Journal,” today’s grads are saddled with, on average, $33,000 in student loans — nearly twice the amount of just 20 years ago. Start factoring in advanced degrees or more expensive schools, and you can see how the cost can quickly spiral out of control. read more...

Much has been written about the cost of a college education, and the debt burden being placed on our children. In fact, 2014 college graduates have the dubious distinction of carrying the highest student loan debt in history.

According to the “Wall Street Journal,” today’s grads are saddled with, on average, $33,000 in student loans — nearly twice the amount of just 20 years ago. Start factoring in advanced degrees or more expensive schools, and you can see how the cost can quickly spiral out of control. read more...

When it comes to taking control of your financial future, having a handle on a few basic rules of thumb is the key to success, believes Certified Financial Planner Michael Egan.

In fact, 2014 was a great year for large-cap US stocks (the S&P 500) — the index was up 13.7 percent — yet many individuals are wondering why their portfolios did not come close to those returns.

The question his clients ask is whether they should make changes and be more aggressive? Should they get rid of bonds or international stocks? read more...

What better way is there to celebrate 2015 than by making sure your financials are in great shape? None, believes Certified Financial Planner Bryan Beatty, who is here today to talk about making sure our IRAs, insurance, and portfolios are in tip-top form.

In this podcast, he shares 5 tips for ringing in the New Year right when it comes to financial planning:

What is the most important thing we can do this month to get our financial houses in order? Is it also important to review your insurance coverage? You say it’s also important to Re-balance your portfolio or portfolios. What about Roth IRAs? Are those still a good idea? Last but not least, I’ve heard you recommend that we invest in a password program to manage our accounts. Download or Stream the podcast now! read more...

If you have a child with special needs, planning ahead for his or her financial future—especially in terms of insurance—is complex.

The reason is that every situation presents itself with a different set of circumstances.

So on this episode of Finance Rules: Egan, Berger & Weiner’s monthly podcast show, insurance agent Dave Beck is here to share a three-part process parents can use to help make it easier to develop a strategy that will work for their family.

Hello and welcome Dave! read more...

How important are social security benefits for women? That’s the question Financial Adviser Carmen Wu discusses in this podcast, who explains, “Social Security Benefits may be the only source of retirement income for a large majority of retirees, particularly women.” So it is critical that you understand how you become eligible for benefits.

In this podcast you’ll learn:

How important are social security benefits for women? Why don’t women know some of the basics of social security? What is the one most important point that can help women better understand how to navigate through social security benefits? What steps do women need to consider to create a sound retirement income plan? Download the podcast now! read more...

Howard Pressman, CFP® at the financial services firm Egan Berger & Weiner LLC says that like most people, he loves a good scare — especially at Halloween time.

But when it comes to planning ahead for your financial future, the last thing he wants to be is scared. “Nonetheless, I repeatedly see very smart people making some not-so-smart choices,” he admits.

What are the five scariest financial mistakes that Pressman sees people make?

In this podcast interview you’ll learn all about it, including: read more...

On this episode of Finance Rules, CFP Michael Egan shines a spotlight on a topic that is near and dear to the hearts of many parents and 20somethings: Millennials and Money.

“People in their 20s and early 30s have a lot of distractions, from wanting to buy a new car or maybe a house, to thinking about saving for a wedding or maybe a new baby’s education,” Egan knows. “Way off in the distance, they are thinking about retirement.”

And that’s a problem, Egan believes. read more...

Aging is inevitable, and how we handle the process depends on how we prepare for it, insists insurance agent Dave Beck, a partner at the financial services firm Egan, Berger & Weiner.

“It’s a tough topic,” Beck knows, and one that he is currently experiencing with his aging parents. “I’m an official member of the ‘sandwich generation,’ and I have learned so much about what the importance of being ready for what lies ahead.

In this podcast interview, Beck shares his thoughts on: read more...

If you have an IRA, you might not be aware that changes have been made at the federal level regarding your account.

In this podcast interview, CFP Bryan Beatty tells us that sometimes an IRA is not a retirement account.

Specifically, Beatty explains:

1. IRAs and Roth IRAs receive what is known as a “retirement funds” exemption under Section 522 of the Bankruptcy Code. This exempts tax-exempt retirement funds from a bankruptcy estate. But sometimes they don’t. Can you explain why? read more...

Did you know that women are twice as likely to live below the poverty line during retirement?

“It’s shocking, and unfortunately it’s true,” shares Financial Adviser Carmen Wu of Egan, Berger & Weiner LLC.

In this podcast interview you’ll learn:

Why women are challenged in saving for retirement. How Social Security benefits are calculated—and the impact that has on a woman’s finances once she retires. The fact that many more women end up in nursing homes than men—and what that means for planning ahead. What women can do to combat these challenges. Download the podcast now! read more...

“To hear the financial services industry tell it, retirement looks like a distinguished gray-haired man and an attractive silver-haired woman walking hand in hand down a magnificent beach, enjoying the sunset while gazing lovingly and contentedly into each other’s eyes,” says Certified Financial Planner Pressman. “They don’t have a care in the world, and why should they? They are retired.”

But there is a dark side of retirement that no one talks about, he insists.

In this podcast interview:

Pressman points to statistics from the Substance Abuse and Mental Health Services Administration that show the proportion of older people treated for a combination of cocaine and alcohol abuse tripled between 1992 and 2008. Cocaine abuse among the elderly was the leading cause of hospital admissions involving drugs, even outpacing admissions for prescription drug abuse. And according to the Centers for Disease Control and Prevention: Among Americans of all ages, 12.4 per 100,000 will take their own life each year. Among people over age 65, that number jumps to 14.9—and some experts believe the instances are under-reported. As startling as those numbers are, white men over age 65 take their own lives at a rate of 29 per 100,000—almost triple the overall rate. What can you do about it? Pressman suggests asking yourself, or your loved one who has retired, some important questions. Download the podcast now to learn more! read more...

With tax day looming, here are some tips to consider from CFP® Michael Egan, a founding partner at the Northern Virginia financial services firm, Egan Berger & Weiner, LLC.

“In our financial planning practice we do not prepare tax returns, but we do receive many tax-related questions around this time of year,” he explains, noting that there are some important items that people tend to overlook when preparing their taxes. “We hope that this information is helpful. As always, we recommend consulting a tax professional before you submit your tax return.” read more...

WELCOME to Finance Rules: The Egan, Berger & Weiner Financial News Radio Show.

On this month’s episode EBW partner and CFP® Bryan Beatty gives insight into financial planning for the generations. It’s a fascinating topic that parents are eager to learn more about, including:

Why Millennials need to be concerned about getting started in financial planning or saving for their future Why this is a challenge for them — and their parents How EBW engages the Millennial generation to get involved in saving for their future And, as a member of the Gen X himself, how Bryan works with the next generation Don’t miss this interesting discussion. read more...

Are you a victim of credit fraud or identity theft? Sadly, it could be your fault,” says Certified Financial Planner Bryan Beatty, who in this podcast helps us avoid common mistakes.

In this interview Bryan explains:

What do you do if you have been the victim of credit fraud or identity fraud? Should you regularly monitor your credit? How? What else can you do to protect yourself from fraud? How about your kids in college or just getting started? Download the podcast now! read more...

When it comes to buying insurance, long-time insurance agent Dave Beck brings a unique perspective to the table. Sparked by a holiday viewing of Scooby Doo’s version of a Christmas Carol, in this podcast interview the partner at Egan, Berger & Weiner LLC gives us insight into the past, present and future of insurance.

Don’t miss his insights, including:

A look back with the Ghost of Christmas Past: In the 1980s, the old industrial life insurance policy roots were starting to wither. Many of us may be old enough to remember the friendly life insurance agent walking from door to door collecting the weekly premiums of nickels, dimes, and quarters for the policies that were assigned to him. Today, things are different. Insurance rates have plummeted as life expectancy soars, prime interest rate is at 3.25 percent, and thanks to the Internet, people now have the ability to buy life insurance policies online. The Ghost of Christmas Past may never have seen that coming. And the big question: Will that be the case in the future? No one can state definitively what the future will hold for life insurance, but there are some things that seem rather certain. Download Dave’s podcast now! read more...

WELCOME to Finance Rules: The Egan, Berger & Weiner Financial News Radio Show — a monthly podcast show that offers insights into some of the top trends happening in the financial markets!

Today we’re featuring CERTIFIED FINANCIAL PLANNER™ Practitioner Howard Pressman, who has 16 years of experience in the financial industry. A Georgetown University Financial Planning graduate, and a Financial Planning Association National Capital Area chapter board member, Howard has written numerous articles on financial planning for local newspapers and for the CFP® board’s newsletter. read more...

WELCOME to Finance Rules: The Egan, Berger & Weiner Financial News Radio Show — a monthly podcast that offers insights into some of the top trends happening in the financial markets.

Today we’re featuring Financial Advisor Carmen Wu, who shares insight into a topic that is near and dear to the hearts of every parent — how in the world are we going to pay for college?

Indeed, a recent study by Sallie Mae suggests families are struggling to find the solution. read more...

WELCOME to Finance Rules: The Egan, Berger & Weiner Financial News Radio Show — a monthly podcast show that offers insights into some of the top trends happening in the financial markets!

Today we’re featuring Certified Financial Planner Practioner Michael Egan, a founding partner at Egan, Berger & Weiner. Along with his partners — Sheldon Weiner and Bryan Beatty — and several other advisors at the firm, they share ideas on planning for your financial future in each episode of this podcast radio show. read more...

WELCOME to Finance Rules: The Egan, Berger & Weiner Financial News Radio Show — a monthly podcast show that offers insights into some of the top trends happening in the financial markets!

Today we’re featuring Financial Advisor Sheldon Weiner, a founding partner at Egan, Berger & Weiner. Along with his partners — Michael Egan and Bryan Beatty — and several of our advisors at the firm, they share ideas on planning for your financial future in each episode of this podcast radio show. read more...

Bryan Beatty is a Certified Financial Planner® and partner at Egan, Berger & Weiner LLC based in Northern Virginia. With more than 20 years of experience in the financial industry, he is a principal of this independent financial services firm, which is experienced in all aspects of investment and retirement planning.

In “Finance Rules,” a new show on the Inkandescent Radio Network, Bryan and his partners — Michael Egan and Sheldon Weiner — offer insights into some of the trends happening in the financial markets. read more...