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Basic Estate Planning

With Steven Malach, Partner and Attorney, Lipson|Neilson

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Steve Malach, Partner and Attorney at Lipson|Neilson, discusses the specifics of wills, trusts, medical and financial power of attorney, guardianships and conservatorships, and the unavoidable...

What Is Retirement?

With Dr. Morley Glicken, Executive Director of The Institute for Personal Growth

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Are you ready for retirement, and have you planned accordingly? The importance of financial and mental preparedness before retirement is crucial, according to Dr. Morley Glicken, the Executive...
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Coronavirus Resources

Key Financial  Tips - Don’t Panic!
Laurie Blume
/ Categories: Financial, Money Management

Key Financial Tips - Don’t Panic!

Remain Calm in Turbulent Times

Here are a few financial tips for those of us who are Gracefully Greying adapted from the Financial Manager and AARP Magazine:

  1. Do not panic. Panic is the enemy.
  2. Diversification is your safety net. Make sure that your money is spread among different types of investments, such as U.S. stocks, foreign stocks, bonds and publicly traded real estate trusts. Investing in mutual funds is safer than buying individual stocks and bonds.
  3. It is hard to plan for economic calamity.
  4. Think twice before paying off your mortgage if it uses up a lot of cash.
  5. Do not panic and sell too early. This is how most people get hurt by market downturns. Panic is your biggest enemy.
  6. Do not be overconfident either. There are always down turns in the market. The four most dangerous words when the markets have been strong for a long time: “This time it’s different.”

Another good read is Suze Orman's article 10 Steps to our Ultimate 'Retirement, published in AARP.  Another important read is published by U.S. News & World Report, What the Coronavirus Means for Your Retirement Finances.

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