Rick Bloom's Corner

Annuities ~ (Q&A)

  Dear Rick: My husband and I have been retired since the beginning of the year. His pension along with both of our Social Security more than covers all of our expenses. In fact, since the beginning of the year we still have been saving money. We do have a nice size portfolio that’s invested […]

Trusted Contact Person

  Particularly, if you’re 65 or older, you may have recently been asked by your financial advisor, custodian, or brokerage firm if you would like to add a trusted contact person to your account. The reason for this is that with an aging U.S. population, financial exploitation of seniors is becoming a very real problem. […]

2019 Protecting your Credit

  We live in a world where we are bombarded with so much news and information that it becomes overwhelming. Just think over the last week, we’ve had news of another major breach, this time affecting Capital One, President Trump putting new tariffs on China, a potential trade war breaking out between Japan and South […]

  It’s hard to believe, because it seems that summer just started, that students will soon head back to college. Particularly if you have a child going away to college for the first time it is important that you have the conversation with your child about finances. I cannot stress enough how important this conversation […]

  I recently read an article about a local woman in her 20s who was having financial difficulty and applied for a loan online only to later find the interest on the loan was 350 percent. The article went on to explain that the woman had received an unsolicited mailing from the lending company claiming […]

401(k) Plan ~ (Q&A)

  Dear Rick: I graduated college in June and I recently got a job that I will start in a couple of weeks. I have a couple of questions regarding my benefits, and my dad told me I should write you. My first question is my 401(k) plan. Everyone is telling me I should invest […]

Vacation Travel Precautions

  Schools are out, summer has finally arrived, and many of us will be taking summer vacations. It is important in today’s world to take some precautions before and during your trip to protect yourself. In the old days when you traveled, you were mostly concerned with pickpockets and other types of petty crimes, and […]

Timeshares ~ (Q&A)

  Dear Rick: My husband and I just came back from a two-week trip to Mexico. We loved the resort we stayed at and plan to come back again. While we were there, we found out at the resort that it is mostly timeshares, and we sat down with a representative of the company who […]

Reverse Mortgages

  I recently saw an article that said Detroit leads the nation in reverse mortgage foreclosures. Typically, a reverse mortgage foreclosure occurs when the homeowner fails to stay current on property taxes and/or insurance on their property. The result of a foreclosure on a senior’s home can be devastating in the fact that they could […]

Taxes on Monetary Gifts ~ (Q&A)

  Dear Rick: My grandson just graduated from Morehouse College. As you may have heard, during the graduation ceremony, the speaker announced that he was going to pay off all the student loans for the graduating class. Obviously, this was a great surprise and it was a wonderful gesture. The question I have deals with […]

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