Rick Bloom's Corner

You May Not Need Life Insurance

  I recently met with a potential new client to discuss managing his investments and whether he had enough to retire and maintain his lifestyle.  As I reviewed his information I told him that he could retire but that he did not have much of a cushion and therefore, he would have to be prudent […]

Cash Withdrawal Question – (Q & A)

Q         Dear Rick: I’m in a situation where I need about $50,000 from my portfolio. I need your help in deciding where I should take it from.  The three options that I have are to withdraw it from my IRA.  Second, is to take it from an annuity; or my third choice is to sell […]

Protecting Yourself While on Vacation

  It is vacation time which means many will be leaving town for a little rest and relaxation. One of the nice things about going on vacation is you can slow down a little from the hectic fast pace that most deal with on a day-to-day basis. Unfortunately, one thing you cannot afford to do […]

Gift Taxes – (Q & A)

  Dear Rick: My parents have decided to downsize and move into senior housing. I have always loved my parents’ house and my goal was to buy it from them. When I approached my parents about buying their house, they said that I can have it and I don’t have to pay them. I have […]

Pre-Planning your Funeral

Recently, I attended a funeral and during the eulogy it was mentioned that a few years ago the decedent made all the arrangements for his own funeral. He had chosen his casket, burial site, funeral home and the type of service he wanted. It was also mentioned during the eulogy how much easier his passing […]

Pension Options- (Q & A)

Dear Rick: I am 66 and going to retire in a couple months and I’m lucky enough to get a pension.  I met with the company’s H.R. person to go over my options.  Basically, I have two options:  I can take the pension with a joint and survivor benefit, or if my wife agrees, the […]

  Last week my brother’s dog passed away. For anyone who has lost a pet you know how painful that can be. I bring this up because I haven’t talked about pets from a financial and legal standpoint for a while. Although those of us who own pets know how special they are to us; […]

 Dear Rick: I’m a Ford employee who’s been offered a buyout and decided to accept it.  My situation is I’m 62, single and totally debt free.  I have a very modest lifestyle and my pension will more than cover all my expenses.  In fact, I still will be able to save money.  I have a […]

Financial Issues 50 Years Ago

  Last week I read an article that looked at some of the financial issues that families faced 50 years ago and compared it to today.  Obviously, there is a major difference in the issues we face today than we did 50 years ago.  I thought I would give you my spin of some of […]

  Dear Rick: My wife and I just had our first child.  After reading a number of your articles we started a Michigan Education Savings account for our child and have encouraged our friends and relatives, as opposed to buying baby gifts, to make a contribution to their education account.  In addition, my wife and […]

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