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Money Matter$

Insights from the Sommers Financial Management Team

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How Best to Save & Invest for Kids

Albert Einstein believed compound interest was the eighth wonder of the world. He said, “He who understands it, earns it; he who doesn’t, pays it.” The simple way money grows is over time so it makes sense to start investing early for kids when they are young. The greatest asset they have is time. Whether you are a savvy parent, grandparent or other family member, you might have wondered what you can do financially to help pave the way for the young humans in your life.

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When should I take Social Security?

It’s not surprising that the majority of people take social security as early as they can at age 62 - over 34% in 2018 - although from a financial standpoint almost no one should. Perhaps the early-takers thought “it might not be there later”. However, we are dealing with the federal government...

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What is a better use of my money - a Roth IRA or life insurance?

If we looked at the question of Roth IRA vs. Life Insurance from a purely statistical standpoint, the low probability of dying prematurely would indicate you’re better off investing in the stock market. Since inception, the average annual return of the S&P 500 is approximately 10%. However, the real question we need to answer here has two parts. 1. How do I take care of my future needs? 2. How do I take care of my family that is currently dependent on me?

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Seize the Opportunities!

As we enter 2017, it’s a chance to take some time to reflect on the past year and think about our hopes and dreams with the flip of another calendar year. There were likely some happy surprises, and some hard challenges in 2016. Do you ever stop to think what you have control over, and those things that are completely out of your control?

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Facing the Retirement Pension Puzzle

A common question we are asked from those finally reaching retirement is which payout option do I choose? The options usually include lump sum payout, lifetime income or term certain. A lump sum payout is fairly easy to understand … you are paid a lump sum and sent out the door. But now what do you do with it? If you don’t move it to an IRA, be prepared for a huge tax consequence. If you move it to an IRA, how will you invest it?

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