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"I have a number of international clients from India, Europe and other places around the world. Compared with Americans, these individuals tend to have a much higher personal savings rate -- sometimes as high as thirty or forty percent of their disposable income, as opposed to here where the national average often fluctuates somewhere between three and six percent. By living so far below their means, they're able to build up cash reserves to fund their top priorities, such as college tuition for their children."
Ameriprise Financial to Match Donations to Feeding America During Hunger Action Month
In recognition of Hunger Action Month, Ameriprise Financial, Inc. (NYSE: AMP) today announced that it is launching the Ameriprise Financial Challenge – a program that will double match all online contributions to Feeding America made during the month of September.* The public is encouraged to visit hungeractionmonth.org starting tomorrow to make a contribution.
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"Many investors have been unwilling to convert from a traditional IRA to a Roth IRA because they worry Congress will tax Roth IRAs in the future. However, if Congress does change the tax laws, they could increase the taxes on regular IRAs, 401(k)s, Roths or any other source of income. As a result, investors who choose not to convert face the same risk of a tax increase as those who do. Investors may want to consider partial Roth conversions to diversify their tax risk."
One Year from Retirement -- What to do Now?
They’ve planned for it, they’ve saved for it, but up until now their retirement has seemed like a distant vision. Perhaps they’re narrowing in on a milestone birthday, or a point in their career where it makes sense to transition out of the workforce.
For pre-retirees with a year or less left at work, what steps should be taken to ensure a smooth landing in retirement? What issues should they discuss with their employers prior to leaving? What paperwork needs to be filed?
Our financial advisors have helped clients sort through these and other questions that arise in the weeks and months before retirement.
"My children have often heard me say in the morning, 'Kids - we're going to conquer the world - today we start with the kitchen!' As overwhelming as the national debt may be, the best place to start making things better is in your own financial situation. Clean up your own balance sheet and pay off some credit cards; contribute to your savings and focus on what you can do instead of thinking about what your neighbor is doing."
David Joy: Weekly Markets Commentary
Stocks drifted lower in light trading last week. It was the second consecutive weekly decline for the S&P 500 Index, leaving it at 1071, the midpoint between its April high of 1217 and its July low of 1022. Most of the week's decline came after the latest weekly jobless claims report showed an increase to the highest level since last November. A weaker-than-expected report of manufacturing activity in the Philadelphia region also contributed to the selloff. The S&P 500 is now 3.9 percent lower on the year.
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Columbia Management Streamlines Mutual Fund Offerings
Mutual fund consolidation expected to benefit shareholders and advisors
BOSTON – August 19, 2010 – Columbia Management announced that it has proposed 62 fund mergers as part of the integration of Columbia Management and RiverSource Investments. These proposals are subject to final approval by the funds’ boards of directors/trustees and are ultimately subject to shareholder approval.
08/17/2010
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James C. Hanna CFP®, MBA | Ameriprise Senior Financial Advisor in Topeka, Kansas
"After finding out--over the past few years--that their financial houses were built at least partly on sand, clients and prospects are more open to advice about building their financial houses on solid rock to prepare for future storms."
David Joy: Weekly Markets Commentary
There was some good economic news last week. Unfortunately for the U.S., the news came from Europe. The eurozone economy grew at a rate of 1.0 percent in the second quarter, powered by a 2.2 percent increase in Germany and a 0.6 percent advance in France. The German performance is the equivalent of a 9.1 percent pace on an annualized basis.
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08/12/2010
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Theodore S. Davis, CFP® , CRPC® | Ameriprise Senior Financial Advisor in Fairfax, VA
"Many of my clients think of me as a marriage counselor, not because they are unhappy in their relationships, but because an important part of our meetings is to establish harmony with their financial priorities. This is particularly important for couples approaching retirement and making important decisions about lifestyle, investments, legacy planning and pension election."
