Everyday Wealth

May is National Nurses Month, and this episode of Edelman Financial Engines’ Everyday Wealth™ is all about health care. Jean and Erin Smith, the director of estate planning at Edelman Financial Engines, answer an email from a nurse who wants clarity on naming a health care power of attorney. Then, Edelman Financial Engines wealth planner Isabel Barrow joins Jean to break down different options for health care coverage, including Me...

Buying insurance can be confusing, but it’s an important process to help protect yourself and your loved ones. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Andy Smith discuss how to determine how much life insurance you may need using a simple formula. They also dive into disability insurance and the types of policies and costs associated with it. Later, Robert Bain, the insurance senior m...

You spent your lifetime working hard, diligently saving and investing money to secure your financial future. But when it’s time for retirement, how do you schedule your income in a way that preserves your wealth as long as you need it to? The right strategy can help you manage taxes and maintain the standard of living you’ve been planning for. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner I...

Along with retirement plans at your workplace like a 401(k) or 403(b), IRAs have become the cornerstone of modern retirement. There are two types of IRAs - traditional and Roth - and the goals of these two accounts are similar - save for and fund your retirement - but they differ in some important ways. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean breaks down what those differences are and how a backdoor Rot...

Even though 2 out of 3 people believe you should have a will by age 55 or sooner, less than half of people 55 or older actually have one, according to Caring.com’s 2023 Wills Survey. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Isabel Barrow discuss why it's essential to have plans in place in order to pass on your wealth and legacy to the next generation and some common pitfalls to avoid....

Over the last decade, because of the zero interest rate policy set by the Federal Reserve, you weren't paid anything to hold cash since ZIRP ensured cash yielded essentially nothing. In fact, after subtracting for inflation, you were losing money if you held cash, hence the phrase – cash is trash. But with the Fed increasing short-term interest rates over the last 12 months and yields on cash-equivalent investments as high as they’...

Unfortunately, the end of some pandemic-era tax breaks is likely the beginning of tax hikes over the next few years. The big reason is because the Tax Cuts and Jobs Act begins sunsetting next year and many of its provisions are scheduled to expire in 2025. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean is joined by wealth planner Isabel Barrow to explore who may face tax increases and to share 11 strategies to...

Single people face a unique set of challenges when it comes to financial planning. Jean is joined by wealth planner Rose Niang in this episode of Edelman Financial Engines’ Everyday Wealth™, to discuss those challenges, including health care, emergency funds and retirement planning, and how to help navigate them. Later in the episode, Erin Smith, director of estate planning at Edelman Financial Engines, joins the conversation to ex...

You work hard saving and investing most of your adult life so that you can have the retirement of your dreams, but there are financial risks that could derail your plans. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Rose Niang explain what those risks are and how to help protect your retirement. Then, Jean is joined by Dr. Ken Dychtwald, the country's foremost expert on aging and author of...

When it comes to claiming Social Security benefits, there are many questions with no easy answers. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean is joined by wealth planner Andy Smith to help break down how to get the most out of Social Security and when might be the best time to claim. Later in the episode, Jean interviews Marcia Mantell, author of What's the Deal with Social Security for Women? and Cooking ...

Divorce rates have been steadily declining since the ‘90s for all age groups except for one – the baby boomers. This phenomenon of rising rates is referred to as gray divorce, and one of the main reasons for the rise is financial differences. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planners Andy Smith and Isabel Barrow explore what these financial differences are, including financial infideli...

The filing deadline to submit 2022 tax returns or an extension and pay taxes owed is Tuesday, April 18 and along with some important changes that you need to know about, there are also tax strategies you can still use to potentially help reduce your taxes. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean is joined by wealth planner Andy Smith to discuss last-minute tax tips to help you through this tax season. L...

Despite the many reasons to get help from a financial advisor – especially in today’s climate – only 35% currently work with a financial professional. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean and wealth planner Isabel Barrow talk to a listener who wants to choose the right financial advisor after going through a litigious divorce. Later in the episode, Jean and Isabel discuss considerations to make when ...

“Is the 60/40 portfolio dead”? That was a topic making big financial headlines in 2022. But so far this year, media outlets have been walking back on that sentiment. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean talks to Christine Benz, Morningstar's director of personal finance, about portfolio construction, the 4% rule, and what it all means for you. Later in the episode, wealth planner Isabel Barrow joins ...

When most people think of retirement, they think of slowing down. But it doesn’t have to be this way. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean talks with Michael Clinton, author of ROAR: into the second half of your life (Before It’s Too Late), about how to re-imagine retirement and make the most of it. Later in the episode, wealth planner Isabel Barrow joins the show to discuss what to consider when you...

Retirement security has long been a top concern for this country. This past December, Congress passed the SECURE 2.0 Act, which contains a number of ways for Americans to save more for their retirement. In this episode of Edelman Financial Engines’ Everyday Wealth™, Jean is joined by wealth planner Andy Smith and Dr. Wei Hu, vice president of financial research for Edelman Financial Engines, to discuss retirement security opportuni...

As markets continue their bumpy ride, some investors are looking to make back losses during the potential upswings – possibly taking on some excessive risk. In this episode of Everyday Wealth™, Jean Chatzky is joined by wealth planner Andy Smith to discuss the differences between speculation and investing, and how a wealth planner can help mitigate your risks. They also discuss whether it’s better to lease or buy a car in the curre...

As home prices and interest rates traveled through the roof this past year, many people want to know where the real estate housing market is headed next. This week on Edelman Financial Engines’ Everyday Wealth™, Jean is joined by economist Mark Zandi from Moody’s Analytics to do a deep dive on the housing market and to discuss what it will take for homebuying to feel manageable again. Later in the episode, Edelman Financial Engines...

When you’re starting a small business or a side gig, there are many important factors to consider in order to help make it a success. This week on Edelman Financial Engines’ Everyday Wealth™, Jean is joined by Edelman Financial Engines wealth planner Andy Smith as she shares her journey from side gigs to becoming a small-business owner and what she learned along the way. Later in the episode, Rich Lahijani a director, tax advisory ...