Our financial planners have lots of information on money matters.
Bryan Place, with Place Financial Advisors, says the market upturn is a bit more hopeful that the rally last November, because there is some positive economic news--he suggests it makes sense to begin re-investing, perhaps through IRAs that can be added to for 'last year' credit up until April 15.
Ted Sarenski from Dermody, Burke and Brown, says it's also a good time to do some longer term financial planning. Figure you'll draw 4 - 5% from your savings annually, and if that's not enough to live on you need to either refigure budgets and savings strategies, or delay retiring, or, if retired, perhaps go back to work. Sarenski also suggests starting to save earlier to allow money time to grow.
Grace Ghezzi, from Benefit Consulting Group, says it's also a good time to review how this year's tax returns worked out, and if you need to increase or decrease withholdings (and, if you work more than one job and get more than one stimulus break, you'll end up owing next year!).
Ghezzi also talks about the tax benefits of college savings, with reminders to look at the 'big picture' of financial aid, and not judge on just one aspect (see video). Also, a reminder: if job situations change, college financial aid offices will try to help, to keep students in school.
Our panel answers questions every Monday 5 - 6:30pm. You can also email your questions to Money@cnycentral.com
