Community News Network

December 30, 2013

10 easy-to-do steps to lower economic stress in 2014

(Continued)

8. Plan your estate. It's a subject that makes people uncomfortable, but here is an incontrovertible fact: One day, you will die. Sorry to break the news to you.

What is within your control is the financial picture you leave behind. It could be a simple process that provides comfort to family, or it could be a giant mess.

At the very least, ensure you have a will that details how your assets will be divided. If you have young children, appoint a guardian for their care. If you are among the 5 percent of the country subject to an estate tax, buy "2nd to die" insurance so you don't leave your heirs with a tax bill.

Also, make a living will and appoint a health-care proxy — someone who will make medical decisions for you if you become incapacitated. Many people have important end-of-life preferences, and if you want them followed, write it up. Your estate lawyer can easily do this in addition to your will.

Lastly, get a safety-deposit box. In addition to whatever valuables you keep there, include the latest dated copy of your will and a list of your accounts, online and offline. Include account numbers and passwords.

9. Move your banking online. Set up an auto-pay for your recurring monthly bills. Make other payments online. Make your bank's online platform generate regular reports that you can share with your accountant. This will greatly simplify your life.

10. Consolidate. Finally, take all the accounts you have accumulated over the years and consolidate them. You don't need 401(k) or IRA accounts at five institutions running five strategies. Roll the 401(k) accounts into an IRA, then combine them into one account. You will end up with a clearer financial picture.

That's my list. Taking care of these will allow you to enjoy a happier, more prosperous and stress-free new year.

- - -

Ritholtz is chief investment officer of Ritholtz Wealth Management. He is the author of "Bailout Nation" and runs a finance blog, the Big Picture.

Text Only
Community News Network
  • Dangerous Darkies Logo.png Redskins not the only nickname to cause a stir

    Daniel Snyder has come under fire for refusing to change the mascot of his NFL team, the Washington Redskins. The Redskins, however, are far from being the only controversial mascot in sports history.  Here is a sampling of athletic teams from all areas of the sports world that were outside the norm.

    July 28, 2014 3 Photos

  • 'Rebel' mascot rising from the dead

    Students and alumni from a Richmond, Va.-area high school are seeking to revive the school's historic mascot, a Confederate soldier known as the "Rebel Man," spurring debate about the appropriateness of public school connections to the Civil War and its icons.

    July 28, 2014

  • Fast food comes to standstill in China

    The shortage of meat is the result of China's latest food scandal, in which a Shanghai supplier allegedly tackled the problem of expired meat by putting it in new packaging and shipping it to fast-food restaurants around the country

    July 28, 2014

  • wd saturday tobias .jpg Stranger’s generosity stuns Ohio veteran

    Vietnam War veteran David A. Tobias was overwhelmed recently when a fellow customer at an OfficeMax store near Ashtabula, Ohio paid for a computer he was purchasing.

    July 28, 2014 1 Photo

  • Screen Shot 2014-07-28 at 1.33.11 PM.png VIDEO: High-dive accident caught on tape

    A woman at a water park in Idaho leaped off a 22-foot high dive platform, then tried to pull herself back up with frightening results. Fortunately, she escaped with only a cut to her finger.

    July 28, 2014 1 Photo

  • CATS-DOGS281.jpg Where cats are more popular than dogs in the U.S.-and all over the world

    We all know there are only two types of people in the world: cat people and dog people. But data from market research firm Euromonitor suggest that these differences extend beyond individual preferences and to the realm of geopolitics: it turns out there are cat countries and dog countries, too.

    July 28, 2014 1 Photo

  • How spy agencies keep their 'toys' from law enforcement

    A little over a decade ago, federal prosecutors used keystroke logging software to steal the encryption password of an alleged New Jersey mobster, Nicodemo Scarfo Jr., so they could get evidence from his computer to be used at his trial.

    July 25, 2014

  • Russia's war on McDonald's takes aim at the Filet-o-Fish

    Russia said earlier this week that it had no intention of answering Western sanctions by making it harder for Western companies to conduct business in Russia.
    But all bets are off, apparently, when you threaten the Russian waistline.

    July 25, 2014

  • cleaning supplies Don't judge mothers with messy homes

    I was building shelves in my garage when a neighbor girl, one of my 4-year-old daughter's friends, approached me and said, "I just saw in your house. It's pretty dirty. Norah's mommy needs to clean more."

    July 25, 2014 1 Photo

  • Arizona's prolonged lethal injection is fourth in U.S. this year

    Arizona's execution of double-murderer Joseph Wood marked the fourth time this year that a state failed to dispatch a convict efficiently, according to the Constitution Project, a bipartisan legal group.3

    July 24, 2014