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Jason’s Notes

Making the Right Choice on Medicare

You’ll quickly come to learn that not everything is covered under Medicare (i.e. long-term care, hearing aids, etc.). To fill the gaps in coverage, you will apply for additional coverage consisting of an Advantage or Supplemental Plan.

Choosing the right plan doesn’t need to be difficult as long as you ask yourself the right questions.

Jason’s Notes

Best Financial Planners in Rhode Island

At Eliot Rose, we specialize in helping clients who are transitioning into or living in “retirement.” Retirement is intentionally in quotes because it means so many different things to different people.

However, there are many other niches where we don’t have the right expertise. As President of the Financial Planning Association (FPA) of Rhode Island, I have come to know many advisors who I deeply respect. This post aims to showcase those advisors that do a great job in their area of specialty.

Jason’s Notes

Why Do We Procrastinate?

Even though we all know that saving for retirement is important, why does it become challenging for so many of us?

An interesting study looked at how immediate gratification may play a role. To make their study relevant to us, let’s say we had a meeting scheduled for next week. And for this hypothetical meeting, Kris e-mailed you asking whether you prefer we bake fresh cookies, make homemade ice cream, or serve fresh fruit (all are in fact non-hypothetical options).

Jason’s Notes

3 Ways Financial Planners Help

Growing up, the only thing I knew about financial advisors was simply that my father was one. I knew that he served his clients well and greatly cared for the people he helped.

Thirty years later, I think the industry has failed to communicate what advisors do. Therefore, I thought it would be helpful to share three ways advisors provide value to their clients.

Jason’s Notes

Estate Planning in 2020

It is always a good time to review your estate plan, but now is an especially good time since we are living in a global pandemic. We know this topic is one that is quickly pushed to the back burner because people do not like to talk about their own mortality and these scary “what-if” scenarios.

However, we encourage everyone to periodically review their estate plan because tax law significantly changes over time. And because the tax law changes, your estate plan will require changes, as well.

Jason’s Notes

How We Helped Andy and Sarah Prepare for Retirement

I am sharing this short story because I think the term “financial planning” is very abstract and doesn’t capture what you actually receive from working with a financial planner.

Hopefully, this example will shed light on the type of work financial planners actually do. This story is a hypothetical because all of our client conversations are confidential.

Jason’s Notes

Fee-Only vs. Fee-Based Advisors

A fee-only financial planner is compensated only by the fees he or she charges directly to clients and not by commissions earned from a sale of a financial product. An advisor compensated only by fees is called fee-only.

A fee-based or “fee and commission” advisor is generally compensated by both fees for advice and commissions on the sale of financial.

Jason’s Notes

COVID-19 Update

As we all adjust to the uncertain and rapidly changing impact of COVID-19, we want you to know that we have shifted all operations to Work From Home (WFH). This shift is made out of an abundance of caution for our clients and our families.

Jason’s Notes

How to Handle the Next Recession

Over the past ten years stocks have gone up more than 400%. The big question is whether this rally will continue. While no one has a crystal ball, good financial planning prepares for these “what-if” scenarios and illustrates how to respond to them accordingly.

If you meet with a financial planner, they will most likely categorize your goals into two broad categories:

“Essential” expenses: expenses you cannot live without

“Discretionary” expenses: expenses that can be cut if necessary

Jason’s Notes

4 Tips When Choosing a College

Choosing a college can be stressful and exhausting, but that doesn’t mean you should leave your heard-earned money behind. Check out our useful tips on how to get a good education while keeping more money in your pocket.

Take a look at our 4 useful tips and avoid these common mistakes!

Jason’s Notes

Are You Ready to Retire?

When my wife describes her vision of retirement she has dreams of never-ending vacations, warm weather, and delicious food without any caloric ramifications. She, like many others, have utopian views of retirement. And she, like many others, find it challenging to plan for the reality of unstructured life.

The AgeLab at MIT has done research on what they call the “8,000 Days” of retirement. Because people are living longer, retirement could be upwards of twenty years (20x365 = 7300 days). Certainly life will look differently over those 8,000 days, and the AgeLab describes four distinct phases of retirement; honeymoon phase, big decision phase, navigating longevity phase, and solo journey phase.

Jason’s Notes

The 3 Most Important Questions

Ice cream has always been a guilty pleasure of mine, and cookie dough is by far my favorite. Ice cream is relevant this month, because I wanted to share with you some interesting research conducted by MIT’s Age Lab, which studies aging and longevity.

This particular lab at MIT has identified three important questions to assess someone’s readiness for a fulfilling and well-planned retirement.

Jason’s Notes

Are You Gambling Unintentionally?

Most of you would never put yourself in a position where you could potentially lose $50,000 at a casino.

However, according to a national study, 41% of Americans do not carry any form of life insurance. If those individuals were to die before retirement, far more than $50,000 is at stake. For every year thereafter, there is a lost year of income for their family and loved ones.

Hot Topics

The Larger Issue in the College Scandal

The recent indictment alleges crazy stunts — like having a stand-in take a college entrance exam, large bribes to coaches and faculty, and even photo-doctoring to paste a student’s head onto the body of an athlete!

Hot Topics

NYC Chases Amazon Out!

​Amazon chose Valentine’s Day to cancel plans for a second HQ in New York City!

Hot Topics

What is Financial Planning Day?

I am proud to have organized Rhode Island’s first pro-bono financial planning day.