The Financial Briefing

ERIC HUTCHINSON, CFP®, has over thirty years of experience in the areas of financial planning, investments, estate planning, and tax planning. In addition to practicing as a financial planner, Eric is a speaker, author, and frequent television guest on both national and local platforms. He currently serves on several nonprofit boards, including the Arkansas Community Foundation; is active in church, community, and professional organizations; and is a graduate of Arkansas State Chamber of Commerce Leadership Institute. Eric’s joy is working with families to help them manage financial affairs and ultimately make their dreams a reality.

Dedication Acknowledgments Preface Introduction FINANCE 101: LAYING THE FOUNDATION I. Budgeting and Saving Basics Ch. 1: How Do I Make a Personal Budget and Stick to It? Ch. 2: How Do I Improve My Credit Score? Ch. 3: How Do I Begin Saving and Investing? Ch. 4: How Can I Grow My Savings? Ch. 5: How Can I Teach My Children Healthy Saving Habits? Ch. 6: How Can I Help My Child or Grandchild Save for College? II. Planning Basics Ch. 7: How Do I Begin Developing a Personal Financial Plan? Ch. 8: What Should My Personal Financial Plan Include? Ch. 9: How Do I Locate a Qualified Financial Planner? Ch. 10: What Questions Should I Ask Before Selecting a Financial Planner? Ch. 11: How Often Should I Update My Personal Financial Plan? FINANCE 102: COMMON SCENARIO PLANNING I. Planning for Unexpected Change Ch. 12: Do I Have the Right Insurance Coverage? Ch. 13: How Do I Respond in the Event of a Health Crisis? Ch. 14: What about Disability and Life Insurance? Ch. 15: What Should I Know about Long-Term Care? Ch. 16: How Can I Help Older Relatives Articulate Their Long-Term Care Wishes? II. Planning for Growth and Prosperity Ch. 17: What’s the Difference between Growth- and Income-Oriented Investments? Ch. 18: How Do I Narrow My Investment Options? Ch. 19: What’s a Municipal Bond, and How Do I Choose One Wisely? Ch. 20: How Do I Appropriately Allocate My Assets? Ch. 21: Should I Take an Active or Passive Approach to Managing My Portfolio? Ch. 22: What’s My Real Rate of Return? Ch. 23: How Can I Win with My Investments Over Time? Ch. 24: What Types of Mutual Funds Should I Buy? III. Planning for Taxes Ch. 25: What Should I Do with the Money in My 401(k), 403(b), or Other Participant-Directed Account? Ch. 26: Do I Need to Take Money out of My Retirement Accounts after Seventy? Ch. 27: Do I Have to Pay Taxes on Money I Withdraw from an IRA Account? IV. Planning for the Next Generation Ch. 28: Do I Need an Estate Plan? Ch. 29: Should I Draft a Will, a Trust, or Both? Ch. 30: What are the Benefits of Using Trusts to Distribute My Estate? Ch. 31: Do I Need a Living Will? Ch. 32: Who Should Manage My Affairs If I Become Incapacitated? Ch. 33: How Can I Make Sure Death Benefit Proceeds Aren’t Taxed as Part of My Estate? Ch. 34: How Can I Prevent Discord Among Family Members as My Estate is Distributed? Ch. 35: What Documents Should I Prepare in Addition to My Estate Plan? Ch. 36: How Often Should I Review My Estate Plan? V. Planning for Retirement Ch. 37: How Does Inflation Impact My Retirement Income? Ch. 38: Should I Assign Beneficiary Designations for My Retirement Accounts? Ch. 39: How Do I Transfer a Retirement Account? Ch. 40: How Do I Get the Most from My Retirement Accounts? Ch. 41: What Should I Know about the Default Investments in My 401(k) or 403(b) Plan? Ch. 42: Should I Take Social Security Before “Normal” Retirement Age? Ch. 43: How Much Should I Withdraw from My Retirement Account? Ch. 44: How Should I Downsize an Empty Nest? Afterword About the Author