SECURE Act 2.0 was signed into law at the end of 2022. Here are a few ways it could affect your retirement. After consumers throughout America were forced to endure a harsh financial storm in 2022, the year came to a close with President Biden signing a bill intending to increase and enhance the capabilities of retirement accounts. The bill…
Though the United States may avoid a full-fledged recession, it’s undoubtedly a difficult time to be a consumer. Here are some ways to protect yourself. The fear of a recession looms large, and though it isn’t certain that we’ll enter recession territory in 2023, there’s no doubt we’re in a period of constraint for consumers. Inflation is still high despite…
Medicare can be tricky. Here are some common mistakes to avoid! The Medicare open enrollment period has begun, so we thought it would be a great time to discuss some of the most common mistakes retirees make when it comes to their healthcare. Along with your streams of income that you’ve created for yourself during your career, Medicare is one…
A proper estate plan can protect your assets and your family. Here are some answers to questions you may have! October is National Estate Planning Awareness Month, so now is the perfect time to discuss the importance of having an estate plan. We get it. It’s something nobody wants to think about, especially your loved ones, who can’t imagine living…
Life insurance is no longer constrained to the inflexible policies our parents held. Here are some of the latest additions and innovations to give you more options than ever. Today’s life insurance policies are not the policies our parents and grandparents grew up with and purchased. They offer more features and more customization, at a price lower than many consumers…
The COLA on Social Security is projected to increase benefits by more than 10%. How does that affect your retirement? Inflation in the United States is at a 40-year high, and the entire country seems to be feeling the squeeze of rising prices, regardless of income level. Though the debate over the cause of current inflation rates rages on, one…
A recent study found that the problem of “forgotten 401(k)” and pension accounts is widespread, and amounts to approximately 24 million accounts containing $1.35 trillion in assets. The issue is so big that Congress is considering creating a national online “lost-and-found” database to help people track down their accounts as part of a larger bill containing more benefits and protections…
September is “Life Insurance Awareness Month.” Is your family using life insurance in the right ways as part of your comprehensive financial plan? Here are five reasons you should consider life insurance. You Have a Young Family1 Even though the pandemic has shown us all the need for financial protection for the family from sudden death or disability, there are…
Budgeting can help you achieve your goals faster. Once you realize that budgeting can help you achieve the goals you’ve set out for yourself, you may find the process inspiring. Think of your budget as a spending plan Think of your budget as your “how-to” plan for spending your money rather than what you “can’t” spend. The upside is that…
Spring is here! Time to get your finances in shipshape condition. Here are five ideas to get you started. Check your credit reports. While you’re reviewing your expenses and debts in order to see how you are faring in terms of staying within your personal budget, make sure that there aren’t any expenses or debts on your credit report…
The Federal Reserve “Part of the mission given to the Federal Reserve by Congress is to keep [consumer] prices stable–that is, to keep prices from rising or falling too quickly. The Federal Reserve sees a rate of inflation of 2 percent per year–as measured by a particular price index, called the price index for personal consumption expenditures–as the right amount…
No matter how long you have been together, financial issues can wreak havoc on a committed relationship. According to Investopedia, some of the top money issues between partners include money/personality style clashes, debt, personal spending, children, and extended family differences. When couples don’t agree about spending and saving habits, it can lead to stress, arguments and resentment. Here are seven…
What the latest round of funding may mean for you. The $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump on December 28th as the COVID-19 pandemic continues to impact employers and employees. The new package resembles March’s $2.2 trillion CARES Act, but will only be $920 billion, with roughly half of that—$429…
Numbers to know for the new year. On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note. 401(k)s. The salary deferral amount for 401(k)s remains the same at $19,500, while the catch-up amount of $6,500 also remains unchanged. However, the…
October is Financial Planning Month which serves as a useful, annual checkpoint to make sure you are on track to meet your financial goals. A written, up-to-date financial plan encompasses not only investments, but risk management solutions, tax reduction strategies and estate planning. 10 Reasons You Need a Financial Plan 1. To have one comprehensive document to address your finances….
Even though perceptions have changed during the pandemic with more Americans now saying they need less money to feel rich1, when it comes to retirement, most people are still unclear about how much they will need to have saved before they can quit their jobs. The answer to that question is different for every person. Here are some of the…
The coronavirus has given us all a lot of stress, as well as a lot of free time to think. If you’re postponing your summer vacation plans, now may be the perfect time to implement some financial planning “to-do’s” that could enhance your personal wealth and financial well-being. Here are seven things to consider: 1. Is there too much risk…
The Transamerica Center for Retirement Studies recently conducted an online survey of more than 6,000 people in the U.S. and found that many are feeling financially vulnerable. Americans are feeling a distinct lack of confidence, particularly when it comes to retirement. Whether employed or unemployed, the survey found that 23% of workers are no longer certain they can retire comfortably…
Here are six things you need to know if you or a family member has been furloughed—or laid off—from their job A furlough is an unpaid leave of absence. You don’t report to work, you don’t get paid, and you may lose some of your benefits. Getting fired or laid off is different because it is permanent; whereas, being furloughed…
The $2 trillion coronavirus economic stimulus bill is the single largest relief legislation in U.S. history, aimed at providing help for individuals and businesses affected by the outbreak. It was signed into law on March 27, 2020. The CARES Act is also known as “Phase III,” because it follows a $104 billion package passed March 18 for workers and families,…
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