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Many Workers Wonder When (And If) They’ll Retire

Inflation, market fluctuations, and uncertainties about Social Security raise concerns Retirement is supposed to be our “golden years,” but many Americans worry there will be nothing “golden” about it—and they might even have to cut back and scrape by to pay their bills (or keep working). NerdWallet reported in 2023 that 27% of Americans saved less than they normally would for retirement in the previous 12 months due to inflation.1 Stockmarket downturns and higher taxes have also challenged retirement finances …

Procrastination is the Biggest Barrier to Estate Planning

Putting it off and dying “intestate” may not be the legacy you want to leave your loved ones The pandemic raised awareness about the importance of having a will, living trust, and other end-of-life documents. Still, only one in three American adults actually have a will or living trust1. According to the Caring.com 2022 survey, the top reasons people gave for not tackling estate planning were: If you’re among the two-thirds of Americans who haven’t created an estate plan, you …

Managing Risk with Diversification

Diversification is a fundamental aspect of risk management and plays a critical role in building an investment portfolio. When you first considered investing, it probably seemed like a good idea to focus heavily on what worked best for you from the beginning. If stocks from a particular company brought you high yields, why not double up on your original investment? The answer is diversification. It may seem counterintuitive, but diversification is a fundamental aspect of risk management, and plays a …

Financial Traps to Avoid

There’s a reason why even athletes, entertainers, and business people with seven-figure (and higher) incomes suddenly find themselves filing for bankruptcy. Money mismanagement can eat through even the biggest bankrolls. Here are some specific threats to financial stability that people can avoid to help effectively manage their wealth. No Budget In 2022, a survey by Debt.com2 revealed that 90.24% of respondents believed everyone should have a budget (though only 85.6% of the respondents said they used one). Half of the …

Making Sense of Medicare Parts A, B, C, and D

With its four distinct parts, Medicare can be an alphabet soup of complexity. We provide an overview of the various components and how they impact your healthcare costs. Medicare is available to virtually all U.S. citizens and legal residents 65 years of age and over who have previously worked and paid U.S. taxes or who are/were married to someone who did. There are four key parts to Medicare — Parts A, B, C, and D. To maximize coverage and benefits, …

Top of Mind

Practicing Mindfulness With Money Can Help Boost Your Financial Wellness Many people practice mindfulness through yoga, tai chi or other forms of movement, often incorporating breathing exercises. Others rely on their smart watch or phone to ping them at the same time each day, urging them to practice it for a few minutes. While there are many definitions of mindfulness, this one from mindful.org seems to capture it well: Mindfulness is the basic human ability to be fully present, aware …

Pay It Forward

Looking To Teach a Child Some Important Money Lessons? Consider a Roth Custodial IRA. You started early and have saved hard in your 401(k). You’ve also paid close attention to your investing strategy over the years. And you definitely understand the benefits of tax-deferred compounding over the long term and the potential for growth. Heck, you’ve even remembered to change your account password every 90 days. Maybe now it’s time to pay it forward and pass along some of your …

Eyes on the prize

Despite Challenges, Americans Remain Focused on Saving for Retirement In the face of economic uncertainty, market volatility, geopolitical unrest and the ongoing COVID-19 pandemic, plan participants have continued to save for retirement. Vanguard’s annual report, “How America Saves 2022,” cites a number of encouraging factors that are contributing to this trend. Plan Sponsor Support The report acknowledges that the pandemic has brought more attention to the unstable position of most Americans’ finances (70% of Americans surveyed say anxiety over finances …

Eliminate the Guesswork

Creating an estate plan is a key component of achieving financial wellness Most people don’t spend too much time thinking about end-of-life planning on a daily basis. But you may have loved ones who will soon face those issues. While it’s not pleasant to think about, you may be the one who ends up having to sort out their affairs. In addition, there will come a time when you need to think about yourself and your own family. In a …

Tax related identity theft crimes

Criminals are stealing taxpayers’ identities and committing tax-related crimes. There are steps you can take to keep your personal information protected. Identity theft is a growing concern, impacting 14.4 million U.S. Consumers in 2019. Armed with your Social Security number, a criminal can use that information to commit tax and other financial-related crimes in your name. There are a number of common ways that identity thieves can obtain your Social Security number: Stealing your mail, purse, or wallet. Stealing data …

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