We all make mistakes. Sometimes mistakes can create an opportunity to learn. At other times, we can “fix” the mistake and move forward. However, there are occasions when mistakes are irreversible and can have a lasting impact on your life.
The Tax Cuts and Jobs Act, signed into law in December 2017 will affect everyone. The new law refurbished tax brackets, eliminated personal exemptions, altered popular deductions, and rebalanced tax credits. Bankrate estimates the median household income for Americans over the age of 65 at $40,000, increasing the benefits of the tax changes due to […]
At the current rate of saving, 34 percent will leave the workforce without contributing any money towards retirement, relying on Social security and Medicare health insurance to pay for living costs. The transfer of responsibility from the employer to the employee has many workers struggling to balance the financial demands of today, with the prospect […]
The Pension Protection Act of 2006 provided changes in 401K plan regulations making auto enrollment more feasible for companies to administer. The Act reduced employer liability and allowed for auto escalation, encouraging employers to implement auto enrollment in 401K plans.
There is never enough money to go around. Each month you make important decisions which impact your long-term financial well-being.High student loan debt and low retirement account balances arehot topics affecting millions of consumers. In 2016, graduates completed school with an average of $37,172 in student loan debt – enough to cause many Millennials to […]
Life insurance is often that item on the to-do list that never actually gets accomplished. You understand the need for it, yet the process is complicated, and the options are often obscure. You don’t like thinking about your own demise, and after all, you are in good health now. This lack of urgency allows you […]
As you put pen to paper and try to calculate retirement needs, you can be left wondering how you will build adequate monthly cash flow to last the rest of your life. There are many unknowns in retirement: How long will you remain healthy? What will your healthcare costs be? How long will you live […]
There is nothing new about recommendations to pay down debt or consistently contribute to retirement accounts. The reality is, Americans carry too much debt and don’t put enough money away for future needs. The actual facts are pretty bleak. The Employee Benefits Research Institute reports consumers over 75 carry an average debt of $27,409. Those […]
Most American’s nearing retirement are facing the harsh reality that household debt will not be eliminated prior to leaving the workforce. Some carry debt into retirement because their jobs ended earlier than expected due to layoffs or health issues prevented the continuation of employment. Some leave work to care for a spouse or a loved […]
As pensions decline, funding your own retirement has become an essential process during your working years. The sooner you begin, the less actual dollars you must contribute, and the larger your account will grow. While it may seem retirement is a long way off when you first begin working, paying for 20 plus years of […]
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