Many older Americans rely on Medicare for their health care needs. But it’s not always easy to figure out what’s covered and how much it will cost. Medicare benefits change from year to year, and 2021 is bringing an increase in premiums for participants. The good news is, there are other ways to save on Medicare costs. Here’s what you need to know about this year’s changes in Medicare. Changes to Part A Medicare Part...
The Pandemic Challenge: College Edition If you’re a parent of a high school senior, chances are you have spent a significant amount of time helping your child navigate the college application process this year. It’s a demanding rite of passage that has been made more stressful than usual by COVID-19. Last year, almost every aspect of the college recruiting and admissions process was disrupted and that’s likely to be the case for part of 2021...
What You Need to Know About the New Covid-19 Stimulus Package President Trump has signed the new $900 billion economic relief and spending bill passed by Congress. While most of the focus has been on a second round of relief payments to most Americans, there is plenty more in the 5,000-plus pages of the stimulus package. The goal of this bill is to continue to offer assistance to businesses struggling during the COVID-19 pandemic, provide extra unemployment...
While it may be prudent to use a financial professional when you start your investment journey, there are a lot of things you can do before you ever speak to a financial professional. Investing, like everything else in life, has no guarantees, and even the hottest stock or the best tip may not always perform the way we would like. Keeping that in mind, here are a few things you can do (or not do)...
4 Reasons You May Consider Keeping It When it comes to retaining life insurance in retirement, there are two schools of thought regarding its necessity. The primary purpose of life insurance is to protect your family against a loss of income should you or your spouse pass away. Life insurance benefits are especially important for individuals who still have dependents or have accrued a significant amount of debt. So, if you don’t fit this description...
There’s no doubt that it feels great to help someone in need through charitable giving. There are more than 1.5 million nonprofit organizations in the United States that range from food banks and disaster relief centers to churches and cultural centers. And in 2018, Americans contributed over 4 billion dollars to charitable organizations. While you may have altruistic reasons for donating to a charity that you support, there can also be tax benefits that come...
As a young gun in the industry, you might not care about your employee stock options, but for those who pay attention, there are potential benefits. In this article we are going to look at two things, first what exactly are employee stock options, and secondly why you may want to consider taking advantage of them. What are stock options Employee stock options are simply an opportunity for employees of a particular company to buy...
Proper financial planning should always be a focus, but for those who are dealing with a physically ill spouse or loved one, it is crucial. There are several financial considerations that you will need to ponder, and naturally, these will not work with every situation, and chatting with a professional financial planner is one place to start. Cash Flow If your spouse or loved one is still in the workforce, you may be able to...
Your Retirement Savings and Change in Employment Whether you leave an employer for a wonderful new opportunity or lose a position because of the pandemic, it’s easy to forget about the money you have saved in your retirement plan. Sometimes, retirement plan savings can stay in a previous employer’s plan. Other times, your money can’t stay in the plan, and you need to take action or your employer may move your money. The circumstances depend...
When the ups and downs of stock markets leave you stressed and wondering whether stocks really will help you pursue your long-term financial goals, there are two things to remember: 1. Historically, over long periods, stocks have tended to move higher. For instance, at the start of October 1987, the Standard & Poor’s (S&P) 500 Index was valued at 327. On Black Monday, October 19, the Index lost 22 percent in a single day. By...
Americans are choosing to retire early. Economists Olivier Coibion, Yuriy Gorodnichenko, and Michael Weber associated with the National Bureau of Economic Research (NBER) have been comparing data gathered in January and April 2020 to learn how labor markets were affected by the crisis. 1 They shared their work in Labor Markets During the COVID-19 Crisis: A Preliminary View. The economists reported the employment-to-population ratio declined sharply from January to early April. In January, 60 percent...
There was a little something for everyone in the ‘Setting Every Community Up for Retirement Enhancement’ (SECURE) Act, a piece of bipartisan legislation that was attached to the United States federal spending bill and signed into law toward the end of 2019. Here are some of its provisions: 1 Tax relief for children with unearned income Authorized federally-penalty-free distributions from retirement plans after the birth or adoption of a child Opened workplace retirement plan participation...
