There is a simple and unsettling reality in the United States. Most Americans are not financially prepared for retirement. Some are completely unprepared. The Employee Benefits Research Institute (EBRI)’s 2020 Retirement Confidence Survey found almost half (41 percent) of workers have less than $50,000 in personal savings and investments, and about 18 percent has less than $1,000. 1 Many are better prepared. Slightly more than half of survey participants were actively saving for retirement. However...
A Conversation You Need with Aging Parents Dan Taylor faced a precarious situation after his father suffered from a stroke at age 72 and couldn’t live alone. Dan was responsible for looking after him and had no idea how to proceed. He was overwhelmed by the plethora of options and was determined to find a place where his father “would be treated with dignity and respect.” His experience inspired him to write The Parent Care...
As of December 2018, more than 43.7 million retired Americans collected Social Security, with more than 8 million disabled workers collecting benefits as well. But Social Security is much more than retirement income. Along with providing a small income to millions of seniors, Social Security also provides life insurance as well as survivor benefits. If you’re nearing retirement age and still have a lot of questions about Social Security, here are a few facts for...
*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither...
Data breaches, once a fairly rare occurrence, have become more frequent as hackers become more skilled in their ability to extract personal data from popular social media sites such as Facebook and Twitter. And while we commonly hear about breaches from these large, global organizations, it’s important to remember that small businesses are just as likely to experience a data breach, meaning your information that is stored at you CPA’s office, your attorney’s office, or...
We all have our own unique relationship with money. We certainly have our own unique way of both spending and saving money. However, if you’re ready to start putting some money aside, or looking for tips on money management, or even the best way to pay your bills, the following tips may provide a little bit of help: Keep track of your income and expenses. This means looking at bank and credit card statements, not...
There are many ways that we support our favorite charitable causes. However, one of the most beneficial ways to support a favorite charity now and into perpetuity is through planned giving. While almost any larger nonprofit organization has an active planned giving program, it may come as a surprise that many smaller nonprofits are also eager to work with their donors on planned giving options. Before you make a commitment, be sure to check with...
If you’re currently considering purchasing investment property, there are an equal measure of risks and rewards. Like any investment, risk can be managed, but you want to be aware of the risks prior to investing in property. And like any investment, there can be rewards, some quite large. The following is a breakdown of both the risks and the rewards of purchasing investment property: Risks: If you’re purchasing investment property to serve as a rental...
Most consumers typically have both a credit card and a debit card. Of course, the biggest difference between the two is that a debit card will immediately take money out of your bank account when used, unlike a credit card, which will pay for the purchase and later add the amount of the transaction to your monthly statement. But are there any other differences between the two? It turns out that there are some major...
It’s no secret healthcare costs are going up. Medical expenses have been steadily increasing for years. In 2007, costs were up almost 12 percent. However, the rate of increase slowed to 6 percent during the past five years and that trend is expected to continue for the foreseeable future, according to a June 2018 report from PwC. While single-digit increases are an improvement, ever-rising costs are a concern for those who have to foot the...
It’s certainly no secret that healthcare costs have escalated in recent years, and there’s no reason to believe that the end is in sight. But whether you have a comprehensive health insurance policy or have purchased a catastrophic policy, there are ways to save on healthcare costs. Here are just a few: 1. Stop going to the emergency room for minor illnesses. There are many reasons why going to the emergency room is a good...
In a recent survey by JumpStart Coalition for Financial Literacy, only 26 percent of those between the ages of 13-21 said that they had been taught how to manage money. Yet, when they turn 18, kids are signing contracts for student loans, opening credit card accounts, and in many instances, living away from home with little financial guidance available. We have a list of classes that kids need to pass in order to graduate from...
