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...
The first day of fall may be in September, but the beginning of October is when that autumn feeling really kicks in. Whether you’re mourning the end of long summer days or embracing the return of pumpkin spice at your local coffee shop, October also signals that we’ll soon be closing the books on another year. And while the start of the fourth quarter may trigger a look back on the year so far, it...
The first day of fall may be in September, but the beginning of October is when that autumn feeling really kicks in. Whether you’re mourning the end of long summer days or embracing the return of pumpkin spice at your local coffee shop, October also signals that we’ll soon be closing the books on another year. And while the start of the fourth quarter may trigger a look back on the year so far, it...
Here’s a number that will knock your socks off: $400 trillion. 1 By 2050, the retirement savings shortfall in eight of the world’s largest economies is expected to reach $400 trillion, according to estimates from the World Economic Forum (WEF). The shortfall is the difference between the amounts of money retirees may receive from government and/or employer pensions and individual savings. The amount they need to replace 70 percent of their pre-retirement income is also...
At the end of the month, do you often find yourself with a lot less money than you expected? Do you have a hard time determining exactly what you spent your money on? Do you feel that you should have more to show for your hard work than you currently do? Are you and your spouse or partner always fighting about money? If any of these are true, you may want to consider creating a...
How long will you live? It’s not a question anyone can answer with any certainty, and that creates a significant risk when planning for retirement. Your retirement may last for a long time, and you will need to have enough income to live comfortably without running out of money. In 2018, Gallup surveyed retirees about their retirement income. The top income sources for Americans were: 1 57 percent Social Security benefits 37 percent Employers’ pension...
In recent years, investors have largely ignored geopolitical risks. Russia’s invasion of the Crimean Peninsula, the Brits’ vote to leave the European Union (EU), unrest in the Middle East, and other global events have not affected financial markets’ upward progress. When tariffs came between the United States and its allies, financial markets blithely breached new highs. However, the possibility of a trade war between the United States and China took the spring out of the...
Pat and Kelly, new parents, made a couple monthly budget adjustments upon the arrival of their first child. First, due to the added cost of day care and dependent health insurance, they decreased the amount they were saving for a house. And second, they agreed to review their life insurance needs. Pat’s sister suggested they buy $500,000 life insurance policies like she and her husband did when their child was born. Given the disparity in...
For years it was assumed that tax planning was reserved for the wealthy. While wealthy individuals will see the most benefit from tax planning, with big changes looming for the 2018 tax year, even middle-income earners can reap the benefits of tax planning. Basic tax planning starts with your AGI or Adjusted Gross Income. This is your total income after any adjustments or credits have been applied. Reducing your AGI is the number one goal...
For young families, the immediate cost of raising a child can be testing financially. Just when you thought you were in the clear from student loan repayments and your never-ending car lease, a hungry mouth appears with countless sleepless nights and a hefty price tag attached. But diapers, baby formula, and stuffed toys aren’t the only financial burdens parents should worry about. In the hypercompetitive world we live in today, a post-secondary degree is essential...
