Everything you need to know about financial planners
According to a Northwestern Mutual survey, people who work with a financial adviser are more likely to know how to balance spending now and saving for later; set specific goals and feel confident that they will achieve those goals; and have a plan in place to weather economic ups and downs. Here's everything you need […]
Take these two steps with your IRA before the end of the year
The end of 2019 is drawing close, so now is a good time to review your retirement accounts and take steps to put your financial house in order. Experts recommend putting two action items on your to-do list. Take your required minimum distribution: You generally have to start taking required minimum distributions or RMDs from […]
Here’s the Number 1 reason why seniors work well into retirement
If you’re still working well into your 60s, odds are you’re doing so to bolster your finances. More than 6 out of 10 people polled by Provision Living said that they’re working into retirement purely for financial reasons. The company, a provider of senior living communities, surveyed 1,032 people in August. The participants were between […]
In The News: To No One’s Surprise, GE Freezes Its Pension
This morning, CBS News and other news outlets reported that General Electric has announced that it will be freezing its pension plans for U.S. salaried workers and executives at year-end 2020, according to an October 7 GE press release. They will replace these benefits with a 3% of pay contribution to employees’ 401(k) accounts, and […]
The Seven-Year Auto Loan: America’s Middle Class Can’t Afford Its Cars
Walk into an auto dealership these days and you might walk out with a seven-year car loan. That means monthly payments that last well past when the brake pads give out and potentially beyond when the car gets traded in for a new one. About a third of auto loans for new vehicles taken in […]
IRA Aggregation Rule: When Many IRAs Become One
After working for multiple decades, it's not uncommon for a taxpayer to have multiple traditional IRAs. Perhaps you have rollover IRAs from previous jobs or several IRAs at different financial institutions. But “in the eyes of the IRS you have one IRA, no matter how many IRAs you have,” says David Cherill, a certified public […]
Understanding Tax-Advantaged Retirement Plans
6 second take: Can you tell the difference between Roth and traditional retirement plans? Do you know what kind of account is best for your needs? Get the lowdown. Not all tax advantages are created equal. There are tax-deductible, tax-deferred, and tax-free plans. Understanding tax-advantaged retirement accounts is essential to make the best decisions for […]
Health Insurance Costs Surpass $20,000 Per Year, Hitting a Record
The cost of family health coverage in the U.S. now tops $20,000, an annual survey of employers found, a record high that has pushed an increasing number of American workers into plans that cover less or cost more, or force them out of the insurance market entirely. “It’s as much as buying a basic economy […]
Consumers must deal with more red tape to get cash from Equifax settlement
Consumers must jump through some more hoops to get a cash payout from the huge Equifax data breach settlement. To get up to a $125 payment, many people must verify that they have enrolled in a credit monitoring service by October 15 "or your claim may be denied," according to the Federal Trade Commission settlement […]
Pimco Sees a Liquidity Trap Gradually Unfolding in Europe
Andrew Bosomworth, managing director and head of portfolio management in Germany at Pimco, discusses Europe nearing a liquidity trap and why European Central Bank policy is increasingly subordinated to fiscal policy. He speaks with Bloomberg's Guy Johnson on "Bloomberg Markets." Bloomberg
5 ways financial planners can help freelancers and creatives build wealth
Freelancing creatives and artists have a bad rap when it comes to money. Many of them shun it, avoid dealing with it, or aren't sure how to make more of it. As I'm working toward being a financial coach to help creative freelancers and artists, I've found that many creatives such as myself aren't necessarily […]
This is when people start saving for retirement—and when they actually should
A significant portion of U.S. adults are delaying starting to save for retirement until a decade or more into their working career — far later than what financial experts advise. Just 39% of adults who are saving for retirement started in their 20s, according to a recent report from Morning Consult, despite half of respondents […]
How to Invest If You’re Worried a Recession is Coming
Although the U.S. economy continues to grow and add jobs, talk of a recession is increasingly in the air due to a number of worrying signs. Business investment and consumer confidence are taking a hit due to the growing economic jitters and uncertainty over the ongoing trade war with China. An important bond market recession […]
Yet another study says Americans are failing at retirement savings
Americans aren't exactly known as strong savers, which explains why so many live paycheck to paycheck. But in a survey by the CFP Board released earlier this year, 48% of U.S. adults aren't saving any money for retirement. And that's disturbing, because while Social Security will provide some income for bill-paying purposes, those benefits aren't […]
These Are the New Rules for Finding a Financial Advisor You Can Trust
Choosing a financial advisor has always been a confusing, high-stakes decision, and critics say a recent regulation designed to help consumers may actually have made it harder to know whom to trust. On its face, the new measure, known as Regulation Best Interest, sounds promising. Adopted in June by the U.S. Securities and Exchange Commission […]