According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn’t start saving for retirement soon enough, 19% didn’t contribute enough to an emergency fund, and 10% wish they had saved more for college.1 The saving conundrum What’s preventing Americans from saving more? It’s a confluence of factors: stagnant wages over many years; the high cost of housing and college; meeting everyday…
Continue reading Hindsight in 2020: What Will You Do Differently This Year?
It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed? Is it ordinary income or a capital gain? To determine how an investment vehicle is taxed in a given year, first ask yourself what went on with the investment that year. Did it generate interest…
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Have you been dragging your feet on estate planning? You are not alone. Nearly 64% of U.S. adults do not even have a will, including 51% of people age 55 to 64, according to the website Rocket Lawyer. But a lack of an estate plan, or an outdated one, leaves you and your family vulnerable. Your assets could get tied up in the costly court probate process after death. Your loved ones might have to make difficult decisions about your…
Continue reading 5 Reasons to Prioritize a Lasting Legacy
Losing a spouse is a stressful transition. And the added pressure of having to settle the estate and organize finances can be overwhelming. Fortunately, there are steps you can take to make dealing with these matters less difficult. Notify others When your spouse dies, your first step should be to contact anyone who is close to you and your spouse, and anyone who may help you with funeral preparations. Next, you should contact your attorney and other financial professionals. You’ll…
Continue reading Organizing Your Finances When Your Spouse Has Died
Whether you’re seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility–many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of an experienced attorney, mastering the basics isn’t hard. What is a trust? A trust is a legal entity that holds assets…
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Life is definitely more than just about money. There are so many things to know about money. The list is endless, but here are 10 important things you as a woman should know about money: 1. Men and Women are Different Understand that men and women are different in how we use money, how we feel about money, and how we communicate about money. In most relationships one partner will be the spender and one will be a saver. Understand…
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Bonds may not be as glamorous as stocks or commodities, but they are a significant component of most investment portfolios. Bonds are traded in huge volumes every day, but their full usefulness is often underappreciated and underestimated. Why invest in bonds? Bonds can help diversify your investment portfolio. Interest payments from bonds can act as a hedge against the relative volatility of stocks, real estate, or precious metals. Those interest payments also can provide you with a steady stream of…
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Each day, you face a variety of risks–risks to your life, your health, and your property. Although you can’t eliminate many of these risks, you can take steps to guard against resulting financial losses. That’s where insurance comes in. If your coverage is sufficient, insurance can provide financial security to you and your loved ones. Many types of insurance coverage are available–here’s a brief overview of what’s out there. Life insurance Life insurance provides funds for your surviving loved ones…
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