Blog
What’s on your mind investing, saving taxes, and preparing for retirement? You can find it here. I’ll be your guide, so let’s get started.
Want to Write Your Own Will
Have you ever considered writing your own will? While you can draft a will independently, you may want to avoid going that route for many reasons. Most people do it to save money, but they may overlook or forget to take care of some...
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Inflation & Your Purchasing Power
If, in the year 2021, you purchased an item for $1.00 in 2023, that item would cost $1.13 with a cumulative inflation rate of 12.6%.[1] Did your income or wages go up 12.6% during that period? The previous question...
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What Types of Income are Taxable? Here's A Quick Review!
All income you receive is taxable unless the rules explicitly state it isn’t. According to the Internal Revenue Service (IRS), taxable income includes earned income like wages and any income earned by providing a service or the...
Read MoreSave Income Tax by Turning 72 in 2023
In the final days of 2022, Congress passed a new set of retirement rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement.The law is called SECURE 2.0, and it's a follow-up to...
Read MoreHolidays: A Time to Discuss Finances
The holiday season is upon us; from story time with sorely missed grandchildren to laughter with friends and family over long-cherished memories, there's little doubt that "the most wonderful time of the year" has arrived.This season...
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8.7% Social Security 2023 Benefit Increase
An 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023.
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3 Tips for the Remainder of 2022
Now is a great time to consider the remainder of 2022. Inflation and economic uncertainty are causing many of us to delay or cancel vacations, large purchases, and more; it can be challenging to know where to start.Here are a few tips...
Read MoreSummertime Checkup
Summer’s here, and the time is right for vacations, outdoor activities, and fun. It’s also a good time to consider a few financial matters. Here are some questions to ask yourself mid-year.Goals still the same for 2022? Has...
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Your Power as a Consumer
A confident consumer can be a powerful ally in an economy. But when the consumer starts to have questions, we can measure consumer confidence in everything from retail sales to home buying to the personal savings rate.In recent months...
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On The Road With Inflation Watch
Inflation is defined as the general upward price movement of goods and services in an economy. The key word is “general.” Inflation tends to be uneven and affects the price of some items more than others.If you’ve...
Read MoreSocial Security Adds 5.9 Percent Benefit Increase for 2022
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022, the Social Security Administration announced today. The 5.9 percent cost-of-living adjustment...
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Focusing On Distracted America
Over the last year, many have seen lives impacted by the COVID-19 pandemic. How we work, live, and communicate have drastically changed. It’s difficult to predict what other aspects of life may alter before we’re through...
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Worry And The Financial Markets
Have you ever heard the Wall Street expression, "markets climb a wall of worry?" It's the idea that financial markets are constantly on edge. If you're looking for something to worry about, you've got plenty of choices these days: the...
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Inflation & Your Actual Investment Return
The actual rate of return is an essential personal finance concept to understand. It’s the rate of return on your investments after inflation. The actual rate of return indicates whether you are gaining or losing purchasing...
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An Increase Of 6.1% in Social Security By Year-End?
The news keeps getting better for Social Security recipients. It's now projected that benefits will increase by 6.1% in 2022, up from the 4.7% forecast two months ago. That would be the most significant increase since 1983.1,2 It's all...
Read MoreInflation, Your Wallet And The Cyberattack
A cyberattack shut down a significant gas and energy pipeline supplying the East Coast of the United States for several days. The existing pipelines themselves are still functional and have since started running again, but it’s...
Read MoreProtecting Financial Assets Survey
A recent survey shows that 63% of investors are more interested in protecting their financial assets and planning for uncertainty in the future than anything else.1 There are many reasons for this change, but here are a few of the...
Read MoreYour Online Social Security Statement
Darlynda Bogle, Assistant Deputy Commissioner, writes the following about new fact sheets added to your online Social Security statement.Your Social Security Statement, available on my Social Security, tells you how much you or your...
Read MoreBonds & Interest Rates
There's an old Wall Street maxim that says, "markets climb a wall of worry." And these days, there's plenty to worry about with the trend in long-term interest rates. The 10-year Treasury yield in recent weeks moved above 1.75% (the...
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Stimulus and Inflation
I’m sure you’ve heard that the House recently passed the Senate another round of stimulus to try and counteract the economic effects of the COVID-19 pandemic. The new stimulus package could narrow income eligibility to...
Read MoreBubbles Investments and Tulips
In 1636 Netherlands, tulips were in great demand. At one point, a single tulip bulb's price reached ten times a skilled craftsman's annual income. Suddenly, the prices fell, and the demand for tulips collapsed. Tulips were the first...
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Tax Filing Season Is a Little Later This Year
Recently, the Internal Revenue Service (IRS) announced that tax season will start a little later than usual. This year the IRS will begin accepting and processing 2020 tax returns on Friday, February 12, 2021.1In light of the December...
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Up and Down Markets Resemble Marriage
Your investment strategy can be a lot like a marriage. One day you may feel like everything’s great. The next day, there might be an argument over who forgot to load the dishwasher. And even the best marriages have moments where...
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Retirement Detour or Speed Bump
Do you know how much money it will take to retire and how much money it will take to stay comfortably retired? As an investor, it can be tempting to get caught up in daily news headlines. Consider how news about the election and...
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For Everything There Is A Season: Be Confident. Be Bold. Be Patient
It should come as no surprise that the economy is a crucial issue now. But here's something that may surprise you. More than 90% of investors say they plan to change their portfolio in the 12 months following the election.1 Some are...
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IRAs, 401(k)s 2021 Limits
On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.401(k)sThe salary deferral...
Read MoreSocial Security Announces 1.3 Percent Benefit Increase for 2021
2021 Social Security Changes Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in 2021, the Social Security Administration announced today. The 1.3 percent...
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Election 2020: Outcome and Income
As the U.S. presidential election draws near, expect to see more and more headlines that propose, "What will happen next if this person is elected?" or, "What policy changes to prepare for in the next four years?" In reality, however,...
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Bonds, Inflation, And The Federal Reserve
Most recently, you may have read that Federal Reserve Chair Jerome Powell announced a change in how the Fed views inflation. In the past, the Fed said it would consider adjusting short-term rates when inflation approached 2 percent....
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How Many Dollars Do You Need for Retirement?
Many people are uncertain about their financial future as they start to prepare for their retirement years and ask the question, "Will I outlive my retirement money?". So I chuckle a bit when I see headlines that say, "Here's how much...
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Putting a Price Tag On Your Health
When you’re young, it takes your health to make your wealth. When you get old, it takes your wealth to keep your health. © Wayne R. Fourman We hear over and over again, how important it is to maintain a healthy lifestyle....
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Home Loans at Historic Lows
Lately, it can feel like each day brings a new headline about fluctuating market behavior. But amid the ups and downs of 2020, there may be some potential good news on the horizon. On July 16, 2020, the interest rate for a 30-year...
Read MoreThe Stock Market Is Not The Economy
The era of COVID-19 and financial woes brings a question to the mind of many, Why is the stock market holding up so well when the economy appears to be struggling? To understand why the markets react — or don’t — to...
Read MorePrevious Employer and Your 401(k) Options
Few life events are more stressful than a job loss. If you or someone you know is in this situation due to COVID-19, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also...
Read MoreDoes Financial News Overwhelm You?
Even in “normal” times, the news can be depressing. But these days, it can seem like there’s an awful lot to worry about. Here’s a sampling of the types of headlines I’ve seen recently: Why US hospitals...
Read MoreEconomy Disappointing Stock Market Good?
As states cautiously begin the process of relaxing their COVID-19 restrictions, some are wondering, “Why is the stock market doing so well when the economy is doing so poorly?” To find the answer, we’ll need to dust...
Read MoreWhat Do You Think About The U.S. Recession?
The National Bureau of Economic Research (NBER) reported in recent weeks that the U.S. economy officially entered a recession in February 2020. This transition brought a 128-month expansion to an end, the longest in post World War II...
Read MoreWhat Smart Investors Know
How do you make investment choices? Are your decisions based on rational analysis? Does emotion drive them? "Read More," and view the video.
Read MoreSocial Security Benefits Increase
Social Security Benefits Increase in 2020 Posted on October 10, 2019 by Darlynda Bogle, Assistant Deputy Commissioner When we announce the annual cost-of-living adjustment (COLA), there’s usually an increase in the Social...
Read MoreSocial Security Scams
Scams involving your Social Security number and benefits are on the rise! Here are the facts: Government employees will not threaten to take away benefits or ask for money or personal information to protect your Social Security card or...
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Women, Marriage and Retirement
Why Marriage Can Turn Into A Retirement Income Loss Lower Social Security Earnings Saving for only one spouse Married and then divorced A recent study by the Center for Retirement Research at Boston College finds, "Women are spending...
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Social Security and Your Financial Plan
Spruce Up Your Financial Plan with Social Security Posted on May 23, 2019 by Jim Borland, Acting Deputy Commissioner for Communications Now that tax season is over, it’s probably a good time to evaluate some financial “best...
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401(k) Account Lost and Found
In the past, I've had a client's husband come to me with the question as to how he can find information for his old pension and other retirement plans left behind at previous employers. He had plans left in North Carolina, Ohio and...
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Moving Money Out Of No Interest Bank Accounts
According to the Wall Street Journal's Tuesday, October 23, 2018 article, “Banks’ Golden Deposits Are Heading Out the Door, …customers are pulling billions of dollars out of accounts that don’t earn interest...
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Public Pension Shortfall
Many public employees considering early retirement may be in for a rude awakening. "The Pew Charitable Trusts analyzed the state pension funding gap for fiscal year 2016, the most recent year for which comprehensive data were available...
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A Costly Retirement Decision Many Women Make
“Women who retire when their husbands do may be giving up more wealth than they realize. Married women overall are still in their peak earning years in their 50s and early 60s, while married men’s earnings are on the...
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Is it time to ask for a pay raise and how should you do that?
In The Wall Street Journal Economy section July 31, 2018, the headline reads, "U.S. Workers Get Biggest Pay Increase In Nearly a Decade." It goes on to say " U.S. workers received their biggest pay increases in nearly a decade over the...
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Bank Account Rates Increase
According to the Wall Street Journal's Tuesday, August 14, 2018 article, "Banks Begin to Pay Depositors," online banks are leading the way, paying nearly 2%. They mention that savers now view bank accounts as a way to manage money and...
Read MoreDivorce Decree and Social Security
Can A Divorce Decree Keep You From Collecting Ex's Spouse Social Security Benefits? Some divorcees are saying in their divorce decree they signed a paper that they won’t collect their ex’s Social Security benefits. They...
Read MoreRetirement
The Social Security Administration announced October 13, 2017, that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 66 million Americans will increase 2.0 percent in 2018. ” Other changes...
Read MoreToo Good to Be True?
Jim Borland, Acting Deputy Commissioner for Communications says in his March 9, 2017 Social Security Matters says, a current email scam invites people to take advantage of “a little known Social Security contract” which...
Read MoreSocial Security Regrets
Look ahead so you don't have to look back after making your Social Security claiming decision. "According to Nationwide's 3rd annual Social Security survey, some retirees regret certain retirement income decisions—and wish they...
Read More2017 Social Security Changes
The Social Security Administration announced October 18, 2016 that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 65 million Americans will increase 0.3 percent in 2017. “The 0.3 percent...
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SOCIAL SECURITY ONLINE SERVICES MAKE JUGGLING EASY
For more than 80 years, Social Security has helped secure today and tomorrow with information, tools and resources to meet our customers' changing needs and lifestyles. These days, with busy schedules and constant multi-tasking, it...
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What Can my Social Security Do For You
For more than 80 years, Social Security has helped secure today and tomorrow with information, tools and resources to meet our customers’ changing needs and lifestyles. April 4 – 13, 2016 is National my Social Security....
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National mySocial Security Week
my Social Security SIMPLIFIES YOUR LIFE For more than 80 years, Social Security has helped secure today and tomorrow with information, tools and resources to meet our customers’ changing needs and lifestyles. So many people buzz...
Read MoreKey Social Security Loopholes Closed
As part of the budget bill (H.R. 1314) to raise the U.S. debt limit, two key Social Security “loopholes” have been closed: file and suspend and restricted application for spousal benefits. The ban on file and suspend will start with...
Read More2016 Social Security Changes
The Social Security Administration announced October 15, 2015 that there will be no cost-of-living adjustment for benefits in 2016. As determined by the Bureau of Labor Statistics, there was no increase in the CPI-W from the third...
Read MoreSocial Security: my online account
You might think that dealing with a federal agency, such as the Social Security Administration (SSA), means long lines in some office near you. Not so: If you’re an adult, you can monitor your benefits situation with a few clicks of...
Read MoreWidows Lifeline
Social Security can be a lifeline for widows. If they become widowed at a young age, while they still have young children at home, they can receive mothers' benefits until the youngest child turns 16. Once they turn 60, they become...
Read MoreWomen and Social Security Start-Dates
According to a July 2013 working paper form the Center for Retirement Research at Boston College, women and widows have less pre-retirement income replaced by Social Security than men. What does this mean? Married women need to take an...
Read MoreWhat Happens If? (Part 2)
What happens if your husband, age 64, was just diagnosed with terminal cancer? You are also age 64 and neither of you have started Social Security at this point. What’s the best strategy now since he only has a few months to live? It’s...
Read MoreWhat Happens If? (Part 1)
What happens if you file early at age 62 for Social Security benefits due to losing your job? Then you receive $1,770 for 4 months, become employed again, and your benefit automatically stops. Is the reduction you received at age 62...
Read MoreEligible for Survivor Benefits?
I recently met a widower at my local YMCA who mentioned that he had just applied for his Survivor Benefit. He wasn’t quite sure of all the details, but here’s how it works. Anytime after age 60, a surviving spouse (or surviving...
Read MoreSocial Security Announces New Online Services
Michael J. Astrue, Commissioner of Social Security, announced January 7, 2013 the agency is expanding the services available with a "my Social Security account," a personalized online account that people can use beginning in their...
Read MoreAdvice That Harms Wives
The Financial Security Project of Boston College has posted a blog entitled "Social Security Advice That Harms Wives". For the complete blog see (fsp.bc.edu/social-seucrity-that-harms-wives/). It refers to a new survey of U.S....
Read MoreShould You "Buy" an Annuity from Social Security?
More and more people are deciding to delay Social Security to age 70 in order to receive the highest possible benefit. But what if you retire before then? Does it make sense to withdraw funds from retirement and investment accounts to...
Read MoreOne Negative and One Positive for 2011
Minus One: During 2011 the Social Security Administration decided to stop mailing annual statements. This was announced in April as a cost-saving move. They hoped to have statements online by the end of the year. But there is...
Read MoreAfter Age 62 Is It Worth Waiting
In a November 25 article in the Wall Street Journal[1] Conor Dougherty writes about how Kate Bagoy holds off on a haircut so she can buy a new car and how Massimo Liguori and his wife eat dinner out twice a month instead of at least...
Read More3 Common Misconceptions of Social Security
1. Rules of thumb apply to most peoples situations. Spouses benefits can require careful consideration for those who are the lower wage earner and later draw the Survivor benefit (see Deciding on Social Security). 2. People can get...
Read MoreThe GAO and Difficult Retirement Choices
The Government Accounting Office says that “Financial experts GAO interviewed typically recommended that retirees systematically draw down their savings and convert a portion of their savings into an income annuity to cover...
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