Recent government inflation data suggests that in 2024, Social Security recipients could see a 3.2% cost-of-living adjustment (COLA), as projected by The Senior Citizens League. According to this nonpartisan senior advocacy group, this anticipated increase would boost the average monthly retirement benefit by approximately $57.30. It’s worth noting that The Senior Citizens League’s calculations are […]
myFico One of the most valuable lessons you can impart to your children is the importance of financial responsibility. Teaching them about responsible credit use from a young age sets them on the path to a solid financial future. In this article, we will focus on the crucial aspect of building your child’s credit. 1. […]
Historically, pension plans were the go-to retirement option offered by employers until the 1980s. However, times have changed. According to the U.S. Bureau of Labor Statistics, as of March 2022, pension plans are offered in only 15% of the private industry workforce. While defined contribution plans, including 401(k)s, 403(b)s, and 457s, have taken center stage […]
After a pause lasting three and a half years, approximately 44 million individuals in the United States who carry student loan debt will soon be resuming payments on their loans. Here are some common questions and answers for borrowers and their families. When does interest resume? Student loan interest is scheduled to begin accruing this […]
Converting some of your pretax retirement account to a Roth IRA is a commonly discussed topic. While there are many schools of thought around this topic, we believe there are certain times where it is optimal for clients to consider doing this conversion. Today, we want to explore specific situations where clients could benefit from […]
When planning your finances, it’s important to think about emergency savings, which means having money set aside for unexpected situations. People handle this differently – some save a lot while others live paycheck to paycheck. But there’s a middle ground that’s smart. An emergency fund helps when things go wrong, like losing your income. It’s […]
The concept of diversification is ingrained in the world of investing, often accompanied by the age-old adage of not placing all one’s assets in a single basket. The Investment Returns Quilt consistently emerges to underscore this fundamental principle. These visual aids paint a clear picture of why diversification remains a pillar in investing. Crafted by […]
Investing in the stock market is an endeavor filled with uncertainty and unpredictability. Investors often seek out winning streaks, hoping to capitalize on past successes and achieve substantial returns. However, this mindset can lead to the well-known “Hot Hand Fallacy.” This cognitive bias revolves around the mistaken belief that past success in investing will guarantee […]
If you have a 401k plan, you probably have access to the increasingly popular option of a Target Date Fund (TDF). These funds offer a hands-off approach for investors, providing a diversified portfolio that adjusts over time. While TDFs are essentially the “easy button” for investors, it is important to understand how they work and […]
Setting the stage for a secure financial future is an essential aspect of life, and starting early can yield substantial rewards. While traditional investment vehicles may seem out of reach for minors, the Roth IRA provides an excellent opportunity for young individuals to lay the groundwork for long-term financial growth. In this article, we will […]
