Social Security Retirement benefits are set to increase in 2020- a modest 1.6% increase for the average retired worker that adds an extra $24 per month to their retirement check. Retired couples will see their combined benefits grow to $40 per month. This cost of living (COLA) increase is one of the smallest over the past twenty years and will help offset 2020’s increasing Medicare Part B and Part D premiums.
In addition, the most significant changes happening to Social Security retirement in 2020 will be the increasing social security payroll taxes (FICA) for workers and the increasing age for full retirement benefits. Here’s what you need to know:
In this article we look at the effect lowering interest rates can have on the economy and the markets. Interest rates can have a positive or a negative effect on the U.S. economy, the stock markets, and your investments. When The Fed changes the Federal Funds Rate (the rate at which banks can borrow money to lend to businesses or you), it creates a ripple effect.
The raising and lowering of the Fed Funds Rate is the role the Fed plays in stimulating the economy. In theory, the lowering of interest rates should help boost the U.S. economy by encouraging borrowing and spending. Therefore consumers and businesses are more willing to make big purchases. Whereas higher interest rates slow down borrowing and restrict the flow of money into the economy.
Since 1971, the United States has celebrated Women’s Equality Day on August 26. Although the occasion originally commemorated the passage of the 19th amendment, which gave women the right to vote, today it recognizes and encourages people and organizations to promote the full equality for women in society. We recognize equality spreads the gamut, going beyond voting rights and equal representation in the workforce (although these things are just as important); it also represents the right a woman has to take charge of her own financial future. Tremendous progress has been made in this area, but we still have a way to go.
If you are expecting a child and are considering life insurance, the first thing I have to say is—smart move! But if this is your first time looking for coverage, you may have questions. Here are some typical ones I’ve heard over the years:
1. What type of life insurance coverage is best for new parents—term or permanent? Before figuring out what kind of coverage you need, you first have to understand how much death benefit you need to protect your family. You can do an easy calculation online to get a working idea of how much you may need with this Life Happens Life Insurance Needs Calculator.
In a recent study conducted by the ‘National Retail Federation and Prosper Insights and Analytics’, it was found that the average American family will spend just south of $700 for back-to-school costs in 2019. Is your child soon to be a college student? The same survey reported you should be ready to spend a little less than $1,000 alone for start-up school supplies. While this cost seems large, it’s just a part of your financial portfolio. Back-to-school time is not only a great time to plan a scholastic budget, but also reviewing and reassessing your financial plan. Below is your Official 2019 Back-To-School Financial Guide to make sure your student, and your financial goals, stay on track:
For people that have been diagnosed with a terminal illness or are in poor health, the idea of not having life insurance when needing it can be unsettling. For others who have a chemical dependency or have had one in the past, guaranteed issue life insurance (GI life) ignores the health risk of the dependence and provides the death benefit to their beneficiaries after the two-year waiting period. With other types of life insurance, the health risks the individuals face would be an auThomasatic decline for coverage. Guaranteed issue life insurance may be the only life insurance available to these individuals. What is a guaranteed issue life insurance?
August is an exciting time of year. As the start of a new semester approaches, families across the country begin to pull themselves out of vacation mode and think more critically about the future. A spirit of learning is in the air, which makes things just a little brighter in anticipation.
Financial stress is the number one source of stress for employees, according to a Price Waterhouse Coopers 2019 survey. Financial matters outrank any other source of stress combined, including health and relationships. Retirement can be a key driver in that stress with nine out of 10 people reporting they don’t feel very confident in their overall retirement savings situation. That’s according to our 2017 survey, which found Americans are incredibly savings-insecure.
America is a charitable nation. More than two-thirds of Americans (69%) give to charity each year. That means you probably do too. But did you know that there are other ways to give to charities besides just writing a check or supporting a Go Fund Me campaign?
A gift of life insurance can represent a substantial future gift to a charity or charities of your choice at relatively little cost to you. There are several ways you can accomplish this:
What does Summer remind you of? Maybe it’s the feeling of jumping into a cool pool after a day in the summer heat; or maybe it’s the sound of the ice cream truck as you are bolting out the door with whatever change you could get your hands on. From lazy days in air conditioning to random road trips and more; summer is full of memories, and more importantly, choices.
In Part 3 and the final installation of ‘SIZZLIN SUMMER SERIES’, we will go into the top 3 financial choices you should research before making a decision: