Financing a college education with the least amount of debt involves putting together a variety of resources in the most favorable way for your family. It requires planning, savings discipline, an understanding of financial aid, smart college research, and good decision making at college time. Your College Fund Your savings are the cornerstone of any successful college financing plan. It's helpful to think of your college savings as a down payment on the full cost, similar to a down payment … [Read more...]
Are You a HENRY? Consider These Wealth-Building Strategies
HENRY is a catchy acronym for "high earner, not rich yet." It describes a demographic made up of young and often highly educated professionals with substantial incomes but little or no savings. HENRYs generally have enviable career prospects, but many of them feel financially stretched or may even live paycheck to paycheck for years, especially if they are working in cities with high living costs and/or facing large student loan payments. If this sounds like you, it may be time to shed your … [Read more...]
Big Boost for Social Security Payments
The Social Security cost-of-living adjustment (COLA) for 2022 is 5.9%, the largest increase since 1983. The COLA applies to December 2021 benefits, payable in January 2022. The amount is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from Q3 of the last year a COLA was determined to Q3 of the current year (in this case, Q3 2020 to Q3 2021). Despite these annual adjustments for inflation, a recent study found that the buying power of … [Read more...]
Planning to Quit Your Job? What to Know Before You Go
About 4.3 million U.S. workers quit their jobs voluntarily in December 2021, after a record 4.5 million quit in November — the largest number since the Bureau of Labor Statistics (BLS) began recording voluntary job separations in December 2020.1 There are plenty of theories about why people are quitting in droves, including a strong job market and pandemic-induced worker burnout. Regardless of your reasons, here are a few important considerations to keep in mind before you join the employment … [Read more...]
Baseball Lessons That Might Help Change Up Your Finances
Baseball stadiums are filled with optimists. Fans start each new season with the hope that even if last year ended badly, this year could finally be the year. After all, teams rally mid-season, curses are broken, and even underdogs sometimes make it to the World Series. As Yogi Berra famously put it, "It ain't over till it's over."1 Here are a few lessons from America's pastime that might inspire you to take a fresh look at your finances. Proceed One Base at a Time There's nothing like … [Read more...]
Working While Receiving Social Security Benefits
The COVID-19 recession and the continuing pandemic pushed many older workers into retirement earlier than they had anticipated. A little more than 50% of Americans age 55 and older said they were retired in Q3 2021, up from about 48% two years earlier, before the pandemic.1 For people age 62 and older, retiring from the workforce often means claiming Social Security benefits. But what happens if you decide to go back to work? With the job market heating up, there are opportunities for people … [Read more...]
Three Decades of College Cost Increases
Over the past 30 years, the cost of college tuition, fees, room, and board has increased 85% at private colleges and 111% at public colleges above and beyond the rate of general inflation. After significant cost increases during the 1990s and 2000s, colleges have made a concerted effort over the last decade to rein in cost hikes. This is especially true for public colleges, as states have generally allocated more money to their higher-education budgets after years of cuts. Over the past … [Read more...]
Tax Preparation Checklist 2021
View or Download the TAX PREPARATION CHECKLIST 2021 (PDF form) Tax Preparation Checklist - 2021 Tax Year (what you should bring in or send us) 1. Copy of both sides of your Driver’s license or State ID (unless we already have your current, valid ID on file. Joint filers need both IDs.) 2. Wage Statements (W-2) and 1099 Forms 3. Pension, IRA, or Annuity Statements (1099-R) 4. Social Security Income Statements (SSA-1099) 5. Interest & Dividend Income Statements (1099-INT … [Read more...]
Notice concerning NY State Unemployment Compensation
March 8, 2021 The $1.9 trillion coronavirus relief package that is working its way to the President’s desk includes a provision that makes the first $10,200 in unemployment benefits tax-free in 2020 for households making less than $150,000 per year. If this provision remains in the package and is signed into law, you may be entitled to a reduction in tax on your 2020 tax return. We are advising people who have not yet filed their tax returns to wait until this issue is resolved. In … [Read more...]
Tax Preparation Checklist 2020
View or Download the TAX PREPARATION CHECKLIST (PDF form) … [Read more...]
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