Chances are, you probably have your Social Security number memorized, so you may not have had to use your card in a while. However, there are times when you may be required to show your actual card, such as when you start a new job or need to access certain government services. Fortunately, replacing a lost or stolen card is a relatively easy process. In order to obtain a new card, you need to prove your citizenship or lawful noncitizen status, and your age and identity from a list … [Read more...]
Quiz: Social Security Survivor Benefits
Did you know that Social Security may pay benefits to your eligible family members when you die, helping to make their financial life easier? Take this quiz to learn more. Questions 1. What percentage of Social Security beneficiaries receive survivor benefits? a. 5% b. 10% c. 15% 2. Your child may be able to receive survivor benefits based on your Social Security earnings record if he or she is: a. Unmarried and under age 18 (19 if still in high school) b. Married and in … [Read more...]
Do I need to get a REAL ID when I renew my license?
If you need to renew your driver's license, you may want to get a REAL ID. The REAL ID Act, passed by Congress in 2005, enacts the 9/11 Commission's recommendation that the federal government set minimum security standards for state-issued driver's licenses and identification cards. Beginning October 1, 2020, residents of every state and territory will need to present a REAL ID-compliant license/identification card, or another acceptable form of identification (such as a passport), … [Read more...]
Four Tips for Planning a Career Change
“In January 2018, the median number of years that wage and salary workers had been with their current employer was 4.2 years.” Source: Employee Tenure Summary, U.S. Bureau of Labor Statistics (September 20, 2018),bls.org. Changing careers can be rewarding for many reasons, but career transitions don't always go smoothly. Your career shift may take longer than expected, or you may find yourself temporarily out of work if you need to go back to school or can't immediately find a … [Read more...]
Quarterly Market Review: January-March 2019
The Markets (first quarter through March 29, 2019) Following a tumultuous close to 2018, stocks enjoyed a robust January. Positive feedback from ongoing negotiations between the United States and China, coupled with strong job growth, low inflation, and stable interest rates, helped fuel investor confidence that pushed the major benchmark indexes to levels not seen in 30 years — despite a partial government work stoppage. Each of the indexes listed here posted notable gains, led by the … [Read more...]
Reviewing Your Estate Plan
“An estate plan should be reviewed periodically, especially after a major life event. Here are some ideas about when to review your estate plan and some things to review when you do.” An estate plan is a map that explains how you want your personal and financial affairs to be handled in the event of your incapacity or death. Due to its importance and because circumstances change over time, you should periodically review your estate plan and update it as needed. When should you … [Read more...]
Should I consider requesting a deferment or forbearance for my federal student loans?
Did you take on a large amount of debt to pay for college, and are you struggling to pay it off? If so, you are not alone. According to the Federal Reserve, 20% of individuals with outstanding student loans were behind on their payments in 2017.1You may want to consider requesting a deferment or forbearance if you are having difficulty keeping up with your federal student loan payments. Provided certain eligibility requirements are met, both a deferment and a forbearance allow you to … [Read more...]
Can a flexible work schedule help you stay in the workforce after having children?
Yes, it just might be the key. Your job is the foundation for general financial security, including retirement. In addition to providing you with a steady salary and valuable employee benefits, it typically brings with it the ability to save in a tax-advantaged employer-sponsored retirement plan like a 401(k), and if you're lucky, a pension. It also allows you to start qualifying for Social Security retirement benefits. Women and men may start out on relatively equal financial … [Read more...]
How can I get a tax break for child care?
More than 60% of children under age six in the United States have two parents in the workforce. 1Many of these working parents must spend a burdensome share of their earnings on child care, especially if they don't have relatives who are willing and able to help out. The following tax benefits may help you offset some of the costs paid for a nanny, babysitter, day care, preschool, or day camp, but only if the services are used so you can work. Child-care tax credit Families with one … [Read more...]
Quiz: How Much Have You Thought About Health and Health-Care Costs in Retirement?
“According to the 2018 Senior Report from America's Health Rankings, social isolation is associated with increased mortality, poor health status, and greater use of health-care resources. The risk of social isolation for seniors is highest in Mississippi and Louisiana and lowest in Utah and New Hampshire.” When planning for retirement, it's important to consider a wide variety of factors. One of the most important is health and its associated costs. Thinking about your future health and the … [Read more...]
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