Condominiums, or condos, appeal to home buyers of all ages and life stages, but they are especially attractive to younger families and retirees who want to reap the benefits of homeownership while spending less time and money on upkeep. Residential condos are typically individually owned apartments in multi-family buildings, but a condo is a form of property ownership, not a type of housing. Condos may also be attached or detached single-family units within a community. Each owner generally … [Read more...]
Have You Set a Retirement Savings Goal?
It's difficult to reach a destination unless you know where you're heading. Yet only 54% of workers or their spouses have tried to estimate the savings they would need to live comfortably in retirement.1 To get a start on establishing a retirement savings goal, use the simple worksheet on this page to compare the income you think you will need (or want) with the sources of income you expect. Keep in mind that estimates are in today's dollars, so your desired income should account for the … [Read more...]
Travel Spending Surpasses Pre-Pandemic Levels
Spending by foreign visitors in the United States, including fares on U.S. airlines, is considered an export for purposes of U.S. gross domestic product, while spending by U.S. citizens in foreign countries and on foreign airlines is considered an import. Both types of travel spending were hit hard by the pandemic but surpassed pre-pandemic levels in 2024. However, prior to the pandemic, spending by foreign visitors was generally higher than U.S. citizens' spending in foreign countries — … [Read more...]
Erb Financial: June Newsletter 2025
Link to Printable PDF: 2025 06 June Newsletter State and Local Sales Tax Across the Map Among the 46 states (and the District of Columbia) with a state and/or local sales tax, the combined state and average local sales tax rates range from about 1.8% to 10.2%. The sales tax base (defining what is taxable and nontaxable) can also vary greatly. Some states exempt groceries and/or clothing from the sales tax or tax them at a reduced rate. Five states have no statewide sales tax, and of … [Read more...]
Peer-to-Peer Payments Are Popular, but Be Careful
Making a peer-to-peer (P2P) payment is a convenient way to transfer money to family, friends, or businesses. Whether you're splitting a bill or paying a babysitter, if you have someone's contact information, you can send or receive money quickly and easily using a mobile app or an online platform linked to your bank account or credit card. Most P2P transactions go smoothly, but what happens when something goes wrong? Unauthorized transactions will generally be refunded by the P2P service. But … [Read more...]
Fine-Tuning with Sector Funds
As its name suggests, the S&P 500 Index contains about 500 stocks. These represent the largest U.S. companies across a broad range of industries, and the index as a whole is generally considered representative of the U.S. stock market. But though index ups and downs may suggest uniform market movements, performance of individual companies and business sectors varies widely. Stocks in the S&P 500 are classified by 11 sectors, each of which responds differently to market conditions. In … [Read more...]
Will You Pay a Medicare Surcharge?
Medicare is a federal program that provides health insurance to retired individuals, regardless of their medical condition, and certain younger people with disabilities or end-stage renal disease. Medicare has several parts, many of which include a premium cost based on your tax filing status and income. If your income is high, in some cases you may be subject to a premium surcharge called the income-related monthly adjustment amount (IRMAA). What does Medicare cover? Medicare … [Read more...]
State and Local Sales Tax Across the Map
Among the 46 states (and the District of Columbia) with a state and/or local sales tax, the combined state and average local sales tax rates range from about 1.8% to 10.2%. The sales tax base (defining what is taxable and nontaxable) can also vary greatly. Some states exempt groceries and/or clothing from the sales tax or tax them at a reduced rate. Five states have no statewide sales tax, and of those, only Alaska allows local sales taxes. Source: Tax Foundation, February … [Read more...]
Erb Financial: May Newsletter 2025
Link to Printable PDF: 2025 05 May Newsletter Prime Workforce Stays Strong The labor force participation rate — the percentage of Americans age 16 and older who are working or actively looking for work — peaked in early 2000, when it began to drop due to an aging population and more young people in college. Participation was rising before the pandemic but has only partially recovered, due in large part to accelerated retirement among older workers. The rate for the prime working ages … [Read more...]
Are Extended Warranties Worth It?
When you purchase a vehicle, a major appliance, a laptop, or other big-ticket item, chances are you'll be asked to buy an extended warranty or service contract. Extended warranties are offered by retailers for an additional cost and cover product repairs for a specific period of time under certain conditions. Selling extended warranties may be quite profitable for retailers because they keep a percentage of what they charge for these contracts. But are they a good deal for you? Here are … [Read more...]
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