What role can life insurance play in your retirement plan? Most of us think of life insurance as protection against financial loss should we die prematurely. But when we reach retirement and the kids are all self-sufficient, do we still need life insurance? The answer is maybe. Here are some situations where life insurance may make sense for retirees or those close to retirement. Provide a source of retirement income While life insurance is designed to protect against unexpected … [Read more...]
Versatile 529 Plans Can Help with More than Just College
529 plans were originally created in 1996 as a tax-advantaged way to save for college. Over the past several years, Congress has expanded the ways 529 plan funds can be used, making them a more flexible and versatile savings vehicle. College, plus other education expenses A 529 savings plan can be instrumental in building a college fund — its original purpose. Funds contributed to a 529 savings plan accumulate tax-deferred and earnings are tax-free if the funds are used to pay … [Read more...]
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 of 25 to 54 surpassed the pre-pandemic level in 2023 and was still above it as of … [Read more...]
New Social Security Identity Verification Rule: Are You Affected?
The Social Security Administration (SSA) has announced that effective April 14, some individuals who want to claim Social Security benefits or change their direct deposit account information will need to visit a local Social Security field office to prove their identity in person. According to the SSA, stronger identity verification procedures are needed to prevent fraud. The new rule is already causing confusion, in part because of its hasty rollout, so here are answers to some common … [Read more...]
Cost of Living Varies Widely Across the U.S.
Residents of Manhattan, NY, live in the nation's most expensive urban neighborhoods, paying more than twice the national average to maintain a "professional/managerial" standard of living. By contrast, individuals who live in Decatur, IL, can stretch their dollars the farthest, paying less than 80% of the national average. Here are the five most and least expensive urban areas of the country, according to The Council for Community and Economic Research Cost of Living Index (COLI). Source: … [Read more...]
Debt After Death: What Happens to Debt When Someone Dies?
Losing a loved one is never easy. In addition to the emotional challenges you may face, you might also be worried about what will happen to their debts once they are gone. Generally, with limited exceptions, when a loved one dies you will not be liable for their unpaid debts. Instead, their debts are typically addressed through the settling of their estate. How are debts settled when someone dies? The process of settling a deceased person's estate is called probate. During the … [Read more...]
Have You Checked Your Social Security Statement Lately?
The Social Security Administration (SSA) provides personalized Social Security Statements to help Americans age 18 and older better understand the benefits that Social Security offers. Your Statement contains a detailed record of your earnings and estimates of retirement, disability, and survivor benefits — information that can help you plan for your financial future. You can view your Social Security Statement online at any time by creating a my Social Security account at the SSA's … [Read more...]
ETFs Are Closing the Gap with Mutual Funds
Investor demand for exchange-traded funds (ETFs) has increased rapidly over the last decade due to attractive features that set them apart from mutual funds. At the end of 2024, over $10 trillion was invested in more than 3,600 ETFs. This was equivalent to 36% of the assets invested in mutual funds, up from 21% in 2019 and just 12% in 2014.1 Fund meets stock Like a mutual fund, an ETF is a portfolio of securities assembled by an investment company. Mutual fund shares are … [Read more...]
Erb Financial: April Newsletter 2025
Link to Printable PDF: 2025 04 April Newsletter Cost of Living Varies Widely Across the U.S. Residents of Manhattan, NY, live in the nation's most expensive urban neighborhoods, paying more than twice the national average to maintain a "professional/managerial" standard of living. By contrast, individuals who live in Decatur, IL, can stretch their dollars the farthest, paying less than 80% of the national average. Here are the five most and least expensive urban areas of the … [Read more...]
The Versatile Roth IRA
Used with care, the Roth IRA may help serve several objectives at once — like a multipurpose tool in your financial-planning toolbox. Retirement First and foremost, a Roth IRA is designed to provide tax-free income in retirement. If your modified adjusted gross income (MAGI) falls within certain limits, you can contribute up to $7,000 ($8,000 for those age 50 or older) in earned income to a Roth IRA in 2024 and 2025. Although Roth IRA contributions are not tax-deductible, … [Read more...]
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