In a 2023 survey, nearly nine out of 10 workers said it was extremely or very important to have a job that offers paid time off (PTO) for vacations, doctor appointments, and minor illnesses. Yet almost half said they take less time off than their employers allow. Here are the top reasons they gave for not using all their PTO. Source: Pew Research Center, 2023 (survey did not include workers with unlimited paid time off) Link to Printable PDF: 2024 03 March … [Read more...]
Beware of These Life Insurance Beneficiary Mistakes
Life insurance has long been recognized as a useful way to provide for your heirs and loved ones when you die. While naming your policy's beneficiaries should be a relatively simple task, there are a number of situations that can easily lead to unintended and adverse consequences. Here are several life insurance beneficiary traps you may want to discuss with a professional. Creating a taxable situation Generally, life insurance death proceeds are not taxed when they're paid. However, there … [Read more...]
Individual Bonds vs. Bond Funds: What’s the Difference?
Individual bonds and bond funds can both provide an income stream, but there are important differences. An individual bond can offer more certainty and stability than a fund, while a fund can offer diversification that might be difficult to obtain with individual bonds. Coupon, maturity, and yield An individual bond has a coupon rate — the annual interest rate paid on the face value of the bond — and a maturity date, which is the date the principal is returned to the borrower. If … [Read more...]
Braving the Housing Market? An Assumable Mortgage Might Be the Solution
This past year, the housing market has experienced a perfect storm, with high interest rates and inflation resulting in reduced purchasing power for homebuyers. In addition, many current homeowners were reluctant to sell — and give up their lower mortgage rates — leading to lower housing inventory and higher home prices. If you have been struggling to buy a home in the current market, one possible solution is to look for a home with an assumable mortgage. If you're thinking of selling your … [Read more...]
Saving Less? You’re Not Alone
The U.S. personal saving rate — the percentage of personal income that remains after taxes and spending — was 3.8% in October 2023. The saving rate spiked to an all-time high during the pandemic, when consumers received government stimulus money with little opportunity to spend, but fell quickly as stimulus payments ended and high inflation ate into disposable income. The current level is well below pre-pandemic saving rates. A low personal saving rate means there is less money available on a … [Read more...]
How Savers and Spenders Can Meet in the Middle
Couples who have opposite philosophies regarding saving and spending often have trouble finding common ground, and money arguments frequently erupt. But you can learn to work with — and even appreciate — your financial differences. Money habits run deep If you're a saver, you prioritize having money in the bank and investing in your future. You probably hate credit card debt and spend money cautiously. Your spender spouse may seem impulsive, prompting you to think, "Don't you … [Read more...]
Tax Preparation Checklist 2023
View, Download, or Print - 2023TY Tax Preparation Checklist Tax Preparation Checklist - 2023 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]
Do You Have These Key Estate Planning Documents?
Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directive(s), a will, and a letter of instruction. Durable power of attorney Incapacity can happen to anyone at any time, but your risk generally increases as … [Read more...]
A New Year, A New Opportunity to Save with a 529 Plan
The start of a new year is typically a time when people resolve to implement or recommit themselves to a personal financial goal. This year, why not consider opening a 529 plan account, or increasing your contributions to an existing account, to enhance your child's or grandchild's financial future? 529 plans are the most flexible they've ever been since their creation more than 25 years ago. A college fund ... and more Education, in any form, can be a key life building block. A … [Read more...]
Don’t Forget About Credit When Planning for Retirement
As you plan for retirement, you might not give credit a second thought, especially if your plan includes paying off your mortgage and other debts, and relying more on cash than credit. But retirement could last many years, and your need for credit doesn't necessarily disappear on your last day of work. At some point you may want to buy a second home, move to a retirement community, take out a home equity loan, or buy a vehicle; it's also possible you will face an unexpected expense. Keeping your … [Read more...]
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