“Based on the "intermediate" assumptions in this year's report, the Social Security Administration is projecting that the cost-of-living adjustment (COLA), announced in the fall of 2019, will be 1.8%. This COLA would apply to benefits starting in January 2020.” Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important … [Read more...]
How much does child care really cost?
Typical child-care fees vary widely by state, as do other living costs. But in all regions, the average annual cost of center-based care for one infant now exceeds the average amount of money families spend on food and transportation combined. Child-care costs for two children exceed the median cost of housing for homeowners with a mortgage in 35 states and the District of Columbia. IMPORTANT DISCLOSURES ERB FINANCIAL is an independent contractor who offers Investment Advisory … [Read more...]
Are my student loans eligible for public service loan forgiveness?
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness (PSLF) Program. The PSLF, which began in 2007, forgives the remaining balance on federal Direct Loans after you have made 120 monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Qualifying employers for PSLF include: government organizations (e.g., federal, state, local), not-for-profit … [Read more...]
Know Your Mutual Funds
“At the end of October 2018, there were 7,866 U.S. mutual funds spread across the following broad categories: Domestic equity (3,144) World equity (1,499) Hybrid (709) Taxable bond (1,573) Municipal bond (560) Taxable money market (297) Tax-exempt money market (84) Source: Investment Company Institute, 2018 Almost 100 … [Read more...]
How do I replace my Social Security card?
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...]
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...]
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