Do you ever wonder where your money goes each month? Does it seem like you're never able to get ahead? If so, you may want to establish a budget to help you keep track of how you spend your money and help you reach your financial goals. Examine your financial goals Before you establish a budget, you should examine your financial goals. Start by making a list of your short-term goals (e.g., new car, vacation) and your long-term goals (e.g., your child's college education, retirement). Next, ask … [Read more...]
Social Security and Medicare Face Financial Challenges
Based on the "intermediate" assumptions in this year's report, the Social Security Administration is projecting that the cost-of-living adjustment (COLA), which will be announced in the fall of 2020, will be 2.3%. This COLA would apply to benefits starting in January 2021. 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 … [Read more...]
Spring Cleaning Your Way to Better Finances
Spring is a good time to clean out the cobwebs, and not just in your home or apartment. Your personal finances can benefit from a good spring cleaning, too. Here are some questions to ask yourself regarding your budget, debt, and taxes. Is there room in my budget to save more? A budget is the centerpiece of any good personal financial plan. After tallying your monthly income and expenses, you hopefully have money left over to save. But... is there room to save even more? Review your budget … [Read more...]
Understanding Your Paycheck
“It's exciting to earn your first paycheck, but you should know that the information on the pay stub or online statement could be important to you as well.” Congratulations! You've just landed a new job. Here are some important things to be aware of before you receive your first paycheck. When will I receive my paycheck? How often will you be paid? Typically, your payday will depend on the company you work for and which state you work in. You might be paid on a weekly, bi-weekly, … [Read more...]
Interest Rates on Federal Student Loans Decrease to Record Lows for 2020-2021
Subsidized vs. unsubsidized What's the difference? With subsidized loans, the federal government pays the interest that accrues while the student is in school, during the six-month grace period after graduation, and during any loan deferment periods. With unsubsidized loans, the borrower is responsible for paying the interest during these periods. Only undergraduate students are eligible for subsidized loans, and eligibility is based on demonstrated financial need. For the second year in a … [Read more...]
U.S. Government Sends Millions of Economic Impact Payments by Prepaid Debit Card
In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn't receive a payment via direct deposit. How is the card activated? The Economic Impact Payment Card (EIP Card) arrives in a plain envelope from Money Network Cardholder Services, along with card information and instructions for its activation. Only one card is … [Read more...]
Think Twice Before Speculating on a COVID-19 Cure
“Headline-induced price swings suggest that investors are making investment decisions driven by hopes and fears, and possibly based on limited information.” As hundreds of companies race to develop vaccines and drug therapies that could help end the COVID-19 pandemic, news reports on successful or failed trials affect individual stock prices and can trigger swings in the broader market.1 Understandably, this highly contagious virus — and its severe economic repercussions — has a knack for … [Read more...]
Retiree Confidence Drops in 2020, As Some Workers Worry
The Retirement Confidence Survey conducted each year by the Employee Benefit Research Institute (EBRI) took a slightly different tack in 2020. After completing its initial outreach in January — the 30th in its annual series — EBRI decided to conduct a second survey in late March to gauge how the effects of the COVID-19 pandemic were influencing worker and retiree perceptions, and compared those results with the earlier findings. In its January research, EBRI found that retiree confidence in … [Read more...]
Why You Might Need Disability Income Insurance
Your ability to earn an income may be your most valuable asset. It might be difficult to make ends meet if you are unable to work due to illness or injury. According to one report, only 34% of men and 20% of women said they felt extremely confident in supporting their households during a period of income loss.1 It's important to assess your own situation and determine whether you have appropriate financial backup in the event that you cannot work due to a disability. Your employer may … [Read more...]
Will vs. Trust: Know the Difference
Wills and trusts are common documents used in estate planning. While each can help in the distribution of assets at death, there are important differences between the two. What Is a Will? A last will and testament is a legal document that lets you direct how your property will be dispersed (among other things) when you die. It becomes effective only after your death. It also allows you to name a personal representative (executor) as the legal representative who will carry out your … [Read more...]
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