Social Security is much more than a retirement program. Most Americans are protected by the Old-Age, Survivors, and Disability Insurance (OASDI) program — the official name of Social Security — from birth through old age. Here are four times in your life when Social Security might matter to you or the people you care about. A Wide Safety Net Current Social Security beneficiaries Source: Social Security Administration, 2019 When You Start Your … [Read more...]
Tax Refund: Spend or Save
About 72% of taxpayers received a refund in 2018 and 2019. Here's how consumers spent the tax refunds they received in 2018 and what they planned to do with their 2019 refunds. Sources: Internal Revenue Service, 2019; National Retail Federation, 2019 (multiple responses allowed) IMPORTANT DISCLOSURES ERB FINANCIAL is an independent contractor who offers Investment Advisory Services & Securities through Excel Securities & Assoc., Inc. … [Read more...]
State Population: Winners and Losers
The U.S. population was 328,239,523 in 2019, an increase of 0.5% over 2018. This was the fourth consecutive year of slowing population growth due to fewer births, more deaths, and lower immigration from other countries. Forty states and the District of Columbia gained population, while 10 states lost population. Here are the winners and losers based on percentage increase or decrease in population. Source: U.S. Census Bureau, 2019 IMPORTANT … [Read more...]
Coping with Market Volatility: Be Willing to Take Advantage of Market Downturns
“Smart investors are prepared to weather the inevitable rough patches.” Anyone can look good during a bull market. Smart investors are prepared to weather the inevitable rough patches, and even the best aren't successful all the time. When the market goes off the tracks, knowing why you originally made a specific investment can help you evaluate whether those reasons still hold, regardless of what the overall market is doing. If you no longer want to hold an investment, you could take a … [Read more...]
Too Much Oil with Nowhere to Go
“There is too much oil, and the industry is running out of places to put it.” On April 20, 2020, the price of a futures contract for West Texas Intermediate crude — the benchmark for U.S. oil prices — fell below zero for the first time in history, dropping more than 306% in trading on the New York Mercantile Exchange and ending the day at -$37.63 per barrel.1 Essentially, this meant that investors who would soon be obligated to take possession of a barrel of oil were willing to pay someone … [Read more...]
Coping with Market Volatility: Be Sure to Use Appropriate Benchmarks
“It's important to understand how market swings relate to your own savings and investments.” Do you find yourself glued to the daily news reports on market movements wondering about your own savings and investments? Before you make any hasty decisions, be sure you understand how these reports relate — or don't relate — to your individual portfolio. The variance in the returns of different portfolios is largely attributable to their asset allocations. If you have a well-diversified … [Read more...]
Coronavirus Affects Federal, State, and Local Deadlines
Federal, state, and local governments have extended a number of deadlines amid the coronavirus pandemic. Here are just a few of the deadlines that have been affected. Federal and state income taxes The IRS has postponed the due date for filing federal income tax returns and making tax payments from April 15, 2020, to July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day period for any return or payment postponed under this relief … [Read more...]
Coping with Market Volatility: Understand How Your Biases Can Affect Investment Decisions
“Understanding your biases may help you avoid questionable calls in the heat of the financial moment.” When it comes to your finances, "go with your gut" might not be the wisest adage to follow. In fact, it may work against you, particularly in periods of market turbulence. Before jumping to conclusions about your finances, consider what biases may be at work beneath your conscious radar. Recency bias refers to the tendency for recent events to have a stronger influence on your decisions … [Read more...]
TRACED Act Offers Consumers Additional Protections Against Robocalls
“If you pick up an unwanted robocall, hang up right away. Avoid answering "yes" or "no" questions, providing personal information, or pressing a number to "opt out," since scammers often use these tricks to identify and target "live" respondents, resulting in additional calls.” Whether at home, work or on a cell phone, it's a scenario many Americans have found themselves in: answering a phone call only to find out it's from an unwanted robocaller. In fact, the number of unwanted robocalls in … [Read more...]
Small Businesses Eligible for Numerous Relief Programs During COVID-19 Crisis
Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll. Within a few weeks, initial funding for the two cornerstone programs, the Paycheck Protection Program and the Economic Injury Disaster Loan program, ran dry. Many of the nation's small businesses discovered … [Read more...]
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