Credit card debt can feel like a monster pounding at the front door, threatening to destroy any hope of a secure financial future. Although paying off your credit card accounts may seem overwhelming and can be challenging, there are steps you can take to help you accomplish this goal.
Investment Tax Basics
Americans have been paying taxes on their earnings for almost 100 years. During that period of time, tax laws have continually changed and have certainly increased in their level of complexity. Although no one enjoys paying taxes, at Snider Advisors, we like to remind our clients that taxes are an inevitable part of making money – and you should never let the tax tail wag the investment dog.
Filial Responsibility Laws: Your Parents Your Responsibility
When John Pitta’s mother couldn’t pay her nursing home bill, he was sued for almost $93,000. The nursing home won the case, so Pitta appealed. But because his mother was considered indigent and Pitta had the financial resources to cover his mother’s bill, he lost the appeal and the courts required him to pay.
Should I contribute to my IRA, 401(k), or Savings Account?
Saving is a critical part of your personal financial success. But how much, when, and where you save can also have an important and lasting effect. When you have multiple accounts, you may not be sure where to start, but answering a handful of questions will help you prioritize the order in which you should make contributions to the various accounts available to you.
The Benefits of Working Longer
According to the Employee Benefit Research Institute’s (EBRI) 2012 annual Retirement Confidence Survey, only 14% of Americans are very confident that they will have enough money to live comfortably in retirement. If you find yourself lacking confidence about whether or not you have saved enough for retirement, consider pushing back your intended retirement date. You’ve probably have a target retirement date in your head, but the benefits of continuing to work may be enough to help you get on track.
How Confident are You about Retirement?
Earlier this month, the Employee Benefit Research Institute (EBRI) released their 22nd annual Retirement Confidence Survey. However, the findings of the past several years indicate the report might be more aptly named the lack of confidence survey. Sadly, only 14% of Americans are very confident they will have enough money to live comfortably in retirement.
Personal Financial Statements and Retirement
Earlier this week, I asked one of my clients, “What monthly expenses will you need to cover after you retire?” He responded by telling me how much he had accumulated in his retirement account. So I tried a different approach, “How much will you need to withdraw from your account each month to pay your bills?” This time, he answered by telling me how much he planned to invest. Finally, I realized that he wasn’t answering my question, because he didn’t know. He has always made a respectable salary, lived frugally, and saved diligently – but, he’s never once tracked his expenses. Sure, he has a general idea of what his expenses are. But is that good enough?
Generation Perspectives on Financial Responsibility
Does a 25-year-old view financial responsibility to family members differently than someone who is 45? Or 65? According to the MetLife Mature Market Institute’s recent study, Multi-Generational Views on Family Financial Obligations, they do. The study reveals there are some distinct differences between the views of Baby Boomers, Generation X, and Generation Y.
Volatility and Risk – The Missing Link
Which stock would you rather own:
– Stock A has a return of 15.8%
– Stock B has a return of -11.5%
I’m assuming this is pretty much a no-brainer, right? In the example above, there’s no way you would choose Stock B over Stock A. So let me ask the question again, but this time, I’ll give you a little more information.
Divorce and Retirement
A divorce attorney recently shared this joke with me:
Shortly after celebrating their 60th wedding anniversary, Bob and Mary file for divorce. When their friends ask why they waited so long, they reply, “We were waiting for the kids to be dead.”
What can I say; divorce attorneys aren’t known for their sense of humor. However, the joke brings to light an interesting trend that has emerged over the past couple of decades – couples divorcing later in life, also called, “gray divorce.” Marriage has typically been considered a lifetime commitment, but with the average life expectancy more than 30 years longer than it was a century ago, a lifetime is proving to be too long for a growing number of seniors. From 1990-2009, the divorce rate for those over the age of 50 doubled.
