Pat and Kelly, new parents, made a couple monthly budget adjustments upon the arrival of their first child. First, due to the added cost of day care and dependent health insurance, they decreased the amount they were saving for a house. And second, they agreed to review their life insurance needs.
Generally speaking, conversations about life insurance revolve around whether you should buy term or permanent insurance. However, every decision to buy life insurance begins with deciding what is the right amount of life insurance. And, integral to determining the right amount of life insurance is understanding the role of your Social Security Survivorship Benefit (SSSB).
Accumulating wealth turns out to be a double-edged sword for business owners. It certainly has its privileges, but it also comes with additional risk exposures. In a 2011 Zogby survey, 92 percent of people with a high new worth indicated concerns over the possibility of home invasions, muggings, kidnapping, and even random street crimes.
Congratulations Newlyweds! Your fresh union symbolizes a new beginning facing the world. But before the glow of wedded bliss wears, it’s crucial to talk about finances.
The quick answer is “it depends.” But, for the 33 percent of retirees who now rely more heavily on their Social Security benefits to sustain their lifestyle, the answer takes on even more significance. Generally, your income from Social Security is not taxable on its own; but when it’s combined with other sources of income for tax reporting purposes, a porti
The growing demand for more predictability and security planning for retirement income has led an increasing number of retirees and pre-retirees to look to annuities as way to provide more stability in their investment portfolios. They are also looking to annuities as a way to replace the third leg of the retirement income stool as a guaranteed lifetime income.
Remember way back to your first paycheck. The moment you open the envelope anticipating the windfall when all your hard work pays off. Then, like a swift kick to your gut, realty hits. Your takeaway earnings are almost always way lower than what you expected.
Goals are one of the principal starting points of any financial plan. It may seem like the idea of goal setting is reserved for life’s biggest adventures, but in reality having a different spectrum of goals, whether it be short term or long term, is crucial for keeping your finances and savings on track. But how do you ensure your financial goals become reality in your lifetime?