Money Minute Newsletters
Tips for Targeting Your Retirement Savings Goal: What if you're saving as much as you can, but still feel that your retirement savings goal is out of reach? As with many of life's toughest challenges, it may help to focus less on the big picture and more on the details.
The SECURE Act Offers New Opportunities for Individuals and Businesses: The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) is major legislation that was passed by Congress as part of a larger spending bill and signed into law by the president in December. Here are a few provisions that may affect you. Unless otherwise noted, the new rules apply to tax or plan years starting January 1, 2020.
Closing Gaps in Your Insurance Coverage: Buying insurance is about sharing or shifting risk, but you may think you're covered for specific losses when, in fact, you're not. Here are some common coverage gaps to consider when reviewing your own insurance coverage.
Socially Responsible Investing: Sustainable, responsible, and impact (SRI) investing (also called socially responsible investing) has been around for a long time, but growing interest has moved it into the mainstream. U.S. SRI assets reached $12 trillion in 2018, 38% more than in 2016.
Hindsight is 2020: What Will You Do Differently This Year?: According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn't start saving for retirement soon enough, 19% didn't contribute enough to an emergency fund, and 10% wish they had saved more for college.1
Key Retirement and Tax Numbers for 2020: Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020.
How to Give Like a Billionaire When You Don't Have Billions to Give: Since Bill and Melinda Gates and Warren Buffett created the Giving Pledge in 2010, more than 200 of the world's wealthiest individuals and couples have committed to giving the majority of their wealth to philanthropic or charitable causes.
Take This Quiz: The Social Security Retirement Earnings Test: Can you work and receive Social Security retirement benefits at the same time? Yes, but the Social Security Administration (SSA) will apply an earnings test. Part or all of your monthly benefit may be withheld if you earn too much. To help avoid surprises, take this quiz to find out what you know — and don't know — about Social Security earnings test rules.
Should I sign up for an identity theft protection service?: Unfortunately, data breaches are now normal, everyday occurrences in our society. As a result, many companies are offering services to help you protect your personal information. If you want an extra layer of protection, an identity theft protection service is a good option. However, the term "identity theft protection service" can be misleading.
Three Regrets of Retirees: A recent survey found that more than half of retirees have retirement planning regrets. Unfortunately, many of these retirees had to cut back on their lifestyles to compensate for financial shortfalls.
Ten Year-End Tax Tips for 2019: Here are 10 things to consider as you weigh potential tax moves between now and the end of the year.
Tips for Managing Your Holiday Spending: Like almost everything else these days, the holidays have become a barrage of options and choices, with nearly limitless opportunities to overspend. Here are some tips to help you make sure your family's spending remains in check this holiday season.
Earnings Season: What Investors Can Take Away from Corporate Reports: Publicly traded companies are required to report their financial performance to regulators and shareholders on a quarterly basis. Earnings season is the often-turbulent period when most companies disclose their successes and failures.
Five Times in Your Life When You Might Need Help with Your Finances: As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education.
What Health Services Aren't Covered by Medicare?: Original Medicare — Part A hospital insurance and Part B medical insurance — offers broad coverage, but many services are not covered. Some may be fully or partially covered by a Part C Medicare Advantage Plan, which replaces Original Medicare, or a Medigap policy, which supplements Original Medicare. Both are offered by Medicare-approved private insurers. (You cannot have both a Medicare Advantage Plan and a Medigap policy.)
Do Millennials Need Life Insurance?: The financial challenges millennials face can be overwhelming. Many young adults have to figure out how to pay off college loans, save to buy a home or start a family, and sock away money for retirement.
Five Retirement Lessons from Today's Retirees: Each year for its Retirement Confidence Survey, the Employee Benefit Research Institute (EBRI) surveys 1,000 workers and 1,000 retirees to assess how confident they are in their ability to afford a comfortable retirement.
When Should I file the FASFA?: For the 2020-2021 school year, the FAFSA can be filed as early as October 1, 2019. Whether you have a senior in high school or a returning college student, it's a good idea to file the FAFSA as early as possible to increase your child's chances of getting financial aid, because some aid programs operate on a first-come, first-served basis. (For high school seniors who haven't yet been accepted at a particular college, you can list all the schools your child has applied to on the form.)
Market Strategies: Three Ways to Play Defense in Your Stock Portfolio: Defensive investment strategies share a common goal — to help a portfolio better weather an economic downturn and/or bouts of market volatility. But there are some key differences, including the specific criteria by which particular stocks are selected.
Key Estate Planning Documents: Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth.
What's New in the College World?: If you're the parent or grandparent of a current or prospective college student, you might be interested to learn what's new in the world of higher education.
Is It Time to Declare Your Financial Independence?: No matter how much money you have or which life stage you're in, becoming financially independent starts with a dream. Your dream might be to finally pay off the
mountain of debt you've accumulated, or to stop relying on someone else for financial support. Or perhaps your dream is to retire early so you can spend more time with your family, travel the world, or open your own business. Financial independence, however you define it, is freedom from the financial obstacles that are keeping you from living life on your own terms.
Should You Invest Internationally?: An initial public offering (IPO) is the first public sale of stock by a private company. Companies tend to schedule IPOs when investors are feeling good about their financial prospects and are more inclined to take on the risk associated with a new venture.
What is the difference between a tax deduction and a tax credit: Tax Investing in foreign stocks provides access to a world of opportunities outside the United States, which may help boost returns and manage risk in your portfolio. However, it's important to understand the unique risk/return characteristics of foreign investments before sending a portion of your money overseas.
Time for a Mid-Year Investment Check: Many investors may be inclined to review their portfolios only when markets hit a rough patch, but careful planning is essential in all economic climates. So whether the markets are up
or down, periodically reviewing your portfolio with your financial professional can be an excellent way to keep your investments on track, and midway through the year is a good time for a checkup. Here are three questions to consider.
Financial Advice for Recent College Graduates: You've put in the hard work as a college student and finally received your diploma. Now you're ready to head out on your own. And though you may not have given much thought to your financial future when you were in college, you have new financial challenges and goals to consider. Fortunately, there are some simple steps you can take to start on.
Charitable Giving After Tax Return: Tax reform changes to the standard deduction and itemized deductions may affect your ability to obtain an income tax benefit from charitable giving. Projecting how you'll be affected by
these changes while there's still time to take action is important.
Mergers & Acquisitions: What's in the Deal for Investors?: Merger and acquisition (M&A) activity in North America and Europe reached its second highest level on record in 2018. There were 19,501 deals worth $3.6 trillion — a 6.3% increase in deal volume over 2017. There was also a rise in mega deals exceeding $10 billion.
How Does the Federal Reserve Affect the Economy?: If you follow financial news, you've probably heard many references to "the Fed" along the lines of "the Fed held interest rates," or "market watchers are wondering what the Fed will do next." So what exactly is the Fed and what does it do?
How to Recover from a Mid-Life Financial Crisis: A financial crisis can be scary at any age, but this is especially true when you're in your 40s or 50s. Perhaps you're way behind on saving for retirement or have too much debt from unnecessary spending. Or maybe an unexpected challenge, such as a job loss, illness, or break from the workforce for caregiving responsibilities, took a direct hit on your finances..
Five Things to Know Before Becoming a Landlord: Increased cash flow, property appreciation, and tax benefits are three major reasons why people want to own rental properties. But being a landlord takes time and money, so before you purchase an investment property or rent out your own home, make sure you understand what's involved.
Rules on Opening a 529 Plan Account for College: Year over year, participation in 529 plans continues to rise.1 Anyone can open an account, lifetime contribution limits are typically over $300,000, and there are tax benefits if the funds are used for college. Here are some common questions on opening an account.
Do I need to get a REAL ID when I renew my license?: 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), to access federal facilities, enter nuclear power plants, and board commercial aircraft. Although implementation has been slow, states have made progress in meeting the REAL ID Act's recommendations.
Due Date Approaches for 2018 Federal Income Tax Returns: Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of last year's tax return and gathering W-2s, 1099s, and deduction records.
Quiz: How Much Have You Thought About Health and Health-Care Costs in Retirement?: When planning for retirement, it's important to consider a wide variety of factors. One of the most important is health and its associated costs. Thinking about your future health and the rising cost of health care can help you better plan for retirement in terms of both your finances and overall well-being. This quiz can help you assess your current knowledge of health and health-care costs in retirement.
What are some ways to prepare financially for severe weather??: Floods, tornadoes, lightning, and hail are common spring events in many parts of the country and may result in widespread damage. Severe weather often strikes suddenly, so take measures now to protect yourself and your property.