Many individuals may be tempted to be aggressive when crafting savings goals for retirement, so that they can accelerate their financial outlook. Research has shown, however, that it could have the opposite effect. Overly ambitious goals can be intimidating and deter people from sticking to them. Instead, it may be beneficial to consider making smaller […]
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It is no secret that there are numerous benefits from delaying your retirement. A few extra years of work could provide an individual with a higher social security income and a larger savings balance. According to Fox Business, the average worker could increase their annual retirement income by as much as $9,500 by delaying retirement.
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2020 taught us that unexpected events can throw a curveball into our lives at any moment. Instead of trying to plan what expenses may look like in a year, it may be a better idea to focus on short-term planning. Many people are opting for shorter, weekly budgets using a weekly budget template rather than
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This year tax season could be more challenging than ever. If you are one of the millions of people who worked outside your state of residence, you may be obligated to pay taxes to more than one state. These rules are normally complex and are further complicated by the pandemic. Here is a guide on
Guide to Filing 2020 Taxes If You Worked & Lived in Different States Read More »
Many working families can benefit from the Earned Income Tax Credit. This credit can be used to reduce the taxes you owe. Millions of eligible people miss out on this credit every year because they don’t file tax returns or are too intimidated by the filing process to take advantage of this According to a
Do You Qualify for this Valuable Tax Credit? Read More »
(Millennials) The uncertainty around the COVID-19 pandemic has highlighted the importance of saving. Americans are saving at unprecedented rates. According to the Bureau of Economic Analysis, the average saving rate of 7.6% in 2019 jumped to 33.7% in April 2020 and moved to 13.6% in October, still higher than average. Cash savings are a great
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The Democratic Party will hold the majority votes in both the house and senate after the January 20th inauguration. This will make any tax proposals from the incoming Biden administration more likely to pass with the needed votes. Here are ten of the proposed changes, how they could affect your tax situation, and strategies to
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Given the unprecedented circumstances of the pandemic, many individuals find themselves in difficult financial situations. Many people lost jobs and are handling the abrupt loss of income. Even those who kept jobs find themselves faced with unexpected expenses, such as paying for childcare or tutors for kids who are falling behind with online schooling. So,
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Many of the most educated and high earning women don’t participate equally with their male spouses or partners in their joint financial planning. This remarkable finding, from a study conducted by UBS, also found that among high-earning millennial women surveyed, 54% said they deferred long-term financial planning to their male partners, as compared with 39%
Why do Millennial Women Defer Financial Planning to their Male Partners? Read More »
Banks have been slashing deposit interest rates since the pandemic began. Even banks with traditionally low interest rates are keeping their next to nothing rates low. This was a move banks made following the Federal Reserve’s drop in interest rates as a result of the coronavirus pandemic. The Fed slashed their primary credit rate 1.5
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