Author: Joanne Reilly
Before You File: 4 Changes to 2019 Taxes
The Internal Revenue Service adjusted several tax provisions for 2019, including some that could impact how you file and choose to save for retirement. Here are the facts you should know before you file your 2019 taxes. 1. Taxable income bracket amounts have increased The income limits for each tax bracket have increased for 2019. The tax rates are...Read More
Prevent Tax ID Theft – Here’s Your Checklist!
Key Points The IRS estimates that it paid $3.1 billion in fraudulent identity theft refunds in a recent year. Identity thieves can use your information to file fraudulent returns in your name while they pocket the return. Get your personal identification number (PIN) early and keep your paperwork secure to help prevent your personal financial infor...Read More
Long-Term Care Insurance: Pros, Cons and Why It Matters
Key Points Long-term care insurance costs can be managed by adjusting your daily benefit levels. Costs vary by location, so it’s best to get local estimates and determine what benefits you may need. New hybrid insurance products can help you or your family benefit from the policy regardless of whether you use the long-term care coverage or not. Lon...Read More
Talking Money with Siblings: Beyond Rivalry
Key Points Nearly two-thirds of siblings talk about money with each other While financial conflicts are rare, they usually involve issues regarding parents Uniting to deal with money issues can help protect family assets Talking about money with immediate family members is not always an easy conversation to initiate. Why? For starters, the conversa...Read More
5 Financial Mistakes to Avoid
Retirement isn’t what it used to be. Most of us will want to stay active — with travel, family, volunteer activities and hobbies — long after we leave our full-time jobs. In addition, we’ll most likely be living longer than retirees of the past. According to U.S. government figures, if you’re an average American, you can expect to live into your 80...Read More
Going It Alone? Here’s Some Savvy Financial Strategies
More than 4 in 10 Americans are unmarried — and 19.5 million are retiring single While some expenses may be higher for retired singles, there may be ways to save If you’re suddenly single, your advisor can help prioritize decisions by urgency If you or a parent are one of the 19.5 million Americans retiring single, you’re in good company. Close to ...Read More
Retirement Countdown? Here’s Your Cheat Sheet!
One day you’re celebrating the first day at a new job. The next thing you know, toasts are being raised at your retirement party. With each passing year, the hands on the retirement clock spin faster. That’s why it’s wise to establish milestones — at 10 years, five years and one year out — to fine-tune investment strategies, buffer against market v...Read More
What’s Next for Social Security?
Key Points Social Security’s 2018 cost of living adjustment will be the largest in six years For many, higher Social Security benefits will be offset by increased costs for Medicare The Social Security system faces long-term challenges, but may be healthier than you think In recent years, Social Security recipients have had to settle for little or ...Read More
Tax Reform: How the New Tax Law May Impact You
Recently, Congress passed a new tax reform bill. Analysts at Ameriprise Financial have identified some areas that may affect taxpayers now and in the future. Tax rates and brackets The law reduces tax rates and adjusts income brackets for taxpayers, including individual filers and married couples filing jointly. However, the number of individual ta...Read More
Pay Off a Mortgage or Invest? 3 Steps – You Decide
Key Points Paying off a mortgage early could reduce overall interest paid over time Investing the funds could yield a better return than mortgage interest saved With interest rates changing, it may be time to reevaluate your options Entering retirement with the mortgage paid off is a common aspiration. Paying off a home loan even sooner than that c...Read More
3 Tips for Selling Investments
Key Points Knowing when to sell is just as important to building wealth as knowing when to buy Emotional decision making could impair your ability to make good long-term choices Rebalancing your portfolio on a regular basis can help lock in gains and avoid losses On May 17, 2017, the Dow Jones Industrial Average Index dropped 373 points after a ser...Read More
Preparing for Retirement: Top Trends
Key Points Most workers are preparing for retirement, but many aren’t sure whether they’re saving enough About 37% of workers expect they’ll need $1 million or more in retirement savings Those with a formal plan are almost twice as likely to feel confident about the future Most Americans are fairly confident about preparing for retirement – are you...Read More