Financial Lessons This Crisis Can Teach You

The current economic crisis was unexpected, but it hit quickly. Within a month, the stock market lost about a third of its value. Many investors were hit particularly hard. As states largely locked down, many workers saw their jobs evaporate without much warning. Some of these layoffs were temporary. Unfortunately, many people are still out of work. One thing is clear, the rapid decline in the ability of many Americans to pay their bills should teach some important lessons.  Emergency Funds Are Necessary First, it's extremely important to have a fund for rainy days. It will eventually rain, and having…
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Your 401k Match is Suspended. Now What?

The recent global pandemic has caused many different types of economic fallout. It has resulted in many companies suspending the matching of their employee's 401(k) contributions. The Plan Sponsor Council of America conducted a survey. It discovered over 20 percent of large companies and organizations are currently suspending their matching contributions. A report from the Center for Retirement Research showed approximately 50 companies have suspended 401(k) matches for its employees. Factors Many employees are listening to what financial experts are saying about continuing to contribute to their 401(K) if their employer has suspended matching contributions. These experts explain there are…
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Don’t Get Swept Up In The Recession

Between February of 2020 and June of 2020 the Dow Jones Industrial Index moved violently from around 27,000 down to below 20,000 and then very quickly back to around 25,000. Anyone watching those market movements surely had a great amount of fear sweep over themselves regarding their retirement savings and their ability to trust the stock market to provide them with the capital appreciation that many of us used to take for granted. It has been a short window of time during which so many began to question what they could do to protect their retirement even as we start…
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Recognize and Prevent Elder Financial Abuse 

Yesterday was World Elder Abuse Awareness Day.   There can be many ways the elderly are abused by family or those close to them.  Let’s look at abuse from a financial aspect. Financial abuse can be a complicated subject, but at its most basic level it involves taking advantage of an older adult through manipulation or intimidation to steal their money or property. Elderly adults are some of the most vulnerable to financial abuse. Some of the biggest risk factors for older adults include: • Isolation Isolation can cause extreme loneliness in seniors, leaving them desperate for any sort of…
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Social Security Planning

Social Security Planning

For most people, Social Security is the largest source of retirement income. In fact, 65 percent of retirees receive at least half of their income from it. How and when you claim Social Security is one of the most important retirement decisions you will make. Make sure you get it right. Choose What Age to Claim Social Security Benefits. When claiming your Social Security benefits, there are multiple strategies; such as “file and suspend” and “claim now, claim later”. There is endless debate about the right time to start drawing Social Security and the answer is different for everyone. (more…)
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