Financial worries are often cited as a major source of stress. For example, a 2021 study found that even before the pandemic and subsequent economic downturn, a majority of Americans said they felt stressed or anxious about their finances.1 Similarly, in 2022, research revealed that more than seven out of 10 financial planning clients experienced
60% – Share of health-care expenses for Medicare beneficiaries age 65 and older that was covered by Medicare in 2020 (most recent data available). Private insurance covered 17% and out-of-pocket spending accounted for 12%. Source: Employee Benefit Research Institute, 2023 The chart below shows the savings that a man, a woman, and a couple who
In December 2022, Congress passed the SECURE 2.0 Act. It introduced two new rules relating to 529 plans and student debt that will take effect in 2024. The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision allows student loan payments made by employees to
According to a survey taken in late 2022, almost 40% of consumers have set “very” or “extremely” clear long-term financial goals — though for different reasons. $3.3 million – Number of U.S. residents forced to evacuate their homes at some point in 2022. About 1.9 million people fled from hurricanes, 665,000 from floods, 659,000 from
Real estate investment trusts (REITs) can offer a consistent income stream that is typically higher than Treasury yields and other stock dividends (see chart). A qualified REIT must pay at least 90% of its taxable income each year as shareholder dividends, and unlike many companies, REITs generally do not retain earnings, which is why they
A legal will describes how you want your material assets to be distributed, but how do you leave behind your values? Using an ethical will, also called a legacy letter, you can tell your personal story and communicate your beliefs and life lessons to your family, friends, or community. You can opt to share it
With the COVID pandemic receding in most areas of the world, Americans are traveling again. U.S. citizens took more than 80 million international trips in 2022, an increase of almost 66% over the same period in 2021.1 If you’re planning a foreign vacation, here are some suggestions to help keep your trip on track. Obtain
Three important developments occurred recently in the world of federal student loans: the U.S. Supreme Court blocked an executive order offering loan cancellation to certain borrowers; Congress set an expiration date for the payment moratorium that has been in effect since March 2020; and new student loan interest rates have been set for the 2023–2024
On June 8, 2023, the S&P 500 index closed at 4,293.93, just over 20% higher than its lowest recent closing value of 3,577.03 reached on October 12, 2022.1 According to a common definition of market cycles, this indicated that the benchmark index was officially in a bull market after a bear market that began in
If 2023 has been financially challenging, why not take a moment to reflect on the progress you’ve made and the setbacks you’ve faced? Getting into the habit of reviewing your finances midyear may help you keep your financial plan on track while there’s still plenty of time left in the year to make adjustments. Goal
