47% – Percentage of retirees who retired earlier than planned, with nearly one-third citing an unexpected hardship, such as a health problem or disability. Source: Employee Benefit Research Institute, 2022 Workers typically plan to retire much later than the actual age reported by retirees. In the 2022 Retirement Confidence Survey, 65% of workers said they
$45.97 – Average monthly price of the most popular broadband internet packages, with download speeds of about 98 Megabits per second. It’s estimated that nearly 40% of U.S. households (48 million) may qualify for a new federal program that provides a subsidy of $30 per month to help cover high-speed internet. For more information, visit
To help improve your financial situation, you might consider reducing your debt. Before starting any debt payoff strategy (or combination of strategies), be sure you understand the terms of your debts, including interest rates, payment requirements, and any prepayment or other penalties. Start with Understanding Minimum Payments You are generally required to make minimum payments
With stock and bond markets both faltering over the past year, it’s easy to see why more near-retirees have a newfound appreciation for fixed annuities — insurance contracts that guarantee a specified rate of return. A fixed annuity maintains its value regardless of market conditions, and yields on these products have risen in response to
The Biden administration has announced another extension for repayment of federal student loans to an unspecified date in 2023 due to legal challenges that have blocked implementation of the student loan debt relief program. The previous payment moratorium was set to expire on December 31, 2022. Under the new extension, student loan payments will resume
Maintaining an appropriate balance of stocks and bonds is one of the most fundamental concepts in constructing an investment portfolio. Stocks provide greater growth potential with higher risk and relatively low income; bonds tend to be more stable, with modest potential for growth and higher income. Together, they may result in a less volatile portfolio
Inflation is a sustained increase in prices that reduces the purchasing power of your money over time. According to the Consumer Price Index (CPI), inflation peaked at an annual rate of 9.1% in June 2022, the fastest pace since 1981, before ticking down to 7.7% in October.1 The CPI tracks changes in the cost of
You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to
Here are some things to consider as you weigh potential tax moves before the end of the year. Set Aside Time to Plan Effective planning requires that you have a good understanding of your current tax situation, as well as a reasonable estimate of how your circumstances might change next year. There’s a real opportunity
53% – Percentage of Americans who said they had set aside at least three months of emergency funds in 2021, up from 49% in 2018 and 35% in 2009. It’s likely that government stimulus programs contributed to this improvement. The end of stimulus payments coupled with high inflation may make it more difficult for some
