Life insurance can serve many valuable purposes. However, later in life — when your children have grown, you’ve retired, or you’ve paid off your mortgage — you may think you no longer need to keep your coverage, or perhaps your coverage has become too expensive. You might be tempted to abandon the policy or surrender
Federal tax credits may be available to help offset your cost to purchase certain clean vehicles (including electric, plug-in hybrid, and fuel cell vehicles). The new clean vehicle tax credit can be either a personal or a general business tax credit, depending on whether the vehicle is used in a trade or business. If the
Publicly traded companies are required to disclose their financial performance to regulators and shareholders on a quarterly basis. News organizations and investors pay close attention to these reports because they tend to impact stock prices, with strong earnings driving share prices up, and vice versa. In the first quarter of 2023, the earnings of companies
In its annual Retirement Confidence Survey of current workers and retirees, the Employee Benefit Research Institute found that workers’ confidence in their ability to fund retirement fell by the largest extent since the financial crisis of 2008, to levels not seen since 2018. Retirees’ confidence also took a substantial hit. Overall, just 20% of respondents
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
