Retirement sometimes offers a variety of difficult financial hurdles to overcome. Even when you think you have saved enough to live out those golden years in style, rising health care costs or changes in the tax code can throw a wrench in your plans. However, there are certain cities and states within the US which have always been better, or worse, for retirees based upon taxes, living expenses, and the cost of health care in the region.
Whether a formal budget is put together or not, everyone has a budget they live by in life. You can only spend as much money as you can access on an annual basis, whether that is directly through your paycheck or through loans and credit cards. Ideally, you are spending less than you make each year and not taking on too much debt. However, debt is inevitable and so is the need for a rainy-day fund, or emergency savings. One of the toughest financial decisions most people face is what to do with the money they have. Should you be paying down debts or saving for emergencies?
When the temperatures are hot and the family's summer vacation is on your mind, the last thing you should be thinking of is winter. More specifically, Christmas is probably very far from your mind during the warm summer months. However, there is something to be said for planning ahead and starting your Christmas shopping now. Few people truly enjoy the bitter cold of the holidays, but rather than thinking about the cold as you Christmas shop in summer, think of it as a time to spread the joyfulness of the season into your summer as well.
Ask most Americans if they have a vision for their retirement years and you are bound to hear similar answers. Now, ask those same people what their exact vision for retirement is and you are bound to start getting some differing responses. One popular investment for Americans retired or not is a summer vacation home. This home away from home offers respite from the everyday hustle and bustle in a new setting with exciting, new opportunities for adventure.
Preparing for retirement requires a financial plan that considers a variety of factors. According to the Financial Planning Association of Minnesota, "financial planning is a process and not a product." Your financial plan is a long-term approach to managing finances to achieve a dream or goal for the future. At the same time, a financial plan must consider a variety of barriers that could challenge your ability to reach those goals. These barriers are variable and change in every stage of life.
There's no greater joy for a parent than being able to send a child to college. Helping your children earn a higher degree sets them up for a more positive future, with greater chances of landing jobs and advancing in career fields.
The 2017 calendar year provided one of the most beneficial runs the stock market has endured in decades. It seemed like each new day brought a new record-high close. However, that wild ride upward had to meet an end at some point. There are a lot of reasons that markets can cool off, ranging from jarring events such as a singular, massive selloff to the geopolitical strife that riles the nerves of investors. In early 2018, the markets experienced a severe correction.
As the month of March comes to an end, the first quarter of 2018 is about to close down. While Quarter One of 2018 will be remembered for the correction the markets sustained in February, bringing to a brief end the impressive growth the markets saw through 2017, it will also be remembered as a volatile period. As an investor, it is important to remain engaged in your investments and constantly track progress and success. A lot can change in just three months, whether you realize it or not.
Americans approaching retirement in the 21st century face a growing number of fears. Money is one of the biggest fears on that list for most Americans, with the Motley Fool reporting that more Americans fear running out of money during retirement more than they do death itself! Some 57% have reported fearing a lack of funds more than death. It is not an issue facing only older Americans though.
As the saying goes, there are two certainties in life: death and taxes. On the former, there is not much you can do to make the experience more enjoyable than live a good life. As far as the latter is concerned, the process is rarely painful unless you find your return under audit by the IRS. The Tax Foundation notes that the IRS audited the returns of some 1.2 million American households in 2015, but that does not necessarily mean you are likely to face an audit yourself.