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Most divorces require dividing retirement money or pensions and a family home. Let’s understand how we can break up the understanding of retirement accounts. Remember that all states treat divisions of assets differently — so be sure to check with your individual state’s laws. The laws that apply in certain situations can help you with more confidence and understanding when you need it most. For example, the law provides for fair distribution of retirement funds in divorce situations since these funds are marital (or communal) assets. The concept seems straightforward enough — but there are va...
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The highly competitive world of retail means businesses must find ways to create customer loyalty. Launching a credit card gives a brand the ability to pass out member points for purchases all over, offer higher perks for shopping in the establishment, and keep the business’s name at the forefront of consumers’ minds. Is it worth the time and effort involved in launching a card? As digitization accelerates beyond what anyone expected, finding ways to appeal to modern consumers can keep small brands from being overshadowed by online retailers. According to McKinsey, the COVID-19 crisis accelera...
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When it comes to your financial health, there are numerous vulnerabilities you should be aware of. Your net worth can be damaged by such commonplace items as unexpected medical bills, car repairs, or home damage, but one area that often gets overlooked is how lawsuits can affect your financial health. By taking responsible steps ahead of time, you can better protect your assets from lawsuits in either the private or business sector. Carry Adequate InsuranceIf you are a business owner, there are certain types of insurance you are required to carry. Depending on the state you reside in and the s...
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With the Covid-19 epidemic, small-home elder living has gone from a niche offering to a hot topic. A lot has changed with single-family small homes and high-rises. Small-home senior living now covers anything from single-family homes to high-rises with small-home sections on numerous floors. The future of senior living will undoubtedly involve more intergenerational models, additional investor interest, and maybe some “big-box” senior housing providers. Not to mention anti-ageism philosophy and its accompanying selling power. Siobhan Farvardin, senior designer and partner at HKS, and Chuck Bon...
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Gig workers, like everyone else, deserve a pension. Freelancers, contract workers, self-employed, temp workers, on-call employees, and individuals with side hustles make up a significant component of our economy. Currently, 57 million Americans are estimated to be gig workers. Since March of last year, freelancing and gig marketplaces like Gigspot and Upwork have reported growth in users. Freelancers may make up half of US employment by 2023. Statista reported data from a 2018 poll in January indicating 27% of full-time gig workers had no retirement savings. A lack of employer-sponsored 401Ks,...
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Over the past 18 months, many people have lost their jobs, fallen sick, or taken on additional family responsibilities. All of these circumstances can put a financial strain on any household, even those who considered themselves financially stable before the pandemic. While COVID-19 is still a factor, the economy has improved and many people are returning to work – even if work looks a little different now. This means it is time to reevaluate your financial planning to adapt to the new normal. To that end, let’s explore some ways to recover from losses experienced during the pandemic and plan ...
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Seniors are paying inflated rates for groceries, gas, and holiday gifts; many continue to live and spend as if this isn’t the case. According to the Labor Department, the consumer price index in the United States reached a 31-year high in October, with prices for goods and services up 6.2 percent from a year ago. The index is a measure of inflation, primarily determining how much it costs an individual to buy everything they require in life. According to Bureau of Economic Analysis data, consumer expenditure was up 0.6 percent in September, despite the increase. According to the Federal Reserv...
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The conventional retirement wisdom suggests that you should save no more than four percent in your first year of retirement. That suggestion could change. Retirement Insight on Your Nest EggYou should adjust this amount each year to keep up with inflation. However, this rule is being challenged by market forecasters who predict lower returns in the future, which could change the way millions save for retirement and spend later. A recent report shows that people who are retiring now want to have a high level of confidence in their retirement. A $1 million portfolio would see a retirement accoun...
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The sooner you retire, the less time you have to save for the golden years. The street smarts say: Avoid debt after you retire. Even if you don’t plan to retire soon, younger workers still have time to save for their golden years. The wise word is: Do not get in debt when you retire. Many retirees have difficulty with this. According to the Employee Benefit Research Institute’s “Spending in Retirement survey, feeling content and secure in retirement was related to having guaranteed income, low levels of debt, a strategy to spend their retirement savings, and retirement services provided by an ...
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Knowing your steady sources of income, from Social Security to a company-sponsored retirement savings plan like a 401(k), is wise. Post-Pandemic Retirement Income SourcesSocial Security will be a critical—and significant—source of retirement income for many people. Like real estate, Social Security benefits, unlike most other forms of retirement income, are adjusted for inflation regularly. So when it comes to Social Security, the most important choice you’ll make is when to apply for benefits. You have the option of taking reduced payments at 62, waiting until you’re eligible for full benefit...
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