Strategies to Protect Your Goals from Consistent Inflation

If you’re like most investors, you’ve noticed the impact of higher inflation in recent years – whether at the gas pump or the grocery store. American investors are experiencing the effects of prolonged inflation for the first time since the early 1980s. As a result, many are concerned about how inflation levels will impact their ability to reach their long-term financial goals. While it may not be possible to avoid the effects of inflation altogether, there are several strategies investors can utilize to mitigate the impact of inflation on their financial plan. Here are three investment considerations...

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You Can Save More for Retirement in 2024

As an investor, one way you can enhance your long-term retirement security is to fully leverage the potential of tax-advantaged retirement savings vehicles. Each year, the IRS releases new guidelines on the amount of money you can contribute to these accounts. New contribution limits in 2024 allow you to save even more this year through plans such as 401(k)s, 403(b)s and IRAs. Changes to workplace savings limits Contribution limits for workplace retirement accounts have been raised by $500 for the year 2024. In 2024, the IRS allows pre-tax employee contributions to 401(k) or 403(b) plans of: $23,000...

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for the New Year Financial Checklist

The changing calendar presents an opportunity to reflect, adjust and begin again in the direction of your goals. Consider completing this checklist to ensure your financial outlook is as bright as it can be in the New Year. Review income and expenses. Has your income changed over the past year? Did you experience any unexpected expenses? Inflation has made an impact on most households; look back to identify where your bank balance was most affected. If your spending has strayed from past financial goals, the New Year is a good time to reset and start fresh. Tally subscriptions and end non-essential...

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Seek Answers to These Five Basic Life Insurance Questions

Life insurance is an important part of a well-rounded financial plan. While it can be an emotionally difficult topic to contemplate, life insurance provides a degree of protection for loved ones in the event of a death. Most adults who have dependents who rely on them should have life insurance coverage. The challenge is determining what amount of coverage is right for you. If you already have life insurance in place, is it sufficient to meet your family’s unique needs? Here are five questions you can ask yourself to help assess the types and levels of life insurance you should have in place...

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Tips to Prepare for Retirement When You Don’t Have Kids

Many people build their retirement and estate plans around their children and grandchildren. Everything from where they live, to how they spend their time and money, to the legacy they want to leave behind is considered through the prism of their role as parents and grandparents. For those without kids and grandkids, a different formula may apply as these individuals may have more financial freedom and flexibility as they enter retirement and beyond. But they still need to be as vigilant – if not more – about planning for their later years. If this describes your situation, read on for tips...

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3 Steps to Handle Market Volatility as You Approach Retirement

No one likes to watch their investments lose money, but downward market volatility can feel particularly scary for people who plan to retire in the near future. Their anxiety is understandable. They’ve spent their careers building their nest eggs and now – at a time when they plan to give up their income-producing jobs – they face the prospect of living off less money than they had envisioned. Fortunately, it’s rarely as simple as that. As with all things financial, it’s important to look at the big picture. If you’re nearing retirement and worried about market volatility, keep these factors...

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Five Myths about Retirement That Can Lead You Astray

Whether you are decades away from retirement or it’s right around the corner, it’s important to separate fact from fiction when it comes to planning for your post-work life. Here are five common – and often costly – myths that often mislead people about life in retirement. Keeping them in mind can help you avoid missteps and achieve your goals for a happy and satisfying retirement.   Myth #1 – Retirement life will be less expensive Retirement often frees up more time to pursue other interests and hobbies. This may include more travel, social activities and other pursuits that require a...

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What You Should Know About the Debt Ceiling Debate

If you’ve been keeping up on news coming out of Washington, D.C., you know that Congress is once again grappling with a need to raise the federal government’s debt ceiling limit. Legislation to that effect would provide the U.S. Treasury with authorization to issue new debt to help cover the costs of programs already approved by Congress. This is a typically routine action that avoids the U.S. defaulting on its loans. However, given the polarized political climate and hardened positions on both sides of the aisle, Congress so far has not negotiated an agreement to raise the debt ceiling by the...

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Managing Your Workplace Retirement Plan in Volatile Times

Investment markets are in a challenging period in which large swaths of the stock and bond market have lost value. You may have noticed the impact of this on your own workplace retirement savings plans, such as 401(k) or 403(b) accounts. While watching the value of your portfolio drop is never easy, investors must understand that markets can be volatile over short periods. Variable investments like stocks and bonds don’t move in a straight line – and occasional cooldowns are inevitable. It’s also worth remembering that if you’ve been investing in your workplace retirement plan for some time,...

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