Serving Proudly As The Voice Of Valley County Since 1913
Serving Proudly As The Voice Of Valley County Since 1913
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After spending decades in the workforce, you might look forward to the day you retire. But if you decide, for one reason or another, that you’d like to redefine “retirement” to include part-time work or consulting, you could enjoy exercising your skills and meeting new people. But you can also receive some key financial benefits. Specifically, bringing in some paychecks in your retirement can help you in these areas: • You could contribute more to your IRA. During your working years, you may have contributed regularly to an IRA, but once yo...
To help achieve your financial goals, you may need to invest in the financial markets throughout your life. However, at times your investment expectations may differ from actual returns, triggering a variety of emotions. So, what are reasonable expectations to have about your investments? Ideally, you hope that your investment portfolio will eventually help you meet your goals, both your short-term ones, such as a cross-country vacation, and the long-term ones, such as a comfortable retirement. But your expectations may be affected by several...
Like everyone, you may have a lot of financial goals. But are they all of equal importance? Probably not. And do they share a similar timeline? Again, it’s unlikely. So, your first step may be to prioritize your goals — and then follow a process that can help you achieve them. This process should include the following steps: • Identify your goals as “must have” or “nice to have.” Making sure you can retire comfortably and won’t outlive your resources is a “must have” goal. For this goal, you can’t compromise — you need to be certain of achievin...
There has been a lot of talk about a “cashless” society, but it’s not here yet. In fact, cash can still be a valuable element of your overall financial picture – if you employ it wisely. But how? Consider these four key uses of cash: • Everyday spending – Of course, you need sufficient cash on hand to pay for your cost of living – mortgage, debt payments, utilities, groceries, etc. You’ll likely rely on your savings or checking accounts to pay for these needs. • Unexpected expenses and emergencies – It’s never a bad idea to establish a monthl...
Another school year is coming to a close. And if you have young children, they’re now a year closer to heading off to college or some other type of post-secondary education or training. So, if you haven’t already done so, you may want to start preparing for these costs. And they can be considerable. During the 2022-23 school year, the average estimated annual cost (tuition, fees, room and board, books, supplies, transportation and other personal expenses) was nearly $28,000 for public four-year in-state schools and more than $57,000 for pri...
If you’ve done any estate planning, or even if you’re just familiar with it, you probably know the basics — that is, a comprehensive estate plan can help you pass on assets to your family while also achieving other goals, such as designating someone to take care of your affairs if you become unable to do so. But you may not know about some other estate-planning issues that could prove important in your life: • Power of attorney for students – Children heading off to college may be considered legal adults in many states. Consequently, you, as a...
It’s almost Earth Day, when people around the world focus on ways of protecting and preserving the environment. And the lessons from this occasion can be applied to other areas of life — such as investing. Here are some themes to consider: • Sustainability – From an environmental perspective, sustainability encompasses a range of issues, such as using natural resources wisely. As an investor, you, too, need to protect your resources. So, for example, to sustain a long-term investment strategy, you won’t want to dip into your retiremen...
By definition, business owners put a lot of their financial resources into their enterprises. But as an owner, you may need to invest in more than inventories and payroll to help achieve the future you’ve envisioned. Here are a few investments you may want to consider: • Retirement account – Depending on the nature of your business and how many employees you have, you can choose from a variety of tax-advantaged retirement plans, such as an owner-only 401(k), an SEP-IRA and a SIMPLE IRA. By contributing regularly to one of these accounts, you ca...
Becoming part of a blended family can certainly be rewarding. Of course, as is the case in all families, there will be challenges, one of which is financial. A blended family must deal with some specific financial issues, so it’s a good idea to become familiar with them. In particular, consider these areas: • Separate or joint accounts? – Should your two family units combine all your finances or maintain separate accounts? There’s no one correct answer for everyone, because this issue has emotional and psychological components to it, as well...
Many people would agree that preparation is the key to success in many areas of life. Yet, when it comes to being ready for a financial emergency, a sizable percentage of Americans are feeling distinctly unprepared — and that can lead to problems. Consider these survey findings from financial services provider Edward Jones and Morning Consult: • Nearly two in five Americans expect that their emergency savings would last no more than a month. • Less than 40 percent of respondents consider their emergency savings account to be fully funde...
Many people plan to take an early retirement, so when that day arrives, they’re ready for it. But what if you were to face an unplanned retirement? Would you be prepared to deal with the financial issues? It’s something worth thinking about, because any number of factors — illness, a spouse’s illness, downsizing, other issues —could lead to an abrupt departure from the workforce. But taking action while you’re still working may help you make the transition easier on yourself. Your first move, of course, should be to at least consider th...
If you’re getting closer to retirement, you might be thinking more about Social Security. Specifically, can you count on it to contribute part of the income you’ll need as a retiree? There’s been an increase in alarming language surrounding the solvency of Social Security, but in reality, its prospects are not nearly as gloomy as you might have heard. Here’s the story: Under current law, Social Security is estimated to exhaust its trust funds by 2035, after which benefits could be cut by 20 percent, according to the 2022 Social Securit...
In the past year, we’ve seen some big swings in the financial markets. This volatility may make you feel as if you have little control over your investment success. But the truth is, you do have more control than you might think — as long as you don’t let fear guide your decisions. Investment-related fear can manifest itself in a few different ways: • Fear of loss – Some investors may emphasize avoiding losses more than achieving gains. Consequently, they might build portfolios they consider very low in risk, possibly containing a high perc...
When you’re working, you may spend decades contributing to retirement accounts such as your 401(k) and IRA. Once you’re retired, though, you’ll likely need to begin withdrawing from these accounts to help pay for your living expenses. In fact, you’ll be required to take money from them at a certain age — but that age requirement is changing, and it could lead to changes in your financial strategy. Let’s look at some background behind this development. You put in pre-tax dollars to a traditional IRA and 401(k), so your contributions can lower yo...
There aren’t many drawbacks to having a high income — but being unable to invest in a Roth IRA might be one of them. Are there strategies that allow high-income earners to contribute to this valuable retirement account? Before we delve into that question, let’s consider the rules. In 2023, you can contribute the full amount to a Roth IRA — $6,500, or $7,500 if you’re 50 or older — if your modified adjusted gross income is less than $138,000 (if you’re single) or $218,000 (if you’re married and filing jointly). If you earn more than these amou...
As you know, inflation was big news throughout 2022. But will it continue in 2023? And looking even further ahead, how should you account for inflation in your long-term plans? In regard to the first question, many experts predict that inflation will cool off this year, though there are no guarantees. The high inflation of last year is thought to have been caused by some unusual factors, such as a spike in the demand for consumer goods as the world came out of the COVID-19 pandemic, which led to supply chain issues. Also, the war in Ukraine...
It’s that time of year when many of us promise ourselves we’ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals. But this year, when making New Year’s resolutions, why not also consider some financial ones? Here are a few to consider: • Don’t let inflation derail your investment strategy. As you know, inflation was the big financial story of 2022, hitting a 40-year high. And while it may moderate somewhat this year, it will likely still be higher than what we experienc...
To achieve your financial security, and that of your family, you will need to create a comprehensive strategy. But for this strategy to succeed, you’ll need to guard it from various challenges – and that means you’ll need to build in different layers of protection. What are these challenges – and what types of protection can be used to defend against them? Consider the following: • Challenge #1: Protecting your ability to reach your goals – To achieve your long-term goals, such as a comfortable retirement, you’ll need to build adequate fina...
Now that it’s the holiday season, gifts are probably on your mind – and you might intend for some of those gifts to go to charities. Although your intentions are good, you could be shortchanging both your recipients and yourself with your method of giving. But with some guidance, you can make choices that work well for you and those charitable groups you support. Of course, you could simply give money to these groups. However, by donating other types of assets, can you increase the value of your gift and gain greater tax benefits, too? It’s cer...
If you receive Social Security, you’ve probably already heard that your checks in 2023 will be bigger – considerably bigger, in fact. How can you make the best use of this extra money? Here’s what’s happening: For 2023, there’s an 8.7 percent cost-of-living adjustment (COLA) for Social Security benefits – the largest increase in 40 years. Also, the monthly Medicare Part B premiums are declining next year, to $164.90/month from $170.10/month, which will also modestly boost Social Security checks for those enrolled in Part B, as these premi...
It’s unfortunate, but recessions are a fairly normal part of the economic landscape. When a recession occurs, how might you be affected? The answer depends on your individual situation, but regardless of your circumstances, you might want to consider the items in this recession survival checklist: Assess your income stability. If your employment remains steady, you may not have to do anything different during a recession. But if you think your income could be threatened or disrupted, you might want to consider joining the “gig economy” or lo...
Here’s an interesting statistic: Some 72 percent of retirees say one of their biggest fears is becoming a burden on their families, according to a 2021 survey by Age Wave and Edward Jones. Both before and during retirement, what steps can you take to avoid burdening your loved ones in the future? Here are a few suggestions: • Build your retirement savings. The greater your financial resources, the less likely it becomes that you’d ever have to count on your grown children for financial support. You may have access to a 401(k) or similar retirem...
If you’re an investor, you no doubt pay a great deal of attention to your stocks, bonds and mutual funds. But you shouldn’t forget another key element of your financial strategy: cash. Cash is part of any financial strategy and investment portfolio, but how much have you thought about the different uses of cash, and how much you really need? Consider these four key purposes: • Unexpected expenses and emergencies – If you face an interruption in employment, you need an extensive home repair or you encounter an unplanned medical expense, you may...
One of the rewards for working over several decades is the ability to contribute to tax-advantaged retirement accounts, which can help provide needed income for you when you do retire. As the years went by, you may well have accumulated several retirement accounts, such as IRAs and 401(k)s or similar employer-sponsored plans. But you might find it advantageous to consolidate these accounts with a single provider. Consolidating them can provide you with several potential benefits, including these: • Less confusion and clutter – If you have mul...
As you go through life, you will likely have long- and short-term financial goals. But how will your strategies for meeting your long-term goals differ from those needed for your short-term ones? If you’re like most people, your biggest long-term goal is achieving a comfortable retirement. And for this goal, a common strategy is putting away money in tax-advantaged retirement vehicles, such as your 401(k) and IRA. So, how should you go about preparing for shorter-term goals, such as a family vacation, home renovation, wedding or major p...
