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5 Ways to Pay for Long Term Care During High Inflation
People are living longer and will likely need long-term care (LTC) at some point in their lives. The unknowns in most financial plans are how many years you will need LTC and what it will cost. Periods of high inflation significantly increase the cost of health care and LTC, even when prices return to normal. According to a study by Healthview Services, retirees will have to pay for healthcare in retirement, with inflation currently at a 40-year high. Other study findings include:
Teachers Need Financial Planning, Too
..Teachers often have defined benefit pension plans, but similar to other industries, states are ending the use of pension plans requiring teachers to set up their retirement savings plans themselves. In this article, we explore why teachers need financial planning.
Who Hurts the Most From Inflation?
Inflation is at a forty-year high, and everyone is paying higher prices as inflation erodes the average person’s purchasing power. But who hurts the most from inflation?.
Two Significant Risks to Your Retirement Plan (and How to Mitigate Them)
With today’s high inflation and rising interest rates, some retirement plans may be at risk due to assets depleting prematurely due to these factors. Today’s economic conditions are much worse than coming out of the Great Depression when the U.S. experienced inflation, high-interest rates, historical debt, and tax levels when tax rates were above 40% for over 40 years (1940-1981). Here’s an explanation of two significant risks to your retirement plan: inflation risk and interest rate risk.
3 Ways Rising Interest Rates and Inflation Impacts You
Interest rates are rising as Fed officials dred raised rates by a quarter-point in March 2022 to a target range of 0.25% to 0.5%. Their median forecast signaled that they expect to lift rates to 1.9% by the end of 2022 and to 2.8% by 2023.
Tax Identity Theft Season (aka Tax Scam Season) is Here
Tax identity theft is when someone uses your Social Security number to steal your tax refund or for work. People often discover tax identity theft when they file their tax returns.
Four Financial Planning Benefits of Being ‘Coupled’ or Married
Regardless of your age, if you’re in a committed relationship or married, both of you should participate in planning for your financial future and be aware of the benefits that come from being a couple. Here are four financial planning benefits you may receive as a couple:
Five Unique Challenges Entrepreneurs Face
Businesses are rarely successful immediately and often come with stress for entrepreneurs; irregular work hours, lack of operating capital, employee issues, balancing work and family life, etc.
Financial Technology: Delivering Digital Financial Learning
The coronavirus pandemic has motivated many Americans to take full advantage of financial technology. Many are pairing various financial tech solutions to help them improve their financial well-being.
Protect Yourself and Your Assets Through Estate Planning
Basic estate planning is something that everyone should do. Regardless of your age, marital status, and if you’re a parent or not. It is a great way to protect yourself and your assets.
According to a 2021 poll by Gallup, slightly half of U.S. adults (46%) have a will that dictates what happens to their assets when they die. Other findings from the May 2021 poll include:
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