FARMINGTON HILLS, Mich. (WXYZ) — When it comes to making ends meet these days, everything is on the chopping block from cable to the weekly grocery bill. Food at home is now 6.5% more expensive. So how do families do it week to week? We are doing a whole series on this very topic and […]
Category: Personal Finance
Employees rethinking jobs, financial goals, retirement
The economic impact from the pandemic is having a profound effect on how U.S. workers think about their jobs, financial goals and retirement. The recent Voice of the American Worker Survey from Franklin Templeton’s Retirement Innovation Initiative delved into not only what workers think but the implications for employers. Americans are rethinking work. The combination of […]
Tracking your expenses is the first step if you want to retire by 65 or sooner — here’s why
Creating a budget or spending plan can sometimes get a bad reputation for feeling too restrictive. Admittedly, budgets are not one-size-fits-all and using the wrong method for your circumstances can result in feeling exhausted and limited. However, there is a huge benefit to tracking how much of your money gets spent — especially if you […]
3 Decisions That Could Hurt You Terribly During Retirement
No matter what you see yourself doing during retirement, your goal is to no doubt ensure that you’re financially secure throughout your senior years. But the wrong choices on your part could result in the opposite happening. Here are three decisions that may end up backfiring on you in a very serious way. 1. Claiming […]
Will the Google Stock Split Impact My Tax Returns?
If you notice more shares of Google parent Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) stock in your account later this year than you originally purchased, don’t be alarmed. The internet behemoth just announced a 20-for-1 stock split in conjunction with its latest earnings report. This means that investors will receive 19 additional shares for every one […]
Are There Tax Deductions for Renters?
The upside of renting a home rather than owning one is you write a check to your landlord every month and call it a day. Homeowners, on the other hand, are responsible for a host of expenses on top of their mortgage payments, from property taxes to maintenance to repairs. If you’re a renter, you […]
What effect does AI have on personal finance?
Artificial intelligence is a vast and complicated field. AI can range from simple algorithmic functions to neural capabilities that might someday even simulate consciousness, and yet we often take it for granted in our daily lives. AI and machine learning processes now power many of our financial technology (fintech) services and connect investors with a broader […]
Scaling the Retirement-Savings Peak Is Tough; The Descent Is Tougher
It is sometimes said that planning and saving for retirement is much like mountain climbing. As you scale your way to the peak, you hope to see a glorious view of retirement on the other side. But, just as with actual mountain climbing, you don’t get to revel in that view for long. It’s time […]
3 Tax-Saving Strategies in This Market Sell-Off
Nobody likes to see their account balances deteriorate, but there are some tax-saving strategies that can come in handy during periods of market turmoil. Luckily, these tactics only require a small amount of time and a basic understanding of the underlying mechanics. Here are three money-saving tax strategies you can employ in times of depressed stock […]
Here’s what’s new with 401(k) plans this year
If you save for retirement through a 401(k) plan, you may have noticed changes to it over the years — for example, automatic increases in your contributions and “catch-up” amounts for the over-50 crowd. A couple more tweaks, which were included in a 2019 retirement bill called the Secure Act, could also become more apparent […]
Krikorian: How much money will I need to retire?
“How much money do I need to save for retirement?” This is the single most-often asked question by the vast majority of individuals when it comes to planning for retirement. Whenever I am asked during an initial meeting with a potential new client how much money they need to save for retirement, my answer is […]
Should You Write Off Social Security for Your Retirement?
There’s a world of misinformation surrounding Social Security, and sometimes, it can be tricky to know what to believe. For example, you may have heard that Social Security is in deep financial trouble, and that future benefits are therefore precarious. As such, you may be wondering if it’s time to write off Social Security as […]