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Apr
17
Can Social Security Be Fixed?
Will Social Security be different when you retire? Its reserves are projected to be depleted by 2034, and if that happens, the program could pay retirees only about 80% of projected retirement benefits.[1] Since 2010, Social Security has paid out more than it has taken in. With roughly 10,000 baby boomers retiring every day, this trend will continue for a while.[2] At some point, public opinion will likely force Congress to “rescue” Social Security. How might that happen? Several fixes have been proposed. One idea involves gradually raising the program’s Full Retirement Age from 66 to 69. Another would adjust the formula for calculating benefits, with wealthier retirees receiving less Social Security income than poorer retirees. The...
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Apr
10
Income Inequality and Its Impact on Women's Retirement
Here are the facts. Generally speaking, women earn less than men, live longer than men, and often take time out of the workforce to have children and/or to care for an aging parent or sick loved one. The potential consequence of these realities? While most U.S. workers are facing a retirement savings deficit, for women, the effect is compounded: Lower pay translates into reduced Social Security benefits, smaller pensions, and less retirement savings. Just the Facts You needn't look far to find evidence of the gender retirement gap. Consider the following facts: Many women will need to make their retirement nest eggs last longer than men's. According to the latest data from the Society of Actuaries, among females age 65, overall...
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Apr
03
Retirement Expectations vs. Reality
You can’t always envision what will happen in your “second act.” Just as few weathercasters can accurately forecast a month’s worth of temperatures and storms, many retirees find their futures unfolding differently than they assumed. Your assumptions may be tested as well. You may retire sooner than you anticipate. A majority of pre-retirees polled in the 2016 Transamerica Retirement Survey believed they would still be working at age 65, and you may be similarly confident. Unforeseen events might surprise you, though. A health challenge, a layoff, or the need to care for a loved one may lead you to retire earlier. The average retirement age in America is not 65, but 63. If you retire at 63, you can claim Social Security but you will...
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Mar
27
A Financial Plan for All Seasons
Grab your sunglasses -- summer's here, and it's time to kick back and relax. If only it were that easy. It would be great if all your worries disappeared when summer arrived, but that doesn't happen. Actually, if money is stressing you out and you're planning to take a vacation, summertime may be extra stressful. Financial stress can strike at any time. If you're worried about money and your solution is to wait for things to get better, you're making a mistake. The best way to tackle money troubles is to take control and make some changes. Find Your Inner Money Manager You can't get a handle on your finances until you know where your money is going. And you can't manage your cash until you control your spending. Bottom line: Set up a...
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Mar
20
Money Management for a Single Parent
As a single parent, you're probably familiar with the dual challenges of managing a household and planning for the future on your own. But are you as familiar with the financial strategies that can stretch your income and help you get ahead? Consider the following lessons to help improve your family's bottom line. Lesson #1: Identify Your Goals You can't have a financial plan without first defining your financial goals. Start by recording all of your short-, medium-, and long-term goals. For example, paying for a child's education could be one of the biggest expenses in your future. During the 2016/2017 school year, the average total cost of one year in a private college was $45,370. At the average public college, it was $20,090. If...
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Mar
06
Tips for Transitions: Make the Most of Your Retirement Account Options
American workers change jobs fairly frequently. For instance, the youngest baby boomers held an average of more than 11 different jobs before the age of 48.1 The decisions you make about how to manage retirement assets when changing jobs can have a direct impact on your future financial health. "Cashing out" retirement plan assets before age 59½ (55 in some cases) can expose your savings to immediate income taxes and a 10% additional federal tax. On the other hand, there are several different strategies that may preserve the full value of your assets while potentially providing tax-deferred growth. Well Informed = Well Prepared Option #1: Leave the money where it is. If the vested portion of the account balance in your former...
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Feb
27
Why Women Need to Save More Than Men
Men and women may not be on equal footing when it comes to investing for the future. On average, women work fewer years and earn less than men, but they also tend to live longer.1 Therefore, women must focus on the concerns that are unique to them when planning for retirement. Women Don't Invest Differently ... Unfortunately, some negative stereotypes still exist about a woman's ability to manage money, which may cause some women to feel they shouldn't make their own investment choices. Some leave the decision making to their husbands, which can result in their being ill-equipped to handle their finances if they outlive their spouses. Despite the stereotypes, studies show that the majority of married women actively participate or take...
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Feb
13
The Financial Fitness Challenge: Tips for Strengthening Your Financial Health
Diet books. Fitness apps. Live-streamed exercise classes. They all tell you the same thing: Maintaining good physical health requires discipline and adherence to a few simple habits, such as eating wisely, getting enough sleep, and exercising regularly. But did you know that the same basic formula can also apply to achieving and managing financial fitness? If you're looking to shed some unwanted financial fat and build a potentially healthy financial future, all you need is a good attitude, a little bit of dedication, and a solid plan to get you on track. Priority One: Be Smart About It! Just as maintaining a food diary may help you determine if you are eating healthy meals and snacks, the same strategy can help you become a more...
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Feb
06
Divorce and Your Finances
Divorce can be a complicated and challenging process in which details are easily overlooked. Protecting your financial health during this time is crucial, and no one should enter this process without a trusted attorney (specializing in divorce) on his or her side. Equally important is knowing the laws that shape divorce proceedings, and the impact they can have on your assets. Dividing the Assets As a general rule, assets and property acquired during the course of a marriage are divided when the spouses divorce. While there may be exceptions for individual inheritances, gifts to an individual spouse, and assets or property acquired before marriage, the big difference among states is what formula might be followed for the division. The...
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Jan
23
Delaying Retirement May Provide the Financial Boost You Need
Americans are living longer, healthier lives, and this trend is affecting how they think about and plan for retirement. For instance, according to the Employee Benefit Research Institute, the age at which workers expect to retire has been rising slowly over the past couple of decades. In 1991, just 11% of workers expected to retire after age 65. Fast forward to 2014, and that percentage has tripled to 33% -- and 10% don't plan to retire at all.1 Working later in life can offer a number of advantages. Many people welcome the opportunity to extend an enjoyable career, maintain professional contacts, and continue to learn new skills. A Financial Boost In addition to personal rewards, the financial benefits can go a long way toward helping...
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Jan
16
Women, Wealth, and Legacy Planning
Whether nurturing the values of children, fulfilling charitable goals, or making investment decisions that affect their own as well as their beneficiaries' financial security, women play a central role in establishing and preserving family wealth. Consider these statistics:1 Women now control more than half of the investment wealth in the United States. 48% of estates worth more than $5 million are controlled by women, compared with 35% controlled by men. Some estimate that by 2030, women will control as much as two-thirds of the nation's wealth. These and other trends magnify the need for women to be involved, informed, and comfortable with their role as guardians of family wealth. Active participation in wealth management can...
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Jan
03
How Well Do You Know Your 401(k)?
The old saying "knowledge is power" applies to many situations in life, including retirement planning. The more you know about the benefits your plan offers, the more likely you'll be to make the most of them and come out ahead financially when it's time to retire. Here are some questions to test your knowledge about your plan. How much can I contribute? The maximum contribution permitted by the IRS for 2015 is $18,000, although your plan may impose lower limits. Further, if you are age 50 or older, you may be able to make an additional $6,000 "catch-up" contribution as long as you first contribute the annual maximum. Check with your benefits representative to find out how much you can save. What investments are available to me?...
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Dec
13
Brush Up on Your IRA Facts
If you are opening an (Individual Retirement Account) IRA for the first time or need a refresher course on the specifics of IRA ownership, here are some facts for your consideration. IRAs in America IRAs continue to play an increasingly prominent role in the retirement saving strategies of Americans. According to the Investment Company Institute (ICI), the U.S. retirement market had $25 trillion in assets as of September 30, 2016, with $7.8 trillion of that sum attributable to IRAs.1 In mid-2016, 42.5 million -- or 34% -- of U.S. households reported owning IRAs.2 Traditional IRAs, the most common variety, are held by 25.5% of U.S. households, followed by Roth IRAs, which are held by 17.4% of households, and employer-sponsored IRAs...
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Dec
06
Surviving the Holiday Spending Season... Debt Free
As the traditional giving season approaches, there is one important item to add to your to do list: Create a holiday budget. Before the gift shopping and wrapping begins, take control of your wallet through financial preparation. Remember, you can avoid the credit card crunch and the dangerous pitfall of borrowing against your company's retirement savings plan or IRAs. Here's how to establish a holiday wish list and spending budget: Start by determining the total amount of money that you want to budget for gifts. Carefully evaluate how much money your budget will allow for holiday spending. Be honest and be realistic. The idea is not to spend more than you plan for during the holiday season. Next, make a list of people that you will...
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 Debra Fournier is a Registered Representative with and Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC 

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, DE, FL, IN, KS, MD, MT, NJ, NY, PA, SC and VA.    


This communication is strictly intended for individuals residing in the state(s) of DE, FL, IN, KS, MD, MT, NJ, NY, PA, SC and VA. No offers may be made or accepted from any resident outside the specific states referenced.
 


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