Serving proudly since 1873 as the beautiful Nebraska Panhandle's first newspaper
Serving proudly since 1873 as the beautiful Nebraska Panhandle's first newspaper
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We all hope for long, healthy lives. But there’s a serious “side effect” of longevity – the possibility of outliving our money. How can you help prevent this? It’s useful to know the seriousness of the threat. Consider this: About 41% of all U.S. homes in which the head of the household is between 35 and 64 are projected to run short of money in retirement, according to the Employee Benefit Research Institute. While this statistic indicates a cause for concern, it certainly doesn’t mean that you are necessarily headed for trouble – because t...
To achieve most goals in life, you need some type of strategy. And that’s certainly true for your financial goals. Since you likely have multiple financial goals, you may need to pursue several different strategies – but they all should follow a similar process. What does this process entail? Here are the basic steps: • Fully define each goal. Like most people, you probably have a goal of someday enjoying a comfortable retirement. But have you defined what “comfortable retirement” means to you? Do you plan to spend your retirement years traveli...
When you apply for your Social Security retirement benefits, you need to think about how much you want withheld for taxes. Many people overlook this issue – only to face an unpleasant surprise at tax time, because Social Security benefits may be added to taxable income. Using Form W-4V, you can have 7, 10, 12 or 22 percent of your monthly benefit withheld. Your tax advisor can help you choose the appropriate percentage. And you have other ways to control the taxes due on your benefits. For example, if you meet certain conditions, withdrawals f...
The long-running coronavirus pandemic has fueled a lot of anxieties – including financial ones. But some people have had far fewer worries than others. Consider this: Among those investors who work with a financial advisor, 84% said that doing so gave them a greater sense of comfort about their finances during the pandemic, according to a survey from Age Wave and Edward Jones. Of course, many people experience investment-related fears even without a global health crisis, and that’s probably not surprising, given the periodic volatility of the...
It’s unfortunate but true: If you’re a woman, you face more obstacles than men in achieving financial security. And that means you may well need to put in some extra effort. Just how serious is your challenge? For one thing, women still face a gender pay gap – based on median incomes, women earn about 82 cents for every dollar a man makes, according to the Census Bureau. This pay gap amounts to a nearly $470,000 difference in lifetime earnings, according to an Edward Jones/Age Wave study. Furthermore, when factoring in the career disru...
When you hear “estate planning,” what do you think of? For many people, these words evoke images of immense wealth. But estate planning isn’t just for the wealthy – it’s for everyone. And it’s about more than preserving wealth – it’s about putting you in control of your own legacy. But how can you achieve this worthy goal? You can start by identifying your estate planning objectives. Here are some of the most common ones: • Controlling movement of assets to beneficiaries – During and after your lifetime, you will want to ensure your loved o...
Are you a “gig” worker? If so, you’ve got a lot of company – by some estimates, more than a third of U.S. workers participate in the gig economy as freelancers, independent contractors or moonlighters. And while gig work offers some attractive features, such as flexibility in setting your hours and no real limits on your income potential, it also comes with challenges. Specifically, you may miss out on the array of benefits available to full-time employees of many organizations. How can you fill this benefits gap? Let’s look at some of the st...
Are you a “gig” worker? If so, you’ve got a lot of company – by some estimates, more than a third of U.S. workers participate in the gig economy as freelancers, independent contractors or moonlighters. And while gig work offers some attractive features, such as flexibility in setting your hours and no real limits on your income potential, it also comes with challenges. Specifically, you may miss out on the array of benefits available to full-time employees of many organizations. How can you fill this benefits gap? Let’s look at some of the st...
If you’re a certain age, you’ll need to withdraw money from some of your retirement accounts each year. But in 2022, the amount you must take out may be changing more than in other years – and that could affect your retirement income strategy. Here’s some background: Once you turn 72, you generally must start taking withdrawals, called required minimum distributions, or RMDs, from some of your retirement accounts, such as your traditional IRA and your 401(k) or similar employer-sponsored plan. Each year, your RMDs are determined by your ag...
If you’re a business owner, you’ve got so much to think about, and you work so hard, that it might be difficult to envision the day when you’re in a different place in life. However, that day will likely arrive, so you’ll want to be prepared for it, which means you’ll need an exit strategy. But how do you create one? Here are some steps that can prove helpful: • Start planning early. Making a quick exit is probably not a viable strategy for most business owners. Instead, you’ll want to plan far ahead for when you want to leave your business...
As you know, inflation heated up in 2021, following years of pretty stable – and low – numbers. And now, early in 2022, we’re still seeing elevated prices. As a consumer, you may need to adjust your activities somewhat, but as an investor, how should you respond to inflation? First, it helps to know the causes of this recent inflationary spike. Essentially, it’s a case of basic economics – strong demand for goods meeting inadequate supply, caused by material and labor shortages, along with shipping and delivery logjams. In other words, to...
Sadly, identity theft happens throughout the year – but some identity thieves are particularly active during tax-filing season. How can you protect yourself? One of the most important moves you can make is to be suspicious of requests by people or entities claiming to be from the Internal Revenue Service. You may receive phone calls, texts and emails, but these types of communication are often just “phishing” scams with one goal in mind: to capture your personal information. These phishers can be quite clever, sending emails that appear to co...
When you invest, you incur risk – there’s no avoiding it. But the concept of “risk” may be more expansive than you realized. And by understanding the different types of investment risk and how these risks can be addressed, you can improve your skills as an investor. The most common perception of investment risk is simply the risk of losing money. When you invest in stocks and stock-based vehicles, such as mutual funds, there are no guarantees that your principal – your initial investment amount – will be preserved. Generally speaking, i...
As you know, 2021 was full of challenges. We were still feeling the effects of the COVID-19 pandemic when supply chains shut down and inflation heated up. So, if you’re like many people, you might not be sorry to see the year come to a close. But now it’s time to look ahead to a brighter 2022. And on a personal level, you may want to set some New Year’s resolutions. You might resolve to improve your health and diet, and possibly learn some new skills, but why not make some financial resolutions, too? Here are a few ideas to consider: • Prepare...
During your working years, you’ve probably met the costs of living through your salary. But once you retire, where will the money come from? Is there a way to give yourself a “paycheck” for retirement? There is indeed – but you’ll have to do a good job of managing your available income sources. Here are some moves that can help: • Accept dividends and interest payments. Instead of automatically reinvesting all your dividends and interest payments into your portfolio – which is an excellent strategy for building wealth – you might want to b...
If your parents are getting close to retirement age, or are already retired, it may be time to talk with them about financial and aging issues, some of which may involve difficult conversations. For the sake of everyone in your family, don’t avoid these “taboo” topics. You’ll need to be careful about approaching these subjects with your parents. Mention ahead of time that you’d like to talk to them about their future plans and reassure them that you want to understand their wishes, so their affairs will be taken care of as they would like. If...
It’s human nature to want to make things easier for our loved ones – and to have great concern about adding any stress to their lives. In fact, 72% of retirees say that one of their biggest fears is becoming a burden on their families, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. How can you address this fear? First, don’t panic. In all the years leading up to your retirement, there’s a lot you can do to help maintain your financial independence and avoid burdening your grown children or other family members...
While you’re working, you may be contributing to an individual retirement account (IRA), which can provide a tax-advantaged way to save for your future. So, is it ever a good idea to tap into your IRA before you retire? Ideally, you should leave this account intact until your retirement. After all, you could spend two or more decades in retirement, so you’ll need a lot of financial resources. Still, life is unpredictable, so there may be times you’ll consider taking money from your IRA. You’ll need to be aware, though, that if you withdra...
The Tuesday after Thanksgiving has become known as Giving Tuesday, when people are encouraged to donate to charitable organizations. If you’d like to take part in this special day, you’ll want to maximize the effectiveness and benefits of your charitable gifts. So, consider these questions: • Is the charity reputable? Does it use its resources wisely? Most charitable organizations are honest and dedicated to helping their specific causes. But sometimes there are a few “bad apples” in the bunch. These groups aren’t necessarily fraudulent...
When you and your life partner work together to achieve your important long-term goals, such as a comfortable retirement lifestyle, the experience can be greatly rewarding. However, your success will require commitment and discipline. So, what steps should you take along the way? One key move is to decide early in your relationship how you will handle money. Many couples merge their finances and make joint decisions on major purchases. But some couples like to keep at least part of their finances distinct, perhaps by maintaining separate...
On Veterans Day, we honor the men and women who have served in our armed forces. If you’ve recently separated or retired from the military, or you will be leaving soon, you can be proud of the service you’ve provided to your country. But once you’re a veteran, away from the structure and imperatives of the military, you may need to take greater control over managing your finances and protecting your family. For starters, consider housing. When you were on active duty, you may have moved around frequently and found it more convenient to rent,...
If you’re going to retire in the next few years, you’ll want to start thinking about making some changes to your investment portfolio. And one area you may want to look at is whatever type of cash account you might have – because, when you’re retired, the amount of cash you have readily available may be even more important than when you were working. Your cash management account could pay a slightly higher rate than a typical savings account, as well as serving as a holding place for funds that may eventually be transferred to other investm...
If you’re an investor, you probably enjoy the convenience of managing your accounts online. But you’ll also want to make sure that you’re not making it convenient for hackers, “phishers” and others with bad intentions to gain the same access. Fortunately, there’s a lot you can do to protect your privacy. Here are a few suggestions offered by the U.S. Securities and Exchange Commission: • Use a strong password or passphrase. You’ll want to pick a password that would be virtually impossible for anyone to guess, employing capital and lowercase l...
Generally speaking, investing is a long-term process. You invest in your IRA and 401(k) to reach a long-term goal – retirement. You may invest in a 529 education savings plan for many years to reach another long-term goal – college for your children. But is there also a place in your portfolio for shorter-term investments? In a word, yes. You have three good reasons for owning short-term investments: liquidity, diversification and protection of longer-term investments. Let’s look at all three: Liquidity For many people, the COVID-19 pande...
October is National Retirement Security Month. But what does retirement security mean to you? And how can you work toward achieving it? Here are some suggestions: • Build your resources. While you’re working, save in tax-advantaged accounts such as your IRA and 401(k) or similar employer-sponsored retirement plan. In your 401(k), contribute at least enough to earn your employer’s match, if one is offered, and increase your contributions whenever your salary goes up. Remember, especially early in your career, time is often your biggest asset...
