At some point, a successful business faces liquidation for all the right reasons. The business owner has built an asset that is now positioned to sell to another individual, a group of investors, or be acquired by a large corporation. Perhaps as the business has grown, planning has revolved around liquidating; however, often the liquidation plan hasn’t been put in place.
Do you consider yourself financially literate? According to a study by S&P Global, 57% of American adults are financially literate, ranking the U.S. 14th in the world. As a way to increase financial understanding, April is considered Financially Literacy month!
Whether you’re a financial guru or consider yourself a newbie, here’s 3 ways to make a difference in your finances this April!
How is my social security calculated? Social Security is calculated using your 35 highest paid earnings years and then averaged using the benefits calculation formula. You must have worked full time for at least ten years even to qualify to receive any social security retirement benefit. Currently, full retirement benefits age is between age 66 and 67 (October 2018). More adjustments to a later full benefit payment age may enforce by the Social Security Administration and will affect calculations for those born after 1967. To see what your payment may be, visit here.
If you need life insurance, be aware that there are hobbies, professions, and circumstances that will hinder your chance for life insurance approval even if you’re healthy. An insurance company examines not only your health but also your personal history to determine if you’re insurable or an insurance risk:
Since 1971, the United States has celebrated Women’s Equality Day on August 26. Although the occasion originally commemorated the passage of the 19th amendment, which gave women the right to vote, today it recognizes and encourages people and organizations to promote the full equality for women in society. We recognize equality spreads the gamut, going beyond voting rights and equal representation in the workforce (although these things are just as important); it also represents the right a woman has to take charge of her own financial future. Tremendous progress has been made in this area, but we still have a way to go.
If you are expecting a child and are considering life insurance, the first thing I have to say is—smart move! But if this is your first time looking for coverage, you may have questions. Here are some typical ones I’ve heard over the years:
1. What type of life insurance coverage is best for new parents—term or permanent? Before figuring out what kind of coverage you need, you first have to understand how much death benefit you need to protect your family. You can do an easy calculation online to get a working idea of how much you may need with this Life Happens Life Insurance Needs Calculator.
In a recent study conducted by the ‘National Retail Federation and Prosper Insights and Analytics’, it was found that the average American family will spend just south of $700 for back-to-school costs in 2019. Is your child soon to be a college student? The same survey reported you should be ready to spend a little less than $1,000 alone for start-up school supplies. While this cost seems large, it’s just a part of your financial portfolio. Back-to-school time is not only a great time to plan a scholastic budget, but also reviewing and reassessing your financial plan. Below is your Official 2019 Back-To-School Financial Guide to make sure your student, and your financial goals, stay on track:
For people that have been diagnosed with a terminal illness or are in poor health, the idea of not having life insurance when needing it can be unsettling. For others who have a chemical dependency or have had one in the past, guaranteed issue life insurance (GI life) ignores the health risk of the dependence and provides the death benefit to their beneficiaries after the two-year waiting period. With other types of life insurance, the health risks the individuals face would be an automatic decline for coverage. Guaranteed issue life insurance may be the only life insurance available to these individuals. What is a guaranteed issue life insurance?
August is an exciting time of year. As the start of a new semester approaches, families across the country begin to pull themselves out of vacation mode and think more critically about the future. A spirit of learning is in the air, which makes things just a little brighter in anticipation.
Financial stress is the number one source of stress for employees, according to a Price Waterhouse Coopers 2019 survey. Financial matters outrank any other source of stress combined, including health and relationships. Retirement can be a key driver in that stress with nine out of 10 people reporting they don’t feel very confident in their overall retirement savings situation. That’s according to our 2017 survey, which found Americans are incredibly savings-insecure.