According to Coin News, in 2020 it cost roughly 1.76 cents to make one penny. Not only is the cost of producing money a negative, the convenience of having exact change at your fingertips is playing a bigger part in the appeal of cash. The days of cash being the primary form of payment might
When it comes to records, how long should you keep everything? It depends on the receipts or records. Most of us have a place where we keep those “important papers” or just old bills. They can pile up quick, and it is important to know when you can say goodbye to those stacks of papers.
If you’re nearing retirement age and know you’re not financially prepared for retirement, your solution may be to work longer. While foregoing an early retirement can be prudent, your career might not last as long as you’d like it to. The pandemic and resulting economic conditions forced 1.9 million workers ages 55 and over out
We’ve seen increased government spending due to COVID and significant increases in government debt. Some economists theorize that this could lead to increased inflation, and many claim that we are already seeing the effects. Although the official inflation rate may remain low for now, you may notice price increases of everyday items and services. If
Jim Brogan joins The Bob Yarbrough Show on NewsTalk 98.7 where they discuss the impact of recent economic events on healthcare costs, which will likely consume a large portion of your retirement budget. Click the play button below to listen!
While $1 million is sometimes cited as the ideal number for retirement savings, this assumes a one-size-fits-all approach to retirement planning. Everyone’s retirement goals are unique, and preparing for retirement might not be as simple as saving a specified amount. It’s worth taking a more in-depth look at your finances and future needs to see
Today’s retirees may feel more pressure to help out their adult children financially than previous generations – do your adult children have debts to pay off, live at home, or seem to expect financial help? Estate planning is an important part of retirement planning, as is talking to your loved ones about your legacy goals.
We’ve seen increased government spending due to the COVID-19 pandemic and will likely see more in the near future. This could mean a much larger tax bill later on. There are many long-term tax minimization strategies that you should consider: Capital Gains Tax Planning, Roth IRAs, and the Tax-Free Nature of Life Insurance. Capital Gains
The SECURE Act that was passed at the end of 2019 changed how you can pass down your retirement accounts to loved ones. That change could mean that you need to re-think your estate plan and tax-minimization strategy. How might the SECURE Act impact your estate plan? Your retirement accounts – IRAs, 401(k)s, or other
If you own something and you love somebody, you need an estate plan. An estate plan is much more than just a tax plan. An estate plan includes how are you taken care of while you are alive, and then how things are handled at your death. An estate tax plan focuses on taxes, but
Celebrating 20 Years of Brogan Financial!