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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On March 8, we observe International Women’s Day, a celebration of the social, economic, cultural and political achievements of women. Of course, women still tend to encounter more obstacles than men in the pursuit of financial security. Let’s consider a few of them. To begin with, women are still more likely to leave the workforce, at least temporarily, to raise children, resulting in lower contributions to employer-sponsored retirement plans such as 401(k)s. And women are often the ones who become full-time caregivers of aging parents or oth...
On March 8, we observe International Women’s Day, a celebration of the social, economic, cultural and political achievements of women. Of course, women still tend to encounter more obstacles than men in the pursuit of financial security. Let’s consider a few of them. To begin with, women are still more likely to leave the workforce, at least temporarily, to raise children, resulting in lower contributions to employer-sponsored retirement plans such as 401(k)s. And women are often the ones who become full-time caregivers of aging parents or oth...
If you have a child or other family member who has special needs due to physical or mental conditions, you face a variety of challenges planning for their care, including financial ones. You may also have some well-meaning relatives who want to help, but who may not realize that their moves could actually result in some serious lifestyle and monetary problems for your loved one. Fortunately, by planning ahead, you can avoid these potential traps. As you probably already know, individuals with special needs are eligible for a variety of...
If you’re in a blended family, you’re already aware of the emotional and finan- cial issues involved in your daily life. But what about the future? When it’s time to do your estate planning – and it’s never too soon for that – you’ll need to be aware of the entanglements and complexities that can get in the way of your vision for leaving the legacy you desire. You can take comfort in knowing that you’re far from alone. More than half of married or cohabiting couples with at least one living parent, or parent-in-law, and at least one adult...
For many of us, the COVID-19 pandemic may be putting a hold on dinner at the charming local bistro, but the spirit of Valentine’s Day cannot be extinguished. This year, perhaps more so than in the past, you may want to make your Valentine’s Day gifts even more meaningful. So, for example, what can you give your loved ones to help them along on the road to financial security? Here are a few possibilities: Contribute (indirectly) to an IRA Virtually anyone with earned income can contribute to an IRA, which offers tax benefits and an almost unl...
If you’ve been investing for many years and you’ve owned bonds, you’ve seen some pretty big changes on your financial statements. In 2000, the average yield on a 10-year U.S. Treasury security was about 6percent; in 2010, it had dropped to slightly over 3percent , and for most of 2020, it was less than 1percent . That’s an enormous difference, and it may lead you to this question: With yields so low on bonds, why should you even consider them? Of course, while the 10-year Treasury note is an important benchmark, it doesn’t represent the retur...
During the COVID-19 pandemic, many of us have been forced to work from home. But once we’ve moved past the virus, many workers may continue working from home. More than one-third of companies with employees who started working from home now think that remote work will stay more common post-pandemic, according to a Harvard Business School study. This shift to at-home work can affect people’s lives in many ways – and it may end up providing workers with some long-term financial advantages. If you’re one of those who will continue working remotel...
If you’re close to retirement, you’ll have several financial issues to consider. But you’ll want to pay attention to one of the most important of these issues: health care costs. How can you prepare yourself for these expenses? First, get an early start on estimating health care costs. More than two-thirds of those planning to retire in the next 10 years say they have no idea what their health and long-term care costs will be in retirement, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. And some people don’t...
When you begin investing, you’ll generally assess your comfort with risk, as your investment choices will be guided at least partially by your risk tolerance. But once you actually experience the ups and downs of the market, this tolerance could be tested. Risk tolerance may appear less bothersome in the abstract but seem quite different in reality. For example, you might initially think you wouldn’t be fazed by short-term market downturns, no matter how severe. However, when the financial markets really decline, as happened when the COVID-19 p...
If you’ve been contributing for many years to your 401(k) or similar retirement plan, it may be your largest pool of money. So, if you are facing a financial need, you may think about tapping into your account. After all, it’s your money – why not use it? But touching your 401(k) before you retire may not be a good idea, as it can lead to some unwanted consequences. First, taking funds out of your 401(k) now could increase the risk of running out of money during retirement, which could last for decades. Also, withdrawals taken from your 401(k)...
Many of us probably felt that 2020 lasted a very long time. But now that 2021 is upon us, we can make a fresh start – and one way to do that is to make some New Year’s resolutions. Of course, you can make these resolutions for all parts of your life – physical, emotional, intellectual – but have you ever considered some financial resolutions? Here are a few such resolutions to consider: Don’t overreact to events.When the coronavirus pandemic hit in mid-February, the financial markets took a big hit. Many people, convinced that we were in f...
Have your retirement plans changed because of COVID-19? If so, you have plenty of company. Nearly 40 percent of those planning to retire say the pandemic has disrupted their intentions, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. You might have been thinking about retiring early – can you still do so? Even without a crisis, it’s not a bad idea to review your important life goals from time to time. So, in thinking about the possibility of early retirement, consider these factors: Your retirement lif...
Have your retirement plans changed because of COVID-19? If so, you have plenty of company. Nearly 40 percent of those planning to retire say the pandemic has disrupted their intentions, according to the Edward Jones/Age Wave Four Pillars of the New Retirement study. You might have been thinking about retiring early – can you still do so? Even without a crisis, it’s not a bad idea to review your important life goals from time to time. So, in thinking about the possibility of early retirement, consider these factors: Your retirement lif...
We’re nearing the end of 2020 – and for many of us, it will be a relief to turn the calendar page on this challenging year. However, we’ve still got a few weeks left, which means you have time to make some year-end financial moves that may work in your favor. Here are a few suggestions: • Add to your IRA. For the 2020 tax year, you can put in up to $6,000 to your traditional or Roth IRA, or $7,000 if you’re 50 or older. If you haven’t reached this limit, consider adding some money. You actually have until April 15, 2021, to contribute to your I...
Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now? Basically, you have four options: Cash out your plan. You can simply cash out your plan and take the money, but you’ll have to pay taxes on it, and possibly penalties as well. So, unless you really need the funds and you have no other altern...
It’s almost Thanksgiving. And although 2020 may have been a difficult year for you, as it has been for many people, you can probably still find things for which you can be thankful – such as your family. How can you show your appreciation for your loved ones? Here are a few suggestions: • Invest in your children’s future. If you have young children – or even grandchildren – one of the greatest gifts you can give them is the gift of education. You may want to consider contributing to a higher education funding vehicle. • Be generous. Do...
You save and invest to meet a variety of goals during your lifetime: college for your children, long vacations, a comfortable retirement, and so on. But you probably also want to leave something behind – to your loved ones and, possibly, to the charitable organizations you support. To do so, you’ll need to develop a comprehensive estate plan, but to make that plan work, you must avoid some common mistakes. Here are a few of these pitfalls you’ll want to avoid: • Not writing a will – If you were to die “intestate” – without a last will and t...
You’ve no doubt heard reports of personal data being stolen and used for financial fraud – anything from online shopping on your credit cards to actual theft from your financial accounts. This problem won’t go away anytime soon – but you can take steps to defend yourself. Here are a few suggestions: • Use multifactor authentication or other extra security options with online accounts. Many of your online accounts offer extra security by giving you the option to prove your identity in different ways. With mutifactor authentication, you must...
Like everyone, you want to remain physically and financially independent throughout your life. But if you lose some of this freedom, the last thing you’d want is to become a burden on your family. How can you keep this from happening? First of all, you need to be aware of the risk. Someone turning 65 today has almost a 70 percent chance of eventually needing some type of long-term care, according to the U.S. Department of Health and Human Services. Of course, this doesn’t necessarily mean that you face that 70 percent likelihood. In reality, yo...
Election Day is little more than a week away. As a citizen, you may feel the results will affect many aspects of life in this country. But as an investor, your situation probably won’t change after the votes are counted. No matter who wins, the financial markets may well show some politically driven volatility, but that often happens around elections, and it typically doesn’t last long. But what about the longer term? How might changes in policy and new legislation affect your investment outlook? To begin, keep in mind that many campaign pro...
If you’re a caregiver, possibly for a loved one dealing with an illness such as Alzheimer’s disease, you’re probably already facing some significant emotional and physical challenges – so you don’t need any financial ones as well. Yet, they are difficult to avoid. What steps can you take to deal with them? First of all, you may be interested in knowing the scale of the problem. Consider these numbers from the Alzheimer’s Association: About 5.8 million Americans ages 65 and older are living with Alzheimer’s disease, and in 2019, caregivers of...
When you retire, you’ve learned a lot about all sorts of things, helping you avoid some of the mistakes you made earlier in life. However, you may still be susceptible to financial missteps specifically related to your retirement years. How can you dodge these errors? Consider these suggestions: • Manage your withdrawal rate carefully. You will likely need to tap into your retirement accounts – your IRA and 401(k) or similar employer-sponsored plan. But you should establish an annual withdrawal rate that’s appropriate for your situati...
Right now, the pandemic is causing chaos and uncertainty for colleges and students. But it won’t always be that way. And if you have children who will be heading off to school in the next few years, you’re probably thinking about more typical concerns – such as expenses. How will you pay for the high costs of higher education? Most colleges do offer financial aid packages that can greatly help with these expenses. But it pays to know, well in advance, how financial aid works. And the key platform for determining much of your child’s financi...
Those who have lived a long time have done a lot, seen a lot – and can teach us a lot. And that’s certainly true when it comes to investing. Consider some of the lessons you might learn from experienced investors: Regulate your emotions. In the investment world, there’s always something coming at us that could sound scary: political flashpoints, economic news, and even those once-in-a-generation occurrences, such as the COVID-19 pandemic. But older people may take these events in stride; in fact, baby boomers and members of the Silent Gener...
If you’ve recently become a widow or widower, you’re obviously dealing with an enormous emotional burden, and coping with your grief can seem like a full-time struggle. Unfortunately, the business of life must go on – and the financial moves you make at this time can have a big impact on your life. So, as you attend to your affairs, consider the following suggestions: • Don’t make hasty decisions. Even though you will need to make some moves in the near future, don’t feel rushed into decisions that may prove to be ill-advised. For example, do...
