Serving Proudly As The Voice Of Valley County Since 1913
Serving Proudly As The Voice Of Valley County Since 1913
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In the past year, we’ve seen some big swings in the financial markets. This volatility may make you feel as if you have little control over your investment success. But the truth is, you do have more control than you might think — as long as you don’t let fear guide your decisions. Investment-related fear can manifest itself in a few different ways: • Fear of loss – Some investors may emphasize avoiding losses more than achieving gains. Consequently, they might build portfolios they consider very low in risk, possibly containing a high perc...
When you’re working, you may spend decades contributing to retirement accounts such as your 401(k) and IRA. Once you’re retired, though, you’ll likely need to begin withdrawing from these accounts to help pay for your living expenses. In fact, you’ll be required to take money from them at a certain age — but that age requirement is changing, and it could lead to changes in your financial strategy. Let’s look at some background behind this development. You put in pre-tax dollars to a traditional IRA and 401(k), so your contributions can lower yo...
There aren’t many drawbacks to having a high income — but being unable to invest in a Roth IRA might be one of them. Are there strategies that allow high-income earners to contribute to this valuable retirement account? Before we delve into that question, let’s consider the rules. In 2023, you can contribute the full amount to a Roth IRA — $6,500, or $7,500 if you’re 50 or older — if your modified adjusted gross income is less than $138,000 (if you’re single) or $218,000 (if you’re married and filing jointly). If you earn more than these amou...
As you know, inflation was big news throughout 2022. But will it continue in 2023? And looking even further ahead, how should you account for inflation in your long-term plans? In regard to the first question, many experts predict that inflation will cool off this year, though there are no guarantees. The high inflation of last year is thought to have been caused by some unusual factors, such as a spike in the demand for consumer goods as the world came out of the COVID-19 pandemic, which led to supply chain issues. Also, the war in Ukraine...
It’s that time of year when many of us promise ourselves we’ll go to the gym more, or learn a new language, or take up a musical instrument, or any number of other worthy goals. But this year, when making New Year’s resolutions, why not also consider some financial ones? Here are a few to consider: • Don’t let inflation derail your investment strategy. As you know, inflation was the big financial story of 2022, hitting a 40-year high. And while it may moderate somewhat this year, it will likely still be higher than what we experienc...
To achieve your financial security, and that of your family, you will need to create a comprehensive strategy. But for this strategy to succeed, you’ll need to guard it from various challenges – and that means you’ll need to build in different layers of protection. What are these challenges – and what types of protection can be used to defend against them? Consider the following: • Challenge #1: Protecting your ability to reach your goals – To achieve your long-term goals, such as a comfortable retirement, you’ll need to build adequate fina...
Now that it’s the holiday season, gifts are probably on your mind – and you might intend for some of those gifts to go to charities. Although your intentions are good, you could be shortchanging both your recipients and yourself with your method of giving. But with some guidance, you can make choices that work well for you and those charitable groups you support. Of course, you could simply give money to these groups. However, by donating other types of assets, can you increase the value of your gift and gain greater tax benefits, too? It’s cer...
If you receive Social Security, you’ve probably already heard that your checks in 2023 will be bigger – considerably bigger, in fact. How can you make the best use of this extra money? Here’s what’s happening: For 2023, there’s an 8.7 percent cost-of-living adjustment (COLA) for Social Security benefits – the largest increase in 40 years. Also, the monthly Medicare Part B premiums are declining next year, to $164.90/month from $170.10/month, which will also modestly boost Social Security checks for those enrolled in Part B, as these premi...
It’s unfortunate, but recessions are a fairly normal part of the economic landscape. When a recession occurs, how might you be affected? The answer depends on your individual situation, but regardless of your circumstances, you might want to consider the items in this recession survival checklist: Assess your income stability. If your employment remains steady, you may not have to do anything different during a recession. But if you think your income could be threatened or disrupted, you might want to consider joining the “gig economy” or lo...
Here’s an interesting statistic: Some 72 percent of retirees say one of their biggest fears is becoming a burden on their families, according to a 2021 survey by Age Wave and Edward Jones. Both before and during retirement, what steps can you take to avoid burdening your loved ones in the future? Here are a few suggestions: • Build your retirement savings. The greater your financial resources, the less likely it becomes that you’d ever have to count on your grown children for financial support. You may have access to a 401(k) or similar retirem...
If you’re an investor, you no doubt pay a great deal of attention to your stocks, bonds and mutual funds. But you shouldn’t forget another key element of your financial strategy: cash. Cash is part of any financial strategy and investment portfolio, but how much have you thought about the different uses of cash, and how much you really need? Consider these four key purposes: • Unexpected expenses and emergencies – If you face an interruption in employment, you need an extensive home repair or you encounter an unplanned medical expense, you may...
One of the rewards for working over several decades is the ability to contribute to tax-advantaged retirement accounts, which can help provide needed income for you when you do retire. As the years went by, you may well have accumulated several retirement accounts, such as IRAs and 401(k)s or similar employer-sponsored plans. But you might find it advantageous to consolidate these accounts with a single provider. Consolidating them can provide you with several potential benefits, including these: • Less confusion and clutter – If you have mul...
As you go through life, you will likely have long- and short-term financial goals. But how will your strategies for meeting your long-term goals differ from those needed for your short-term ones? If you’re like most people, your biggest long-term goal is achieving a comfortable retirement. And for this goal, a common strategy is putting away money in tax-advantaged retirement vehicles, such as your 401(k) and IRA. So, how should you go about preparing for shorter-term goals, such as a family vacation, home renovation, wedding or major p...
If you have a family member who has been diagnosed with Alzheimer’s disease, or is starting to show symptoms, you will face some real challenges. Navigating the Alzheimer’s experience involves a long journey, and there’s no easy answer for how you can cope with your emotions. But you can at least address some of the financial issues involved to help give yourself a greater sense of control. Here are some moves to consider: • Plan for care costs and identify insurance coverage. The list of Alzheimer’s-related medical expenses is long and inclu...
Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” But as you chart your financial course, what steps should you take to help you keep moving forward to where you want to go? Consider these suggestions: • Establish and quantify your goals. Throughout your life, you’ll have short-term goals, such as an overseas vacation or a home renovation, and long-term goals, the most important of which may be a comfortable retirement. You’ll want to identify all your goals and put a “price tag” on them. Of course, it’s not alwa...
You may have heard that you can simplify your investment strategy just by owning index-based or passive investments. But is this a good idea? You’ll want to consider the different aspects of this type of investment style. To begin with, an index-based investment is a vehicle such as a mutual fund or an exchange-traded fund (ETF) that mimics the performance of a market benchmark, or index — the Dow Jones Industrial Average, the S&P 500, and so on. (An ETF is similar to a mutual fund in that it holds a variety of investments but differs in tha...
You probably won’t see it on your calendar, but September is Life Insurance Awareness Month. And it is indeed important to be aware of the importance of life insurance. Are you adequately insured? Many people aren’t. About 40 percent of Americans face some type of life insurance gap, either because they’re uninsured or underinsured, according to a 2021 survey by the research and advocacy groups LIMRA and Life Happens. The need for life insurance is pretty straightforward: If something were to happen to you, would your family be able to conti...
If you’re like most people, your work has been a central part of your life. So, wouldn’t it be nice to have the flexibility to decide when you no longer want to work? Many people of retirement age have achieved this type of control. In fact, two-thirds of workers ages 65 and older say they work primarily because they want to, not because they have to, according to a 2021 study by Edward Jones and Age Wave. But that means that one-third of workers in this age group feel financially compelled to work. This doesn’t necessarily mean they disli...
When many people hear the words “estate planning,” they assume it’s just for the wealthy. But that’s not the case because everyone can benefit from an estate plan. And when you’re creating one, you’ll want to avoid some common mistakes. Before we look at those mistakes, let’s go over what estate planning is designed to accomplish. Essentially, an estate plan allows you to pass on your assets in the way you desire. But it can also specify other actions, such as naming someone to care for your minor children if you were no longer around. In cr...
