The CARES Act, a direct response to the economic turmoil caused by COVID-19, sought to provide economic support to millions of Americans. This support extended to the way taxes are filed and processed for 2020, creating additional benefits depending on your circumstances. Read on to learn five ways the events that took place in 2020 could affect your taxes.
Whether you’re new to the stock market or a seasoned investor, it can be hard to keep your emotions in check. As you hear unsavory news about a company you’ve invested in, your first instinct may likely be to sell your shares. Yes, their stock may drop in the following days or weeks, but when it comes to the stock market - it’s important to think long term. Selling your stock now based on an emotional response could mean you miss out on significant earnings years or decades later down the line. Before you risk that chance, we have four easy tricks you can use to help avoid investing with your emotions.
Classic investments, like stocks, are not the only investments taxed by capital gains. Capital gains taxes can apply to any other property that acquires value over time. These taxes are calculated by subtracting the cost of the investment from the final selling price of said investment. This final amount is reported as capital gains. But, the final amount can be taxed at different rates depending on the investment type and total monetary gain.
Having an up-to-date will is an excellent step in establishing an estate plan. It provides legal protection, structure to loved ones and starts the process of dispersing property. A will distributes a majority of your property, but often leaves out smaller belongings - leaving loved ones to organize what is left.
On Tuesday, October 13, 2020, the Social Security Administration released important facts and figures for 2021 - including cost-of-living adjustments (COLA) for retirees and tax changes for the currently employed.
It seems that the second half of 2020 has been a popular time for large corporations to announce stock splits - including companies like Apple, Tesla and McCormick. This can be great news for eager investors looking to add these market titans to their portfolio, but who may have not been able to in the past.
The COVID-19 pandemic hit hard in early 2020, and it continues to remain prevalent as we near the end of the year. Whether you’ve just recently retired, or it’s coming up in the next few years, it’s likely the virus has brought about some financial uncertainty regarding your readiness for retirement. Before making any sudden changes, it’s important to remain rational and avoid these five big retirement mistakes below.
Between popping the question and saying “I do,” you and your partner have plenty to plan. And while it’s not as fun as cake tasting, you’ll want to sit down together and discuss the expectations you have about your future finances. According to a survey offered by Psychology Today, 27 percent of respondents found money to be the biggest stressor in their marriage.1
Having hard, truthful discussions about money beforehand can help lay the foundation for an honest and open financial relationship later down the line. As you prepare to tie the knot, take these five financial considerations into account first.
Decisions surrounding retirement are rarely simple. This further becomes the case when there is an age gap between couples, resulting in differences in retirement dates, life expectancy, health and more.
For couples of varying ages, traditional retirement advice may not be applicable. Their retirement fund will not only need to provide for one but two individuals encountering different stages in their lives and their careers. If there is an age gap between yourself and your spouse, here are a few considerations to take into account.
Dividing your estate among family can be complex and at times, difficult. Nevertheless, not having a will may lead to more complications and is ultimately irresponsible. Quite often, equally dividing assets among children makes the most sense. However, there may be some cases in which giving each child an identical inheritance might not be the best decision.
From setting aside a portion of your earnings each year to investing for a long-term horizon, saving for retirement is a fairly straightforward concept. Once you reach your retirement date and begin drawing income from your savings, however, things begin to feel more complex and, at times, uncertain.
Annuities can provide longevity insurance by protecting against outliving your savings. Options include life annuities, providing an income stream throughout your retirement chapter, and joint annuities, providing both you and your spouse payments for the remainder of your lives.1 The first step is to determine whether an annuity is right for your lifestyle and circumstances.