In previous years, establishing a trust fund was viewed as a tool for high net worth individuals looking to preserve wealth. “But in recent years, there has been new awareness.”
If you have assets and you are looking to create a legacy for your children, a trust can be a strategic part of estate planning.
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The Central States Pension Fund is seeking government approval to cut benefits. The ruling for pension cuts is scheduled to come this week. “The Central States Pension Fund covers workers and retirees from more than 1,500 companies across a range of industries, but most of its retirees were truck drivers.”
In today’s economy, you may not have the luxury of investing in your 20’s or 30’s, so what do you do if you are at a crossroads in your life and you are in your 40’s? Here are some goals and tools you can utilize to prepare you for the journey ahead. “You may have already made a plan for the future.” “If so, now is a good time to review it and adjust course if necessary.”
Alex Benke, (May 2016). “Investing In Your 40’s: 4 Goals To Help You Prepare For What’s Next.” [Retrieved from Betterment.com]
Rebuilding you credit score after past financial mistakes can at times be challenging. If you do not have the ability to buy your first home without a mortgage, your credit score is one factor lenders use to assess character and risk. Oftentimes, when individual’s take the time to rebuild their credit, they retrieve their credit report from annualcreditreport.com and begin reviewing their report for errors and discrepancies.
Andrea Cannon, (May 2016). “How Late Payments Wreck Your Credit,” [Retrieved from Kiplinger.com]
If you are considering starting your own business, or if you are a new start-up, there is a retirement account that is worth considering: the Simplified Employee Pension IRA or SEP-IRA.
The advantages of having a SEP-IRA is “the high maximum contribution limit, which at $53,000, is much higher than the $5,500 cap associated with traditional IRA’s.” “The SEP-IRA was created for small businesses, allowing them to make small contributions into an account for the benefit of an individual, typically the sole employee.”
You May Also Like: Jon Stein, (February 2016). “My 4 Core Investing Principles.” [Retrieved from Betterment.com]
Putting off saving for retirement until your debt-free could be a costly mistake. “Thanks to the magic of compounding, even small contributions to your 401(K) will grow significantly over a period of time.”
In order to lower your debts and free up cash flow, “review your expenses for ways to cut; look at how much you pay for your cell-phone plan, cable package and restaurant meals.” You can also increase your cash flow by paying off debts. “Paying off a card with an 18% interest rate is the equivalent of earning an 18% return.”
When investing your money there are different ways you can maximize your savings in order to yield a return. “Traditional savings accounts and bonds aren’t the only way to go.”
“You can invest in a high-yield savings plan, real estate securities and foreign bonds.” Although investing in these sources can involve risk, blending income from different sources can help “smooth out the bumps in any given part of the market.” See Also: 6 Great Dividend Stocks To Own In Retirement