Newsletter

2
Jul

Tips for Summer Travel

Tips for Summer Travel

Are you planning to get away from the normal this summer? According to AAA, so is about 35% of Americans. With vacation season in its prime, businesses everywhere are hiking prices and fees in anticipation for a busy season. With this, here are 5 quick tips to save money on your summer travel.

  1. Strategically plan your travel – Most people take vacation while schools are out for the Summer. If you can, traveling during this time is ideal.
  2. Be Careful when you book – Is there a best time to book? Yes, in fact, if you book airfare on a weekend, you would save 19% on average. Although the reason for this is still a mystery, it can be assumed that they know you are not a corporate traveler, and thus, will look for the best deal.
  3. Stay somewhere new – If you already have a destination in mind, you should spend more time on figuring out where you will stay. Often times, cheaper and nicer options such as Air B&B’s and Hotels ‘off the beaten path’ go unnoticed. Finding a new place to stay can not only save you money, but can also open the trip to new adventure!
  4. Book early, save more $$$ – When booking travels, the sooner you book the better it feels on your wallet. On average, the best time to book travel is about two months before departure date. Already booked your trip this Summer? Get a head start on next Summer by setting price alerts on Google Flights or Hopper so you know when the price is best!
  5. Know your apps – In a day and age where you can find everything with the slide of your finger, it is crucial you have the right applications to get you the best bang for your buck. Some great apps are Dealray (for cheap flights), AutoSlash (for car rentals), and Roomer (for deeply discounted rooms). You can also Google Best Travel Apps, since apps are always changing!

Whether you are planning to travel the world or just traveling to the next city over, make sure you are getting the best deal possible by following the tips above! Already planned your summer trip(s) and realized you’re under budget? Reach out to your advisor today to see how you can invest your savings for the future!

 

*Statistical references and content derived from Forbes.com and travelandleisure.com

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post Tips for Summer Travel appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education

1
Jun

Mid-Year Financial Check Up

Mid-Year Financial Check Up

Happy Half Year! Time flies and first 6 months of 2018 are already here and gone! With the second half of the year fast approaching, it’s important to know how your finances are stacking up compared to your goals when the year began. What better way to that then to check out these quick tips for a mid-year financial check-up:

  • What’s your credit? Your credit report is basically your permanent record. Your credit score shows how your spending, the frequency of your spending, and how you have repaid money owed. Therefore, it is so important to know where you stand. Check out annualcreditreport.com for a free report to see what you can qualify for and to check for signs of identity theft.
  • Are you over paying Uncle Sam? Last year alone, millions of people overpaid on their taxes by thousands of dollars. Make sure your W-4 accurately represents your financial status so you don’t overpay or underpay on your taxes. Head over to irs.gov to see what your withholding allowance should be.
  • Do you have savings growth? Life happens, and sometimes you need a safety net when it does. Often those who are struggling the most with finances are those who have little to no savings account, thus causing large negative effects when there’s an emergency. Even if you save $1 per day from now until the end of the year, you will have $180, which is better than nothing.
  • How’s your spending? People work hard for their money, but then spend it like its burning a hole in their pocket. It is important to know how you spend and how much you are spending so you can support your lifestyle and save enough for your dream retirement. Track your spending for the next 30 days and break every cent into categories. Once this is done you can determine how you should be spending moving forward and what areas you might need to reconsider spending.
  • Ready for holiday expenses? Even though holiday season is a few months away, now is the time to start depositing money so you don’t have to worry about what you spend when season comes around. You should create a holiday account and be depositing money into it all year so you can have a debt-free holiday all while seeing the smiling faces of your friends and family.
  • Is your potential savings interest maximized? Almost every bank and credit union currently offer interest on accounts that is fairly high compared to standard rates. You can research different banks and rates on sites like checkingfinder.com or www.bankrate.com to find one that suites you. Often, you will have to have to meet certain requirements such as minimum debits or balance. However, the interest rates usually make the hoops you must jump through worth it. Make sure where you deposit your money is FDIC or NCUA insured.

Worried about where you stand after your mid-year financial check-up? Reach out to your Financial Advisor and see the steps you can take to fulfill your 2018 financial goals. Happy where you stand? Explore your financial plans moving forward and what you need to do to set yourself up for your dream retirement!

Disclosure: This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

Content derived from https://www.nfcc.org/tools-and-education/money-management-tips/time-for-a-mid-year-financial-check-up/

The post Mid-Year Financial Check Up appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education

28
Apr

Off-Ramp to Retirement

Off-Ramp to Retirement

Retirement on your mind? Whether you are on the brink of retiring or already there, you want to make sure you saved and protected your assets to ensure you’ll have income to exceed your retirement dreams. 65 years of hard work should not go to waste which is why it is crucial you make sure you are planning for retirement that may be 30 years or longer!

Check out these 5 keys to managing your retirement goals so you can reach your dream!

  1. Inflation Preparedness

It’s not if, it’s when. Inflation is a product of our ever-growing economy and with it comes negative effects. The cost of living when you retire will be drastically higher compared to when you first joined the work force. The increase in costs of goods and services sold will influence your income purchasing power. In fact, with just a 2% inflation rate, $50,000 today would be worth over $82,000 twenty-five years from now!

Takeaway: Certain pensions and annuities as well as Social Security can help damper the effects of inflation on your income through market-related performance and cost-of-living adjustments. Beyond these, there are several investment options that keep in sync with rising inflation.

  1. Keep savings in savings

Research from Fidelity states that you should withdraw no more than 4%-5% from savings in the first year of retirement to be confident it will last 20-30 years. Therefore it is so crucial to have a retirement income plan in place so you know how much you can afford to withdraw without sacrificing retirement quality of life.

Takeaway: Develop a retirement income plan so you can take the necessary steps to live your retirement dreams.

  1. Be proactive not reactive for healthcare costs

Healthcare costs are on the rise and so is the average age in America. Just like any expense, Long-term care rise with inflation and is important to keep in mind when thinking about your retirement. In a recent study conducted by Fidelity, a 65-year-old-couple who retired in 2017  will need about $275,000 to cover solely health care costs during retirement. This does not include Long Term care and according to another study conducted by the US Department of Health, 70% of those 65 and older will need some type of LTC service. A Genworth 2017 study concluded the average cost of assisted living ranges from $45,000-$85,000 annually.

Takeaway:  Don’t let healthcare costs that could have been avoided be the pitfall to your retirement. Consider long-term care insurance so you are able to live your dream without any setbacks.

  1. Plan to live longer

Technology has come a long ways which has increased the average age Americans live to. Medical advances along with healthier lifestyles has the average American living well into their 80s. This means you should be planning for a 30 year or longer retirement. If you don’t plan right, you could live past your savings and rely on just Social Security, which for the average retired worker is $1,369 a month.

Takeaway: Although Annuities can be daunting and confusing, they are one of the best choices for guaranteed income for as long as you or your spouse lives.

  1. Invest for growth

When saving for your future, consider creating an investment strategy that has a mix of both conservative and aggressive assets. Having too much of one compared to the other can have detrimental effects on your return due to growth limitations and erosive effects on inflation. Overall, you should have an asset mix in place that focuses on your risk tolerance, financial situation, and investment horizon.

Takeaway: Build a diversified portfolio make up of stocks, bonds, and short-term investments. Your portfolio should be based on market volatility, length of investments, and your financial situation. Make sure you are set up for a dream retirement by not putting all your eggs in one basket.

 

Statistical Content derived from Fidelity.com

This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.

The post Off-Ramp to Retirement appeared first on Adult Financial Education Services.

Provided by: Adult Financial Education