Given the opportunity, most individuals employed in the workforce today would begin saving while they are gainfully employed. Far too often though, the lure of big TVs, new cars, and family vacations force many to choose between saving and enjoying life. Roughly 58% of Americans 55 and older have less than $100,000 saved for retirement, and only 19% have $250,000 or more. What can you do to catch up now?
Determine the Amount You Need to Retire
Today people use a variety of apps and tools to help themselves get organized for just about anything. There are apps that allow you to track your health and strive toward fitness goals, and others to help you keep the grocery shopping list in check. The most common calendar apps help you track meetings, appointments, and upcoming vacations. Why not consider a personal financial calendar to get you organized in the coming year?
Familiarize Yourself with Your Current Financial Health
Numerous surveys and studies have found that money is the leading cause of stress for Americans. Given that money is a key component of establishing a secure life, it makes sense that financial challenges are associated with rising stress levels. However, it doesn’t have to be that way, and it shouldn’t. If you are part of the population who feels like they never have enough money, the following tips may prove helpful in building a better relationship with your finances to eliminate unnecessary stress in your life.
Log Your Account Activity
The holiday season is just around the corner, and for many people that means months of overspending and years of debt. It does not have to be that way - with the right planning, preparation and some self-control, you can enjoy a generous and bountiful holiday season without getting buried under a mountain of credit card debt.
This year is quickly approaching its end, and the time we have to get all of our financial ducks in a row is running out. While filing end of the year taxes may seem like one of the most daunting tasks to tackle, there are several things you can do to prepare. Then, when it comes time to see a financial professional, you are already ahead of the game.
Standard vs. Itemized Deductions
The most significant contributing factor to the Great Recession in the American economy was the collapse of the housing market. Questionable lending tactics during the early 21st century and dangerous adjustable-rate mortgages (ARMs) led to an economic bubble bursting. Homeowners suddenly were unable to afford mortgage payments that had jumped with rate hikes, and the value of homes plummeted.
CERTIFIED FINANCIAL PLANNER™ Professional Scott Kahan has been featured in the latest edition of WHAT TO DO, YOUR GUIDE TO LIVING WELL IN ARMONK, BEDFORD AND CHAPPAQUA.
In the article, "Scott Kahan: Panic is not investing", Scott answers questions many of us may have had after the latest market volatility and adds some advice for us all as well.
All you need to do is turn on the news these days and you'll quickly find out just how dangerous cyber threats are becoming. Cyber thieves are targeting large companies such as Target, Home Depot, and others, trying to steal consumer credit card information that can be used for destructive purposes. Cyber security isn't just the responsibility of companies that you share your information with though, it also depends upon you. If you're proactive, it goes a long way in protecting your sensitive information.
The Threat from Cyber Thieves
Scott M. Kahan, CERTIFIED FINANCIAL PLANNER™ professional and President of Chappaqua’s Financial Asset Management Corporation, offers suggestions for getting one’s financial planning under control and making the whole college process a little less stressful. Scott explains ways to relive the burden of paying for college as a student or parent of a student in his featured article, "How to Pay For College".
Whether you realize it or not, retirement is not actually the end of the rat race in life. Yes, you've worked for decades to support yourself, raise a family, provide for others, and reach your goal of walking away from the workforce and basking in the glow of your retirement funds. While many people view retirement as crossing the finish line, it is actually an event that takes place in different stages. The following stages are experienced by retirees on both a physical and mental level, and represent the major stages of life after you leave the workforce.