David Lerner Associates: What is the Future of Social Security?
The future of Social Security has received a lot of publicity lately, especially when the candidates for President of the United States debated each other about how they would propose solving the looming problem of potential Social Security insolvency.
David Lerner Associates : The College Debt Dilemma - Avoid Debt In the First Place
Many families depend on student loans in order to send their children to college. A better option for many students and families is to try to avoid student loan debt in the first place.
David Lerner Associates: Should You Take A Lump Sum Pension Offer?
Recently, some large U.S. companies have offered to buy out the pension benefits of their workers and retirees by giving them one-time, lump-sum payments instead.
David Lerner Associates: The Importance of Building an Emergency Savings Fund
Many personal financial planning experts suggest that individuals make building an emergency savings fund one of their top financial priorities, More than a quarter of Americans do not have any emergency savings at all.
David Lerner Associates: Defining Qualified Education Expenses
The term "qualified education expenses" is utilized frequently in education circles, but it can mean numerous things depending upon the context. Find out more using this table.
David Lerner Associates: Financial Resolutions in Your 50s
After a lifetime of diligently saving you're getting closer to the day when you hope to actually enter into and enjoy the retirement.
David Lerner Associates: Financial Resolutions in Your 60s
In order to retire at age 65 you will likely need to have accumulated a sizable retirement nest egg by the time you reach your early 60s.
David Lerner Associates News: Four Personal Finance Tips for New College Graduates
According to the National Center for Education Statistics, more than 1.6 million students who will graduate from college this year will not be ready to be financially independent
David Lerner Associates: Early 401(k) Withdrawals: A Troubling Trend
When people take money out of their 401(k) plan early, not only are they paying a heavy price in penalties and taxes, but they're also potentially jeopardizing their future retirement security.
David Lerner Associates: Should You Pay Off Your Debt or Save for Your Retirement?
Like many people, you may be torn between paying off debt and the need to save for retirement. Both are vital.
David Lerner Associates: Misconceptions and Realities about Social Security
There's no doubt about it, Social Security is an essential source of retirement income for most Americans. More than nine out of ten people age 65 and older obtain Social Security advantages.
David Lerner Associates: "Qualified plan" - What does it mean?
There are numerous different types of qualified plans, but they all fall into two categories. The advantages you receive from the plan depend upon investment performance.
David Lerner Associates: Helping pay for your Grandchildren's education
Tuition payments made directly to a university aren't considered taxable gifts, no matter how large the payment. But this is true only for tuition, not room and board, books, or fees. Find out more...
David Lerner Associates: A Primer - Understanding Different Types of Life Insurance
Life insurance is different from most other types of insurance like health, car and homeowners insurance in at least one key respect: It covers against an event that is certain to occur at some point in time - the policyholder's death.
David Lerner Associates Hosts Save for Retirement Week Seminars
October 19- 25 is National Save for Retirement Week. The purpose of this week is to raise public awareness about the importance of saving for retirement.
David Lerner Associates: College Savings Plans: 529
Section 529 college savings plans are tax-advantaged college savings vehicles and one of the most popular ways to save for college today.
David Lerner Associates: How to Resolve Retirement Income Shortfalls
Without prudent planning and a commitment to saving now to make that happen, millions of older Americans find themselves with an income shortfall.
David Lerner Associates: Financially Speaking, Women and Men are Different
Women today have never been in a better position to achieve financial security for themselves and their families. What financial course will you chart?
David Lerner Associates: The Rising Cost of College
Each year the College Board releases its Trends in College Pricing and Trends in Student Aid, a report that shows college expenses and trends in financial aid. The report shows costs are rising in 2014/2015.
Financial Aid Considerations for Graduate School
There are a few differences between financial aid options for attending graduate school and aid programs for studying at an undergraduate college
Retirement Savings Challenges for Women
While women have more opportunities than ever before they often face unique obstacles that can make saving for retirement a challenge
David Lerner Associates: Key Issues for Older Americans
While retirement is generally something to look forward to there's also the concern about the cost and availability of health care and the worry about what might happen if one becomes unable to live and care for oneself independently.
College Savings - Think Ahead
More than 20 million young Americans are headed off to college this month. According to the 2015 Sallie Mae How America Pays for College report, a national study of college students and parents, families spent on average $24,164 for college in the academic year 2014-2015
How Millennials are Changing the Student Loan Cycle
91 percent of millennial parents are determined not to perpetuate the loan cycle with their children. This is considerably higher than other generations - 76pecent of parents ages 36-45 and 74 percent of parents ages 46-55 said that debt caused them to use other strategies to cover college costs.
David Lerner Associates: Scholarships and College Savings
As the cost of a college education continues to climb, paying for it has become a major family expense. Many couples report starting a college fund shortly after their baby is born.
Comparison of College Savings Vehicles
A comparison of all the college savings vehicles available.
The Number One Rule for Personal Finance
There is growing concern that Americans are in the midst of a savings crisis. The statistics are more than mildly concerning. Most Americans don't have enough savings to withstand a $500 emergency.
David Lerner Associates: Saving or Paying Off Credit Card Debt
At this time of year you will see many experts offering advice on how to set goals for 2016. Most of them lay out a plan to tackle all the aspects of your financial well-being. In the best of all possible worlds, this would be ideal. However, for many Americans it's more realistic to take on one goal at a time.
David Lerner Associates: How to Build an Emergency Fund
Creating a healthy emergency fund can be a lofty and intimidating goal. But in these uncertain economic times, such a fund is needed more than ever yet almost two-thirds of Americans are not prepared to for unexpected expenses.
David Lerner Associates: Financial March Madness
March is a great time to take stock of your financial situation and get your fiscal affairs in order. March 15th marks the due date for corporate tax returns, and it also marks exactly one month before personal tax returns are due. By now you should have all your 1099s, W2s, and tax documents collected and ready to go.
David Lerner Associates: Saving for Early Retirement
According to a research study by the Employee Benefit Research Institute, Americans' confidence in their ability to secure a financially comfortable retirement increased in 2015, however, only 61% report that they are currently saving. That means that more than one-third are not saving for retirement.
David Lerner Associates: Who Can Benefit From College Savings Plans?
There are many types of people who can benefit from college savings plans especially parents and grandparents of young children, casual investors, or anyone wanting to transfer wealth to another family member as part of an estate plan.
David Lerner Associates: Older Americans are Blazing a Trail to Retirement
The theme of Older Americans Month 2016 is Blaze a Trail. The idea is to use this theme to raise awareness about important issues facing older adults. Retirement is certainly one of those issues. According to the Government Accountability Office, among households with members aged 55 or older, nearly 29% have neither retirement savings nor a traditional pension plan.
David Lerner Associates: Ending Financial Stress with Planning
Bank of America / Merrill Lynch's 2016 Workplace Benefits Report was an interesting study in the financial confidence of today's workers. 75% of employees polled indicated they are not financially secure, and 60% say they are somewhat or very stressed by their financial situation, according to the report.
Maintaining Financial Stability in Economic Uncertainty
The recession (meltdown) of 2008, was a big wake-up call for everyone. Fortunately, the collective anxiety that we experienced being on the brink of another Great Depression has passed, and the world's economy has recovered over the past 8 years. But we shouldn't forget the lessons that recent history has taught us. Here are some things that can be done to weather a potential financial storm.
College Savings and Loans
According to a survey by Sallie Mae, families are under increasing pressure to take out loans to finance college. Saving for college seems like the best alternative, but there are some misconceptions about the process.
Springtime for Savings
Spring is traditionally a time for dusting off the cobwebs, cleaning out the garage, and infusing new life into your home. Why not take this opportunity to take stock of your "financial home" and make some smart springtime moves that could save you money?
Millennials Can Create a Lifelong Wealth Plan
For a highly educated generation, Millennials show a surprising ineptitude in certain areas of money management. And a generation that lacks secure pensions will certainly need to prepare for their twilight years.
Americans Regret Not Having a Rainy Day Fund
The recent Bankrate Financial Security survey showed that most Americans have regrets about the financial decisions they've made. At the top of the list is not saving enough for retirement, but a close second is not saving for emergencies.
Money Tips for Newlyweds
Wedding season is upon us. So put on your dancing shoes and get ready to enjoy the tying of knots. If you're the lucky couple walking down the aisle, then congratulations. You've taken a giant leap into adulthood and the journey is only really beginning. It would be very smart to get on the same page with your finances especially since it seems to be a source of arguments between married couples.
Why the 4 Percent Rule No Longer Works
For decades Americans have calculated their retirement saving needs on the 4% Rule - if you can withdraw 4% of your retirement fund per year, there's every chance you'll have enough money for your golden years. That rule was calculated on interest rates much higher than we're seeing now, and it's proving to be not so reliable for people who will retire in the future.
Credit Card Debt on the Rise in America
Even though America's economy is in somewhat better condition now, studies show that credit card debt is at the highest level since 2008. Based on data from the Federal Reserve, outstanding credit card debt is set to hit $1 trillion in 2016. This indicates that consumers are reverting to pre-recession spending patterns.
Tips for Saving for College
Before you know it, that sweet little baby of yours will be all grown up and graduating high school. Time flies and in the blink of an eye college preparations will be upon you. Unless you plan ahead, it's all too likely that you will be part of the majority of American families who do not have a college savings plan in place.
Financial Lessons for College Students
Almost 2 million students are expected to graduate this year, and according to some reports they'll be entering a very positive job market. Along with many other freedoms graduates will experience once they end their school career, they will also have to manage their own finances, probably for the first time.
5 Steps for a Better Retirement
Do you worry about your retirement? According to experts, you should be worried. A Government Accountability Office analysis found that average Americans between the ages of 55 and 64 have saved only about $104,000 in retirement savings.
Financial Planning for Retirement
The average retirement age is somewhere between 62 and 65. In order to retire by 65, you will likely need to have accumulated a sizable nest egg by the time you reach your 60s.
Reaching Goals of Financial Success
Saving for retirement, taking care of one's family, eating healthier, exercising more - these are goals that a lot of people have. Sometimes it's difficult to achieve those goals when temptations lead us astray. We want to save for retirement, but then we conveniently forget our budget constraints when making a purchase.
Top Financial Mistakes That Affect Your Retirement
As retirement approaches more and more Baby Boomers are taking stock of their financial decisions along the road to their golden years.
FINRA Study Reveals Millennials Lack in Financial Capabilities
Given the financial challenges millennials face, the ability to make well-informed and effective financial choices is important for them. A FINRA National Study suggests that younger Americans lack the financial knowledge to make well-informed decisions and that they engage in behaviors that are detrimental to their financial health.
3 Debts to Pay Off Before Retirement
Heading into your golden years one is likely to consider your financial landscape and take a look at prioritizing which debts to focus on before you retire.
Tips for Smart Personal Finance
Whether you're playing catch up on retirement savings or working to eliminate debt, it pays to be financially savvy. Here are some tips to point you in the direction of smart personal finance decisions.
Retirement vs College Savings
Some people are faced with this very real decision - do you start saving for Little Johnny's college tuition, or do you focus on your own retirement first?
End of Year Financial Advice
2016 has been a wild year, arguably one of the more interesting years we've seen in recent history. And as the year winds to a close, there are some things to take note of and tie a bow on your financial concerns.
Reasons to Invest in College Savings
Education is a gift that keeps on giving. College grads out earn people without degrees consistently and by a decent margin.
Make Your Retirement Planning Count
Most Americans who are saving for their retirement have the better part of 30 years to prepare. But the average pre-retirement Baby Boomer does not have enough savings for their retirement years, and one third of Americans have no retirement savings at all.
Savings Goals for the New Year
There is no convincing argument for not saving your money. Most people will agree that saving (whether for retirement or any other reason) is an excellent idea, and it should be done.
Top 3 Reasons Why You're Failing at Saving Money
Americans are in the midst of a savings crisis. A massive 63% of Americans don't have enough savings to withstand a $500 emergency. Even more concerning is that there is a growing percentage of Americans with no savings at all.
A Savings Crisis in America
Take a look at your savings account. If you were hit with an unexpected expense of $500 or $1000, would you be able to pay it?
Overcoming Fear of Retirement
There are many unknown factors when it comes to saving for your retirement. In some ways, it can be a guessing game.
Retirement Planning Difficulties for Women
Women face significant difficulties however the number of wealthy women in the United States is rising twice as fast as the number of wealthy men. Experts estimate that by 2030, women will control as much as two-thirds of the nation's wealth.
Life Insurance and Long Term Care
Nearly 70% of Americans 65 and older need long term care at some point. Life insurance and Long Term Care insurance are financial services that are extremely useful.
What Most People Don't Understand About 401(k) Plans
A 401(k) plan is something that not everyone has. In fact, an incredible 68% of Americans are not saving in an employer-sponsored retirement plan.
Retirement Tip for Entrepreneurs
Entrepreneurs and small business owners often think that their only retirement plan involves an IRA. The 401(k) was historically only used by large companies and their employees, however, it has evolved into a flexible savings vehicle for people outside of corporate America.
How to Make the Most of Your Retirement Planning
Retirement is something that we should be thinking about. Whether you work in the corporate world or are a self-employed entrepreneur or a freelancer, it doesn't matter. We all want to know that our latter years will be taken care of financially.
Financial Planning for Women after Divorce
Women are better prepared for their financial lives post-divorce. They are far more likely to seek out financial advice, improve spending habits, seek out employment and contribute to retirement savings.
Understanding Your Finances
Understanding your finances comes down to understanding just a few key elements, definitions, and numbers that make up the sum total of your financial life.
Steps for Financial Freedom
Financial freedom is a term that is thrown around, but what does it actually mean? It's probably best stated as being free of worry from financial issues. But then there's always the concern of "more money, more problems."
Wealth Building Tips
Building wealth is entirely under your own control, despite what some schools of thought will tell you. All it takes is smart decisions and breaking bad habits.
Cyber Security and Passwords
Online security has reached a fever pitch lately with hackers accessing political, business, and personal accounts all over the world.
Wealth isn't something you wake up to one morning, "Oh, guess what honey. We're wealthy today!" Wealth is built and earned over time. Carefully. Strategically. With deliberate purpose.
College Savings Plans
The person most likely to benefit from a college savings plan is obviously the child who goes to college. Keeping your child out of a bottomless pit of student loans is probably the best thing you could do for their finances.
April is Financial Literacy Month
The best investment you could make is financial education. This is not just a catch-phrase anymore. The stats speak for themselves.
How to Avoid Investment Fraud
There were 868 cases of SEC investigated financial misconduct in 2016. The good news is that potential victims, and more importantly the professionals trying to catch the bad guys, are focusing on financial literacy and fraud prevention which should make you feel a little safer.
Millennials and Debt
The average Class of 2016 graduate has over $37,000 in student loan debt - up 6% from last year.
How to Keep Your Finances Stable
Here are some things that can be done to weather a potential financial storm.
Retirement Planning for Couples
Retirement planning is an essential activity in your financial life, but that's all very well if you're just planning for yourself. Here are some tips for couples.