Savings | Common News Update

Oct242018 by adminNo Comments

How to catch up on retirement savings in your 50s

Planning young: a retirement roadmap If you're nearing retirement age and your savings are looking a little sparse, you're not alone. Forty-six percent of baby boomers don't have anything stashed away for retirement, according to a study from the Insured Retirement Institute, which means nearly half of soon-to-be retirees need to supercharge their savings if they don't want to work the rest of their lives. The bad news is that if you're in your 50s and are just now starting to save, it's going to be a tough road ahead to save enough to enjoy a comfortable retirement. The good news is that it can be done, and even if you can't save half a million dollars by the time you turn 65, you can put away a decent chunk of change — which is far better than nothing. Picking up...

Oct232018 by adminNo Comments

Investors can enjoy a tax savings on advisor fees by using this strategy

Finance

When investors sit down with their financial advisor to prepare their tax returns next year, they'll be confronted with new rules that for many mean an increase in the cost of having an advisor. The new tax law passed by Congress last year ends deductions on some types of advisory fees, including those based on the value of assets under management (AUM), a common way advisors charge clients. For both the client and advisor, this change is causing quite a bit of angst. Yet much of this worry is needless because many clients can still get a tax savings on some fees by using an equivalent strategy. ...

Oct102018 by adminNo Comments

In your 40s with no retirement savings? Make these your next moves

Finance

Will your nest egg last? It's no secret that Americans, on the whole, are behind on retirement savings. While it's one thing to be in your 20s or 30s with no nest egg, by the time you reach your 40s it's a bad situation. Though the average American aged 44 to 49 has a little over $ 81,000 socked away for the future, according to the Economic Policy Institute, there are plenty of 40-somethings with no savings at all. If you're one of them, here's how to recover. 1. Don't panic Nerve-wracking as it may be to find yourself in your 40s without a dime set aside for your golden years, don't flip out about it too much. The good news is that you still have a number of working years ahead of you to catch up, so rather than harp on what you haven't saved, focus your energy on do...

Sep62018 by adminNo Comments

What the new tax law means for your college savings plan

Finance

Your trusty college savings plan is no longer just for higher-education costs, thanks to the new tax law. Whether you have young children or grandchildren, you're probably aware of the rising cost of higher education: The average annual cost of tuition, fees and room and board at a four-year private college rose 3.5 percent, to $ 46,950, for the 2017—2018 school year, according to data from the College Board. That figure hit $ 20,770 for in-state tuition at a four-year public institution, the College Board found. Families can save for those expe...

Sep12018 by adminNo Comments

Teenagers risk missing out on savings pots

Business

Anyone turning 16 from now can start managing their Child Trust Funds for the first time - although some may be unaware that they have these savings.These funds were set up by the Labour government in 2005 to encourage parents to save for their children and to promote financial awareness.They began with an automatic contribution from the government.Campaigners worry that hundreds of thousands remain unaware of the money, which would total hundreds of pounds. Why are so many of us not saving for a rainy day? Young workers 'aware of pension reality' Initially, the government provided a £250 voucher in the child's first year and the same amount again when they reached the age of seven, to be invested in cash or stocks and shares on the child's behalf u...