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The Social Security Statement Gets a Makeover – The personal Social Security statement, created to help Americans understand the Social Security benefits they might be entitled to, has been redesigned for the first time. The new statement is shorter, uses visual elements and plain language, and includes fact sheets tailored to a person’s age and earnings history. Page one contains personalized estimates of retirement, disability, and survivor benefits, along with a bar chart showing projected monthly…

Inflation: What’s Next? Inflation is on a tear, notching the fastest 12-month increase in almost 40 years.  From November 2020 to November 2021, inflation — as measured by the Consumer Price Index for All Urban Consumers, or CPI-U — increased a total of 6.8%, with the highest monthly increases coming in April, June, October, and November. U.S. Monthly Inflation over the course of one year: November 2020 – 0.2%, December 2020 – 0.2%, January 2021 –…

Is the Russia-Ukraine War a Threat to the Global Economy? Before Russia stunned the world by invading Ukraine, it was widely believed that the economic ties formed through globalization would help promote peace. But the war is testing that assumption and drawing attention to the vulnerabilities in far-flung supply chains, which were already under pressure because of the pandemic and recovery. In response to the brutal invasion of Ukraine, the United States, European Union (EU), United…

The gig economy is growing, and so is the tax burden of those who are successfully turning their side hustle into their primary source of income! Follow these tips if you bring in self-employment cash!

Will your retirement dreams match your reality? That’s perhaps the most critical question to ask people who are currently retired. Was your retirement what you expected, or was it something else? For more than 30 years, the Employee Benefit Research Institute (EBRI) has conducted the Retirement Confidence Survey, which gauges the views and attitudes of working-age and retired Americans regarding retirement and their preparations for retirement.1 Part of the survey takes a deep dive into workers’…

A cyberattack shut down a major gas and energy pipeline supplying the East Coast of the United States for several days. The actual pipelines themselves are still functional and have since started running again, but it’s led to long lines and closed gas stations in many regions.1,2 While this situation is alarming and has a number of short-term consequences, it’s important to remember that the attack has mainly affected the computer systems used to transport the…

Are your financial goals well-defined?  While “I want to have lots of money” may sound like a great goal, it’s just too vague. How much is “lots?” If you don’t know … how will you know when you have it? And will the “lots” of today be enough for tomorrow? In developing your financial goals, make sure they’re S.M.A.R.T. … Specific Measurable Attainable Relevant Timely April is Financial Literacy Month. If you haven’t already taken some…

Among the many changes arising from the pandemic, one of the most noticeable was a change in American spending habits. A survey released in March 2021 by Pew Research shows that Americans have increasingly chosen to put away what extra money they have rather than invest. It spreads across all income levels, with a 32% increase of wealthier Americans saving more, 17% more for those at lower incomes, and an overall increase of 23%. Studies show…

Less than one month ahead of the traditional date, the I.R.S. has delayed the deadline for filing and paying taxes. The new deadline is May 17, 2021.1,2,3 The delay follows continued disruption from the COVID-19 pandemic and a late start to the tax-filing season, which the I.R.S. delayed to start on February 12. It also follows the agency’s decision to postpone the deadline to June 15 for the states of Louisiana, Oklahoma, and Texas, still recovering…

This year we’re celebrating International Women’s Day on March 8. In 1920, women fought for the right to vote. In 1974, single and divorced women were finally able to secure a credit card without needing a male cosigner. While we’ve made many strides, this day reminds us that there is still a long way to go to ensure equality for all women everywhere. Take time today to appreciate the women in your life and the hard…