Social Security can be an important financial asset for married couples when the time comes to apply for retirement benefits. In many cases, one spouse may have earned significantly more than the other,or have worked for a longer span of years. Or it could be that one spouse stayed home to do the work of raising the children or caring for elderly family members while the other focused on a career.
There are special moments when people look back and evaluate a life or an era: birthdays, class reunions, holidays, anniversaries. Time is, after all, simply the stringing together of a number of events, some small, others significant. These events can speed by quickly, but each one can have an effect on the greater whole. A lifetime of seemingly mundane events can pass in what seems like the blink of an eye … until one looks back to examine them and realizes just how much has filled the space.
Did you know that most parents expect their kids to do some work in exchange for an allowance? In fact, 89 percent of parents want their children to spend at least an hour a week on chores, according to a survey conducted for the American Institute of CPAs.
Summer is traditionally a time when couples tie the knot and, as is the case with so many major milestones in life, all newlyweds should be aware of the tax considerations associated with marriage. If you or a loved one is planning nuptials, the Minnesota Society of CPAs offers this advice on addressing the tax concerns.
Debt is not always a bad thing. Taking out a loan can make it possible to buy a home, purchase a new car or send your child to college. However, building up too much debt — and failing to manage your outstanding balances wisely — can be costly mistakes, according to the Minnesota Society of CPAs (MNCPA). Many American families have allowed their debt to get out of control, but there are smart steps you can take to remedy the problem.
Whether you are just starting a retirement fund or need additional help with managing your money, you may benefit from information on selecting an investment services professional.
The Minnesota Department of Commerce reminds investors that it pays to understand the differences between a broker-dealer agent, an investment adviser representative, and a financial planner. Each serves a distinct role in helping with your financial future.
“Payday” lending and short-term consumer loans have nearly doubled in the past five years, reaching a high of 350,000 in 2011.
Minnesotans may turn to payday-lending companies to make ends meet during difficult economic times, but the Department of Commerce urges consumers to beware if committing to a payday loan online.
A staggering 220,000 or 4.1 percent of Minnesotans are “unbanked” and currently without access to a bank account.
As part of Financial Literacy Month, I visited Tartan Senior High School in Oakdale to tour the school’s newly-opened branch of the Postal Credit Union, the first credit union branch entirely run by students, to promote the importance of youth savings and financial education.
The economy may be showing signs of improvement, but research shows employees are still not confident about their own financial situations.
In fact, according to the Federal Reserve, American workers spend an average of 28 hours a month stressing about finances. It’s a situation that can cost employers $5,000 a year per employee in lost productivity. Help for struggling employees may be right outside their cubicle through workplace financial education.