Pharmaceutical giant AstraZeneca Pharmaceuticals LP announced in February 2022 that it will pull the plug on its $1.3 billion pension plan later in the year. Although the company closed the plan to new hires in 2000, and has frozen benefit accruals since 2017, the plan closure will still affect nearly 7,000 current workers and retirees. The news underscores the importance …
Long-term care costs can be devastating. According to the “Genworth 2017 Cost of Care” study, the average cost of a semi-private room in a skilled nursing facility is $7,148 per month. But many people have not bought long-term care protection, even though they medically qualify, because they don’t want to pay premiums for a plan they may never use, or …
One of the big concerns that many of us have entering retirement is whether we have set aside enough funds in our 401(k) plan to keep us funded until we pass. It’s hard to plan just how much money you will need because you don’t know when you will die. You’re saving money for a time without knowing how long …
How long has it been since you last reviewed your life insurance coverage? If you are like most people, chances are you long ago filed your policy away and haven’t thought about it since. But life is not static, and circumstances change. Major life changes can shape how much financial protection you and your family need. But more than major …
If you’re quickly approaching retirement, you’re probably asking yourself an all-too-common question: should I invest in a bank CD or an annuity? You’re not alone. Consumers across the nation are struggling with the same dilemma. The first step in making this important decision is to understand the differences between these two products. Annuities and CDs (short for bank certificates of …
You’ve worked many years to create a financial legacy for your family. But estate planning laws are complicated. One or two simple mistakes can derail an estate plan and cost your heirs dearly in time, money and stress. Here are some of the most common estate planning mistakes and how to avoid them. 1. Trying to do it yourself Online …
Many retirees end up regretting not having waited to retire later and collect a paycheck for a few more years when they are suddenly hit by unexpected costs from health issues and life events. Had they held out a few more years, they could have seen a significant increase in the amount of Social Security income they collect and hence …
If you’re experiencing a major life change of any kind, or facing a crucial financial decision, it’s a good idea to make an appointment with your financial advisor. Here are some examples of major life passages when you may need some good financial advice – and some action items to bring up: 1. Marriage. At a minimum, it’s critical to …
Most singles, whether they are in their 20s or even 60s, do not carry life insurance. They reason that since they don’t have spouses or dependents, there is no reason to purchase life insurance as their death won’t leave anybody in a financial bind. But that reasoning is not always sound and there are a number of circumstances when a …
Life expectancy continues to increase in the United States. While a male born today can expect to live about 75 years and a female nearly 80, once you reach the age of 65, statistics from the Social Security Administration say you’ll likely surpass those marks. A 65-year-old male can expect to live more than 16 additional years, and a female …
