In the 85 years since the Social Security Act established a new means for Americans to prepare for life after their working days, the retirement landscape has changed significantly. There has been a dramatic reduction in defined-benefit pension plans and a migration toward defined-contribution plans like the 401(k). Life expectancies are longer and the full retirement age has crept higher.

The $2.2 trillion coronavirus relief bill or CARES Act was passed by Congress on a bi-partisan vote and signed into law in late March by President Trump. According to the U.S. Treasury Department, the CARES Act “provides fast and direct economic assistance for American workers, families, and small businesses, and preserves jobs for our American industries.”    

What services are offered by wealth management companies, and how can they help you reach your financial goals? How do these firms address current and future needs for you and your family?

As you approach retirement, organizing your finances will be one of the most critical steps you take when beginning your transition out of the workplace. There are plenty of retirement planning tips and philosophies out there, but many people in their 50s with $500k or more saved don’t yet know how to simplify their finances before retirement.

Sadly, tax season is a prime time for scammers to target senior citizens. Here are eight common scams making the rounds this year. Please share them with older relatives, friends and everyone else: Awareness is a primary component of stopping these threats.

What should we do in a bear market? That’s the question we’ve been hearing a lot these last few days. Here are five ideas for things you can do right now to set yourself up for success in the days ahead.

Changes in how your credit score is calculated are coming this summer, and they may impact your access to different types of loans and the interest rate on those loans. Fair Isaac Corporation (FICO) will introduce its FICO Score 10 Suite in the coming months for use by the three primary credit bureaus, Equifax, Experian and TransUnion.

So many people ask, “how much should I have saved for retirement?” Well, there are many retirement savings “rules of thumb” out there. In this article, we will share some of the common recommendations and even debunk a few.

NOTE: Be sure to read to the end where we share our real answer for the question of how much retirement savings you should have at age 30, 40, 50 and beyond. 

How to care for others by caring for yourself first financially

Ongoing changes to the structure of the typical American family unit have created a new designation known as the “sandwich generation.”

The sandwich generation is defined as those Americans who are simultaneously responsible for their own children and their aging parents. Across the country, these middle-aged adults are finding themselves increasingly compelled to manage a multi-generational extended family, effectively “sandwiched” between their children and elderly parents.

The upcoming holidays are a great time to share financial wellness tips with the young adults, grandchildren and young relatives in your life. As families gather, it is important to pass on stories and traditions. So why not the traditions of financial literacy as well? With accelerating college debt, the young people in your life may be most in need of guidance.

Here are some healthy financial practices to share this season: