•Let every nation know, whether it wishes us well or ill, that we shall pay any price, bear any burden, meet any hardship, support any friend, oppose any foe to assure the survival and the success of liberty. -John F. Kennedy
•The greatest glory of a free-born people is to transmit that freedom to their children. -William Havard
•Soldier, rest! Thy warfare o’er,
Sleep the sleep that knows not breaking,
Dream of battled fields no more.
Days of danger, nights of waking. -Sir Walter Scott
A recent survey* showed that participants in 401K accounts that take advantage of professional advisory services end up doing much better than those who do not.
The average participant that uses professional help earned 3.32% more annually, net of fees, than those who did not.
I am qualified to help manage my clients’ 401K accounts while they are still working, while the participant is still working, as long as the balance is at least $100,000. You can contact me at nancy@financialgroup.com for a free second opinion on your 401K.
*Kiplinger’s 5/14/14
disclosures:http://www.hechteffect.net/?page_id=31
If you have been married and divorced, even more than once, your Ex can still provide for your retirement. If you have been divorced at least two years and are age 62 or older, you can claim Social Security up to 50% of your Ex’s benefit. The best thing is, your Ex doesn’t even have to file for Social Security benefits or have to know that you are claiming the Spousal Benefit. This also applies if you can claim a Survivor’s benefit on your Ex.
At full retirement age an Ex-Spouse can claim 100% of what the Ex received as a Survivor’s Benefit. If your Ex passes before full retirement age, you can claim a reduced Survivor’s Benefit as long as you are at least 60 yrs. old.
Here’s a question for you: What institution is the largest U.S. employer and the chief supplier of our nation’s productive capital?
Need a hint? It has been in operation longer than any other American entity and is guaranteed to be producing long after today’s businesses have disappeared.
Still stumped? It earns no appreciable revenues and does not pay its 85 million workers. It provides no insurance, no retirement or Social Security benefits and only has a few days off, if any.
It’s motherhood. As Americans, we will spend approximately $20 billion this year trying to pay tribute to our mothers who are, of course, priceless. But if we can’t put a price on motherhood, we must at least pay attention to its costs. According to the USDA, on average, it costs $25,000 to $300,000 to feed, clothe and house a child up to age 17.
With these thoughts in mind, if your Mother is still around, please go give her a hug and a kiss!
Happy Mother’s Day.
disclosures:http://www.hechteffect.net/?page_id=31
Q: Do you have to pay Social Security tax on more income this year?
A: Yes you do. The maximum earnings that were taxed for Social Security was $113,700 that has increased to $117,000 in 2014. That is an extra $223 that you may pay in Social Security tax. If you are self-employed, the tax is doubled. Don’t forget the Medicare tax. Medicare tax is assessed on all of your earnings, not just the limit attached to Social Security tax.
disclosures:http://www.hechteffect.net/?page_id=31
Perhaps. While many people do not have an emergency fund at all, some people have too much of an emergency fund. Conventional wisdom says that 6 months of expenses is a good amount to have in cash – is that too much for you? We know that savings accounts, money markets, and even CD’s are not paying much in interest. Those are wonderful areas to save, but not to invest.
Any amount of money that you might have to use within 18 months should be stashed in those types of accounts, anything else can be invested. A quality mutual fund with good diversification will add to your overall accumulation success.
disclosures:http://www.hechteffect.net/?page_id=31
Like many girls I love shoes. When I moved to Florida I dumped about 40 pairs and before I moved in with my Husband, I dumped another 20 pairs. This shocked my Husband. How could I just throw out so many pairs of shoes? Men pay much more per pair of shoes then we generally do. My Husband said to me: “spend some money on your shoes, and then you can get them repaired vs. throwing them away.” That is what I started doing. Now I will not buy a pair of shoes unless I am parting with a well worn pair.
Spending decisions should not be made based on price; you have to also base your purchases on value. In this world where every penny counts, you cannot afford to be pound foolish. Quality always wins in the end.
disclosures:http://www.hechteffect.net/?page_id=31
In a country where not enough people save, the thought that your saving’s habits could hurt you seems wrong, but its not. Sometime, how you save can be the problem. Let’s look at a couple of examples.
At the beginning of the school year, we have tax free shopping days. There is a lot that can be bought without having to pay the State sales tax. That can be a big savings for many people but do you really need the stuff you are buying? Buying stuff on sale or in bulk just because it is a “bargain” is not a wise use of your dollars or even a way to save if you are buying stuff you do not regularly use. I know plenty of people that will buy just because something is on sale. What I then see happen is they have no room to store the stuff or it ends up rotting because they bought too much. Please don’t fall into this trap.
Over the next few blogs, I will be discussing more saving habits that can be detrimental.
disclosures:http://www.hechteffect.net/?page_id=31