You've worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it's time to begin thinking about how to tap your plan assets for income. But hold on, not so fast. You may need to take a few steps first.
Long-term bonds generally provide higher yields than short-term bonds, because investors demand higher returns to compensate for the risk of lending money over a longer period.
George Nicola, Senior Vice President and Chief Investment Officer for First Bank Wealth Management, and a panel of experts discussed the possible challenges investors may face in 2023. From recession to stagflation, the panel unpacked how investors can avoid costly mistakes and capitalize on opportunities that may arise in a potentially challenging year.
A donor-advised fund offers an easy way for a donor to make significant charitable gifts over a long period of time. A donor-advised fund is similar to a private foundation but requires less money, time, legal assistance, and administration to establish and maintain. A donor-advised fund also enjoys greater tax advantages than a private foundation.
Charitable giving can play an important role in many estate plans. Philanthropy cannot only give you great personal satisfaction, it can also give you a current income tax deduction, let you avoid capital gains tax, and reduce the amount of taxes your estate may owe when you die.
A fixed annuity is a contract between you and an annuity issuer, usually an insurance company. In its simplest form, you pay money to the annuity issuer; the issuer invests the funds and pays the principal and its earnings back to you or to your named beneficiary. What's fixed about a fixed annuity? The issuer guarantees (subject to its claims-paying ability) a minimum rate of interest on your investment and a fixed benefit amount if you elect to annuitize.
Saving money, borrowing money, and financial aid are the most obvious ways to pay for college. But none of these methods attempt to lower the actual cost of college. There are several creative ways to lower the cost of college, which, in turn, will lower your own costs.