If your child is a college-bound senior, your family will want to fill out the Free Application for Federal Student Aid (FAFSA) as soon as possible. Even if you don’t plan to take out student loans or believe you will qualify for aid, a completed FAFSA is necessary to qualify for many scholarships, grants, and work-study programs. While the form has a reputation for being long and complicated, it’s undergone improvements in recent years, and the Department of Education estimates it now takes less than 30 minutes to complete. Follow these steps to ensure timely submission of your complete and accurate FAFSA.
It’s fall, and that means open enrollment time for workplace benefits as well as Affordable Care Act (ACA) coverage. When you’re reviewing your health plan options, don’t overlook the benefits of a high deductible health plan (HDHP).
The COVID-19 pandemic has created financial stresses for millions of Americans. In April 2020, a Harris Poll survey on behalf of Nationwide asked more than 2,000 adults in the U.S. about their COVID-related concerns. Overall, respondents’ top worries were being unable to pay their bills (45%), losing their life savings (33%), and losing employment (30%). Even those who enjoy more financial security are facing uncertainty. Among respondents with investable assets of more than $100,000, the top concerns were losing their life savings (41%) and inability to pay the bills (34%), afford healthcare (28%), or retire as planned (28%).
The COVID-19 pandemic has upended a lot of people’s financial plans. Losses in business revenue, stock value, and employment create a variety of bumps in the road to retirement. The steps you should take to protect your future depend on the assets you have available, how close you are to your target retirement age, and the current condition of your investment portfolio. Take a look at these seven ways you can take action to stay on track with your retirement plan.
When the stock market becomes turbulent, investors want to do something to protect themselves. The impulse to react is a natural human response when you perceive a threat, whether that threat is a charging grizzly bear or a crashing bear market. The key is to keep a cool head and make rational decisions about how to respond. In either situation, running in panic can increase your danger.
When you invest, it’s important to have a vision of your long-term goals, develop a strategy to meet those goals, and stick to it. For many of us, that becomes especially challenging during times of economic downturn. It can be gut-wrenching to watch the value of your holdings take a dive, but panicking and selling could leave you in a much worse position than riding out the storm.
The COVID-19 pandemic has wrought havoc on the economy, and many people’s 401(k)s are suffering as a result. What can you do to minimize the damage and give yourself the best possible chance of saving enough for your retirement? The answer partially depends on your age and whether you’re facing job loss during the current crisis.
Annuities are attractive to many who are looking to create a secure retirement plan. The reasons are clear: annuities can provide a guaranteed income for life, and income earned on annuities is tax deferred. Additionally, because many annuity products allow you to select from a variety of mutual fund subaccounts, you can often change your investment direction within an annuity at little or no cost.
As with all financial products, however, it’s important to weigh the pros and cons of annuity investment. While annuities can provide tremendous benefits for some investors, the costs involved can be tricky to fully understand. If you own an annuity or are considering purchasing one, be sure to look closely at its real costs.
Saving for your child's college education can seem like an intimidating task. There are several options to help plan for this expense, but your financial situation will determine which one is best for you. We breakdown four different plans to help you select the one for you.
You’ve probably heard the term “death tax,” but what does it mean? Dead men tell no tales—nor do they pay taxes. When you pass away, who has to pay tax on what you leave behind? That depends on several factors, including how much you leave, the people and/or organizations you leave it to, and how you go about transferring it. To get a basic understanding of how this all works, we’ll look at three kinds of taxes: estate tax, gift tax, and inheritance tax.