Identity Theft

Identity theft is a big problem. How big? Consider this: In 2015, about 13 million Americans were victimized, with a total fraud amount of $15 billion, according to Javelin Strategy & Research. That’s a lot of victims, and a lot of money. How can you protect yourself from becoming a statistic?
Here are a few suggestions:

Talk to your adult children about smart financial moves

If you have children who are finishing college or embarking on their first full-time job, you obviously want them to get off to a good start in their adult and working lives. And by virtue of your years of experience, you probably have some good advice to offer – especially when it comes to making smart financial moves.
Of course, you can find a broad array of financial topics to discuss. But if you want to concentrate on just a few, you might consider these for starters:

A 529 plan can help with those college bills

We’re at the end of another school year. If you have younger kids, you might be thinking about summer camps and other activities. But in the not-too-distant future, your children will be facing a bigger transition as they head off to college. Will you be financially prepared for that day?
A college education is a good investment – college graduates earn, on average, $1 million more over their lifetimes than high school graduates, according to a study by Georgetown University – but a bachelor’s degree doesn’t come cheap. For the 2015–2016 school year, the average expense – tuition, fees, room and board – was $19,548 at a public four-year school and $43,921 at a four-year private school, according to the College Board. And by the time your children are ready for college, these costs may be considerably higher, because inflation is alive and well in the higher education arena.

Here’s how to keep your portfolio healthy

If you have a medical appointment this week, you might want to wish your nurse a happy National Nurses Week. This annual event is designed to celebrate the important role nurses play in health care. Of course, while nurses and doctors can help you in many ways, you can do a lot of good for yourself by adopting healthy living habits, such as eating right, exercising frequently, and so on. But you can also do much to help your financial health.
Here are a few suggestions:

Help your mother prepare for retirement

Mother’s Day is almost here, so start shopping for the flowers or candy for Mom. But this year, why not also go beyond the traditional? Specifically, if your mother is still working but getting close to retirement, consider providing her with a gift that can help make her days as a retiree more pleasant.
Here are a few suggestions:

Can you make your investments less ‘taxing’?

Tax Freedom Day, which typically occurs in late April, according to the Tax Foundation, is the day when the nation as a whole has earned enough money to pay off its total tax bill for the year. So you may want to use this opportunity to determine if you can liberate yourself from some investment-related taxes in the future.
Actually, Tax Freedom Day is something of a fiction, in practical terms, because most people pay their taxes throughout the year via payroll deductions. Also, you may not mind paying your share of taxes, because your tax dollars are used in many ways – such as law enforcement, food safety, road maintenance, public education, and so on – that, taken together, have a big impact on the quality of life in this country. Still, you may want to look for ways to reduce those taxes associated with your investments, leaving you more money available to meet your important goals, such as a comfortable retirement.
So, what moves can you make to become more of a “tax-smart” investor? Consider the following:

Reduce, reuse, recycle: a theme for investors?

On April 22, we observe Earth Day. Like many people, you might participate in some activities to help the health of our planet. But you can also do some things to improve your personal investment environment.
In fact, you might want to follow a key environmental theme: reduce, reuse, recycle. How can these elements be applied to investing? Here are some ideas:

While paying off student loans, don’t forget about retirement

Even if you’ve been out of school for a few years, you may still have a vivid reminder of college: your student loan debt. Since you’ve joined the workforce, you might be paying back your loans as best you can. But can you gradually reduce your debts while still putting money away for your long-term goals – such as retirement?

Should you change your investment mix over time?

To be successful at investing, some people think they need to “get in on the ground floor” of the next “big thing.” However, instead of waiting for that one “hot” stock that may never come along, consider creating an asset allocation – a mix of investments – that’s appropriate for your needs, goals and risk tolerance.
But once you have such a mix, should you keep it intact forever, or will you need to make some changes? And if so, when?

Which IRA is better for younger workers?

If you’re at the beginning of your career, you might not be thinking too much about the end of it. But even younger workers should be aware of – and saving for – their eventual retirement. And since you’ve got many years until you do retire, you’ve got a lot of options to consider – one of which is whether an IRA may be appropriate for you and, if so, what type.

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