Inheritances are a complicated thing. Not only are there often strings attached in the eyes of the government, unexpected taxes, and complicated bequeathments, but there are also potential conflicts within families. And not to mention the fact that the potential windfall was the result of a relative's death. Inheritances are very complicated.
Is this age group preparing adequately for the future?
$1.1 billion has been garnished from retirement benefits to pay back old student loans.
A good financial strategy is not just about “making money;” it is also about protection.
Some solopreneurs think they will “work forever,” but that perception may be flawed.
We have all wondered whether Social Security will be there when we retire. Well, the government has done their latest assessment regarding the state of Social Security (see The 2017 Annual Report of the Federal Old-Age and Survivors Insurance and Federal Disability Trusts Funds. You can Google it.). Some of the relevant facts are that:
Careers and businesses end, but the need to borrow remains.
We spend much of our adult lives working, borrowing, and buying. A good credit score is our ally along the way. It retains its importance when we retire.
Retirees should do everything they can to maintain their credit rating. A FICO score of 700 or higher is useful whether an individual works or not.
30 is a divisive number. To the young, it’s the time when you’re thrust into full blown adulthood, whether you’re ready or not. To the young at heart, 30 may be considered the early years before your true confidence shines, in your career, in your relationships, or even in yourself.