You might be navigating the challenges of paying off student loan debt, establishing yourself in a new career, buying a home, or having a family. Working with a financial professional may help get you out of debt faster, save for important goals, or get a head start on retirement. Take control of your health, negotiate your salary, figure out your financial goals, eliminate your debt, and protect your credit.
Many Americans (even those in higher income brackets) live paycheck to paycheck with little or nothing “put away” for emergencies or retirement. In general, when it comes to a lack of savings, it is often not a question of low income, but a matter of high spending. Take care of you before anyone else, so there are no excuses at the end of the month. Unless your monthly bills are higher than your monthly income, you should be able to determine a set, comfortable amount that goes into savings every month.
More than 71 million Social Security beneficiaries can expect a 2.5% cost of living adjustment (COLA) increase in 2025, based on the Q3 inflation data. The COLA will raise the average benefit by $48 to $1,968 a month. For those of you currently receiving benefits, If you think this year’s COLA will make your budget a bit more challenging, please let us know as soon as possible.
One of the worst decisions may be the failure to enroll in a 401(k) plan. Not only do non-participants miss out on one way to save for their retirement, but they also forfeit any potential employer-matching contributions. Whatever your situation, your retirement investments require careful attention and may benefit from deliberate, thoughtful decision-making. Your retired self will be grateful that you invested the time … today.
Before you send your kid to college, get a head start on college savings, look into applications for student financial aid (such as FAFSA), have conversations with your children about managing money, then utilize strategies for managing student loan debt. By consulting with us and planning ahead, you can help tackle the financial obstacles of your child's higher education – and smooth the way for them to pursue their dreams!
US credit card debt has reached a record high. Some smart credit card strategies to help you pay down your debt and start taking control of your financial future include the following: determine how much you can set aside each month to pay off your debt, put more of your repayment budget toward those high-interest debts while making minimum payments on the others, balance transfers can help you consolidate your credit card debt and save on interest, and freeze your credit cards and commit to using cash or a debit card for your purchases.