mistakes on your 529 plan

Don’t Make These Mistakes on Your 529 Plan

Saving for retirement isn’t the only major life event that you need to set money aside for. There are many other defining moments along the way that cost money—buying a house, opening a business and for many—your children’s education. The government offers the 529 plan to help you start saving for your child’s education early. It is a savings account that offers federal and sometimes state tax benefits while minimizing the impact of financial aid. The 529 plan was originally and still is mainly intended to address post-high school education, but you are also now allowed to put money into the plan for K-12 education costs. However you take advantage of it, make sure to avoid these mistakes on your 529 plan.

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behind in saving for retirement

Behind in Saving for Retirement? Here’s What to Do

If you feel that you are behind in saving for retirement, you are not alone. According to recent data from Northwestern Mutual, one-third of Americans have less than $5,000 set aside for retirement. In addition, 21 percent of Americans have no retirement savings to speak of.

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rules of a Roth IRA

Learn These 5 Rules of a Roth IRA

Among the selection of retirement accounts available to you as an investor, each has its own set of rules that governs the way your money is treated both at the time you make contributions to the account and the time you withdraw them. The Roth IRA, a type of individual retirement account, is no different. Knowing the rules of a Roth IRA can help you maximize your retirement savings while reducing the amount of taxes you will pay on them.

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future of Social Security

The Future of Social Security: Will It Be Sustainable?

In 2017, the average Social Security check was $1,360 per month. Social Security may not be enough for one to live off of solely in retirement, but it certainly helps as a supplemental form of monthly income when your regular income from your full-time job has ceased. However, the future of Social Security is a bit uncertain. Some fear a disappearance of Social Security benefits altogether, while others think it is more likely that Social Security benefits will just suffer a reduction—a sentiment that is more justified than the former.

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investing mistakes

5 Investing Mistakes That Can Hurt You in Retirement

We all make mistakes, but while some can just lead you to have a bad day, others can lead you to have a bad rest of your life. It sounds daunting, but making an effort to save to fund the period of your life when you are no longer working is not a task that should be taken lightly. Fortunately, the tendency for humans to repeat the same mistakes over and over helps us to be able to identify them and in doing so, prevent ourselves from doing the same. Avoid these investing mistakes to prepare yourself for a financially secure future.

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$1 million will be enough to live on in retirement

Where $1 Million Will Be Enough to Live on in Retirement

With inflation as a factor to take into consideration as time passes, it begs the question as to how much is enough when it comes to saving for retirement. Sure, $1 million sounds like a significant amount of money, but is it enough to cover your needs (and wants) for a potentially decades-long retirement? The real answer is, it depends on where you live. The cost of living varies from retirement locale to retirement locale, so in some places, $1 million will be enough to live on in retirement, while in others it won’t take you as far.

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April 17 is important for IRA contributors

Why April 17 Is Important for IRA Contributors

You’re likely aware that April 17 is significant this year because it is tax day—the deadline for individual income tax returns for 2017 to be turned into federal and state governments. However, the IRS has recently reminded taxpayers of another reason to note April 17 on their calendars: it is the last day to contribute to an IRA to claim it for 2017. April 17 is important for IRA contributors to take advantage of the tax benefits of both traditional and Roth IRAs.

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running out of money in retirement

7 Ways to Protect Yourself From Running Out of Money in Retirement

Money not only helps us do the things we want to do in life, but it allows us to maintain a certain quality of life that affects our everyday actions. It’s no surprise then that when asked about their number one fear financially, most people say that they fear running out of money more than anything else. This fear heightens when it comes to the period of your life when you no longer have steady income: retirement. Running out of money in retirement is a legitimate concern, but it is one that you can protect yourself from by making smart decisions.

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types of investors our Ty J. Young Inc. advisors can help

4 Types of Investors Our Ty J. Young Inc. Advisors Can Help

The world of retirement saving and investing is one that can be difficult to navigate if you do not have a trustworthy compass steering you in the right direction. With so many options available as to how you can invest your money in hopes of it growing into a substantial nest egg, how do you know which ones are right for you? At Ty J. Young Inc. there are certain qualities our clients are looking for out of their retirement investments. Wondering if the products we offer could be helpful to you? Here are four types of investors our Ty J. Young Inc. advisors can help.

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failing to protect the money that protects you

5 Major Mistakes Retirees Make and How to Avoid Them: Failing to Protect the Money That Protects You

This is the fifth part in a five-part series adapted from the Ty J. Young Inc. webinar, “5 Major Mistakes Retirees Make and How to Avoid Them.”

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