When you hear the term identity theft, the first thought that comes to mind may involve a data breach or opening a credit card in someone else's name. But another common type of identity theft involves the use of someone's Social Security number to unlawfully intercept their income tax refund. Unfortunately, this fraud often isn't discovered until the victim tries to file their taxes. Instead of getting a quick refund, they may instead be facing a lengthy battle with the IRS. Below w

Since an unexpected death can happen at any time, life insurance is essential. While no amount of money can ease the grief that comes with losing someone, life insurance can reduce the financial burden that may arise. Here are the basics of life insurance: How Life Insurance WorksLife insurance is a financial product intended to provide financial support upon death. You can purchase life insurance from a company and pay premiums monthly, bi-annual, or annual. As long as you keep up with you

Have you ever found yourself scrambling for spare cash to send with your child for school lunch? Have you paid a late fee because you simply forgot when a bill was due? Have you woken up in a cold sweat trying to remember if you paid the water bill last month? Trying to put your finances in order can be a challenge when you're not organized.Organizing your financial life may allow you to reduce the amount of time and energy needed to pay bills, plan savings, and balance your budget each mont

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes.

LPL Research Outlook 2022: Passing the Baton is designed to help you navigate the risks and opportunities over the rest of 2021 and beyond. While the economy continues to move forward, we're still feeling some aftershocks of COVID-19 and the Delta variant. At the same time, 2021 also saw a resurgence of activities we missed in 2020, and the S&P 500 Index continued to advance as corporate America faced these challenges with resiliency.

For many people, a new year provides a new start and nothing says a new start like a fresh new set of financial goals. But setting these goals is easier said than done. What steps should you take to get the most bang for your buck over the next year? Below we discuss three New Years' resolutions that may help you get your new year off to a great start.

Seventy-two is an important age milestone for those in or near retirement, as it marks the time when required minimum distributions (RMDs) begin to be withdrawn annually from IRAs and employer-sponsored retirement plans (previously, the threshold was 70 1/2).

You probably spend more time planning your holiday gathering than preparing for your golden years. As a result, you make basic mistakes in trying to fund your retirement. Here are a few of the top mistakes people make to screw up this potentially crucial saving.

It's hard to believe we are already approaching the end of another year, and the holiday season will soon be here. Since holiday spending doesn't include just gifting, it's essential to set your budget now. You may likely find yourself spending extra on food, decorations, holiday travel, and more.

The holiday season is just around the corner and many charitable organizations are in desperate need of donations to help provide the vital services needed in the community. You are most often inundated with a number of charitable requests towards the end of the year, which could be ideal time to take advantage of charitable giving from a financial standpoint.

Tax planning can be advantageous when done during the year and well in advance of year’s end. Opportunities exist for you to mitigate tax liability, which may leave more income for you and/or your family.

Many people are familiar with the scammers who promise to pay millions of dollars in exchange for briefly holding funds in your bank account or those who offer to enhance certain body parts risk-free. Today's scammers are clever at making their offers seem legitimate. How can you spot scams before they happen? We discuss the five biggest red flags of a potential scam.

It may be easy to forget we're nearing the end of the year. Even during the busy end of year rush, it's a good time to reevaluate your 2021 finances and turn an eye toward 2022. What can you do now to potentially improve and streamline your 2022 budget? Below, we discuss three year-end planning steps that may make your 2022 finances run more smoothly.

Whatever your age, it's never too soon to look ahead and begin giving thought to your retirement. With proper planning, you can make the transition to retirement a smooth, comfortable and confident ride. Today, more than ever, planning for retirement is a necessity. Social Security and company retirement plans are often insufficient to provide the necessary income for a comfortable retirement. You must plan ahead by setting goals and deciding how to pursue them. Retirement planning means no

More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet, understanding how to protect your privacy can help mitigate your exposure to risk.

If your 65th birthday is coming up—or if you're receiving Social Security Disability payments and are about to qualify for Medicare before age 65—you may be wondering exactly what comes next.1 Below, we discuss some highlights of Medicare Advantage Plans and what you should know before signing up.

In 2013, a Gallup poll found that only about one in every three U.S. households maintained a budget. A 2021 survey of 1,000 Americans found that 80% now say they have a budget. Americans are budgeting more due to the pandemic. Knowing where your money is going and making sure you're adequately funding your future could be helpful to maintain your lifestyle for the decades that you may live. Whether you're a Baby Boomer, Gen X-er, Millennial, or a member of Gen Z, there ar

For many, autumn is the best time of year. The return of cool breezes, comforting foods, and pumpkins can be invigorating. It's also a bookmark of sorts, especially for your finances - a perfect time to take stock of your spending after the summer's over to see what lies ahead. These tips can help you make simple, sensible choices and take action to make the most of your money, from your food choices to your financial options to protecting your most valuable assets.

When Judy purchased her life insurance policy 10 years ago, she thought her insurance planning was complete. She assumed that if she paid her premiums on time, she could sit back and not think about life insurance anymore. Judy’s life insurance may help to protect her loved ones from future uncertainties, but her policy should not be left to run on autopilot. Life insurance is just like any other piece of your financial puzzle. As your circumstances and needs change, periodic monitoring is

When it comes to planning for retirement, it's easy to get overwhelmed. Putting together a financial strategy can be complicated at any time of life, what with changing regulations, ups and downs in the market, and disagreements even among the better-known investment advisers about the best ways to save and spend money. But the closer you get to actually stopping that regular paycheck, the scarier things can get. More than half of pre-retirees report feeling anxious about

2020 was one of the most disruptive years ever for the U.S. job market, almost as significant as the unemployment during the Great Depression in 1933 and surpassing joblessness during the Great Recession from 2006 to 2008. Many businesses shut down for good, while others fought to survive.Some industries, particularly travel and hospitality, struggle to get back up to speed after a slow 2020. Auto manufacturers are dealing with a chip shortage that left dealers and rental car companies low on in

Many prospective investors eventually shy away from a commitment when they hear the dreaded “R” word: risk. By itself, risk is innocuous, carrying no special meaning or predictive result. But the idea that investing one’s money is not foolproof; that there are risks involved, and that a return is speculative — the very idea is enough to burrow one’s savings into a secure bank account that earns a predictable interest rate (never mind that the figure is minuscule by any metric).

529 plans can be a great way to save for college, but they're not the only way. When you're investing for a major goal like education, it makes sense to be familiar with all of your options.

A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic principles that may help you invest more successfully.

For many people, turning 65 provides one of the keys to retirement: access to affordable healthcare. Whether you're enrolling in the Medicare program for the first time or have been a Medicare enrollee for years, it's important to stay on top of current offerings, costs, and enrollment dates so that you can select the plan that best fits your needs.

Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of your life, it doesn't make it any less important.

Americans seem to be traveling more than ever before and are doing so by either flying the friendly skies or sailing the seven seas. While more of us may be flying high or traveling the high seas, most of us would like to avoid the high cost of air and ocean travel.

LPL Research Midyear Outlook 2021: Picking Up Speed is designed to help you navigate the risks and opportunities over the rest of 2021 and beyond. While the speed can be exhilarating as economic growth accelerates, it can also be dangerous. Midyear Outlook 2021 looks ahead for opportunities, but also watches for new hazards created by the reopening. With the U.S. economy reopened, the growth rate may peak in second quarter 2021, but there is still plenty of momentum left to extend above-ave

Losing a spouse, whether through death or divorce, can be devastating both emotionally and financially. The loss can take months or even years to adjust to since there is no way to prepare for death or divorce despite having discussed contingencies with each other or their financial professional.

If you're living paycheck-to-paycheck or stuck in a job you don't love just to pay the bills, it can be easy to feel as though you're financially trapped. But financial freedom doesn't need to be elusive—with some focused and consistent effort, you may be able to achieve financial freedom sooner than you expected. Below, we'll discuss the different stages of the financial freedom journey.

As temperatures start to heat up and the days get longer, summer fun can kick into gear. Looking for things to do this summer? Then, check out this list of fun and relaxing summertime ideas. Be a tourist in your own area. You don't have to leave town to feel like you're on vacation. Regardless of where you live, there are probably some touristy places you haven't visited yet. Put on your exploring shoes, and hike trails, browse stores, take drives, or visit a restaurant you've never tried.

Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually begin your retirement, you'll benefit from planning your post-work life as early as possible. According to Gallup, the percentage of Americans who expect to retire at age 66 or older has risen dramatically, from 21% in 2002 to 41% in 2018. People expect to live and work longer than ever, so it's never been more important to know when to stop working and how to carefully plan for the big even

Summer is here and with it are fanciful dreams of owning a second, seasonal home. Maybe it's a beachside bungalow or a mountain cabin or a lakefront cottage with a front porch and a sweeping view of the sunlight on the water. All of them no doubt sound enticing, but fulfilling this dream takes attention to detail and a firm vision of your long-term goals. Two financial factors may help bring your summer daydreams closer to reality.

It is human nature to seek advice when things aren't going well or when an unforeseen event occurs. Often, people seek financial advice from a professional only when the stock market and their investments are experiencing turbulent times. Reactive decisions made during periods of stock market volatility may cause investors losses they can't recover. One such reaction may be an investor's decision to leave their current financial professional and move to another who wants to change

Grandparents can often find themselves in a better financial position to save for their grandchildren's education than their own children are. The parents of prospective students may still be contending with competing priorities like their own student loans, high-interest credit card debt, or a hefty mortgage. One way to help save for a grandchild's college education is by contributing money to a 529 savings account, an account where funds can be saved or invested and are withdrawn to be

If you're a small business owner, many of the best practices employed by individual investors are also available to you (of course!), but you also have some additional options and factors to weigh while creating your investment plans. We've outlined five key differences for your consideration: 1. Diversifying outside your own industry Small business owners often develop a tendency to invest within their own industry, and why not? It's one you know inside and out, where you recognize

Even if you're saving money in a 401(k), IRA, or another type of retirement account, you may not be paying much attention to the specific rules and regulations governing these accounts. After all, if you're years away from retirement, many of these regulations are likely to change. But a major part of retirement planning involves knowing the broad strokes of retirement rules. Think you can pass our five-question quiz? True or False: You must be age 59.5 or older to withdraw any retirement

Americans are starting to experience the impact of increasing prices at the supermarket and the start of inflation. Also, clothing at retail stores is depleting as manufacturing has halted, creating demand for products ordinarily accessible.Today’s economic conditions are much worse than coming out of the Great Depression. During periods of economic recovery, the U.S. experienced historical debt and tax levels, paid for by the American people when tax rates were above 40% for over 40 years

The time to begin planning for your financial future is now. So, when it comes to preparing for retirement, the earlier you start, the better.Here are some steps to help you pursue your overall objectives: Review your current financial situation by assessing your income and assets versus your expenses and liabilities.At first, determine a realistic amount to contribute regularly to your employer-sponsored qualified retirement plan, e.g., a 401(k) plan. Over time, try to maximize allowable contri

Whether you've been wondering about boosting your investments; rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial professional. Financial professionals help their clients create strategies to develop their wealth, from optimizing their taxes to setting retirement savings goals. But how do you know whether it's time for you to seek professional financial guidance? Learn more

As your retirement draws closer, you will probably start to have lots of questions such as: How much Social Security will I receive? When should I retire? How will I know when to retire? Do I have enough saved? What will I need to do to maintain health insurance after I retire? The answers to these questions can vary widely depending on your income, your job duties, and your assets. However, there are a few factors that everyone should keep in mind when you begin making your retirement decisio

With Public Health Week on the way, it is not only time to consider your physical and mental health but also your financial health. When your financial outlook is healthier, you will be less stressed and enjoy what all your hard work has given you. Start this Public Health Week by trying out a few tips to help create a healthier financial outlook for the future. Be Mindful When You Spend When it comes to spending money, be aware of what you need versus what you want. That doesn't mean you

The U.S. Department of the Treasury is delaying the April 15th deadline to file and pay taxes until May 17th, giving individuals and businesses another month to file and then pay the government what they owe. The IRS will be providing formal guidance in the coming days.From the IRS press release dated March 17th:"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the

Traditionally, women have been the caretakers of both the older and younger generations of their families. But providing care for family members is becoming increasingly difficult, as doing so may require a leave of absence from work and drain one’s bank account.Such income disruptions greatly affect a woman’s ability to save money, plan for retirement, and maintain financial security. In addition, older married women often provide care for their elderly husbands.But who will help yo

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time outweighs such risks. However, because there are no guarantees, investing assets can be a nerve-wracking experience – especially during periods of market turbulence.[i]Taking a deliberate approach to financial asset management and working with a financial profession

For investors approaching retirement, it is important to begin thinking about retirement income planning. This involves a mindset shift from accumulating an investment portfolio designed for growth to creating a portfolio of retirement income designed to help you pursue your lifestyle goals.[i] There is not a one-size-fits-all formula when it comes to determining how much income you will need in your retirement years, although most financial professionals agree that it is not necessary to repla

Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report. While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age.

In 2020, the government gave taxpayers an automatic six-month extension due to the coronavirus. Individuals who were affected by the damaging wildfires were also given additional time to meet most tax deadlines. However, in 2021, the deadline for submitting your income tax return is likely to return to the regularly scheduled time slot on April 15. To avoid a potential late filing penalty, you need to be ready by this date.

Many retirees today are redefining the golden years. Forget about endless days of leisure. Retirees seek adventure, travel, and new business pursuits. While these changes may redefine retirement, will retirees be able to finance their plans? Today, many people age 50 and older have not begun to save for retirement or have yet to accumulate sufficient funds. If you're in this age group and find yourself facing an underfunded retirement, it's not too late to take charge.

While the 2020 tax year saw some significant changes to filing deadlines due to the effects of the global pandemic, the 2021 tax season seems to be set to be on track with normal filing deadlines. With the pandemic still in sight, it is important to consider that these dates may be subject to change. Below is a list of the filing deadlines for the upcoming 2021 tax year that you will want to be sure to put into your calendar.

Tax identity theft is when someone steals your Social Security Number, files a tax return with your number, and directs a refund to their own bank account. In other cases, this type of identity theft may involve a scam artist calling on the phone, pretending to be a rep from the Internal Revenue Service (IRS), and demanding payment over the phone. To protect yourself, keep these tips in mind.

Financial wellness, like physical wellness, it's something you should ignore. Instead, it's a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so important that more than half1 of employers now offer financial wellness programs to their workers. So, what is financial wellness and why is it so important? Keep reading for an overview of this concept.