Hispanos enfrentan crisis en planes de jubilación

Si bien los hispanos registrarán el mayor incremento en su población de adultos mayores y jubilados para el 2050, según recientes proyecciones de la Oficina del Censo, desde ahora figuran entre las personas con menos liquidez y poca seguridad financiera para la vejez. Según datos del Economic Policy Institute (EPI), sólo el 26% de las familias hispanas tenía ahorros en un plan de jubilación como un 401(k) o una cuenta IRA, en 2013. Mientras tanto, el 65% de las familias …

Closing the Loophole That Costs People $17 Billion in Retirement Savings

We all rely on advice — from friends, family and, at times, complete strangers. Sometimes you get good advice and other times you get advice that is not in your best interest. But if you get advice from a professional like a doctor, a lawyer or a financial professional, you should be able to rely on knowing that it will always be in your best interest. Unfortunately, that is not always the case when it comes to financial advice. While …

Tax Breaks Brought Back From the Dead

Federal lawmakers will simplify tax planning for many by making certain tax breaks permanent — including one for charitably inclined older investors. Many tax breaks expire after a year or so, requiring an act of Congress to briefly extend them again. That has made tax strategizing difficult, because people don’t know if Congress will let an expired deduction or credit lapse for good or revive it at the last minute. As part of the omnibus spending bill that the U.S. …

The Fast Track to Saving Is to Pay Yourself First

Let’s face it, for most of us one of the biggest obstacles to saving is that sometimes there isn’t enough paycheck at the end of the month. Even for those of us who educate people about managing their finances, it can get hard when the budget is already stretched thin. Here are a few ways to get you started. Put Savings on Autopilot A good way to jump-start your savings is to pay yourself first. Do this and you will soon …

Asian American Pacific Islander Heritage Month: Achieving Financial Resilience

Asian American Pacific Islander (AAPI) Heritage Month each May is a time to celebrate, reflect on and pay homage to the many generations of Asian Americans and Pacific Islanders who contributed their talents to America’s history. They came here with hopes of getting a slice of the American pie, such as starting a business or securing a good job, and having the financial resources to raise a family and enjoy a comfortable retirement. For some older members of the AAPI …

Labor Department Proposes Rule to Save Retirees Billions

Financial advisers would have to adhere to more stringent standards when giving advice on 401(k) plans, IRAs and other retirement accounts under a rule proposed Tuesday by the U.S. Department of Labor. The proposed rule would protect people saving for retirement from being steered into accounts with high fees and commissions that benefit the adviser at the expense of the saver. It would force financial professionals to act in the best interest of their clients — a move that advocates say would …