With record-low inventory, low interest rates, and high demand, the housing market is currently booming. Once the stress and drama of offers and counteroffers is over, you can finally enjoy being a homeowner—right? There’s no denying the hefty price tag, and as most of us are unable to purchase a house in full, we are saddled with a mortgage as soon as we cross the threshold. This debt is unavoidable, so how do you handle it moving forward?
If you’re significantly financially supporting your adult children (not just slipping them $20 every now and then or covering the bill when you’re all out to dinner), you’re in the majority. A Merrill Lynch Age Wave survey of more than 2,500 parents shows that 79% reported helping their adult children financially—to the tune of $7,000 per year on average.
Less than 100 days into President Biden’s administration and the first piece of major tax legislation has been enacted. We have summarized some of the key points from this legislation that might affect you along with action items you can take now to make the most of these benefits.
Transitioning to retirement can be challenging. You’re used to going to a place you love every morning and doing something you know makes a difference in people’s lives. Even if you’ve been looking forward to retirement, all of that change happening all at once can be mentally and emotionally challenging.
A new year is often a time for fresh starts, intentional planning, and renewed motivation to conquer goals and accomplish things that are important to you. And after the year we just had, a fresh start is just what we need. As you transition into 2021 and all this year will bring, take some time to think about your long-term plans and reevaluate your decisions, especially in the following key areas.
If you want to put your head down and just get through the rest of December so 2020 can be over, we get it. In the midst of canceled plans, work stoppages or adjustments, complicated family decisions, and (as if that weren’t enough) financial challenges, many Americans feel like they haven’t had much control over anything this year. But there’s one area where your actions can make a big difference today and down the road: your finances. So even though there are plenty of unknowns ahead, follow through on these 5 financial actions before the ball drops on December 31st to give yourself a leg up.