Now Playing
K99.1FM
On Air
No Program
Now Playing
K99.1FM

business

200 items
Results 21 - 30 of 200 < previous next >

When Do You Think You Will Retire? If Ever?

MoneyTipsEverybody has his or her own view of retirement. Does yours involve working beyond a typical retirement age, or even failing to retire at all? A new survey from CareerBuilder shows that a substantial number of Americans are expecting something other than a traditional retirement. The survey found that 30% of workers at or beyond age 60 plan to delay retirement until at least age 70. Astonishingly, 20% do not expect to ever be able to retire! While some workers simply enjoy their jobs and/or the camaraderie of a workplace, financial concerns are often the reason for a delayed retirement. As you approach the end of your working years, it becomes clearer whether you are falling short of your retirement goals and need to make financial adjustments. However, many workers may not have a clear idea of what their retirement goals are, or how much money they will need to have salted away to meet those goals. A typical rule of thumb is to count on needing 70-80% of your pre-retirement income level to maintain your lifestyle, but that assumes good health and relatively good luck. A Fidelity study from 2016 concluded that the average couple retiring at age 65 will spend $260,000 on out-of-pocket healthcare costs over the course of the next twenty years, and that does not include any long-term health care costs. Contrast that figure with the CareerBuilder survey, which reported that 24% of workers believe that they will need less than $500,000 to retire. Another 25% of survey respondents expected to need between $500,000 and $1 million in retirement funds, and 34% don't know how much they will need to save. If the Fidelity study is correct, these retirees have a good chance of spending from one-quarter to one-half of their retirement funds on uncovered medical expenses. Perhaps that's why delayed retirement expectations are on the increase. Another factor may be insufficient planning and saving, even as retirement approaches. The CareerBuilder survey found that 26 percent of workers aged 55 or greater do not contribute to any kind of retirement plan. Even with the extra $1,000 in IRA "catch-up" contributions allowed for being over the age of 50, these workers are starting far too late to accumulate a proper nest egg. Other workers are addressing the shortfall from the income side. Almost three-quarters (74%) of workers aged 55 or greater do not make their desired salary (but really, how many of us do?). A second job was the answer for 8% of these older workers, while another 12% plan to change jobs in the coming year. Neither one of those outcomes are trivial at age 55 and above. Employers may be reluctant to hire you as an older worker unless you bring extensive relevant experience to the table — or you convince them that you plan to be around beyond the traditional retirement point. Older workers have limited options to deal with a retirement shortfall, and may have to scale back their plans when funds fall short. If you are still young enough that retirement is a far-away concept, we suggest that you take the advice of April Lewis-Parks, the Director of Education and Public Relations for Consolidated Credit, who suggests, "start a retirement fund as soon as possible." By starting a retirement fund early, you can reap the benefits of compound interest and establish a savings habit early in life. You may still decide to work beyond typical retirement age — but if you do, you can do so on your own terms. Let the free MoneyTips Retirement Planner help you calculate when you can retire without jeopardizing your lifestyle. Photo ©iStockphoto.com/Wavebreakmedia Originally Posted at: https://www.moneytips.com/when-do-you-think-you-will-retire-if-ever/999Study Finds 72 Percent of People Over Age 50 Want to Work in RetirementWhen Retirement Means Keep WorkingRecent Retirees Doing Better Than Expected

When Do You Think You Will Retire? If Ever?

MoneyTips

Everybody has his or her own view of retirement. Does yours involve working beyond a typical retirement age, or even failing to retire at all? A new survey from CareerBuilder shows that a substantial number of Americans are expecting something other than a traditional retirement. The survey found that 30% of workers at or beyond age 60 plan to delay retirement until at least age 70. Astonishingly, 20% do not expect to ever be able to retire! While some workers simply enjoy their jobs and/or the camaraderie of a workplace, financial concerns are often the reason for a delayed retirement. As you approach the end of your working years, it becomes clearer whether you are falling short of your retirement goals and need to make financial adjustments. However, many workers may not have a clear idea of what their retirement goals are, or how much money they will need to have sa...

When Do You Think You Will Retire? If Ever?

MoneyTipsEverybody has his or her own view of retirement. Does yours involve working beyond a typical retirement age, or even failing to retire at all? A new survey from CareerBuilder shows that a substantial number of Americans are expecting something other than a traditional retirement. The survey found that 30% of workers at or beyond age 60 plan to delay retirement until at least age 70. Astonishingly, 20% do not expect to ever be able to retire! While some workers simply enjoy their jobs and/or the camaraderie of a workplace, financial concerns are often the reason for a delayed retirement. As you approach the end of your working years, it becomes clearer whether you are falling short of your retirement goals and need to make financial adjustments. However, many workers may not have a clear idea of what their retirement goals are, or how much money they will need to have salted away to meet those goals. A typical rule of thumb is to count on needing 70-80% of your pre-retirement income level to maintain your lifestyle, but that assumes good health and relatively good luck. A Fidelity study from 2016 concluded that the average couple retiring at age 65 will spend $260,000 on out-of-pocket healthcare costs over the course of the next twenty years, and that does not include any long-term health care costs. Contrast that figure with the CareerBuilder survey, which reported that 24% of workers believe that they will need less than $500,000 to retire. Another 25% of survey respondents expected to need between $500,000 and $1 million in retirement funds, and 34% don't know how much they will need to save. If the Fidelity study is correct, these retirees have a good chance of spending from one-quarter to one-half of their retirement funds on uncovered medical expenses. Perhaps that's why delayed retirement expectations are on the increase. Another factor may be insufficient planning and saving, even as retirement approaches. The CareerBuilder survey found that 26 percent of workers aged 55 or greater do not contribute to any kind of retirement plan. Even with the extra $1,000 in IRA "catch-up" contributions allowed for being over the age of 50, these workers are starting far too late to accumulate a proper nest egg. Other workers are addressing the shortfall from the income side. Almost three-quarters (74%) of workers aged 55 or greater do not make their desired salary (but really, how many of us do?). A second job was the answer for 8% of these older workers, while another 12% plan to change jobs in the coming year. Neither one of those outcomes are trivial at age 55 and above. Employers may be reluctant to hire you as an older worker unless you bring extensive relevant experience to the table — or you convince them that you plan to be around beyond the traditional retirement point. Older workers have limited options to deal with a retirement shortfall, and may have to scale back their plans when funds fall short. If you are still young enough that retirement is a far-away concept, we suggest that you take the advice of April Lewis-Parks, the Director of Education and Public Relations for Consolidated Credit, who suggests, "start a retirement fund as soon as possible." By starting a retirement fund early, you can reap the benefits of compound interest and establish a savings habit early in life. You may still decide to work beyond typical retirement age — but if you do, you can do so on your own terms. Let the free MoneyTips Retirement Planner help you calculate when you can retire without jeopardizing your lifestyle. Photo ©iStockphoto.com/Wavebreakmedia Originally Posted at: https://www.moneytips.com/when-do-you-think-you-will-retire-if-ever/999Study Finds 72 Percent of People Over Age 50 Want to Work in RetirementWhen Retirement Means Keep WorkingRecent Retirees Doing Better Than Expected

Save When Moving Without a Little Help From Your Friends

Moving is a real pain — which is why it usually takes some amount of enticement for your friends and family to schlep your worldly possessions from one place to another. Eventually, though, you might find that the proverbial beer-and-pizza bribe isn’t enough, and you’re stuck moving on your own. Hiring a moving company is much more expensive, but there are still ways to keep your moving costs low.

Plan it

The biggest thing you can do to keep costs down? Plan ahead. There’s no way you’ll be able to get everything done at the last minute; unless, of course, you spend extra money. The more time you have, the more you can do yourself.

» MORE: How to build a budget

Clean out

For instance, you can start cleaning out your house right away. Get ruthless with unwanted and unneeded belongings: Sell or donate anything you can, and dispose of the rest over time in your regular garbage and recycling pickup. This way, you’ll avoid an expensive trip to the dump or paying for a junk removal service.

Give away any larger furniture to friends and family. The only price? They’ve got to transport it themselves. Especially keep an eye out for younger people and students; they’re often happy to take free furniture.

Vet your movers

Next, check out moving companies in your area, vetting either by online reviews or personal recommendations. Check out sites like Yelp.com for other customers’ reviews (taken with a grain of salt), or the more reputable Better Business Bureau, which rates and accredits businesses on how well they deal with customer complaints.

Collect at least three quotes and compare them. If there’s a company that seems the most reputable, use your less expensive quotes to negotiate their price down, if possible.

You’ll want to get estimates in writing. If you’re moving to another state, you can make use of the Federal Motor Carrier Safety Administration’s pamphlet that goes more in-depth on the different types of estimates a mover can give you and your legal rights.

Don’t pay for packing

Generally, the most expensive part of hiring movers is the hourly labor costs. The more people you have moving your stuff and the longer it takes, the more you’re going to pay. So do yourself a favor and pack your own things. Most moving companies will happily do this for you, and charge accordingly, but since you planned ahead (right?) you’ve got more than enough time to DIY. Plus, this way you can pack your valuable and fragile possessions to your exact specifications.

Of course, you’ll need boxes to pack. But make sure you don’t pay for them. See if you can cut a deal with a business in town that ends up with leftover boxes: grocery stores, liquor stores, bars and restaurants. Or just cruise the alleys behind your local big box stores to scavenge any of their boxes waiting to be recycled. You can also check Craigslist or any other local sales site.

Try to freecycle your packing paper, too. Old newspapers are commonly recommended, but use these only for items you don’t mind getting ink on. You could also use napkins, clothes or that big box of plastic bags you store under the sink. You were saving those for a reason, right?

Set yourself up for success

Since you gave yourself so much time to pack, you’ll be able to accurately label all your boxes so you know what goes where. Designate a box or three to hold the essentials you’ll need right away in your new place, especially kitchen stuff. Unpacking can be a glacial process, and you might be tempted to order dinner or eat out while your kitchen is still packed up. If you’ve got an easily accessible box with kitchen basics, you can cook dinner at your new home while reaping the savings.

Stephen Layton is a staff writer at NerdWallet, a personal finance website. Email: slayton@nerdwallet.com.

This article was written by NerdWallet and was originally published by USA Today.

Allowances Don’t Teach Kids About Money — You Do

Many parents tell me they feel guilty about allowances.

They aren’t consistent about when and how they give their kids money. They wonder if allowances should be tied to chores. Even how they dole out money can be a problem. Cash is easiest, but much of what kids want to buy — downloads of a favorite show, a toy on Amazon, a realm in Minecraft — requires plastic.

I’ve used our daughter as a guinea pig to test all kinds of allowance systems and apps, starting when she was just 3.

We started with divided piggy banks that had sections for spending, saving and sharing. (Money Savvy Pig and Moon Jar are two options.) We moved on to apps when more of her purchases moved online. We used iAllowance; other trackers include Bankaroo, PiggyBot and Allowance & Chores Bot.

But then she landed a steady customer for her pet-tending business and at 13 was old enough to have her own bank account. Now she earns and manages her own pocket money. She uses our accounts for iTunes and Amazon purchases, as they require a credit card, but I transfer money from her account to ours once a month to cover them.

Along the way, she learned to make choices, delay gratification and save up for stuff she wanted, including a laptop. I’m not certain, though, that we can credit the allowance.

Research indicates that parents’ behavior — the example they set — and the discussions they have with their kids about money are much more important in shaping their future financial health.

Watching what you do

One 2015 study for the Consumer Financial Protection Bureau, which reviewed research in developmental psychology, education and consumer science, found parents were “critical” in fostering financial well-being in children.

Parents don’t have to be money experts to talk about the importance of delayed gratification or the difference between wants and needs, says report researcher Elizabeth Odders-White, associate finance professor at the University of Wisconsin, Madison.

“You don’t have to sit down and do some crazy complex financial calculations with your kids,” says Odders-White. “You just need to talk about the decisions you’re already making. ‘We need to buy this, we want to buy that.’”

Your behavior counts, too. A recent T. Rowe Price survey found that when parents had at least three types of savings accounts — for example, an emergency fund, a college fund and a retirement account — their kids were:

  • more likely to have savings of their own
  • less likely to spend money as soon as they got it
  • less likely to have lied to their parents about how they spent money

By contrast, parents who had more than $5,000 in credit card debt were more likely to have kids who spent money as soon as they received it. Their kids also were more likely to expect their parents to buy them what they wanted.

“Your behavior is noticed by your kids, and it does rub off,” says Roger Young, senior financial planner for T. Rowe Price (and father of three teenagers).

It’s the conversation, not the cash

Allowances, by contrast, seem to be a much less effective tool for teaching positive financial behaviors. Unconditional allowances — those not tied to chores — may be the worst.

Chores certainly contribute to children’s character development and future career success, according to various studies by Harvard University and the University of Minnesota. Some child behavior experts say chores should be unpaid to teach the importance of contributing to the family.

But financial literacy expert Lewis Mandell has found in his own studies and reviews of others’ research that kids who receive no-strings allowances knew much less than others about saving, spending and credit, and they had a worse work ethic.

The value in an allowance comes from the interaction between parent and child about financial matters, Mandell says. When paying for chores, the parent has to monitor whether the work gets done, and the payment is a type of feedback. When there’s no allowance, the child has to initiate and justify requests for cash, which leads to a money discussion.

Without those interactions, the allowance becomes an entitlement that implies money doesn’t have to be earned or managed, Mandell says.

So if you give your kids an allowance, explain the rules (such as “when it’s gone, it’s gone”) and ask what they’re learning (“Are you happy with what you bought?” or “What do you want to save up to buy next?”).

If you decide against an allowance — or forget to hand it out half the time — you should still talk about saving, making choices, planning for the future.

And don’t stop. Even into young adulthood, your kids pay attention, researcher Odders-White says.

“They’re making some of their first independent decisions, but they still look to their parents for advice,” she says.

Liz Weston is a certified financial planner and columnist at NerdWallet, a personal finance website, and author of “Your Credit Score.” Email: lweston@nerdwallet.com. Twitter: @lizweston.

This article was written by NerdWallet and was originally published by The Associated Press.

Chipotle to debut first dessert

Chipotle plans to add a dessert item to its menu this year.

The Denver-based Mexican grill announced Tuesday it will begin testing a fried dough dessert next month, Business Insider reported

>> Read more trending news

Chipotle’s buñuelos, a traditional Mexican dessert, are fried tortillas sprinkled with honey, cinnamon and sugar. They’re to be served with caramel-apple dipping sauce.

“It’s simple to make and requires us to add just a few additional ingredients,” Chipotle CEO Steve Ells said, according to Yahoo. “They’re delicious and complement our menu nicely.”

It’s unclear which locations nationwide will offer the dessert first. 

Although Chipotle announced last year that it would be adding a dessert item to the menu, the buñuelo comes as a surprise, as many speculated the restaurant chain would debut churros as its first dessert.Chipotle is known for being slow to change its menu. According to Business Insider, the addition of buñuelos will be the company’s third major change in 20 years.

The most recent addition was chorizo, which Chipotle began offering in October. 

The company also announced that sales at restaurants that have been open at least a year rose 17.8 percent in the first quarter, and revenue increased 28.1 percent to $1.07 billion. Chipotle’s stock rose, and Ells said the increases indicates a “strong start” to the year.

>> Related: Here's why Chipotle doesn't sell queso

Where's My Tax Refund?

MoneyTipsYou have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make a run for it? A more likely scenario is that you are just curious about your refund, and would like to check the status periodically. In either case, regardless of who prepared your taxes, you need to go through the IRS website to get your answer. Under the Refunds tab at www.irs.gov, you can select the “Where’s My Tax Refund?” link and find out the latest on your return. The site is only updated once every 24 hours and is also available in Spanish. If you e-filed, you can check the status within 24 hours after the submission, but on a traditional paper return, you will have to wait four weeks before checking. This process cannot be accelerated through the IRS or any third-party tax preparers. "The majority of taxpayers receive a refund, and we understand those filers want to know when their refund will be issued," says IRS Commissioner John Koskinen. "Our 'Where's My Refund?' tool continues to be the best way for taxpayers to get the latest information. When you are able to check, you will need to enter your Social Security number, your filing status, and the exact refund amount rounded up to the whole dollar. A status bar will appear showing that your return is at one of three possible stages: Return Received – The IRS has received your return and is still in the review process. Refund Approved – Your tax return has been reviewed and approved. The agency is in the process of sending you a check, or direct depositing your refund if you chose that method. When the refund has been approved, you should see an expected date for direct deposit or for your check to be mailed. Refund Sent – The refund is en route to you. Checks may take a few weeks to arrive. For direct deposit, allow five working days for the bank deposit to clear before following up with the IRS. The IRS website states that typical refunds take less than 21 calendar days. However, new regulations may delay the refund payments. If your return is still in the review process prior to approval, you may see the status bar replaced with an explanation or a set of instructions to follow. There is no need to panic – this does not imply an audit is on the way – but it does mean that there is some issue to clear up. It may be as simple as a math error or listing of an incorrect address. If the IRS needs more information, they will generally follow up via a letter. The IRS even allows mobile options. The IRS2Go app is available for both Apple and Android systems. Remember that you will be entering your Social Security number, so make sure that you are on a secure wireless site before proceeding. Can you go old school and call the IRS hotline? Certainly, you can, but do not expect an answer. Wait times are always long, and the IRS acknowledges that many calls are going unanswered. If you filed an amended return, there is a separate link titled “Where’s My Amended Return?” that operates in the same fashion as “Where’s My Refund?” Next time, wait until you have the check in hand before making your refund-related purchases. Nobody enjoys dealing with Vito, and if you have already spent your refund, you probably cannot afford plane tickets out of town. Photo ©iStockphoto.com/cabania Originally Posted at: https://www.moneytips.com/wheres-my-tax-refundIRS2Go 101Potential Tax Refund Delay In 2017IRS Audits Fall to 11-Year Low

Where's My Tax Refund?

MoneyTips

You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make a run for it? A more likely scenario is that you are just curious about your refund, and would like to check the status periodically. In either case, regardless of who prepared your taxes, you need to go through the IRS website to get your answer. Under the Refunds tab at www.irs.gov, you can select the “Where’s My Tax Refund?” link and find out the latest on your return. The site is only updated once every 24 hours and is also available in Spanish. If you e-filed, you can check the status within 24 hours after the submission, but on a traditional paper return, you will have to wait four weeks before checking. This process c...

Trump’s Tax Plan: Big Changes, Big Unknowns

President Donald Trump proposed big changes to the U.S. tax system on the campaign trail, but Wednesday’s announcement of the White House’s new tax plan may mark the start of where the rubber meets the road for many Americans and their tax bills.

What does it mean for you? Here’s a guide to what is (and isn’t) in the plan.

What’s in the plan

The proposed changes would affect virtually all taxpayers in some way, though the impact would depend on your individual situation.

CURRENT BRACKETS Taxable income (married filing jointly) Tax rate $0 to $18,650 10% $18,651 to $75,900 15% $75,901 to $153,100 25% $153,101 to $233,350 28% $233,351 to $416,700 33% $416,701 to $470,700 35% $470,701 and up 39.6% PROPOSED BRACKETS Taxable income Tax rate Range TBD 10% Range TBD 25% Range TBD 35%
  • Eliminate almost every individual tax deduction: Except those for mortgage interest and charitable contributions. The plan specifically preserves those. A big one here would be the elimination of the ability to deduct state and local taxes, a move that could hurt residents of high-tax states such as California and New York.
  • Double the standard deduction: The IRS offers this deduction on a no-questions-asked basis. It’s subtracted from your adjusted gross income and lowers your taxable income. The standard deduction in 2017 is currently $12,700 for joint filers and $6,350 for single filers. The new plan proposes to roughly double that amount.
  • Relief for families with child and dependent care expenses: This is notable as a plan priority. Some tax benefits already exist for child and dependent care, but during the campaign Trump proposed tax deductions for child care and elder care expenses, a child care spending rebate to low-income parents and deductible contributions to Dependent Care Savings Accounts. Specifics of the new plan have not yet been given, however.
  • Repeal the alternative minimum tax: The AMT is an alternative method of calculating federal income tax that runs parallel to the ordinary method. Currently, taxpayers have to calculate their tax liability two times, once under each method, and pay whichever amount is higher.
  • Repeal the estate tax. This tax is levied on assets passed on to your heirs upon your death. In 2017, up to $5.49 million of an estate is already exempt from federal taxation. A repeal likely would affect only people who expect to inherit large estates.
  • Repeal the Affordable Care Act net investment income tax. This is a 3.8% tax some people must pay on their investment income, introduced to help pay for President Obama’s health care law. Couples with combined incomes above $250,000 could get a reprieve here.
  • Reduce the corporate tax rate to 15% and extend it to certain small and medium-sized businesses. Freelancers, the self-employed and other companies could get a tax break, though the details will determine how much.

» Read the White House’s full proposal

What details weren’t provided?

Lots of them.

Without knowing the size of the tax brackets, for example, it’s hard to determine which taxpayers will come out ahead in the shuffle between losing certain itemized deductions and moving to a lower tax bracket.

It’s unclear what would happen to the tax treatment on retirement contributions, such as to a 401(k) or individual retirement account, although National Economic Council Director Gary Cohn — who along with Treasury Secretary Steve Mnuchin announced the plan at a press briefing — said “retirement savings will be protected.”

It’s also impossible to know what sorts of new or different tax breaks will be available for child care or elder care.

» MORE: Calculate your tax burden

What’s next?

The White House said it plans to move quickly, working with the House and Senate to flesh out the fine print and draw up a bill. Any change in tax policy or rates must be approved by Congress.

Tina Orem is a staff writer at NerdWallet, a personal finance website. Email: torem@nerdwallet.com.

200 items
Results 21 - 30 of 200 < previous next >