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Posts by Joseph Lucey

Earned Income Tax Credit for Working Grandparents

The Earned Income Tax Credit, or EITC, is a federal income tax credit for workers whose annual income is $53,505 or less (2016), depending on marital status and number of eligible dependents. There are other eligibility limits, such as the requirement that investment income be $3,400 or less for the year. This refundable credit can…

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What Is “Reflation”?

In recent years, inflation in the United States has remained below the Federal Reserve Bank’s target rate of 2 percent, despite the agency’s efforts to jumpstart economic growth with low interest rates. However, the election of Donald Trump infused the markets with the spark they needed. After an initial drop attributed to uncertainty, the stock market…

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What Happens When “Your Life Flashes Before Your Eyes”

You often hear about near death experiences. Someone crossing the street nearly gets hit by a car and later recalls that his life “flashed before his eyes.” What does that mean and how does it happen? Scientists set out to answer these questions, terming the phenomenon a “life review experience” (LRE). In a recent study…

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How to Manage Taxes in Retirement

Here are some tips on how to manage taxes in retirement; To stay within the 15% income tax bracket: maximum annual income = single, $37,950; married filing jointly, $75,900. Investors can harvest capital gains with a zero tax rate as long as their income stays in or below the 15% tax bracket. To help reduce…

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Emotional Intelligence: Pros and Cons

You wouldn’t want a symphony comprised exclusively of flutists. A football team with nothing but offensive linemen is not likely to win many games. By the same token, it takes all types of people to run a company. When a business seeks to employ only workers who “fit” its corporate culture, it could end up…

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The Power of Mindfulness

It seems everywhere you turn these days, from news shows to news articles to local advertisements, there’s this idea of promoting “mindfulness” in our day-to-day lives. Mindfulness is generally accepted as focusing one’s mental state on the present moment, being completely aware of all elements around us. Some financial professionals have expanded this idea of…

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Sensory Overload

It was Aristotle who first suggested that humans are driven by five senses: eyesight, hearing, taste, touch and smell. However, neuroscientists say we have between 22 and 33 senses, including: Equilibrioception – our sense of balance Proprioception – controlling body parts without looking, which is how we can type without looking at the keyboard or…

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Global Trade: Problems and Potential Solutions

Global trade and investment have increased dramatically over the past 30 years. On one hand, importing lower-cost goods from other countries has saved Americans money. On the other, it has cost American jobs. How many jobs? About 6 million from the manufacturing sector alone between 1999 and 2011, according to the Bureau of Labor Statistics. However,…

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Infrastructure Could Bridge Political Divide

Is it a secret that American politics are contentious, divided and rocky? Yet, one topic has the potential to bring both sides to the table: Infrastructure. The Republicans and Democrats may not agree on the details; after all, infrastructure spending necessitates funding. Conservatives worry about additional taxes or increasing government debt, while liberals oppose legislation…

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When Should You Retire?

About half of Americans retire between the ages of 61 and 65. Among today’s retired households, a traditional pension or retirement plan appears to be one of the differences between a high- and low-income lifestyle. That’s because among the 41 percent of retirees whose annual income is less than $25,000, only 21 percent receive income from…

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