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Posts by Joseph Lucey

The New Tax Law: Things to Consider

digital tools for taxes

Who will be affected by the new tax legislation that went into effect Jan. 1? That is a question many are asking. While “everyone” is likely to see some changes, here’s an idea of how many people fell into each income group. In 2015:1 About 1.4 million Americans accounted for the top 1% of income…

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Digital Tools for Tax Season

digital tax tools

Tax season is upon us. According to the IRS, about 90 percent of taxpayers now file their taxes electronically. The agency touts the service as more accurate, convenient and secure than paper claims, and people usually receive their tax refunds faster. The IRS offers free tax filing assistance to filers who earn $54,000 a year…

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Exploring the Behavioral Biases of Investing

investing bias

Despite the research and due diligence necessary in developing an investment portfolio, investors are frequently influenced more by their own emotional and behavioral biases than by data.1 These biases may include overconfidence, regret, impatience and the desire to “keep up with the Joneses.” In fact, personnel from at least one asset management firm believe that…

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Preparing for Retirement — Do You Have a Plan?

preparing for retirement

For much of the 20th century, many employees who spent decades working for one company typically received a pension plan. According to the Center for Retirement Research at Boston College, 88 percent of all private-sector employees in 1975 had a pension.1 With the confidence of knowing their retirement would be covered by pension and Social…

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Keep an Eye on Interest Rates

investing

Optimism often predates good news. Such was the case last year when, just before the end of the year, Congress passed legislation that significantly reduced the corporate tax rate. The anticipation of this fulfillment of one of President Trump’s pro-business campaign promises helped drive up stock prices in the latter half of the year —…

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Women’s Issues and Retirement

In 2017, women organized and made headway toward real change, making it a hallmark year for women’s issues. The year started with the Women’s March in January and ended with the #MeToo movement spreading across the globe.1 In addition, record numbers of women considered running for public office.2 The thing is, many of the factors…

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How Changes in Spending Impacts Retirement

Online shopping has become the norm in the Western part of the world. Experts say mature economies adopted e-commerce quickly because of its strong infrastructure and a trusting financial landscape.1 In other words, consumers could count on receiving goods ordered, vendors knew they would get paid and any conflicts were protected by a reputable credit…

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How Losing Sleep Could Translate to a Loss of Money

Some teenagers seem to sleep a lot. As parents and grandparents, we can find this rather aggravating. But the fact is, as we get older, our sleep patterns may change, and our sleep can be less restful.1 Perhaps it’s a good idea to let young people sleep in peace while they still can. Scientists say…

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Evolution of the 401(k)

When employer-sponsored 401(k) plans were introduced in the 1980s, an unexpected consequence occurred: Pensions stopped being the norm. One reason is that companies found 401(k) plans less expensive than traditional defined benefit plans.1 At the time, 401(k) plans were touted as an opportunity for greater earnings and a richer retirement lifestyle. While it’s true that…

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Financial Planning to Care for the Caregivers

If you picture yourself receiving long-term care at some point, you likely envision a medical professional sitting bedside, tending to your needs. However, the bulk of long-term care in the U.S. is actually provided by family caregivers.1 According to a recent Merrill Lynch study, 20 million Americans become caregivers each year. Moreover, family caregivers collectively…

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