August 2015 9
Unless you are Bill Gates, winning the lottery is probably something you can only dream of. What you might not expect is that winning the lottery might not provide enough money to alter your life that substantially. Off the top, you have to pay 25% in federal taxes and then depending on what state you live in, another 6-9% in state taxes. If you won $1 million, the amount you’d actually get after state and federal taxes is more like $682,500, and that is before any additional administrative fees you might be subject to.
After taxes and fees, your winnings might be issued in a structured settlement, which gives you an annual payment for 30 years or so instead of one large lump sum. If you find it more beneficial to access the full balance of your winnings instead of getting small payments over (more…)
Health insurance: most people take it for granted until they need it. Although the Affordable Care Act has made it easy for Americans to get health insurance, the uninsured rate as of last year was still 12.9% for adults. As a result, more Americans are looking for health insurance, whether they receive it through their employers’ plans or buy it themselves.
If you’re currently exploring your options in the health insurance marketplace, make sure you choose the right plans for your family or your business. Here’s what you should know about these two types of plans:
Health Insurance for Families and Individuals
Thanks to reforms in health care, it is possible to get health insurance on your own rather than simply through an employer. The health insurance marketplace o (more…)
Let’s face it: everyone thinks that winning the lottery would make all of their problems disappear, and to be sure, having a large amount of cash in your hands can be an exciting feeling at the very least. It can also help you pay off things like credit card debt and student loan debt, or it can help you buy a new house or a new car. It could even allow you to take an awesome vacation to the Caribbean — and end up staying there, opening your own business, and finding perpetual bliss.
But in reality, lotto winners typically find that life isn’t all peaches ‘n cream. Instead, they end up facing a few harsh realities that suggest life was way easier before winning the lottery:
- After winning it big, about half (48%) of all lotto winners end up working, or going back to work (more…)
As we get older, financial planning becomes more and more important for the security of our futures. However, as the years go on it seems that the population becomes less sure of how to handle their financial future and do not adequately plan ahead for their retirement. This leaves many people exposed to potential financial instability when the time for retiring comes along.
It is estimated people 65 and over will comprise 20.9% of the population by 2050. This will likely raise the amount of retirees. Currently there are approximately 10,000 baby boomers who retire every day. Unfortunately, one in five of the people retiring have zero money saved for their retirements, making it difficult for them to safely retire with the hope of being financially stable. The widely cited average (more…)
Picking a bank can often be a confusing and stressful process for people who aren’t really familiar with how finance stuff works. What’s worse, everyone seems to have a differing opinion about who the best banks are, and even then there’s no bank that doesn’t come with some sort of caveat or horror story. In order to help you find a bank that’s right for you, we’ve compiled a few tips below:
1. Start by thinking about you.
This seems really obvious, but a lot of people don’t know what’s relevant or what influences service and banking rates. A good way to start is compiling a list of your assets. These can include any money you have in the bank, stocks or bonds, and property you own. Then start a list of your debts. College loans, car payments, etc. Finally, it is (more…)
The Spokane Teachers Credit Union is offering a free workshop titled “Becoming Debt Free” as part of its My Life, My Money series. All community members, whether or not they are members of STCU, are welcome to attend.
American consumers owe a staggering total of $11.91 trillion in collective debt, but you don’t have to be constantly living under that burden. “Being debt free is achievable,” the workshop organizers promise, “it just takes a different point of view.” Experts will help attendees clarify their current financial positions, set financial milestones, and figure out which tools to use to achieve the ultimate goal of living debt-free, whether that means getting out from under credit card debt, student debt or something else that’s holding you back financially.
The workshop will be (more…)
The Spokane Teachers Credit Union is inviting all community members to take part in its ongoing My Life, My Money series with a workshop on how to prevent fraud and identity theft. The workshop will cover a variety of strategies for protecting your money — no matter how much or how little you have of it — from bad guys out to steal your hard-earned cash.
You can learn what attracts criminals to attempt to defraud or steal identities from certain people, how to spot common signs of fraud, and which scams are currently circulating. You may not think that you’re a target, but consider this: Even though only a quarter of the world’s credit card transactions take place in the U.S., almost half of all credit card fraud takes place here. Ignoring the issue simply isn’t worth the (more…)
Winning the lottery can be a life-changing event, especially if you end up with big lottery winnings that can help pay off debt and start fresh with financial stability. But what many Americans don’t realize is that there are two different options for lottery payments: a one-time lump sum lottery payout, which is taxed very heavily, and a long-term payout option of a lottery annuity, which often ties up smaller lottery payments for as long as 25 years.
Both options can be frustrating because it’s impossible to take home the entire amount you’ve won, but because a lottery annuity typically offers more of the winnings and less taken by taxes, a lot of people choose to go with the annuity settlement.
Unfortunately, there’s still a catch.
Because an annuity is a fin (more…)
Have you started saving for your retirement yet?
If you’re like millions of Americans reaching retirement age, the answer is no — so what can you do to make sure you can live comfortable once you’ve stopped working?
You can do what some seniors are doing, and investing in deferred annuities which will pay a steady monthly income once they retire. Or you could take a more active investment approach and allow your wealth to grow.
It might seem like an intimidating prospect, but successfully ensuring a steady stream of income throughout your retirement doesn’t have to be impossible. With these three tips, you can enjoy a healthy retirement income that allows you to maintain the standard of living you had during your pre-retirement years:
Invest in an annuity
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