✪ The Benefits of Financial Literacy for Teens and Young Adults
This blog highlights the importance of financial literacy for teens and young adults, covering key benefits like budgeting, saving, avoiding debt, and building financial independence.
Do I Need Disability Insurance?
For most people, their most valuable financial asset is their ability to make a living. If you rely on a paycheck for everyday and recurring expenses, it is important to have disability insurance. Disability insurance pays a portion of your income if you cannot work for an extended period due to illness or injury.
✪ Tax Free Social Security Benefits?
Here’s how it works: If you're single and 65 or older, and your income is under $75,000, you’ll be able to deduct: The standard deduction: $15,750 The senior bonus: $1,950 The new extra deduction: $6,000 That adds up to $23,700 in deductions—before we even get into anything else. If you’re married, both age 65+, and your combined income is under $150,000, you’ll get: The standard deduction: $31,500 The senior bonus: $3,200 The new extra deduction: $12,000 ($6,000 each) That’s a total of $46,700 in deductions. Now, this deduction starts to phase out once your income crosses certain thresholds:
Social Security and Death Benefits
When a person dies, their surviving spouse (and in some cases, ex-spouse) and minor or disabled children are entitled to Social Security death and survivor benefits. It is important to understand these potential SS benefits, whether or not you will qualify for survivor benefits, and how to access them.
The Big, Beautiful Bill Act and the deficit: Should I be worried?
There’s a lot of talk about the proposed US government budget with Republicans and the White House heralding the One Big, Beautiful Bill Act as a huge benefit for Americans. But there are also worries about our growing federal deficit. This bill, as approved by the House on May 22nd, is expected to add $2.8 trillion to our deficits over the next 10 years.1 That’s a lot of money on top of the government’s existing deficit spending.
Saving for Retirement in Your Early Years
Don’t invest too conservatively. Past performance cannot guarantee future results, but the value of the stock market tends to rise over time. Taking more risk offers possibility of higher returns over the long term. There will be market downturns, but in your early working years, you will have time to recover from market dips. Consider target date funds (aligned to your expected retirement year) or asset allocation funds (aligned with your risk tolerance) If you are not comfortable selecting investments.