Category: Brandpoint Business & Finance

2020-04-20T06:01:00

(BPT) – This time of year, high school seniors and parents are on the edge of their seats waiting for college acceptance letters — and to learn how much school will cost. Like many families during this unprecedented time, how parents and students approach paying for college may be evolving. One important document that will help with the college decision-making process is the financial aid offer. And now, decoding it is more important than ever.

First, you filled out the Free Application for Federal Student Aid (FAFSA). Each year, you should fill out the FAFSA as early as possible (it’s available for the new academic year on Oct. 1).

What happens after the FAFSA?

After your FAFSA is processed, you can view your Student Aid Report (SAR) — not to be confused with the financial aid offer letters from each school you designated on the FAFSA. The SAR summarizes the information from your FAFSA and should be checked for accuracy. It will state your Expected Family Contribution (EFC), which helps determine eligibility for federal student aid. If you need to correct the SAR, go to studentaid.gov.

After your child starts receiving letters of acceptance from schools, you’ll receive financial aid offer letters from those schools, usually around March or April.

What’s on financial aid offer letters?

You may find your child’s financial aid offers confusing. You’re not alone. In a recent College Ave Student Loans parent survey conducted by Barnes & Noble College Insights, 42% of parents who received a letter found aspects of the aid offer letters confusing, and 68% agreed that the terms and layout of these letters varied from school to school, making it hard to compare them.

One tool you can use to compare offers: Finaid.org/calculators/awardletteradvanced.phtml.

Cost of attending school

Cost of attendance (COA) is an estimate of tuition and fees, room and board, and some other costs. Some letters use the term “net price” or “net cost” to describe the cost of attending for the academic year. It includes tuition, plus on-campus housing and dining. Many costs may or may not be listed, such as books, clubs, athletic and student activity fees, plus travel to and from school.

Scholarships and grants

If your child was awarded a federal grant (such as a Pell grant) or scholarships from the college or university, they will be listed on your offer letter. These do not need to be repaid and are applied directly to the school’s tuition.

Work-study programs

If your child indicated interest in work-study on the FAFSA and qualifies for a work-study program, he or she can work part-time on campus to help cover expenses. This is money that does not need to be repaid.

Federal loans

On the financial aid offers, you’ll likely see loans for the student and/or parent. These loans will need to be repaid. For loans in the student’s name, the payments typically begin after the student leaves school. The amount students can borrow is limited and depends on factors such as the year in school.

The most common type of student loans are Direct Loans, which offer low fixed interest rates, and you may or may not be charged interest while in school depending on your financial need. Parent PLUS loans are an option parents can use to help children pay for college. Repayment on Parent PLUS loans typically starts right away, not after the student leaves school.

What if all costs aren’t covered?

Even families who qualify for aid may find the total cost isn’t covered. In the College Ave Student Loans parent survey conducted by Barnes & Noble College Insights, 68% of parents said paying for 100% of college was an unattainable goal.

You can write a letter to the school appealing your aid package in light of family circumstances. Of the 21% of parents who received an aid offer in the study and appealed it, 61% were successful in getting money from the school.

Additional options:

• Private loans
  To cover the gap between financial aid and college costs, College Ave Student Loans are customized to fit the individual needs of each student and family. Compare loan options and begin your application at CollegeAveStudentLoans.com.
• Live at home
  On-campus room and board can be a substantial portion of college expenses.
• Attend community college
  Many community colleges have transfer agreements with 4-year institutions. Some students can take courses at a lower cost in the first 1 to 2 years, then transfer to their desired school to complete their degree. Have a clear plan and make sure credits will transfer if this sounds like the path for you.

College Ave Student Loans simplifies the student loan experience. Visit CollegeAveStudentLoans.com/tools/calculator to explore the best ways to save money and see estimated monthly loan payments.

2020-04-16T15:01:00

(BPT) – Skills are like kitchen knives, over time they can get dull. By continuing to refresh your skills and experiences, you may find your way into a new job or career path. With our day-to-day routines changing and evolving, it’s more important now than ever to invest in your skills to grow both professionally and personally — whether that’s brushing up on what you already know, adapting to the changing job market, or learning something new. According to a recent survey by LinkedIn, almost one-third of professionals in the U.S. are planning on learning new skills.

Here are four ways you can get started with online learning.

1. Set aside time for learning

Oftentimes, online learning is associated with changing roles or brushing up on skills for a job interview. While these are key areas where learning can be useful, you’ll get the most value from learning if you make it part of your everyday routine. LinkedIn Learning courses are “bite-sized,” making it easy and convenient for you to add online learning to your daily schedule. For example, you can watch an hour-long course in 10-minute segments, so consider committing 10 minutes a day to learning over your morning coffee or lunch break.

2. Discover courses for in-demand skills

LinkedIn Learning gives you the flexibility to search for courses, skills, videos and instructors across hundreds of topics and industries. You can “follow” skills that you want to learn more about, discover learning paths to start a new career and receive suggested courses to stay sharp based on your current role. It’s okay if you don’t know where to start — focus on what you need to learn to do a specific job, and for inspiration, LinkedIn will show you trending courses that are popular with other learners. If you’re currently working remotely, which requires a slightly different skill set, LinkedIn released a free learning path to help you adjust to your new environment and tips to be more productive.

3. Boost your job search

Job searching can be stressful, especially in today’s job market, but there are lots of ways to discover new opportunities and stand out. Whether that’s creating a search plan that connects you to jobs based on your skills and experience, leaning on your professional network for referrals, making a lasting impression during your interview or mastering ways to negotiate salary, there are a number of best practices to learn to get your job search on the right track. LinkedIn’s learning path for job seekers is also available to help you get back on your feet when facing challenging times.

4. Make learning fun and collaborative

Learning has become much more social in the online world as people lean on their community to share courses and collaborate. Those who learn together often feel more energized and connected. Also, consider posting about the online courses you found valuable on your LinkedIn feed, or suggesting courses for individuals within your network to help them reach their goals. There are more than 16,000 expert-led courses on LinkedIn Learning, ranging from managing a diverse team, how to develop resilience, incorporating mindfulness into your routine, demonstrating executive leadership and more. Sharing best practices with others helps strengthen relationships, which could lead to opportunities down the road.

You’ll spend approximately 90,000 hours working throughout your career, so it’s important to think about what you’re “in it” for. Many professionals fear they don’t have the right skills for their job, or haven’t simply taken a step back to ask themselves: “Am I in the right job?” Asking yourself these important (sometimes difficult) questions, and committing to learn and enhance your skills, will help set you up for success, no matter where you are in your career.

2020-04-14T09:07:01

(BPT) – Even when times are good, it’s tough for most people to handle unexpected expenses. According to Forbes, nearly 78% of U.S. workers live from one paycheck to the next, with little or no money set aside for an emergency. But especially during uncertain times, any unexpected occurrence — from a broken appliance to a punctured car tire — can send a family into a downward spiral of debt that just makes the situation worse.

Tough choices

When a family has no cash set aside and only high-interest credit cards to draw upon, the resulting interest payments can turn a simple set of tires or a cell phone replacement into a major financial setback. And if a payment is missed, that does further harm to your credit rating, making any future borrowing even more difficult.

Other solutions to a cash crunch can be just as problematic. A recent survey by The Harris Poll¹ on behalf of Purchasing Power, LLC revealed that 21% of U.S. adults borrowed from their 401(k) over the course of one year. While that may seem like a good solution for a short-term emergency, borrowing from your 401(k) can create problems in the future, such as:

• You’ll have to repay the loan with after-tax dollars, losing the benefit of that pre-tax investment.
• You’ll lose out on wealth you could be building by leaving money in the 401(k).
• If you fail to repay the loan promptly, the amount owed will be considered a withdrawal, so you’ll end up owing both tax and penalties on that amount.

Better options for unexpected expenses

What are the alternatives to using high-interest credit cards or borrowing from retirement savings like a 401(k)? Here are some options to consider before making choices that could hurt your financial future.

• Sell unused items. If you have unused items in your home, chances are there’s someone out there who would pay cash for it. Check out Craigslist or Ebay and see how much people are willing to pay for what you’re selling.

• Reassess your household budget. Look for any recurring expenses you can do without to free up more monthly cash. Consider cutting the cord on cable and/or renegotiating with your internet/cell phone provider.
• Consider a side-hustle. Use your skills to moonlight on a contract basis or sell homemade items online. Even providing services for a fee in your neighborhood such as yard work, minor repairs, childcare support or dog walking could help you set a little money aside.

• Borrow from family or crowdsource. Friends and family may be willing to help — especially for a short-term, specific expense. Determine exactly how much you need to cover the expense, and just ask for that amount. If it’s a loan, agree on repayment and interest terms. If you’re crowdsourcing, don’t accept money that exceeds your goal.
• Review your employer’s voluntary benefits options. Take advantage of financial tools that may be available to you. For example, Purchasing Power^® allows workers to secure a replacement washing machine or automobile tires without incurring any monthly interest or other fees over the course of a manageable 12-month payment term. The repayments come directly from payroll deductions, so you won’t risk missing a payment and harming your credit score.

“Unfortunately, credit card debt is at an all-time high, which can create even bigger problems for borrowers down the road. When the refrigerator stops working or your kids need a new laptop for school, many Americans — especially younger workers — don’t have the resources to cope with it,” says Trey Loughran, CEO of Purchasing Power. “Paying with cash or using a low-interest credit card are the best ways to cover unexpected expenses, but that’s not always possible. The challenge is finding alternative ways to meet short-term needs without compromising long-term finances.”

Employers interested in offering Purchasing Power for their employees can visit Corp.PurchasingPower.com to learn more.

¹ Harris Poll on behalf of Purchasing Power^® among 807 U.S. adults who are employed full-time, December 2019.

2020-04-14T18:01:00

(BPT) – The current COVID-19 financial landscape is unpredictable, causing anxiety for people of all ages. With layoffs, unexpected medical expenses, and an ever-changing and uncertain economy, it’s easy to worry.

“Now more than ever is the time to take an active approach with your finances to position yourself for success,” says Danielle Seurkamp, CFP. “Knowledge is power during unpredictable times.”

Andy Mardock, CFP, agrees. “Emotions are running high with coronavirus concerns. Being informed helps you resist gut reactions driven by emotion so you don’t make a move you later regret.”

Both Seurkamp and Mardock are members of the National Association of Personal Financial Advisors (NAPFA), an association of fee-only financial advisors who adhere to a fiduciary standard. Together they offer important financial tips to empower you to make wise financial decisions today and in the future:

Budget and be proactive

Create a budget and identify which bills are locked-in and which are discretionary. Then decide what can and can’t be cut. For those who have lost significant income, contact providers as soon as possible to explore options.

“Many companies are waiving late fees, establishing payment plans or deferring payments,” says Mardock. Foreclosures and evictions have been suspended in many cases. Contact your financial institution for relief on mortgages and other loans in the form of payment deferrals or forbearance to ease the pressure. For business owners, review the rules of CARES Act loans as well as the requirements for loan forgiveness to ensure you’re taking care of both your employees and your company.

Manage medical costs

Medical costs including over-the-counter drugs and menstrual care items are now considered a deductible medical expense. Seurkamp says you should consider using money in your flexible spending account on these items to reduce the burden on your monthly income. COBRA insurance premiums can also be paid using money in an HSA.

Get your stimulus check

“If you haven’t filed a tax return for 2018 or 2019, file one as soon as possible to qualify for a stimulus check provided by the federal government as part of the CARES Act,” says Seurkamp. “If your 2019 income was lower than 2018 or you added a child to your family last year, file your 2019 return now to potentially qualify for a higher stimulus check.”

Access emergency funds

If needed, use emergency cash or sell bonds to fund your living expenses. Now is also a good time to use low-interest debt like a home equity line of credit for cash needs if necessary.

“Try to avoid selling stock to create cash right now since values are down,” advises Mardock.

Use retirement savings cautiously

The CARES Act stimulus package makes it easier to dip into retirement savings to fund short-term living expenses. The 10% penalty on early IRA distributions has been suspended for up to $100,000 of COVID-related withdrawals. The amount that can be borrowed from a 401(k) has been doubled from $50,000 to $100,000 and the repayment terms have been relaxed.

“You can use these resources to cover essential expenses but resist the urge to use retirement savings for discretionary spending,” says Seurkamp. “Remember, you will either have to pay back what you borrowed or eventually pay tax on the withdrawals. Furthermore, to create cash in a 401(k) to withdraw, you will almost inevitably have to sell stocks when values are depressed, locking in losses.”

Limit media time

It’s important to be informed, but easy to become fatigued by watching negative financial news over and over. Once you’re informed, turn off the financial news, suggests Mardock. It will always be there when you come back. Moments to recharge and refocus are a necessary component of making smart financial decisions.

Consider virtual guidance

“If you’re feeling overwhelmed or have questions, set up a virtual meeting with a financial advisor,” says Seurkamp. “There are a variety of fee models for financial planning, including hourly, project-based and subscription offerings.” Most advisory fees are based on the complexity of the client’s financial situation, which alleviates issues around affordability.

In addition, as part of the group’s community response, some members of NAPFA are offering pro-bono assistance to those whose incomes are in jeopardy. This includes access to basic information about unemployment, tax waivers, lender moratoriums and more.

Even one hour with a financial advisor can help bring you peace of mind and some tangible next steps.

Visit www.napfa.org for more consumer tips and resources.

2020-04-08T07:01:00

(BPT) – Wild swings in the U.S. stock market marked the past weeks as the nation reeled from the effects of the global COVID-19 pandemic, oil price wars and trade disputes, causing havoc to Americans’ finances.

In March alone, the Dow Jones Industrial Average had the five biggest daily gains and five biggest falls of its 135-year history as governments around the world responded to the outbreak, according to a March 17, 2020 BBC article.

Amid this market turmoil, it’s understandable to feel uneasy about your current finances as well as your long-term and retirement savings. Prudential research shows most consumers aren’t prepared for an unexpected financial hit. In fact, 54% of respondents in our recent survey on the impact of COVID-19 said they wouldn’t be financially ready for an outbreak that limits their ability to work for a few weeks.

The federal stimulus package that was just signed into law gives a much-needed boost to individuals and the economy. But many people still face the dilemma of meeting immediate needs while trying to figure out what to do about long-term goals.

Should you change asset allocations in your retirement or investment accounts? If faced with a financial hardship, can you take an early withdrawal from your 401(k) or IRA, or tap into life insurance? If you’re close to retirement or you just retired, you may be wondering about alternatives to preserve your savings.

In times like this, staying informed and seeking good counsel on financial matters is invaluable.

“The best solution to calming financial fears and creating a plan is to better understand the nature of the problem and the solutions available,” says Brad Hearn, president of Prudential Advisors. “Crisis or not, improving your financial literacy is crucial to achieving your short- and long-term goals.”

To improve your financial literacy, Hearn suggests the following:

• Learn the finances of “Me, Inc.” Since many of us are currently forced to spend more time at home, perhaps now is a good time to take a close look at your finances.
  • Get a handle on your budget.
  • Consider how much you’re spending and how much you’re saving.
  • Understand your own personal money flow like you would a business.
• Recognize that our finances can affect our overall well-being. A 2019 Prudential study found that 59% of workers who use financial wellness programs consider their overall mental health “good.” But that drops to 55% for those who do not use financial wellness programs.
• Learn more about how financial systems work — that can help you better understand your own finances. As much as possible, try to make financial decisions objectively and remove emotions from the equation.
• Talk to someone. A variety of resources is available to us all if we just look around. Tax professionals, financial professionals and accountants are certainly sources. Also consider financial wellness programs offered through houses of worship, credit counseling services and others. These can help you navigate common questions such as:
  • How much should you set aside for an emergency fund?
  • How long do periods of market volatility normally last?
  • How can you build a long-term financial plan that prepares you well for the future?

No matter who you rely on for financial advice, your goal should be to create a solid foundation by creating a holistic financial plan able to withstand future disruptions.

Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries located in Newark, NJ.

2020-04-06T08:59:00

(BPT) – By Kelly Greene, TIAA Sr. Director and co-author of The New York Times bestseller The Wall Street Journal Complete Retirement Guidebook

Don’t touch your face, and don’t touch your stocks — that advice went viral in the past few weeks, and it goes for retirement savings, too.

Like so many of you, I am trying to do everything imaginable right now to support the health of medically fragile family and friends.

But the only thing I haven’t woken up thinking about is whether I should be changing the way I’m saving for retirement. Here’s why: We’ve been on this roller-coaster ride before, and we were just as uncertain those times, too. No one knew what would happen in 2000 when the tech bubble burst, or in 2001 after the September 11 terrorist attacks. How we would emerge from the financial crisis in 2008 was a mystery for at least a few years.

I had a front-row seat for those economic calamities as a personal finance journalist covering retirement planning. In those earlier times of uncertainty, I interviewed hundreds of people, at all stages of their career and retirement, along with financial advisors. And many of the people who suffered financially were those who reacted emotionally — taking action right away.

Rushing a decision about retirement savings could lead to regrets and cost you more money unwinding a hasty move down the road. Here are some stories from recent times of turmoil that provide lessons for people at different points in their career:

Early Career Lesson: Resist selling low and buying high

I remember a 20-something-year-old friend, who, when the markets were falling in 2000, confided that he’d just liquidated his 401(k) because he couldn’t stand to lose any more money. “I’m out,” he said, throwing up his hands. The real pain came the next year, when he learned he owed hefty tax penalties for that emotional move.

Other people who kept their savings in a workplace plan, but sold off sinking equity funds, also lost out. It’s easy to forget to re-invest when markets start to improve, leading to a classic error: They sold low and then bought high.

The problem is, there’s no way to know exactly how long, or when, financial markets will hit bottom and start to bounce back. The lesson here is that it’s best to focus on what we can do and let our investments ride.

Mid to Late Career Lesson: Don’t put all your eggs in one basket

After a decade or two of making regular contributions in your retirement accounts, especially with employer contributions, it’s exciting to see savings add up. In the mid-2000s, a heady time for the markets, many mid-career investors moved savings into equities, dreaming of retiring early.

Then real estate lending started showing cracks, leading to 2008’s full-blown financial crisis. Retirement savings tumbled as much as 40% in value. That meant people with $1 million suddenly had $600,000. One retired banking executive I interviewed had invested his life’s savings in financial services stocks, because he felt comfortable investing in what he understood. By early 2009, he was back at work running a bank’s foreclosure unit to make ends meet.

It’s a great illustration of why we shouldn’t put all of our eggs in one basket. Some retirement-plan choices, such as target-date funds, will diversify our investments for us, based on when we plan to retire.

But if you want to choose your own retirement-plan investments, it’s important to keep your asset allocation on track. And if you haven’t thought about it in a few years, or ever, consider asking a financial advisor to help you make sure your current strategy aligns with your goals.

As you get closer to retirement, it’s important to consider additional ways to diversify beyond stocks and bonds. Increasingly, real estate, alternatives, annuities and other types of assets can provide more ways for retirement investors to spread risk.

Nearing Retirement Lesson: Use a three-legged stool

If you are getting ready to retire, should you wait? It depends on how you expect to generate your retirement income and how much cash you’ve set aside.

Retirement planners use models to talk about how to create your income stream. The most classic is the “three-legged stool” of Social Security, investments and a pension (all but extinct) or annuities. There are many variations on “buckets” to hold cash, short-term and long-term investments, with earnings trickling from the longer term holdings to cash.

If your “three-legged stool” includes enough sources of guaranteed lifetime income, or your “buckets” hold enough cash to avoid selling off investments that have lost value, you may be in good shape. If you’re not already working with a financial advisor, it might be worth getting a second opinion.

However, if your investments are still heavily weighted in stocks, you may want to re-evaluate your timing. If you do decide to delay your retirement date by a year or two, consider the approach that some would-be retirees took in 2008: By working a few more years than originally planned, they increased the size of their monthly Social Security checks.

Meanwhile, to reward themselves for staying on the job, they used a small part of their would-be savings to go ahead with a few retirement goals, such as travel or a kitchen renovation.

As you can see, amid so much other uncertainty right now, retirement planning is one part of your life that can be managed — either on your own, or with the help of a financial advisor. No matter where you are on your career path, there are strategies for dealing with market volatility while continuing to save for your financial future.

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As with all mutual funds, the principal value of a target date fund isn’t guaranteed at any time, including at the target date, and will fluctuate with market changes. The target date approximates when investors may plan to start making withdrawals. However, you are not required to withdraw the funds at that target date. After the target date has been reached, some of your money may be merged into a fund with a more stable asset allocation.

Target date funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. In addition to the fees and expenses associated with the target date funds, there is exposure to the fees and expenses associated with the underlying mutual funds.

Any guarantees are backed by the claims-paying ability of the issuing company.

2020-03-31T08:01:00

(BPT) – Whether you’re in high school or college, here’s some big news — there are many more opportunities in the agriculture industry today than you may even be aware of. And the demand for skilled, educated professionals throughout the industry far exceeds the number of qualified candidates.

Before deciding what field to pursue, here are tips to help you launch your career.

Research the field

The best thing you can do to plan your career is to get informed. According to CareerAddict.com, the highest paying jobs in agriculture today are:

• Agricultural Lawyer
• Agricultural Economist
• Biochemist
• Environmental Engineer
• Bioinformatics Scientist
• Agronomy Sales Manager
• Agricultural Engineer
• Food Scientist
• Animal Geneticist
• Agricultural Operations Manager

And that’s just a sample of possible positions. Technology is rapidly changing agriculture, creating jobs that didn’t exist a short time ago. Future Farmers of America says the greatest growth careers in 2020 include:

• Drone Technologist
• Hydrologist
• Agriculture Communicator
• Food Scientist
• Precision Agriculture Technologist

How can you choose the right job for you? In addition to researching these positions online, the most informative way is to meet people in those careers.

According to Robin Thomas, commercial college recruitment lead for Syngenta, if students are interested in a position, “They should job shadow someone who does what they think they want to do. If job shadowing isn’t available, interviewing a professional about the job provides a lot of insight into what the role entails and if it interests them.”

Select the right school

Apply to schools offering the best education in fields that interest you. If you’re already in college, you could consider transferring to a school with a better program for your field.

Here are the top 10 schools in agriculture, according to Niche.com:

• Cornell University
• University of Florida
• University of Georgia, Athens
• Texas A&M University, College Station
• University of Minnesota, Twin Cities
• Kansas State University
• University of Wisconsin-Madison
• North Carolina State University, Raleigh
• California Polytechnic State University, San Luis Obispo
• University of California, Davis

Expand your experience

Beyond getting good grades and taking classes relevant to your field, what also matters to recruiters is how you spend your time outside class.

If you’re in high school, Thomas recommends joining groups such as the 4-H Club and the National FFA Organization (Future Farmers of America). Being active in organizations shows your interest in the field and helps you develop soft skills like communication, teamwork and leadership.

Part-time jobs, summer jobs, internships or positions in co-op programs also provide valuable experience, help build your resume and offer opportunities to make connections with people in the industry.

Start networking

While “networking” may sound intimidating, it just means getting to know people in your field. This can happen naturally as you participate in organizations or do internships, but it’s more effective to be proactive.

Join on-campus groups such as Agriculture Future of America. Keep track of people you meet at events or career fairs. Introduce yourself to peers and guest speakers, ask for their card or suggest connecting on LinkedIn. Write notes about that person on the back of the card or on your phone so you’ll remember them.

How do you make an impression on someone you’ve just met? Ask questions — and listen respectfully. Your questions show that you’re interested, so don’t be afraid to ask them.

All these relationships — from your classmates and instructors to leaders in the field — may help you someday, so stay in touch occasionally. One easy way is to follow people in your network on social media, offering periodic comments or questions on their posts.

Use campus career resources

On-campus career service centers offer help with everything from resume prep to interview practice, and much more. Attend career fairs and events to meet recruiters and practice presenting yourself in a professional manner, even if you’re just starting your education.

“I can’t emphasize enough how much of an impact it makes when college freshmen come to career fairs or other student events and introduce themselves, hand me a resume and tell me what they would like to do upon graduation,” Thomas says.

Use all the resources you can to seek opportunities and plan your next career move.

To learn more about careers in the agriculture field, visit SyngentaThrive.com.

2020-03-20T19:01:00

(BPT) – Having enough money to live comfortably in retirement is the primary saving and investing goal for most Americans. Retirement means different things to different people — it can be a time to travel, spend more time with family or pursue a personal passion. But while we look forward with anticipation to finally reaching that goal, flipping the switch from working and having a steady stream of income to tapping into decades’ worth of hard-earned savings can be very overwhelming, confusing and let’s face it — scary.

According to a recent survey* from the investment firm Charles Schwab, 52% of Americans within five years of retirement feel overwhelmed by how they will manage different income sources once they make the transition into retirement. With 10,000 Baby Boomers turning 65 every day**, people need help turning their savings into steady income and making their money last in retirement.

Schwab’s survey also found that nearly three-quarters of pre-retirees are worried about running out of money in retirement, so if that idea scares you, you’re not alone.

Fortunately, there are some steps you can take to better manage your income needs in retirement:

1. Have a plan about how much you can spend in retirement. Schwab’s survey found that retirement income planning is more overwhelming than other financial topics often considered stressful including the financial impact of losing a job, buying a home or paying for college. Mapping out a plan for how much money you’ll need, how to strategically withdraw money along the way and how to manage your investment portfolio will give you more confidence that you’re on the right path. You wouldn’t go on a long road trip without mapping out your journey — approach your retirement the same way.
2. Think about how to invest. Just because you’ve hit retirement and are starting to draw down from your savings doesn’t mean you should stop investing. A portion of your assets should remain invested in order to help contend with inflation and make your money last in retirement. Half of the pre-retirees surveyed by Schwab admit they find it difficult to know how to invest, so for some people it might help to get investing guidance from a professional.
3. Don’t forget about taxes. According to Schwab’s survey, 70% of pre-retirees are unfamiliar with the tax implications of withdrawing money from their retirement accounts. How you manage tax obligations will depend on your specific situation, but it can be important to think about diversifying your account types, including tax-deferred, taxable and tax-free Roth IRA accounts. And don’t forget about required minimum distributions from retirement accounts.

To help meet the needs of people making the transition into retirement and to simplify the steps above, Charles Schwab & Co. Inc. recently launched Schwab Intelligent Income™, an automated income solution available with Schwab Intelligent Portfolios, designed for people who want a simple, modern way to pay themselves in retirement, or any other time, from their investment portfolios. For those who want a comprehensive financial plan and unlimited guidance from a Certified Financial Planner™ professional, Schwab Intelligent Income is also available through Schwab Intelligent Portfolios Premium™.

Schwab Intelligent Income helps answer critical and often complex income-related questions about how much to withdraw, how to invest based on individual goals, risk tolerance and time horizon, and how to withdraw from a combination of taxable, tax-deferred and Roth enrolled accounts in a tax-smart and efficient way.

So much of the focus is on savings and investing for the future, and rightfully so, but having a plan in place to manage your savings once you hit your golden years is equally important.

More information about Schwab Intelligent Income is available here.

*Online survey of 1,000 Americans aged 55 and older with $100,000 or more in investable assets. Respondents self-defined as within five years of retirement.

**Pew Research survey

Please read the Schwab Intelligent Portfolios Solutions™ disclosure brochures for important information, pricing, and disclosures related to the Schwab Intelligent Portfolios and Schwab Intelligent Portfolios Premium programs.

Schwab Intelligent Portfolios^® and Schwab Intelligent Portfolios Premium™ are made available through Charles Schwab & Co. Inc. (“Schwab”), a dually registered investment advisor and broker dealer. Portfolio management services are provided by Charles Schwab Investment Advisory Inc. (“CSIA”). Schwab and CSIA are subsidiaries of The Charles Schwab Corporation.

Schwab Intelligent Income™ is an optional feature for clients to receive recurring automated withdrawals from their accounts. Schwab does not guarantee the amount or duration of Schwab Intelligent Income withdrawals nor does it guarantee any specific tax results such as meeting Required Minimum Distributions.

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2020-03-13T11:01:01

(BPT) – After 14 years as a professional athlete, 2015 Walter Payton Man of the Year and former football player Anquan Boldin found another calling. That’s why in 2017, Boldin retired from the game and became an entrepreneur, activist and philanthropist. Now, instead of running crossing patterns, he’s running budget meetings. As someone committed to helping other people do as he did, Anquan recently teamed up with Office Depot to share several tips for aspiring and current small business owners to truly pursue their passions too.

1. Surround Yourself with Those Who Share and Support Your Vision

“Being a small business owner requires 110 percent of your time and energy, and we often forget that we have other ‘jobs’ in our lives too — like husband, dad, friend and mentor,” says Anquan. “Whether it’s my work with the Players Coalition, the Q81 Foundation, or anything else in my life, I make sure to include family, friends and partners who share the same passion and want to grow together and make a difference. It’s a true bonding experience, while achieving success.

“That’s why my partnership and recent work with Office Depot has been such a natural fit,” Anquan adds. “Office Depot is dedicated to assisting the Q81 Foundation and other small businesses across the country with a full suite of solutions, like business products, print and copy, tech services and more, that help us grow our businesses and support us so that we may pursue our passions in life. They are there to support my Q81 Foundation with the tools and resources to ensure the operation of the business, so my team and I can continue to create a stronger impact in our local community and beyond.”

2. Have a Plan On Where You’re Going Next

“I’ve always had my eye on something bigger than football,” says Anquan. “I encourage small businesses of all shapes and sizes to always be thinking about where you want to go next. Explore and listen to your passions, and never lose sight of it. For me, it was giving back to the local community that raised me and advocating for social justice so that others have opportunities they may not have had otherwise. That’s where I committed to put my time, energy and passion. I jumped in and never looked back.”

3. Stay Connected Within Your Local Community

“When I played football in Arizona, I did a lot of work to support the efforts of a local car dealership in Phoenix,” notes Anquan. “This business employed nearly half of their workforce from a neighboring community and was dedicated to providing meaningful jobs and skills for their employees. This dealership continues to be one of the largest and most involved businesses in the greater Phoenix community.

“This taught me a lesson that I’ve carried with me about the relationship between business and the local community. Members of a local community want to support businesses that care, connect and give back to the neighborhoods and cities in which they operate. When communities succeed, so do local businesses.”

4. Give Back and Inspire Others

“As an athlete and now entrepreneur, I’ve learned many lessons that have inspired me and influenced my business decisions and organizational leadership,” says Anquan. “I strive to be that mentor and partner to others by sharing my past experiences, key learnings and successes to inspire them and help them realize opportunities and achieve their passions, too.

“A great example of this is the recent outreach that my foundation and I teamed up with Office Depot to benefit students in the South Florida Community. We worked together on a school outreach event in Pahokee, FL, to inspire young minds and the entrepreneurs of tomorrow by providing them school supplies and encouragement to dream big and realize the potential they have in the world and in their communities. Giving back is critical to develop deeper connections within communities and help elevate the community as a whole.”

For additional resources, products and services to help your business succeed, visit www.officedepot.com.

2020-03-12T07:01:00

(BPT) – In the United States, women now earn more college degrees than men do. They make up half the workforce and, furthermore, are the primary breadwinner in more than half of households. Women have never been more well-positioned, but they continue to face numerous barriers that can make it difficult to advance in the workplace and build financial stability.

Women face unique challenges when it comes to growing their career, often as a result of deeply rooted historical gender roles that, while shifting, are slow to let go completely. When it comes to household chores and caregiving, women spend 28 hours per week on such tasks—65% more than the average for men, according to Prudential Retirement research.

These challenges also manifest in other ways, such as the persistent wage gap. On average, women make $0.81 for every dollar earned by men. What’s more, while women are closing the gap in middle management, men typically get promoted faster and dominate the C-suite. Seventy-five percent of C-suite positions are still held by men, according to recent research.

Caroline Feeney, CEO of Prudential’s Individual Solutions group, was recently profiled in “Where are all the women CEOs?” by The Wall Street Journal, taking a deeper look at what is required to drive forward women’s advancement in the workplace.

“Companies that are dedicated to creating more pathways to leadership for women recognize that it takes looking at people through a different lens and rethinking traditional one-size-fits-all career paths,” Feeney explains.

For other women looking to close the gaps, break down barriers and find personal, professional and financial success, Feeney advises focusing on three key areas:

1. Stay true to yourself and your purpose

Women, particularly those in male-dominated industries, may feel pressure to be “one of the guys” in order to advance. But remaining true to yourself is important as you navigate through your personal and professional life. Embrace your gender and your differences. For example, research has shown that women are naturally more empathetic—so lean into this skill. Empathy can be a great asset in leadership roles and help women connect more easily with peers and build deeper relationships.

2. Find your “why” and set your career trajectory

Finding the “why” in your work can help women set a North Star that energizes them and helps to build confidence to take greater ownership of their role. That ownership and confidence is key to advancing to the next level. “It’s important for all women to have the confidence to step outside their comfort zone and strive for their goals,” says Feeney.

Taking thoughtful chances when possible to improve your skill set and build new leadership muscles can put your career on an upward trajectory. But it’s also important to remain mobile and shift as reality shifts. Your career path may not reflect that of a mentor, friend or even close colleague.

3. Find a company that supports your goals

It’s important to work for an organization that understands you and your goals, and that will provide support to achieve them. A commitment to diversity and women’s advancement that is visible at the board or C-suite level, from senior-level men and women, is a positive sign. One or more people at higher levels within the company who actively seek out, work with, and support future female leaders through their actions and words can make a world of difference. And studies have shown diversity at the top can be a competitive advantage, leading to better decisions and stronger performance.

4. Pay it forward

Women who reach senior levels can provide an essential lifeline to those who follow, by keeping a lookout for rising female talent and taking that extra step to support them through mentorship and sponsorship. As women advance in their career, oftentimes there are few female role models to emulate.

“Ultimately, those of us in senior positions have a responsibility to speak up and make our workplace a better environment for all employees,” Feeney explains. “Advancing our careers begins with all of us as women owning what we want our workplace to be.”

With focus and consistent effort, women can continue to close gaps and strive for the success they desire in all aspects of their lives. Let these steps inspire you to make a change for yourself and other females in your life.

© 2020 The Prudential Insurance Company of America, Newark, NJ.

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