Money Talk

Financial Planning During Uncertain Times

Money Talk

There is no question that we are living in very uncertain times (e.g., inflation, stock market volatility) and few things make people more uneasy than uncertainty about the future. What to do?

Basics of Behavioral Economics

Money Talk

The field of behavioral finance blends economics and psychology and acknowledges that people are often irrational decision makers. Everyone has cognitive biases, which are flaws or errors in thinking that can lead to poor financial decisions.

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IRA Basics for Retirement Savers

Money Talk

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end.

Financial Planning Tips for Older Women

Money Talk

I recently taught a 90-minute personal finance class for women age 50+. While preparing for the class and delivering it, I noted some major financial concerns of this demographic group that I am personally part of.

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Employee Open Enrollment Letter Template

When it comes to benefits, communication is critical. To help you easily explain your offerings at open enrollment, Paycor created an open enrollment sample letter (and a few tips). Download this free Employee Open Enrollment Letter Template today.

RMDs: The Mandatory “Flipped Switch”

Money Talk

In my book, Flipping a Switch , I refer to required minimum distributions (RMDs) as “the mandatory flipped switch” (i.e., transition). This is because, unlike many other decisions in later life that involve choices, there is no choice about RMDs. They must begin starting at age 72, unless taxpayers want to pay a hefty 50% tax penalty. In conversations with older adults at classes that I teach, many tell me that RMDs are affecting their income taxes in a big way.

An Introduction to IRMAA

Money Talk

Full disclosure: this blog post is written from a place of privilege for older adults with higher-than-average incomes and/or assets. Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans.

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21 Financial Events and Trends During 2021

Money Talk

Between December 11 and 31, I have been tweeting about 21 key financial events that took place during 2021 using the hashtag #21MoneyTrends2021. Below is a written summary of these financial milestones and their impact on family finances.

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How to Keep Personal Information Safe

Money Talk

Widespread data hackings are increasingly common, whether it is a credit bureau (Equifax in 2017), a hotel (Marriott in 2018), an online game producer (Zynga in 2019) a federal government agency (OPM in 2015), or an Internet media company (Yahoo! in 2016). Another common scam is phone calls and e-mails claiming to be from a bank.or Social Security.or the IRS.

Highlights from an Estate Planning Seminar

Money Talk

I recently attended a local estate planning seminar geared for- and marketed to- older adults. I decided to go “undercover” to see if there was any evidence of manipulative sales practices masquerading as “financial education.” Sadly, I found some.

How Fertility Benefits Can Save Your Company Money

Speaker: Taylor Padalino - Account Executive, Enterprise Partnerships

In this webinar, we’ll explore how clinically managed fertility benefits can help your company reduce high-cost claims, guide employees toward less invasive care, and retain some of your most valuable employees.

My Take-Aways from Retirement Planning Guidebook

Money Talk

I recently read Retirement Planning Guidebook , a 453-page tome by retirement researcher and American College professor Dr. Wade Pfau, cover to cover. As an age 60+ adult and a CFP® professional, I consider myself fairly well informed about retirement planning topics.

Financial Aspects of “Unretirement”

Money Talk

The year 2021 was noteworthy for the “Great Resignation” as about 47 million people quit jobs last year. The year 2022 is equally noteworthy for a “Great Unretirement” as millions of older workers who left jobs during the pandemic decided to come back into the labor force.

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A Mid-Year Financial Check-Up for Older Adults

Money Talk

I recently wrote a blog post about doing a mid-year financial check-up in early July so you have six months to work on planned action steps. In this post, I continue the conversation with specific action steps for older adults.

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Retirement- Now What? Key Take-Aways from a Seminar for Older Adults

Money Talk

Being the author of a book about transitions in later life , I am always on the lookout for new information about this topic. I recently attended a face-to-face class called Retirement-Now What ? that focused on the same transitions I wrote about. The class started with two questions for each participant: are you retired? and are you happy? When it was my turn to respond, I reiterated a long-standing description of my current status: “No, I am not retired.

10 Ways to Keep Your Hourly Employees

Getting and keeping hourly workers is no longer as simple as offering them more cash. Employees have options. But this guide from Paycor will help you put your best foot forward to recruit, retain, and develop hourly workers so you can remain competitive.

Roth IRA Q&A

Money Talk

Roth IRAs are a popular investment for retirement savings. They are available to workers with earned income (i.e., salary, bonuses, or self-employment) under phaseout limits that are adjusted annually for inflation. Below are answers to nine commonly asked questions about Roth IRAs: What is a Roth IRA? A Roth IRA is a personal retirement account that lets people benefit from tax-free interest growth, providing they meet certain conditions.

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Ten Tips for Tax Withholding on Multiple Income Streams

Money Talk

It is not uncommon for American taxpayers of all ages to have multiple streams of income. Young adults working in the gig economy may have income from a variety of consulting contracts or from a full-time job and “side hustles.”

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Are You Wealthy?

Money Talk

The words “wealth” and “wealth management” are used frequently in advertisements for financial products (e.g., exchange-traded funds or ETFs and cryptocurrency) and financial services (e.g., specific investment advisory firms). This begs the questions “what, exactly, is wealth?”

Money-Saving Tips for Financially Challenging Times

Money Talk

With increasing costs for so many basic necessities, 2022 has been a tough year financially. Many families are trying to “claw back” (a.k.a., recover) the purchasing power that inflation has taken away through a financial “triaging” strategy of increased income, reduced spending, and/or changes in shopping habits and product and service purchases. Looking for ways to improve your cash flow to counterbalance the higher costs associated with inflation?

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Global Parity for Fertility Benefits: Challenges and Opportunities

Speaker: Leslie Neitzel, Chief Human Resource Officer

In this webinar, we’ll share what employers should know about cultural differences in fertility care, how companies can assess whether a fertility benefit is truly global, and what to look for in a fertility benefit that works for all of your employees.

Auto Insurance: Strategies to Save

Money Talk

One of the largest items in household budgets is car insurance. According to Bankrate, the average annual cost of car insurance in June 2022 was $1,771 per year ($148 per month) for full coverage and $545 for just the minimum coverage required by state law. Of course, individual insurance premiums vary widely according to multiple factors (e.g., driver characteristics, type of vehicle, location of vehicle, and the current economic climate for labor and parts costs).

Frugal Spending Tips for Your Next Road Trip

Money Talk

This post is excepted from an article that I wrote for my brother Michael's website about preparing for a road trip during these challenging financial times with rising food, gas, and travel expenses. My brother Michael, a professional photographer and avid motorcyclist, started the website Roadcraft USA to share his passion for beautiful scenery and fun and interesting road trips, especially the two-wheeled kind. What do I know about motorcycles and professional photography? Absolutely nothing.

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Inflation-Fighting Ideas: Round Two

Money Talk

Almost a year ago, in August 2021, I wrote a blog post for the OneOp Personal Finance team about inflation-fighting ideas for military families. At that time, many experts predicted that inflation would be “transitory” and subside quickly as supply chain “issues” related to the pandemic got resolved.

It’s Time for a Mid-Year Financial Check-Up

Money Talk

It’s that time again…time for a mid-year financial check-up! We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months.

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7 Ways To Avoid Today's HR Compliance Risks

With remote work on the rise, salary history bans in effect, and Fair Workweek laws passed, HR compliance has become more challenging. Discover the 7 most prominent HR compliance hurdles of today, and learn how to avoid them detailed in Paycor’s recent guide!

Key Take-Aways from the 2022 AAFCS Annual Conference

Money Talk

I recently attended and presented at the 2022 annual meeting of the American Association of Family and Consumer Sciences ( AAFCS ), a professional association whose members help individuals, families, and communities achieve an optimal quality of life.

Ten Tax Planning Tips for 2022

Money Talk

Now that 2021 income tax season has been over for a month and the dust has settled, it is time to start some serious tax planning for 2022. Planning now provides seven months to take action and/or implement changes to avoid a stressful “tax scramble” at the end of the year. In an earlier blog post , I described 12 tax planning topics for 2022.

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Inflation Insights and Work-Arounds

Money Talk

A work-around (a.k.a., hack) is a strategy designed to circumvent an “issue” (problem) or challenge. It does not solve the problem or make it go away, but it makes life more manageable and allows people to get things done. Right now, inflation is an issue of concern to many people. Inflation puts upward pressure on prices and makes them rise, leading to a reduction of the purchasing power of a dollar. According to the U.S. Bureau of Labor Statistics, the U.S.

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Thirteen Miscellaneous Financial Nuggets from Recent Webinars

Money Talk

It’s that time again…time to recap “nuggets” from recent webinars and conferences that I attended. Below is a list, in no particular order, of insights, facts, and recommendations that stood out to me as being original, significant, and/or useful: New Definition of Retirement- The word “retire” does not necessarily mean “stop working.” Instead, it means “not having to work.” Retirement is not a uniform experience for everyone.

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Beyond the Dollar: Why Fertility Benefits Are About More Than Financial Support

Speaker: Leslie Neitzel, Chief Human Resource Officer

In this session, we’ll discuss the complexities of fertility health and all the pieces a fertility benefit should include in order to best support your employees on their journeys.

Consumer Fraud: Statistics, Trends, and Tips

Money Talk

I recently attended a webinar about fraud sponsored by Consumer Action. The title was Fraud and Scams in the COVID-19 Economy. The webinar presented statistics about the incidence of fraud and types of consumer fraud complaints, as well as “red flags” of fraud and tips for working with fraud victims.

Financial Concerns of Older Adults

Money Talk

Last fall, I participated in a group discussion among personal finance content creators (e.g., authors, speakers, bloggers, and podcasters) attending the FinCon 2021 conference. Our topic: financial concerns of older adults. The consensus was there is no “one size fits all” content.

The Great Re-Evaluation of 2021

Money Talk

We are now 18 months (March 2020- September 2021) into the pandemic. Worse yet, there is STILL no end in sight.

Umbrella Insurance: Do You Need It?

Money Talk

Like an umbrella that covers your head to protect you from a rainstorm, an umbrella liability policy “covers” your other property insurance, thereby providing additional protection. Policy benefits start where other polices end. For example, after claims exceed $300,000 of liability coverage on an underlying auto or homeowners policy.

The HR Playbook: How to Decrease Costs & Increase Engagement

Learn how to reduce costs while simultaneously increasing employee morale.