Banknotes

Other than different interest rates, most people think that one mortgage is the same as any other. In truth, there are dozens of different mortgage loan options, each with their own special provisions to help people in different phases of life or people in specific situations.

When life changes, your home loan needs may change, too. From first-time home buyer to eventually downsizing as an empty-nester, there’s a perfect mortgage for every phase of life.

With Baby Boomers approaching retirement over the next decade or so, America is about to experience the largest transfer of wealth in history. As you prepare for your next phase of life, have you also adequately prepared for the next phase of your business?

When it comes to succession planning, it’s not a question of “if” as much as “when” and “how” you will set your business up to carry on after you move on.

There’s no getting around it: Saving is hard. Right now, there are probably 100 more exciting things you would like to do with your money than save it. While retirement and other long-term goals may seem like distant dreams, time flies when you are having fun! And the longer you wait, the more challenging it becomes to realize the freedom you envision for yourself in retirement.

Your business can derive the most benefit from a bank that does more than just process your transactions. Your financial institution should provide you solutions that allow you to focus on your company’s mission and operations. Here are some tips for making sure you are getting what you need from your bank.

The following article – "Don't Bank On a Cleared Check," by Emma Fletcher of the Federal Trade Commission – contains valuable information on how to safeguard against fake-check scams. It is republished here in its entirely, for the benefit of our readers.

Congress’s well-intentioned plan to bolster retirements for working Americans – the Setting Every Community Up for Retirement Enhancement (SECURE) Act – will come with its own set of wrinkles and challenges for defined-contribution plan sponsors (e.g., 403[b], 401[k], etc, which I’ll collectively refer to as “401[k] plans,” for the purposes of this article).

I have to be brief and selective, but here are a few topics to consider carefully if you are tasked with administering the plan for your co-workers or employees.

In today’s increasingly digitized world, consumers do not lack for banking options; in fact, they’ve never had so many at their disposal. Accordingly, many choose to spread their money among several institutions, to create a “diversified portfolio” of providers for their discrete financial needs. While this approach is not without its benefits, there’s another that may deliver even more value: It’s called the “full-banking relationship,” and while it can help save time, money, and stress, perhaps its most valuable “feature” is peace of mind.

With traditional pension plans all but gone, many workers have been left to rely on a 401(k) plan as their primary source of income in retirement. There’s just one problem with that: Multiple studies indicate that approximately 40 million Americans do not have a workplace retirement plan.

Without question, statistics show that greater diversity within an organization drives better performance and more innovation.

It makes sense. With diversity comes different life experiences and perspectives that provide insight into consumer-purchasing decisions. For instance, more women now make decisions about health care, home purchases, and many other financial decisions that affect the family.

The Setting Every Community Up for Retirement (SECURE) ACT – a topic that Jeff Collins introduced in this space when it was only proposed legislation – was recently passed by Congress (with broad bipartisan support, no less), marking a significant victory for anyone actively planning for their non-working years. Put simply, the Act is the kind of retirement reform that may come along only once in a generation.