Brower Financial Group Articles

All retirees want their money to last a lifetime.

WEEKLY TIP 

Self-employed? Note that you can deduct 100% of your health insurance premiums (for yourself and your family) as an adjustment to gross income. 

Did any economist foresee payrolls expanding by just 38,000 jobs in May?

The median forecast compiled by MarketWatch projected a gain of 155,000, not the worst number since September 2010. The Department of Labor reduced March and April payroll gains by 59,000 in its new report, meaning monthly job creation averaged 116,000 in the past three months. As labor force participation declined 0.6% in May, the headline jobless rate fell to 4.7%. Annualized wage growth was at 2.5%.^1,2

Some simple steps may make a major financial difference over time.

Provided by Brower Financial Group

If you are younger than 35, saving for retirement may not feel like a priority. After all, retirement may be 30 years away; if your employer does not sponsor a retirement plan, there may be less incentive for you to start.

Even so, you must save and invest for retirement as soon as you can. Time is your greatest ally. The earlier you begin, the more years your invested assets have to grow and compound. If you put off retirement planning until your fifties, you may end up having to devote huge chunks of your income just to catch up, at a time when you may have to care for elderly parents, fund college educations, and pay off a mortgage.

WEEKLY TIP 

If you sense that you may need some extra income during the first decade of your retirement, explore ways to turn your favorite hobby into a part-time job. Do some networking in your metro area and among fellow hobbyists.

WEEKLY TIP - Share with your Children/Grandchildren!    

Starting your career? Beware of spending money to maintain an image. If you are tempted to “fake it ‘til you make it,” you may soon be awash in consumer debt.

INCOME OUTDISTANCES SPENDING

Personal income rose 0.4% in March, yet the Commerce Department reported personal spending up just 0.1%. That mild uptick contributed to a poor first quarter for GDP; last week, the Bureau of Economic Analysis estimated Q1 growth at 0.5%.¹

Our valued clients have undoubtedly recognized our level of expertise, our desire to deliver a great client experience, and passion for giving back to our local community. From day one, we have been committed to remaining an independent firm. We believe strongly in the independent model so we can focus on you instead of sales quotas, proprietary product and being treated like a number. With that, we are pleased to inform you that we have partnered with J.W. Cole Financial as our new Broker-Dealer. 

WEEKLY TIP      

Think twice about canceling an old whole life insurance policy. If it has sufficient value, you may be able to convert it to a term policy at no charge.

WILL THE FED MAKE A MOVE IN THE FALL?