Fleming Wealth Strategies, LLC.Financial Planner in Phoenix, Arizona
A person age 50, that has already saved 100,000 for retirement, can still potentially grow that to almost 1,000,000 dollars by age 65! Being over 50, they can contribute an extra 1000 to their IRA accounts (from 5500.00 to 6500.00) and an extra 6000 to their 401k's (from 18,000 to 24,000). Contributing the max for both (30,500 a year/2,541 a month), and getting a 6% annual compounded return can get them to around 987,000 at 65-66!
Below are the S&P companies that have been the largest generators of Free Cash Flow over the past 12 months (as of June 30th, 2016- Source S&P Global Market Intelligence)
1. Apple. 2. Bank of America. 3. JP Morgan Chase. 4. Citigroup. 5. Microsoft. 6. Morgan Stanley. 7. Verizon. 8. Gilead Sciences. 9. Walmart. 10. Wells Fargo.
** This is purely educational - this is not a recommendation to buy any of these!...
** Cash Flow = How much cash a company generates from its core business after spending on buildings, equipment, and other capital expenditures.
Did you know that sending your child to day camp might make you eligible for a tax break? Day camp is a qualified expense under the child and dependent care tax credit - but there are rules! So check with your tax professional to see if you are eligible and save those receipts!
The number of Americans working past age 65 has hit a record high!!! Surveys suggest four reasons: the need for money, current job satisfaction, employer demand and longer life spans. SO YOU MUST PLAN FOR THIS AND SAVE AS MUCH AS POSSIBLE! If you think you will die early = in your 70's or 80's = odds are against you!
Pay 100 bucks extra a month towards your mortgage and pay off your 30 year loan in 27 years! Pay 200 bucks extra a month on your 30 year loan and pay it off in 25 years! (This is based on a 327,000 loan at 3.99%). If you owe less than 327k on your loan, you could potentially pay it off even sooner with this strategy! Pay off that debt!!!
Numbers for 2015: Dow Jones was down -2.23% for the year. S&P was down -.7% for the year. This is the first time these indexes have been down since 2008. So if your aggressive investments didn't do much in 2015, this is a pretty good indication why.
All the news on the stock market today is how Apple did not want to pay musicians on music uploaded to their streaming music service. Yet one tweet from Taylor Swift stating "We don't ask you for free iphones" ...and 17 hours later Apple immediately changed their tune. I guess the largest company in the world is still not as powerful as a 26 year old with 59.2 million followers on the net...
100 years ago, the average lifespan was about 42 years of age. Today that number has almost doubled. Make sure you have saved enough money during your working years as you may live a lot longer than you think in retirement!
Contingent Beneficiaries are VERY important... make sure to read this!