Cory Burnell

Tip:   How Much? Check your Social Security earnings and see an estimate of your benefits on the website, www.ssa.gov. Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Here are nine things that might surprise you. The Social Security trust fund is huge. At $2.9 trillion at the end of 2017, it exceeds the gross domestic product (GDP) of every economy in the world except the nine largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, and Brazil. ¹ Most workers are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.² You don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.³ Benefits are based...

A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives. What is a living trust? A living trust is created while you are alive and funded with the assets you choose to transfer into it. The trustee (typically you) has full power to manage these assets. 1 A living trust will also designate a beneficiary, or beneficiaries, much like a will, to whom the assets are structured to automatically pass upon your death. If you create a revocable living trust, you may change the terms of the trust, the trustee, and the beneficiaries at any time. You can also terminate the trust altogether. Why create a living trust? The living trust offers a number of potential benefits, including: Avoid Probate —Assets are designed to transfer outside the probate process, providing a seamless and private transfer of assets. Manage Your Affairs —A living trust can be a mechanism for caring for yo...

Until early 2018, stocks were enjoying their longest period without a five percent pullback in nearly 90 years. 1,2   But in early February, that calm came to a sudden and decisive end, as the Standard & Poor’s 500 Index fell more than six percent during the first three trading days of the month. By February 8, stocks had fallen more than 10 percent from their January highs, leaving many investors to wonder how things could change so fast. Days later, sentiment had shifted yet again and stocks trended higher. 3 The sudden return of volatility has been attributed to a range of factors. Here are four to consider. 1. Inflation Fears The January employment report (released on February 2nd) showed an increase in long-stagnant wage growth, creating fears of accelerating inflation and higher interest rates. 4 Inflation is a rise in overall prices, which reduces the purchasing value of money. Amplifying the economic issues was concern over American fiscal policy. The recent ...

Taxes are one of the biggest budget items for most taxpayers, yet many have no idea what they’re getting for their money. In 2017, as in recent years, Americans spent more on taxes than on groceries, clothing, and shelter combined. In fact, we worked until late April just to earn enough money to pay our taxes. So what do all those weeks of work get us? 1 Fast Fact:  In the Hole. In fiscal 2018, the federal government will spend $804 billion more than it collects in revenue. The government borrows the funds it needs to cover this shortfall by selling Treasury securities and savings bonds. Source: Congressional Budget Office, 2018 The accompanying chart breaks down the $3.95 trillion in federal spending for 2017 into major categories. By far, the biggest category is Social Security, which consumes one-fourth of the budget. Income security, which includes food assistance and unemployment compensation, takes another 13%. Defense and related items take 15% of the ...