May 2021 Financial Planning & Investment Newsletter

by Financial Design Studio, Inc. / May 13, 2021

May 2021 Newsletter

In This Issue: Financial Planning & Investing

Each month we cover Financial Planning & Investing topics that apply to you.  We cover a variety of topics to point out timely information that applies to you.  See what’s in our Financial Planning & Investing Newsletter May edition!

Investing:

Should I Count on Social Security in Retirement?

One of the favorite American pastimes is making light of the government. Whether that’s joking about the ogre known as the IRS or slow mail delivery from the Post Office, we’ve all had an interaction or two with government that was less than stellar. Social Security is also an easy punching bag. Many folks say, “Ain’t no way I’m going to get my Social Security the way things are going!” But sitting behind joking statements like this lies a real life, unspoken question. Namely, “Should I count on Social Security in Retirement?”

Social Security is an incredibly complex topic. There’s no way to cover all the complexities in a blog post. Instead, the goal with this week’s post is to highlight two things: 1) how important Social Security is to your retirement plan, and 2) what happens if the Trust Fund runs out.

Read the rest of the article here.

Tax Planning:

Underpayment Penalties Aren’t Worth Paying [Video]

No one enjoys paying money to the state or the IRS. When they’ve already withheld and then they find they owe a balance still.  On top of that, adding insult to injury, there is also underpayment penalties and interest.

Let’s talk through some examples so that you know now whether it is the end of the year and you can make a tax payment or you are at the beginning of the year and you can adjust your withholdings and adjust for what you want.

  To read the complete article click here!

Personal Finances

How to Freeze My Credit [Video]

Have you heard of or been affected by the recent increase in fraud lately? Especially, here in Illinois there has been a large increase of fraudulent unemployment claims. There are a number of things you can do to protect yourself from falling victim. You could obtain your credit report and review it to make sure there aren’t already any fraudulent actions. Then, to really stop people from making fraudulent transactions you can freeze your credit. This keeps anyone from accessing your credit so you can’t get new debt or apply for things that depend on your credit.

Check out this video here!

Does It Pay To Switch Jobs?

It’s an age-old debate: Are you better off from a career standpoint staying at one company for the long-term or switching jobs occasionally? Fortunately, we have some interesting data on wage growth that can help inform the debate.  Let’s see if it pays to switch jobs!

Financial Planning & Investing Newsletter May!

Grab your copy of our Planning & Investing Monthly Newsletter by clicking below!Financial Planning & Investing, Fee-only financial advisor, chicago, barrington

If you’d like to catch up on last month’s April 2021 Newsletter you can grab that at this link!

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Financial Design Studio, Inc.

We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.