Is a vehicle subscription service in your future?

 
Is a vehicle subscription service in your future? Automakers and start-up companies are betting that today’s generation of drivers will embrace a new model of temporary ownership called a vehicle subscription service.
 

A vehicle subscription service offers an alternative to buying or leasing. You don’t have to sign a long-term contract or commit to just one vehicle. Once you join, you typically pay an all-inclusive monthly or sometimes weekly fee that covers the cost of using the vehicle you choose, including insurance, routine maintenance, roadside assistance, and a warranty. You then have the option of swapping out your vehicle periodically, depending on the terms of your subscription. Continue reading

How can you lower the costs of owning a vehicle?

 
How can you lower the costs of owning a vehicle? Vehicle expenses can take a big bite out of your budget. According to a AAA report, the average annual total cost of owning and operating a new vehicle in 2018 was $8,849. Fortunately, you may be able to save money by reducing three costs.
 

Depreciation: The loss of a vehicle’s value over time was the largest expense associated with buying a vehicle, according to the AAA report. Depreciation accounts for almost 40% of the cost of owning a new vehicle — on average, $3,289. Some cars hold their value better than others, so it’s important to consider resale value before you buy. Because depreciation lessens over time, buying a used vehicle or keeping a vehicle longer can help minimize the impact of depreciation. Continue reading

Know Your Mutual Funds

 
Know Your Mutual FundsAlmost 100 million Americans, representing about 44% of U.S. households, owned mutual funds in 2018. Saving for retirement was the primary goal for 73% of investors; other goals included saving for college or a house, building an emergency fund, or providing current income.1
 

Mutual funds offer a convenient way to participate in a broad range of market activity that would be difficult for most investors to achieve by purchasing individual securities. With almost 8,000 funds available on the U.S. market, you should be able to find appropriate investments to pursue your goals.2 However, it’s important to periodically examine the mix of funds you hold. Continue reading

Tax Scams to Watch Out For

 
Tax Scams to Watch Out For While tax scams are especially prevalent during tax season, they can take place any time during the year. As a result, it’s in your best interest to always be vigilant so you don’t end up becoming the victim of a fraudulent tax scheme.
 

Here are some of the more common scams to watch out for.
 

Phishing

Phishing scams usually involve unsolicited emails or fake websites that pose as legitimate IRS sites to convince you to provide personal or financial information. Once scam artists obtain this information, they use it to commit identity or financial theft.
 

It is important to remember that the IRS will never initiate contact with you by email to request personal or financial information. This includes any type of electronic communication, such as text messages and social media. If you get an email claiming to be from the IRS, don’t respond or click any of the links; instead forward it to phishing@irs.gov. Continue reading

Hidden Gem: HSAs in Retirement

 
Hidden Gem: HSAs in Retirement When saving for retirement, you’re probably aware of the benefits of using tax-preferred accounts such as 401(k)s and IRAs. But you may not be aware of another type of tax-preferred account that may prove very useful, not only during your working years but also in retirement: the health savings account (HSA).
 

HSA in a nutshell

An HSA is a tax-advantaged account that’s paired with a high-deductible health plan (HDHP). You can’t establish or contribute to an HSA unless you are enrolled in an HDHP. An HDHP provides “catastrophic” health coverage that pays benefits only after you’ve satisfied a high annual deductible. However, you can use funds from your HSA to pay for health expenses not covered by the HDHP. Continue reading

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