Latest news with #SiliconBeachFinancial
Yahoo
4 days ago
- Business
- Yahoo
5 Steps To Reset Your Finances in One Afternoon
If you're worried about money, you're definitely not alone. Seven in 10 workers in the United States said they're stressed about personal finances, according to a survey from PNC. For You: Try This: The good news? You can work on taking charge of your money situation whenever you want. Here's some expert advice on five steps to reset your finances in a single afternoon. Review Your Spending for the Last 30 Days Christopher Stroup, founder and president of Silicon Beach Financial, said one place to begin is to pull your credit card and bank statements and look for trends. Subscriptions you no longer use, impulse purchases or bloated categories are good places to start. Identifying just one or two areas to cut back can free up hundreds each month. This quick audit brings clarity and control. Read More: Revisit Your Financial Goals Spend 15 minutes listing your top two or three financial priorities. These might include building a runway for your business, funding a Roth IRA or paying down debt. Anchor every future decision to these goals so your financial strategy reflects your actual life, not someone else's version of success. Automate Key Transactions Stroup said a third step is to set up automatic transfers to savings, investments or debt repayment. 'Even small amounts, such as $100 a week toward an emergency fund or brokerage account, can create powerful momentum,' Stroup said. 'Automation ensures steady progress without requiring constant willpower or attention.' Update Your Net Worth Statement Take stock of your assets and liabilities to get a fresh snapshot of your financial health, Stroup said. It's a fast way to see progress or to identify where you need to focus. You might even uncover financial wins you've overlooked, such as appreciating equity or paid-down debt. Schedule a Money Date With Your Financial Partner 'Whether it's your spouse, business partner or financial planner, carve out time for a focused discussion about what's working and what needs adjustment,' according to Stroup. 'Collaboration brings accountability and helps ensure your financial decisions are aligned with the life you're building.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 5 Types of Cars Retirees Should Stay Away From Buying 10 Cars That Outlast the Average Vehicle This article originally appeared on 5 Steps To Reset Your Finances in One Afternoon Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
How Much the Average Middle-Class Retiree Receives in Benefits at Age 75
As much as it can be difficult to predict your financial life in retirement, taking a look at the average benefits by age may be a helpful guide. As of June 2025, the average Social Security monthly check for retired workers was $2,005.05, according to the Social Security Administration's Monthly Statistical Snapshot. Read Next: Check Out: But does that average change by age? Here's a closer look at benefits at age 75 and how to factor that into your retirement plan. Benefits at Age 75 According to Christopher Stroup, founder and president of Silicon Beach Financial, at age 75, the average Social Security benefit for a middle-class retiree is typically around $2,200 to $2,500 per month, or roughly $27,000 to $30,000 per year. That lines up with data from Kiplinger, which reported that the average monthly Social Security check for those aged 75 is just shy of $2,200. 'That may cover the basics, but it's rarely enough to sustain the kind of lifestyle many retirees hoped for,' Stroup said. 'Without additional income from retirement savings, real estate or investments, retirees often find themselves needing to cut back or draw down principal faster than expected.' Be Aware: The Importance of an Income Plan How can retirees age 75 and above create a sustainable and tax-efficient income plan? According to Stroup, a strong income strategy at this stage coordinates multiple sources of income, like Social Security, required minimum distributions, interest and other retirement accounts, in a way that minimizes tax drag. 'It's important to regularly assess spending, especially as healthcare costs rise and inflation affects fixed expenses,' Stroup said. 'Working with a financial advisor to adjust your withdrawal strategy and manage tax brackets can preserve wealth and reduce the risk of outliving your assets.' The Need for Good Budgeting Per Dennis Shirshikov, head of growth and engineering at Growth Limit and an adjunct finance professor at the City University of New York, a good rule of thumb is to budget for $25,000 to $30,000 per year from steady sources like Social Security and a defined-benefit pension and withdraw no more than 4% for everything else. 'A 'bucket strategy' can earmark guaranteed income to pay for necessities such as housing and healthcare, while drawing from a portfolio to finance travel and hobbies, which can reduce sequence-of-returns risk,' Shirshikov said. More From GOBankingRates 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on How Much the Average Middle-Class Retiree Receives in Benefits at Age 75 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
30-07-2025
- Business
- Yahoo
I'm a Retirement Planner: 5 Best Money Tips for Supplementing Social Security
Retiring comfortably often means getting creative with your income sources. If you're counting on Social Security, for many retirees that alone is not enough income to live on. Find Out: Read Next: But how does one go about supplementing Social Security? Certified financial planner Christopher Stroup, owner of Silicon Beach Financial, offered some strategies for diversifying income streams, creating tax-efficient strategies and looking at other ways to bring in income. Delay Social Security If you're thinking of taking Social Security benefits as soon as you can, it may behoove you to delay them, Stroup said, to maximize the benefits you are entitled to. Stroup pointed out that delaying Social Security can boost lifetime benefits by 24% to 32%, making it a powerful long-term strategy. 'To bridge the gap, retirees can tap brokerage accounts, part-time work or laddered CDs. Ideally, leverage sources that avoid triggering early IRA withdrawals or higher tax brackets prematurely.' Be Aware: Maintain Part-Time or Freelance Work In combination with delaying Social Security, retirees can continue working part time while using high-yield savings or CDs for short-term income, Stroup suggested. You can also tap into home equity (via downsizing or a reverse mortgage) to stretch limited savings. 'A tailored plan can help prioritize predictable, low-risk income sources without sacrificing future stability,' Stroup said. Even modest income from freelance consulting, tutoring or remote support roles can reduce withdrawal pressure on retirement accounts, Stroup said. 'We often help retirees match their skills to flexible, low-stress work that keeps them socially engaged and financially confident without disrupting their lifestyle.' Set Up Investment Income If you've got the time to make investments for some years prior to retirement, look into setting up 'predictable cash flows like bond ladders or qualified dividend income to cover essential expenses,' Stroup urged. Then, let growth assets ride for longer-term needs. This 'income floor + growth cushion' approach adds both stability and resilience, he explained, particularly for tech-savvy retirees who want flexibility without excess risk. On the topic of risk, he reminded retirees that 'the goal isn't to eliminate risk, it's to align it with purpose.' In his practice, they help clients separate assets by time horizon, with safer investments for near-term needs and growth-oriented assets for later years. 'This barbell strategy creates peace of mind and guards against inflation without overexposure to volatility.' Take Advantage of Tax Credits and State Programs Depending on your income level and circumstances, there may also be tax credits such as the saver's credit, energy efficiency tax credits or Medicare Savings Programs that you qualify for, Stroup said. Look into state-level benefits, as well, such as property tax relief or utility subsidies. Consider a Strategic Roth Conversion Lastly, Stroup said that many retirees overlook the power of strategic Roth conversions early in retirement. While this strategy may not work for every retiree, this timing can be 'a prime window' to convert taxable dollars at reduced rates, which cuts future tax bills and increases flexibility later, he said. 'It's one of our favorite proactive planning tools.' More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on I'm a Retirement Planner: 5 Best Money Tips for Supplementing Social Security
CBS News
30-07-2025
- Business
- CBS News
5 ways to maximize your CD returns this August, according to experts
While certificate of deposit (CD) rates have dropped slightly over the last year, today's rates are still attractive, especially compared to historical levels, with many banks offering yields above 4% across various terms. This has been a welcome shift for savers who endured much less appealing CD returns when interest rates were at historic lows. But recent inflation spikes in May and June have introduced new uncertainty into the economic environment and left questions about the Federal Reserve's next moves. While current CD interest rates are compelling, any shifting economic conditions that occur could impact future yields from interest-bearing accounts as policymakers respond to the changing trends. Given the ongoing economic uncertainties, strategy matters if you're looking to maximize your CD returns this August. And, financial experts say certain moves can help you squeeze the most value from today's CD market while positioning yourself to avoid costly missteps. Compare your CD options and lock in a great rate today. "If you can find a CD offering 5% or more, it's worth locking in [some] of your cash now," says Christopher L. Stroup, a certified financial planner and president of wealth management company Silicon Beach Financial. Below are several expert-backed strategies to help you get the most out of your CDs this month. Krisstin Petersmarck, an investment advisor representative at financial services firm New Horizon Retirement Solutions, encourages shopping online for the best CD rates. "Often, online banks [give] better rates [than traditional ones] because they have no brick-and-mortar expenses," Petersmarck says. Don't rely on one comparison website when hunting for CD account rates, though. Mark Sanchioni, senior vice president and chief banking officer at Ridgewood Savings Bank, recommends referencing several because not all sites will show every bank. Some comparison tools also miss special promotional rates that could enhance your earnings. Beyond the headline rate, examine the details before committing your money. Sanchioni recommends checking reviews and understanding withdrawal limitations. Find out how much you could earn with the right CD account now. Right now, "we're favoring six to 12-month terms, which are long enough to lock in a strong yield, but short enough to preserve flexibility if rates drop or better opportunities [come up]," Stroup says. But Petersmarck emphasizes that the ideal term length depends on your circumstances and how long you can have your money invested in a CD. "Have an emergency fund, so you don't have to turn in the CD early to access the money," Petersmarck advises. For larger cash positions, Stroup advises spreading money across several CD terms to reduce risk while still capturing today's higher rates. CD laddering involves spreading your money across more than one CD with different terms and maturity dates. This way, you're not locked into a single rate if conditions change. Stroup offers a concrete example of splitting a $10,000 investment into three CDs: When each CD matures, you can reinvest the funds into new CDs at current yields. "The CD ladder concept allows you to always have one of your CDs a year or less from maturity, helping to mitigate your liquidity risk," Sanchioni explains. He recommends pairing your ladder with a savings or money market account for cash needs that can't wait for the next maturity date. "Don't let your CD auto-renew," Stroup says. When your CD automatically rolls over, you might miss out on better rates available elsewhere or even from your existing bank on new CDs. "Instead, set a reminder [a month] before maturity [and] use that window to shop for new rates and compare terms." If you're hesitant about locking your money away or think rates might climb higher, specialty CDs could be worth exploring: Before choosing a CD, Sanchioni encourages clarifying the following: Sanchioni also warns against waiting too long to use a bump-up feature. "If you open a two-year bump-up CD [account] and wait 18 months to bump the rate, you only enjoy the higher rate for six months," Sanchioni says. "Now is a good time to consider CDs as the rates are still attractive," Petersmarck says. Before committing funds, though, consult a trusted financial advisor. They can help you weigh CD options alongside your broader money goals and find the right strategy for your situation.
Yahoo
27-07-2025
- Business
- Yahoo
5 Investments You Should Make To Tariff-Proof Your Portfolio
Regardless of where you stand on President Trump's tariffs, they can make you nervous as an investor. In fact, you may be wondering if there are some investments to consider now to help tariff-proof your portfolio. Passive Income Expert: Read Next: GOBankingRates talked to financial experts for advice about potential options to diversify your investments and potentially lower impacts of new tariffs. Domestic Supply Chains Christopher Stroup, founder and president of Silicon Beach Financial, said to look for companies actively reshoring production or diversifying their sourcing away from tariff-prone regions. 'These businesses may be better positioned to maintain margins and reduce geopolitical risk, which is especially important if your income or equity is tied to global tech or manufacturing trends,' Stroup noted. Mark Cuban: U.S.-Focused ETFs and Index Funds 'Funds that emphasize domestic companies, especially in sectors like infrastructure, utilities and consumer staples, can offer stability when tariffs hit global trade,' according to Stroup. 'These investments reduce exposure to import costs and supply chain friction, while keeping your portfolio tax-efficient and diversified.' Alternative Assets You can diversify with alternative assets to help tariff-proof your portfolio. 'Private credit, real estate and farmland can act as buffers when trade tensions spike,' according to Stroup. 'These assets often move independently of public markets and tariffs, providing uncorrelated returns that help protect your portfolio's purchasing power during volatility.' Currency-Hedged International Funds In addition, Stroup said to add exposure to currency-hedged international funds. 'If you want global diversification without getting caught in tariff or currency risk, consider funds that hedge against foreign exchange volatility,' Stroup said. 'This helps you stay globally exposed while limiting downside from tariff-influenced currency swings.' International Stocks Because we can't predict the long-term impact of tariffs, it is important not to engage in panic selling, according to Marguerita Cheng, a certified financial planner (CFP) and CEO of Blue Ocean Global Wealth. Diversification can help mitigate volatility in your portfolio. 'While international stocks have underperformed over the past several years, they have enjoyed some positive performance year-to-date,' Cheng said. 'The percentage that investors should consider allocating to international stocks depends on their time horizon, risk tolerance and investment objectives. Investing in ETFs is a straightforward, cost-effective way to gain exposure to international stocks.' More From GOBankingRates 10 Unreliable SUVs To Stay Away From Buying This article originally appeared on 5 Investments You Should Make To Tariff-Proof Your Portfolio Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
