Latest news with #financialplanning
CBS News
an hour ago
- Business
- CBS News
Should seniors buy annuities if they have Social Security?
Between today's issues with sticky inflation, rising healthcare costs and longer life expectancies, retirement income planning has gotten a lot more complicated. And, ongoing questions about the sustainability of the Social Security system have made things even more confusing for many seniors. As a result, even the seniors with steady Social Security checks may be wondering whether those benefits are enough to last for the rest of their lives. It's a valid concern. Social Security was never intended to be the only source of retirement income, but for many Americans, these benefits have become a crucial component of their retirement plans. But with the average monthly Social Security benefit hovering around $1,976 in 2025 — and expenses that can easily exceed that figure — it's understandable that retirees are looking for additional financial security. And, one option that often comes up is annuities. These unique insurance products can provide guaranteed income for life, which sounds pretty attractive if you're worried about running out of money. But if you already have a fixed monthly payment coming in from Social Security, is buying an annuity really worth it? That answer depends on a few key factors, some of which might surprise you. Compare your annuity options and find the right fit for your retirement plan. Annuities and Social Security have a lot in common. They're both designed to pay out a steady stream of income over time, and in some cases, both can offer income that lasts for life. But the similarities end there. Annuities come in many shapes and sizes, and whether one is worth purchasing if you already have Social Security depends on your broader financial picture. The main advantage of adding an annuity to your retirement strategy is diversification of income sources. Relying solely on Social Security can be risky, especially if your benefits barely cover your living expenses. Annuities can act as a tool for supplementing your Social Security income, though, and as an added benefit, with an annuity, you won't run the risk of outliving your retirement savings. But annuities aren't free. You typically purchase one with a lump sum of money, which then gets converted into a series of payments over time. That money is no longer liquid, meaning you can't easily access it in an emergency. That's why experts often advise against using all of your retirement savings to buy an annuity, especially if you don't have other funds set aside for unexpected costs. Annuities can also be complex. Some come with fees, surrender charges and restrictive terms. Others offer enticing features like inflation protection or death benefits, but those extra benefits typically come at a higher cost. So, if you're considering one, it's crucial to understand exactly what you're buying, and what it will (and won't) do for you. So, ultimately, whether or not you need an annuity in addition to your Social Security benefits comes down to your goals and your overall retirement strategy. If you're looking for predictable income, want to reduce market exposure and have enough saved to cover emergencies separately, an annuity could make sense. But if Social Security already meets your needs and you value liquidity or growth potential, you might be better off investing your money elsewhere. Learn more about how an annuity could benefit you during retirement. There are a few specific scenarios where adding an annuity to your retirement mix could be especially smart, even if you're already receiving Social Security. These include: That said, there are also situations where an annuity probably doesn't make sense. For example, if you have health issues that may shorten your life expectancy, you may not receive enough payments from an annuity to justify the upfront cost. Likewise, if you already have substantial income from Social Security, investments or real estate, locking up your money in an annuity may limit your financial flexibility unnecessarily. It's also worth noting that some financial advisors recommend delaying Social Security to maximize your benefit instead of buying an annuity. For every year you delay past your full retirement age (up to age 70), your benefit increases by about 8%, a guaranteed return that's hard to beat. If you're already collecting Social Security, buying an annuity isn't always necessary, but it could still be a smart move, depending on your situation. To decide which path is best, you should evaluate your needs, income sources, health outlook and risk tolerance. Annuities can provide stability and longevity protection, but they're not a good fit for everyone. Before you commit, consider talking to a financial advisor who can walk you through the pros and cons based on your finances. With the right strategy, you can make the most of both Social Security and any other tools you use to fund your retirement.
Yahoo
4 hours ago
- Business
- Yahoo
The Union Bank Co. Partners with Osaic Affiliate Savage and Associates
New relationship brings $127 million from LPL to Osaic's network, provides Union Bank clients access to expanded financial planning and investment services SCOTTSDALE, Ariz., July 30, 2025--(BUSINESS WIRE)--Osaic, Inc. ("Osaic"), one of the nation's largest providers of wealth management strategies, today announced a strategic partnership between Savage and Associates, an Osaic-affiliated office of supervisory jurisdiction (OSJ), and The Union Bank Co. ("Union Bank"), a deal that will expand investment services across northwest and central Ohio. The relationship transitions approximately $127 million in assets under administration (AUA) from LPL to Osaic. This new partnership will allow Union Bank's retail clients, small-business owners and members of the agricultural community to access a broader range of investment solutions and personalized financial guidance, delivered through the Savage and Associates advisor network. "We are excited to enter into this partnership with Savage," said Brian D. Young, president and CEO of The Union Bank Co. "We have almost 190 years of combined experience helping clients, and this agreement extends our ability to provide higher-end services to those we serve." The two organizations share a mission to deliver client-first, community-based financial guidance. Founded in 1904, Union Bank serves rural and close-knit communities with a focus on families, small businesses and agricultural clients. "Our reputation was built on client focus, and this helps us serve with greater impact," said J.R. Toland, president and CEO of Savage and Associates. "As we looked to expand our footprint, we found a partner that shared our values. This is an excellent way for The Union Bank Co. to broaden its services and for Savage to grow our regional presence." Union Bank sought a partner that could elevate its client offerings through a robust platform and experienced advisor network. Savage and Associates, supported by Osaic's technology, resources and advisor-focused solutions—proved to be the ideal fit. With longstanding presence in northwest and central Ohio, most of Union Bank's 14 branches are in close-knit, rural communities. The partnership enables both organizations to deepen their reach into underserved markets while maintaining a commitment to relationship-based, values-driven service. "This partnership brings together organizations with a shared focus on client-centered service and deep community ties," said Kristen Kimmell, executive vice president of business development of Osaic. "It exemplifies the collaboration Osaic is built to support—helping advisors grow through strategic partnerships, robust platforms, and resources tailored to the needs of financial institutions and advisors." The Union Bank Co. affiliation reflects Osaic's ongoing commitment to empowering independent advisors through scalable platforms, advisor-focused resources and a strong culture of partnership. It also contributes to the firm's continued expansion in regional markets. To learn more about Osaic, please visit About Osaic: Osaic, Inc. ("Osaic"), a portfolio company of Reverence Capital Partners, is one of the nation's largest providers of wealth management strategies, supporting approximately 11,000 financial professionals. Osaic's mission is to empower entrepreneurial advisors to build thriving businesses and fulfill their clients' dreams. Visit to learn more. Securities and investment advisory services are offered through the firms: Osaic Wealth, Inc. and Osaic Institutions, Inc., broker-dealers, registered investment advisers, and members of FINRA and SIPC. Securities are offered through Osaic Services, Inc. and Ladenburg Thalmann & Co., broker-dealers and members of FINRA and SIPC. Advisory services are offered through Ladenburg Thalmann Asset Management, Inc., and Osaic Advisory Services, LLC., registered investment advisers. Advisory programs offered by Osaic Wealth, Inc. are sponsored by VISION2020 Wealth Management Corp., an affiliated registered investment adviser. View source version on Contacts MEDIA CONTACT: Osaic@ Tommy Warburton347-400-3483Tommy@ Hannah Dixon317-590-0915Hannah@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
4 hours ago
- Business
- CBS News
Which is better now: A debt relief program or bankruptcy? Experts weigh in
Many people struggle with debt. And thanks to high interest rates, rising costs of living, and other challenging financial conditions, that debt can be particularly hard to get out of these days. "It's always tough when it comes to getting out of debt," says Wheeler Pulliam, a certified financial planner and financial consultant at Xponify Financial. "It's even tougher to try and figure out the right way to go about it." If you're having trouble getting out from under debt, debt relief or even bankruptcy may be able to help, but they aren't for everyone. Here's what to know about these options and when one might be the right move for you. Find out what debt relief options are available to help you now. Debt relief can come in many forms. First, there's debt consolidation, in which you take out a loan with a lower interest rate, and then use that to pay off all your debts — rolling them all into one payment. "These types of programs make the most sense for normal, everyday Americans who have accumulated a lot of different debt over time through credit cards and the like," Pulliam says. "They help simplify what the debt is and how to best pay it off, usually by just having to make one payment a month instead of trying to manage several different ones." There are also debt management plans, which put the actual payment of your debts in the hands of a debt relief company or credit professional. "It offers a structured repayment plan, often facilitated through credit counseling agencies," says Jen Leisey, product manager of consumer lending at Georgia's Own Credit Union. "The agencies contact creditors on the consumer's behalf to possibly reduce interest rates, waive any accumulated fees, or adjust terms. Once new repayment terms have been established with the individual creditors, the agency will collect a single, monthly payment from the consumer and distribute the funds to the creditors under the newly established terms." Debt settlement is another option, usually for those dealing with particularly large debts. This is when you negotiate with your creditors to pay off your debts with a lump-sum payment that's less than what you actually owe. The big downsides of debt relief are that it comes with fees — usually a percentage of what the debt relief company saved you or a flat fee for services — and it can take a while. According to Leisey, a debt management plan can take up to five years to complete. Your credit can also take a hit, particularly with debt settlement. "This option would have the greatest negative impact on the consumer's credit score," Leisey says. "Settlement companies may also charge 15% to 20% of the total debt for negotiation and servicing of the settlement." Learn more about how the right debt relief strategy could help you today. Bankruptcy is another option if you have lots of debt, and, like debt relief, there are multiple options. First, there's Chapter 7. This "is the most common for individuals who don't make a lot of money but have a large amount of debt," Pulliam says. "Typically, they don't have a realistic way of paying it off. It wipes out most of your debt, with certain exceptions, and allows you to start over, so to speak." With Chapter 7 bankruptcy, you get most of your debts wiped clean, but must sell off certain assets in the process — things like non-essential vehicles, property or collectibles. With Chapter 13, you will only get to discharge some debts, though you won't have to sell any assets. You will also need to get on a court-approved repayment plan that lasts three to five years. "Chapter 13 is the type of bankruptcy you usually see businesses go through," Pulliam says. "It has to do more with reorganizing your debt, than total debt forgiveness, allowing for recovery over time." There are two big drawbacks to choosing bankruptcy, though: The fees and the credit hit it comes with. "What most people don't realize is that it can cost thousands of dollars to go bankrupt," says Howard Dvorkin, chairman of "It's a court proceeding, and you need to hire a lawyer and pay filing fees." Bankruptcy can also stay on your credit report for seven to 10 years. That could impact your ability to get future loans, credit cards and other financial products during that time. Both bankruptcy and debt relief can help you tackle your debt problems, but you'll need to decide which is best for your unique situation. If you want a faster solution, bankruptcy is typically the better choice, Wheeler says, with the entire process taking only about three to six months. The tradeoff is the credit impact. "It makes it harder to secure loans in the future, especially at any decent rate," Wheeler says. Given today's already-high interest rates, this is a notable drawback to consider, particularly if you think you may need to borrow money at any point in the near future. Debt relief will usually have a lighter credit impact (or could even help your credit, in the case of a debt management plan, but it takes a long time and comes with fees. "You should consider your short- and long-term goals, the potential costs and impact on your credit score offered by each option, and the potential changes to your quality of life," Leisey says. "Are reduced collection calls and anxiety related to your finances in exchange for a reduction in available credit options and increased interest rates worth it to you? Do you have the discipline to complete a debt management plan or Chapter 13 repayment plan, or do you need the 'out' provided through debt settlement or Chapter 7?" This sort of "realistic self-assessment" can help you come to the right solution, but if you're still not sure, talk to a credit counselor, debt relief professional or financial advisor. They'll help you determine what's best for your unique situation. As Dvorkin advises, "Don't go it alone." Whether you pursue debt relief or file for bankruptcy, the path out of debt is rarely easy, but it is possible with the right strategy and support. By weighing the pros, cons and long-term implications of each option, and getting expert guidance when needed, you can make a confident decision that puts you on a stronger financial footing.
Associated Press
7 hours ago
- Business
- Associated Press
Best Financial Planning & Analysis Course (2025): Corporate Finance Institute Recognized as Leading FP&A Certification Provider in Report by Expert Consumers
New York, New York--(Newsfile Corp. - July 30, 2025) - Expert Consumers has recognized the Corporate Finance Institute® (CFI) as a leading provider of FP&A certification for professionals seeking practical, career-oriented training. The Financial Planning & Analysis Professional (FPAP™) certification was highlighted for its comprehensive curriculum, real-world applications, and accessibility to learners worldwide. Top Financial Planning & Analysis Course Addressing the Growing Demand for FP&A Skills The role of FP&A has expanded significantly in recent years, driven by the increasing need for real-time financial insights and strategic decision support in businesses. Finance professionals are now expected to combine technical skills with strategic thinking - interpreting data, building forecasts, and advising leadership on financial outcomes. CFI's FPAP™ program was recognized for directly addressing this shift. According to Expert Consumers, the curriculum is designed to equip learners with hands-on expertise in corporate planning, variance analysis, budgeting, forecasting, and reporting. It also places particular emphasis on Excel-based modeling, a core requirement for FP&A professionals in both emerging and established markets. [ This image cannot be displayed. Please visit the source: ] Key Features of the FPAP™ Certification Curriculum Focus Expert Consumers notes that the FPAP™ certification stands out for its practical approach to complex financial planning topics. The curriculum moves beyond theory, focusing on the daily responsibilities of FP&A teams, such as: These components are critical as finance departments face increasing pressure to provide timely, actionable insights to executive leadership. Career Impact and Industry Relevance According to CFI's learner data, professionals who complete the FPAP™ certification frequently report improvements in their financial modeling capabilities, forecasting accuracy, and leadership readiness. The program is designed to support career growth for analysts, managers, and senior finance professionals working in FP&A, corporate finance, and strategy roles. As businesses continue to prioritize data-driven decision-making, the need for skilled FP&A professionals is expected to rise. The FPAP™ program provides a structured learning path to help finance professionals close the skills gap between traditional accounting knowledge and modern financial planning requirements. Click here to view the complete curriculum of CFI's FPAP™ course. For a more detailed review, please visit About Corporate Finance Institute Corporate Finance Institute (CFI) is a global leader in online finance training and certification, serving over 2.8 million learners in more than 170 countries. Founded in 2016, CFI provides practical, industry-relevant education in areas such as financial modeling, banking, capital markets, data analysis, and fintech. Its mission is to empower finance professionals with the skills and tools needed to succeed in the financial industry. About Expert Consumers delivers news and insights on consumer products and services. As an affiliate, Expert Consumers may earn commissions from sales generated using links provided. Contact: Drew Thomas ( [email protected] ) To view the source version of this press release, please visit
Forbes
a day ago
- Business
- Forbes
Private Student Loan Rates: July 29, 2025 - Loan Rates Edge Up
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Rates on 10-year fixed-rate private student loans moved up last week. If you're interested in picking up a private student loan, you can still get a relatively low rate. From July 21 to July 26, the average fixed interest rate on a 10-year private student loan was 6.75% for borrowers with a credit score of 720 or higher who prequalified on student loan marketplace. On a five-year variable-rate loan, the average interest rate was 9.21% among the same population, according to These rates are accurate as of the week of July 21, 2025. Related: Best Private Student Loans Last week, the average fixed rate on a 10-year loan jumped by 0.08 percentage point to 6.75%. The average stood at 6.67% the week prior. Borrowers currently in the market for a private student loan will receive a lower rate than they would have at this time last year. At this time last year, the average fixed rate on a 10-year loan was 7.62%, 0.87 percentage point higher than today's rate. A borrower who finances $20,000 in private student loans at today's average fixed rate would pay around $230 per month and approximately $7,558 in total interest over 10 years, according to Forbes Advisor's student loan calculator. Last week, rates on variable five-year student loans moved up, reaching 9.21% from 7.54% the week prior. In contrast to fixed rates, variable interest rates fluctuate over the course of a loan term. Variable rates may start lower than fixed rates, especially during periods when rates are low overall, but they can rise over time. Private lenders often offer borrowers the option to choose between fixed and variable interest rates. Fixed rates may be the safer bet for the average student, but if your income is stable and you plan to pay off your loan quickly, it could be beneficial to choose a variable loan. If you were to finance a $20,000 five-year loan at a variable interest rate of 9.21%, you'd pay approximately $417 on average per month. In total interest over the life of the loan, you'd pay around $5,033. Of course, since the interest rate is variable, it could fluctuate up or down from month to month. Private student loans may be a good option if you reach the annual borrowing limits for federal student loans or if you're otherwise ineligible for them. You should consider a federal student loan as your first option, as interest rates are generally lower and you'll enjoy more liberal repayment and forgiveness options than with a private loan. When shopping for a private student loan, you'll generally need to apply directly through a non-federal lender. This includes banks, credit unions, nonprofit organizations, state agencies, colleges and online entities. Keep in mind that undergraduates with limited credit history often need a co-signer who can meet the lender's borrowing requirements. Here's what to consider when applying for a private student loan: Make sure you qualify. Private student loans are credit-based, and lenders typically require a credit score in the high 600s. This is why having a co-signer can be particularly beneficial. Private student loans are credit-based, and lenders typically require a credit score in the high 600s. This is why having a co-signer can be particularly beneficial. Apply directly through lenders. You can apply directly on the lender's website, via mail or over the phone. You can apply directly on the lender's website, via mail or over the phone. Compare your options. Look at what each lender offers and compare the interest rate, term, future monthly payment, origination fee and late fee. Also, check to see if the lender offers a co-signer release so that the co-borrower can eventually come off of the loan. When looking for the best private student loan option, take a close look at the overall cost of the loan, including the interest rate and fees. It's also important to consider the type of help the lender offers if you can't afford your payments. Keep in mind that the best rates are only available to those with good or excellent credit. How much should you borrow? Experts generally recommend borrowing no more than you'll earn in your first year out of college. How much can you borrow? Some lenders cap the amount you can borrow each year, while others don't. When you're shopping around for a loan, talk to lenders about how the loan is disbursed and what costs it will cover. If you need to borrow for school, federal student loans are generally the best option. This is because federal loans offer various borrower protections, such as access to income-driven repayment plans and student loan forgiveness programs. Additionally, most federal loans don't require a credit check or co-signer. The rate you receive depends on whether you're getting a fixed or variable loan. Rates, in part, are based on your credit profile. Those with higher credit scores often get the lowest rates. But your rate is based on other factors as well. Income and even the degree you're working on and your career can play a part. It's generally a good idea to max out your eligibility for federal financial aid before borrowing private student loans, but private loans have some benefits. For one thing, they don't have the same annual borrowing limits as federal loans. Many lenders let you borrow up to your cost of attendance minus any other financial aid you've already received. Plus, you can usually apply throughout the year with a fast, easy online application. For instance, you can apply for a private loan if you need funds halfway through the semester. Some lenders can fund your loan in a week or two, though others take longer. Private lenders can also offer competitive interest rates, especially to borrowers with excellent credit. Some private loans don't have any fees, so you don't have to worry about origination fees, administrative fees or even late fees in some cases. You also may not have to make payments on your private student loan while you're in school or for six to nine months after you graduate, depending on the lender. Some lenders offer additional perks to borrowers, such as forbearance and deferment, the option to skip a payment or career counseling services. Some private lenders offer loans to international students. International students are not eligible for federal student loans from the U.S. Department of Education, so a private student loan can provide the funds they need for college or graduate school in the U.S.
