Long-Term Planning

How Long Should You Keep Financial Records?

People often want to know how long they should keep bank statements and other financial records.   There are different rules depending on the kind and purpose of the record, but five years is probably a good rule of thumb, says Chris Bray of Rheinhardt & Bray, PC. For income tax purposes, three years is…

How Will the Coronavirus Pandemic Affect Social Security?

The coronavirus pandemic is having a profound effect on the current U.S. economy, and it may have a detrimental effect on Social Security’s long-term financial situation. High unemployment rates mean Social Security shortfalls could begin earlier than projected. Social Security retirement benefits are financed primarily through dedicated payroll taxes paid by workers and their employers, with employees…

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