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Presented by MidAmerica Financial Resources. You can reach them at 618.548.4777 or greg.malan@lpl.com or on the web at www.mid-america.us

 

Federal Student Loan Relief

Federal Student Loan Relief
How does it work? What should you do?

Provided by MidAmerica Financial Resources

 

This month, many universities and colleges are welcoming students back to campus, even if most campuses are largely online this year.

 

But that’s not all that’s different. The current administration has issued an executive memorandum that extends the temporary halt on all federal student loan payments, which was originally granted by the CARES Act, until December 31, 2020. This executive action instructs the Department of Education to “continue the temporary cessation of payments and the waiver of all interest on student loans held by the Department of Education.”1

 

What about the interest? As stated above, this most recent executive action extends the 0% interest on the following types of federal student loans.1

 

  • Direct Loans
  • FFEL Program loans
  • Perkins Loans

 

What should you do next? No action is needed at the moment, but with back-to-school time quickly approaching, I wanted to remind you of this important change for federal borrowers. If you have any questions about how to best leverage this change or financially prepare for college, give me a call or just reply to this email.

MidAmerica Financial Resources may be reached at 618.548.4777 or greg.malan@lpl.com www.mid-america.us

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Securities and advisory services offered through LPL Financial, a Registered Investment Adviser, Member FINRA/SIPC.
MidAmerica Financial Resources and Malan Financial Group are separate and unrelated companies to LPL.

Citations.

  1. Whitehouse.gov, August 8, 2020

How Much Money Will You Need for Retirement?

How Much Money Will You Need for Retirement?
It depends on your goals, time horizon, and risk tolerance.

Provided by MidAmerica Financial Resources

 

“Will I outlive my retirement money?” That’s one of the top fears for people who are starting to prepare for their retirement years.

 

So I have to chuckle a bit when I see headlines that say, “Here’s how much money Americans think they need to retire comfortably.”1

 

$1.9 million is the number, according to a nationwide survey of 1,000 employed 401(k) participants by a well-known financial services company. In 2019, the same survey reported the number was $1.7 million. But this year’s pandemic increased the total by $200,000.2

 

Is $1.9 million a realistic figure for retirement? It’s hard to say. The survey didn’t ask participants how they arrived at that figure or what information they used to draw that conclusion.

 

Determining how much money you need in retirement is a process. It shouldn’t be a number that you pull out of thin air.

 

The process should include looking at your current financial situation and developing an approach based on your goals, time horizon, and risk tolerance. The process should take into consideration all your potential sources of retirement income, and also may project what your income would look like each year in retirement.

 

A significant figure like $1.9 million does little good if you’re uncertain what it means for your retirement years. We can help you develop a retirement strategy and show you investment ideas designed to help you pursue the retirement of your dreams.

 

MidAmerica Financial Resources may be reached at 618.548.4777 or greg.malan@lpl.com www.mid-america.us

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Securities and advisory services offered through LPL Financial, a Registered Investment Adviser, Member FINRA/SIPC.
MidAmerica Financial Resources and Malan Financial Group are separate and unrelated companies to LPL.

Citations.

  1. FoxBusiness.com, August 4, 2020
  2. Pressroom.aboutshwab.com, August 4, 2020

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