What is the full retirement age for baby boomers and those who follow them?

Full retirement age is the age that someone must attain to receive a full (unreduced) Social Security benefit. Full retirement age used to be age 65 but has been gradually increasing in recent years and depends on the year that a person was born. Baby boomers were born from 1946 to 1964.

Therefore, their full retirement age is as follows:

Year of Birth / Full Retirement Age

  • 1943 to 1954: Age 66
  • 1955: Age 66 and 2 months
  • 1956: Age

What is the Rule of 72? How is it used in investing?

The Rule of 72 is useful for understanding compound interest because it shows the approximate time or interest rate required to double a sum of money (e.g., $2,500 to $5,000).

To apply the Rule of 72 to your own personal investments, you need to know or assume their expected rate of return. For example, you may own a bond that you know will regularly pay 6% interest until maturity or assume that the average annual return on your stocks is …

What is a penalty APR on a credit card?

Penalty annual percentage rates (APRs) are high interest rates that can be triggered by the slightest infraction such as just one payment that is received a day late. Often these APRs range from 20% to 35%. Lenders increase borrowers’ interest rate significantly and profit from their mistakes.

As a result of the Credit CARD Act, the only way a credit card company can apply a Penalty APR to an existing balance (i.e. purchases you have already made) is if you …

What are the pros and cons of rent-to-own stores?

Rent-to-own (RTO) stores sell items such as furniture and appliances to consumers on an installment payment basis. RTO agreements usually consist of a rental contract that is renewed on a weekly or monthly basis. Usually, the terms are for 78 weeks or 18 months.

The customer has the option at the end of the rental period of whether to renew the lease or return the item. If the customer chooses to continue renewing the contract, payments continue to be made …

What is Community Property?

Community property is a form of property ownership in certain states that provides that a husband and wife each own a one-half interest in the other’s assets and earnings during the course of their marriage.

Currently, community property states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Married couples in Alaska can also adopt community property rules, at least for the purposes of that state’s law, by signing an agreement to that effect.

In a community …

How can I replace a lost birth certificate?

In your state: To replace a birth certificate for a person who was born or died in your state, find out where state and county Vital Records are kept, or access Vital Records vitalrec.com/ on the Internet, and click on your state. Often such records are found in the state department of health. In some states these records are available electronically. You will likely have to pay a fee to get a certified copy of a birth certificate. Information …

Duties of and Selection Criteria for the Attorney-in-Fact

Couple shaking hands with an attorney

Duties of the Power of Attorney

A power of attorney gives a broad range of business and financial powers as specified in the document. Some typical powers in a very broad power of attorney might include powers to:

  • Do many personal business transactions or other acts that you could otherwise do
  • Sue in your name and collect money owed you from any source
  • Make gifts of real or personal property
  • Buy or sell property (of any type) owned in your

Gifting and Tax Strategies

Image of a family including grandparents

It is important to evaluate the effects of federal and estate taxes on estate planning. An estate may be subject to taxes before it is distributed to beneficiaries.

A specified portion of an estate is exempt from estate taxes. During 2012, the first $5,120,000 of an estate can be distributed to children or other heirs tax-free. The top federal estate tax rate on the taxable portion of an estate is 35% in 2012.

While most gifts or estates are not …

FINRA Investor Education Foundation

FINRA Investor Education Foundation

FINRA logo

Finding New Ways to Protect Investors Through Education

The FINRA Investor Education Foundation, formerly known as the NASD Investor Education Foundation, supports innovative research and educational projects that give investors the tools and information they need to better understand the markets and the basic principles of saving and investing.

On July 30, 2007, the Foundation’s parent, NASD, consolidated with NYSE Member Regulation to form FINRA, the Financial Industry Regulatory Authority. At that time, the Foundation became …

Property deeds

In your state: If the property deed was recorded, contact the Registrar of Deeds in the county where the property is located. Copies are certified for a fee. If the property deed was not properly recorded, you may have to obtain a new deed from the previous owner.

Out of state: To replace lost or destroyed deeds, contact the clerk and/or recorder at the courthouse in the county where the property is located.

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