Regardless of income or wealth, the road to financial health – how you are able to manage your day-to-day financial life while building for the future – can be a lifelong journey. What you do today can build toward or detract from your long-term resilience and ability to pursue opportunities. These questions can serve as a starting point to take inventory of your financial health.
Planning for the Future
Taking inventory of your financial health
(Family Features) Only 28% of Americans are financially healthy, according to the U.S. Financial Health Pulse. Most others will have difficulty reaching long-term financial goals and are more vulnerable to the threat of financial shocks, such as car trouble, unforeseen medical bills or job loss.
Regardless of income or wealth, the road to financial health – how you are able to manage your day-to-day financial life while building for the future – can be a lifelong journey. What you do today can build toward or detract from your long-term resilience and ability to pursue opportunities. Whether you want to take that dream vacation, prepare for retirement or save for college, financial health takes effort to build.
“An overwhelming majority of the country is experiencing financial challenges that have lasting effects on people’s lives, on their ability to weather the inevitable ups and downs and on their chances to pursue their dreams,” said Jennifer Tescher, CEO of the Center for Financial Services Innovation (CFSI), the nation’s authority on consumer financial health. “Each year, CFSI and MetLife Foundation join forces on #FinHealthMatters Day to highlight the importance of financial health, especially for the 180 million people who are financially vulnerable.”
Photo courtesy of Getty ImagesSOURCE:
Center for Financial Services Innovation
The open road, independence and the flexibility to work how and when you want. Reasons why trucking is a great job.
(BPT) - To truly understand the impact the trucking industry has on our economy, walk into any business, retail shop or grocery store and take a look around. Nearly everything you see was delivered there by a truck. In fact, according to the American Trucking Associations’ (ATA) Freight Transportation Forecast, 70 percent of all freight in the U.S. is handled by trucks. It is awe-inspiring to realize one industry has such an enormous impact on everything we do, purchase and consume in our everyday lives. Quite simply, trucks keep America moving, and without them, America stops.
Imagine going to your favorite grocery store to pick up your family's dinner and seeing the shelves empty, or stopping by the corner hardware store for light bulbs only to find they're not available. If it's not during the aftermath of a weather disaster, we can't readily imagine such a scenario happening in this country. That's because 3.5 million professional drivers are always on the job, working day and night to make the deliveries that keep our economy humming.
But, it's getting more and more difficult for the industry to keep up with demand. There's a severe shortage of professional truck drivers on the road today, and it's expected to get even worse. The ATA estimates that the industry will face a 175,000-driver shortfall by 2026. Ask any professional driver and they'll tell you the same story: They get headhunting emails and calls from recruiters every day, and their own companies are so short-staffed they need to put in extra shifts just to cover all of the routes.
That's why the ATA is partnering with Pilot Flying J, the largest network of travel centers in North America, to raise awareness of the profession, recruit new drivers, and celebrate the tremendous contributions of professional drivers to our nation's economy.
It's ironic that there's a shortage in this profession, because those same drivers who remain committed to the industry and to keeping our economy moving will tell you how much they love the job.
"My father was a driver and as far back as I can remember, truck driving is all I've ever wanted to do," says Steve Brand, a professional driver who has spent 27 years with FedEx Freight. Brand is a member of the ATA America's Road Team, a national public outreach program of professional truck drivers who share superior driving skills and safety records. "Trucks move America forward and it's a great feeling knowing I have a small part in that."
Other benefits of being a driver?
* Independence. When you're in a big rig, nobody is looking over your shoulder telling you how to do your job. It's like being your own boss.
* Freedom. If an office job isn't for you, trucking is a perfect choice. You're out on the open road, and not tied to a desk.
* Flexibility. There isn't just one kind of driving. Want to see the country driving from coast to coast? You can do that. Want to come home to your family every night? You can do that, too, and myriad options in between.
* Pay. ATA’s recent Driver Compensation Study found that the average salary for a truck driver ranges from $53,000 to $86,000 depending on the type of employer and type of equipment operated.
Coupled with not having the crushing student debt that college graduates are carrying around, it makes for a very good living.
Opportunities. Since the industry is hurting for drivers, it's a job seeker's market out there. Recent grads from driving schools are in high demand, and can pick and choose the job that's right for them.
Brand counsels potential recruits to choose a reputable school for proper training and then seek out a top-rated company, or find a company that has its own school.
"I go to bed happy and wake up happy knowing I'm making a difference," he says.
Pilot Flying J is making a difference, too. As part of its partnership with the ATA, Pilot Flying J recently announced a $60,000 philanthropic gift to the ATA's Trucking Cares Foundation to help support professional drivers and the future of the industry.
“Hardworking professional drivers make many sacrifices to keep our economy moving and our ways of life possible,” said Ken Parent, president of Pilot Flying J. “As we face a growing driver shortage, our hope is that this contribution will help support the Trucking Cares Foundation’s mission to improve the safety, security and sustainability of the trucking industry and contribute to the future growth of the industry through education and training.”
To learn more about becoming a professional driver, visit the ATA at www.trucking.org.
(BPT) - With the Tax Cuts and Jobs Act of 2017 having been signed into law, here are some of the things you should be thinking about as tax season approaches, according to Robert Fishbein, vice president and corporate counsel, Prudential Financial Inc.
2017 tax returns
The new tax law is generally effective starting in 2018, which means that your 2017 income tax return is largely unaffected. However, there may be actions you can take now to benefit from the change. For example, assuming you are eligible, you could fund a traditional IRA before the due date of your tax return; the income exclusion may be more valuable under higher 2017 tax rates.
Lower tax rates and new withholding
The hallmark of the new tax law is lower marginal tax rates for individuals. The IRS has issued withholding tables employers started using in February to reflect these lower rates. While this could mean lower tax withholding and more take-home pay, you should evaluate your personal income tax position to determine if you will pay more or less under the new law and adjust your withholding accordingly.
If you make estimated tax payments, you should also estimate your tax liability under the new tax law and make necessary adjustments to your quarterly tax payments.
Assuming your withholding or estimated tax payments need no adjustment may create an unpleasant surprise if you are under-withheld and owe penalty tax and interest when you file your 2018 income tax return.
Higher standard deduction
The new higher standard deduction of $12,000 for individuals and $24,000 for married couples will greatly reduce the number of taxpayers that itemize deductions. If you did not itemize in 2016, and your tax position is similar now, you will probably not itemize in 2017. The increased standard deduction, combined with lower marginal rates, may mean your tax liability will go down.
If you itemized in 2016, compare your total itemized amount to the new standard deduction. If less, and assuming a similar tax position in 2017, you will likely no longer need to itemize.
For many, this provision will turn out to be the greatest simplification aspect of the new tax law, since they no longer must track itemized deductions or complete multiple associated forms.
No personal exemptions
Some taxpayers will need to look more closely to determine if they will pay less or even more. The new law eliminates personal exemptions and reduces deductible items, such as limiting the total deduction for state and local income taxes to $10,000, reducing the amount of deductible mortgage interest and eliminating the deduction for interest paid on a home equity line of credit. Therefore, if you itemized deductions in 2017 and your deductions were greater than the applicable standard deduction, you will have to consider what deductions are available in 2018 and estimate your tax liability.
In states with higher income taxes and property taxes, it is possible that the loss of itemized deductions will be greater than the benefit of lower rates and your tax liability could increase.
Increased child and dependent credits
The new law increases the child tax credit for children under 17 to $2,000. The income limits to phase out the credit are also significantly increased so more taxpayers will be eligible. In addition, there is a $500 credit for other qualifying dependents. Depending on your tax bracket, this could be better or worse than getting an exemption for each dependent.
Increased AMT exemption
Adding one more layer of complexity to your 2018 planning is the new tax law’s modification of the Alternative Minimum Tax or AMT. The AMT is a parallel tax system that requires you to calculate your income tax under the normal rules and then again under AMT rules, paying the higher of the two. The new tax law increases the AMT exemption, or the amount you can earn and not be subject to this alternative tax. If you have been subject to AMT in the past, you should review the new increased exemption and whether that will change.
The bottom line
The bottom line for most is whether they will pay more or less income tax in 2018 than in 2017. While it is likely many will pay less, you need to consider all the above before you know how you will be impacted by the new tax law.
Please consult your legal or tax advisor concerning your particular circumstances. The Prudential Insurance Company of America, Newark NJ and its affiliates.
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