Friday Financial Five – February 20, 2015
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Friday, February 20, 2015
Dan Forbes, GoLocalWorcester MINDSETTER™
More jobs and more people looking
The continuation of job gains over 200,000 each month is positive, but an increase in people seeking employment might finally signal the start of a true recovery.
January saw another 257,000 increase, coupled with an increase in the unemployment rate to 5.7% as more people are looking for jobs. The thawing job market still doesn’t mean the Federal Reserve will soon raise interest rates for the first time since 2006. The latest meeting’s minutes show many officials favor continuing to hold rates near zero, even with wages also showing signs of growth.
Global retirement destination
The 2015 Natixis Global Retirement survey on the best countries for retirement has the United States locked in at 19th for the third year in a row. The survey considers financial components, while also including health and quality of life. Switzerland tops the rankings again, with Iceland and the Netherlands making considerable leaps thanks to improved stability of their respective banking systems. Other notable moves involve Austria dropping from 3rd to 8th, and Japan increasing ten notches to rank 17th.
People stressing about money
The American Psychological Association has quantified findings that should not be all that surprising. Their “Stress in America” study finds almost three quarters of Americans feel financial stress part of the time and some are putting health care needs on hold as a result. Stressful retirement conditions may only worsen as more individuals self-fund retirement without traditional pension benefits to count on.
IRA rollovers face pitfalls
IRA holders need to be cognizant of the clarified rollout provision that begins in 2015. Most importantly, individuals only get one indirect rollover per twelve months. For example, an individual that takes a distribution from an IRA has 60 days to put that money back in an IRA account. If that same individual makes a second rollover within twelve months, it might be subject to taxation, a penalty, and the possibility of losing IRA status. Also keep in mind that this applies to all IRA accounts in aggregate.
FAFSA tip as deadlines near
State and federal deadlines approach for completing the Free Application for Federal Student Aid (FAFSA). Filing the FAFSA instructs the Department of Education to share this information with the schools the child intends to attend. It’s important to consider how those institutions are listed. Conventional wisdom says schools give less aid when listed at the top, feeling the preferred choices are listed first on the FAFSA. Avoid this by listing colleges randomly or in alphabetical order.
Dan Forbes is a regular contributor on financial issues. He is a CFP Board Ambassador. He leads the firm Forbes Financial Planning, Inc in East Greenwich, RI and can be reached at [email protected].
Related Slideshow: Massachusetts Business Rankings
See how Massachusetts stacked up.
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WalletHub
Massachusetts has 2015's 28th highest insurance premium penalties for high risk drivers, according to a WalletHub report.
Mass is behind Colorado and New Mexico who come in at 26 and 27 spots respectively while Mass is ahead of Tennessee and the District of Columbia who rank 29 and 30 respectively.
Massachusetts ranks 14th overall in the category of DUI conviction annual premium increase with an amount of $756.
Massachusetts ranks 20th overall in the category of speeding over 20 mph annual premium increase with a total of $261 while ranking 21 overall in the category of two accidents annual premium increase with a total of $1,364.
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WalletHub
Massachusetts has been ranked as the 5th most eco-friendly state in the country, according to a recent study by WalletHub.
Mass ranks tenth in environmental quality and fourth in Eco-Friendly Behaviors landing them in 8th overall.
Mass is behind Minnesota and New York who are in the fourth and third spots respectively, and in front of Washington and New Hampshire who come in at the six and seven spots.
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The Economist
Small Business Friendliness Grade: D+
The Economist grades states on an A+ to F grading scale for its small business climate. Massachusetts ranks near the bottom of the nation, joining New Mexico and New York in receiving D+ grades. 9 states scored worse than a D+ in the Economist rankings.
Overbearing bureaucracy and excessive licensing is stifling small business in America.
Read More About The Economist Grade Here
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CNBC
#25 CNBC
CNBC ranks each state in cost of doing business, economy, technology and innovation.
Massachusetts' unemployment rate as of May 2014 was 5.6 percent. The state added 9,100 jobs in the month of May.
Read More About CNBC Ranking Here
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Forbes
#13 Forbes
Forbes ranks each state in business costs, economic climate, and growth prospects.
The most damning in the commentary:
Massachusetts’ business costs, including labor, energy and taxes, are the highest of the 48 contiguous states—only Hawaii is higher—at 20% above the national average.
Read More About Forbes Ranking Here
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ChiefExecutive.net
#47 ChiefExecutive.net
ChiefExecutive.net ranks each state in taxations and regulations, workforce quality, and living environment.
The most damning in the commentary:
Taxation and regulation are always the key barometers. Massachusetts and Oregon are the worst.
Read More About ChiefExecutive.net Ranking Here
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Wallet Hub
#10 Wallet Hub
Wallet Hub ranks each state in ROI rank, state tax rank, and overall government services.
Massachusetts ranked #49 in worst roads and bridges, but ranked #7 in overall government services.
Read More About Wallet Hub Ranking Here
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ALEC
#41 ALEC
ALEC ranks each state in economic performance and outlook.
Although Massachusetts ranked low in economic performance, a forward-looking forecast is based on the state’s standing in 15 important state policy variables. Some of these variables include top marginal personal income tax rate and sales tax burden.
Read More About ALEC Ranking Here
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Kauffman Foundation
#29 Kauffman Foundation
Kauffman Foundation ranks each state in entrepreneurship.
Entrepreneurial activity generally is highest in Western and Southern states
and lowest in Midwestern and Northeastern states.
Read More About Kauffman Foundation Ranking Here
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Free Enterprise
#18 Free Enterprise
Free Enterprise ranks each state in performance, exports, innovation + entrepreneurship, business climate, talent pipeline, infrastructure.
Massachusetts's reputation as a hotspot for science and technology endures in this year's rankings. The commonwealth is a center for STEM jobs and university research and development, ranking 4th and 2nd, respectively, in those two categories. It also ranks 6th as a center for high-tech establishments. Massachusetts is taking aggressive steps to bolster economic activity with high-impact university-industry R&D projects and new tools for tech-based startup companies.
Read More About Free Enterprise Ranking Here
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