| | Advanced Search

 

Monfredo: Worcester…A City on the Move—Monfredo: Worcester...A City on the Move

Relive The 80’s at Mechanics Hall With Your Woo Card—The weekend is fast approaching, and GoLocalWorcester brings…

NEW: See Massachusetts in “50 States of Legos”—NEW: See Massachusetts in "50 States of Legos"

NEW: UMass Ranked MA’s Biggest Party School—NEW: UMass Ranked MA's Biggest Party School

Patriots Training Camp Position Battles & Players to Watch—Patriots Training Camp Position Battles & Players to…

Clark University Receives $1.45 Million from the John Templeton Foundation—Clark University was awarded a $1.45 million grant…

Pats’ Camp: Underway with high expectations—Gronk cleared, training camp kicks off Thursday in…

Giorgio: We Got Ours; Don’t Try to Get Yours—Giorgio: We Got Ours; Don’t Try to Get…

Newport Manners & Etiquette: Dress Code ‘Newport Chic’—Summer entertaining etiquette is in full swing, but…

Horowitz: News Literacy: An Essential Skill in the Age of the Internet—Horowitz: News Literacy: An Essential Skill in the…

 
 

Friday Financial Five – February 7, 2014

Friday, February 07, 2014

 

Dissecting the latest CBO report

The Congressional Budget Office (CBO) released their latest report this week on the country’s economic outlook, and most of the national attention is on the projected effects of Obamacare. There is a focus on the reduction in total work hours, but the report does anticipate overall employment and compensation to increase over the next decade. There is plenty of other interesting information as well, including a drastic reduction in the federal budget deficit from just five years ago. However, federal debt held by the public is still very high historically, and the CBO doesn’t anticipate a reduction over the next ten years. Near term GDP growth is expected to be strong while the labor market will remain weak. Finally, the report projects 9 percent increases in tax revenue in both 2014 and 2015.

A benefit for Veteran business owners

With the majority of business formation being small businesses, it’s good to stay on top of useful new programs. Money saved through the reduction of financing fees is available to keep the company afloat. The SBA (Small Business Administration) provides such an opportunity for small businesses majority owned by a qualified veteran. The “SBA Veterans Advantage” removes the customary 3% up-front guaranty fee for loans between $150,001 and $300,000. The program started at the beginning of this year and is expected to run until the end of September.

FACTA deadline won’t be moved

The Foreign Account Tax Compliance Act (FACTA) requires foreign financial institutions, including banks and insurers, to provide the IRS information about Americans' offshore accounts worth more than $50,000. There have been several delays since the act was signed into law in 2010, but the IRS recently announced that the July 1st deadline for compliance will not be changed. This regulation is an attempt to minimize taxable wealth being held outside of the country’s borders, resulting in many billions in lost federal tax revenue. Foreign companies that don’t comply with the act risk being shut out of the U.S. capital markets.

BOA’s mortgage settlement gets stalled

Bank of America’s recent $8.5 billion settlement agreement may be the victim of an ill-timed promotion. The judge who approved most of the settlement last week was replaced after moving to the Appellate Division of the Supreme Court. This week, the replacement judge decided against finalizing the agreement, instead setting a February 19th date to hear further arguments. That leaves open the possibility of continued litigation and a much higher settlement amount, which could have ripple effects for the rest of the banking industry.

LTC insurance pricing varies in 2014

Recent changes in how companies rate Long Term Care policies will result in higher premiums for females and lower pricing for males, according to the 2014 Long Term Care Insurance Price Index. Rates vary across carriers, but the recent estimate is that two-thirds of LTC claimants are female. Pricing on these policies continues to be a major issue. Current policy holders unable to afford recent price increases should contact their insurer for options. Policies with compounding interest may have a large increase in available benefits. There also may be an option to place the policy on paid up status, meaning funds are available for Long Term Care needs but premium payments are no longer necessary.

Dan Forbes is a regular contributor on financial issues. He is a CFP Board Ambassador. He leads the firm Forbes Financial Planning, Inc in Providence, RI and can be reached at [email protected] .

 

Related Slideshow: Central Massachusetts Migration Totals

Prev Next

13. Hampshire County

Migration Totals

Net Migration: -165
Outbound Migration: 772
Inbound Migration: 607

Net Migration by Education

Bachelor's Degree: 46
Graduate or Professional Degree: -3

Net Migration by Income

Household Income ($150,000 or more): 54
Individual Income ($75,000 or more): 5

For more migration pattern details, click here.

Prev Next

11. Norfolk County (Tie)

Migration Totals

Net Migration: -121
Outbound Migration: 1,636
Inbound Migration: 1,515

Net Migration by Education

Bachelor's Degree: 75
Graduate or Professional Degree: -28

Net Migration by Income

Household Income ($150,000 or more): -51
Individual Income ($75,000 or more): -44

For more migration pattern details, click here.

Prev Next

11. Franklin County (Tie)

Migration Totals

Net Migration: -121
Outbound Migration: 701
Inbound Migration: 580

Net Migration by Education

Bachelor's Degree: -30
Graduate or Professional Degree: 22

Net Migration by Income

Household Income ($150,000 or more): 4
Individual Income ($75,000 or more): -21

For more migration pattern details, click here.

Prev Next

10. Barnstable County

Migration Totals

Net Migration: 8
Outbound Migration: 250
Inbound Migration: 258

Net Migration by Education

Bachelor's Degree: -47
Graduate or Professional Degree: -25

Net Migration by Income

Household Income ($150,000 or more): -3
Individual Income ($75,000 or more): 22

For more migration pattern details,
click here.

Prev Next

9. Nantucket County

Migration Totals

Net Migration: 20
Outbound Migration: 0
Inbound Migration: 20

Net Migration by Education

Bachelor's Degree: N/A
Graduate or Professional Degree: N/A

Net Migration by Income

Household Income ($150,000 or more): N/A
Individual Income ($75,000 or more): N/A

For more migration pattern details, click here.

Prev Next

8. Dukes County

Migration Totals

Net Migration: 36
Outbound Migration: 45
Inbound Migration: 81

Net Migration by Education

Bachelor's Degree: N/A
Graduate or Professional Degree: N/A

Net Migration by Income

Household Income ($150,000 or more): N/A
Individual Income ($75,000 or more): N/A

For more migration pattern details, click here.

Prev Next

7. Suffolk County

Migration Totals

Net Migration: 165
Outbound Migration: 1,407
Inbound Migration: 1,242

Net Migration by Education

Bachelor's Degree: 143
Graduate or Professional Degree: 106

Net Migration by Income

Household Income ($150,000 or more): 105
Individual Income ($75,000 or more): 98

For more migration pattern details, click here.

Prev Next

6. Bristol County

Migration Totals

Net Migration: 197
Outbound Migration: 567
Inbound Migration: 764

Net Migration by Education

Bachelor's Degree: 139
Graduate or Professional Degree: 7

Net Migration by Income

Household Income ($150,000 or more): 40
Individual Income ($75,000 or more): 21

For more migration pattern details, click here.

Prev Next

5. Berkshire County

Migration Totals

Net Migration: 207
Outbound Migration: 71
Inbound Migration: 278

Net Migration by Education

Bachelor's Degree: -33
Graduate or Professional Degree: -11

Net Migration by Income

Household Income ($150,000 or more): 0
Individual Income ($75,000 or more): -14

For more migration pattern details, click here.

Prev Next

4. Hampden County

Migration Totals

Net Migration: 213
Outbound Migration: 1,005
Inbound Migration: 1,218

Net Migration by Education

Bachelor's Degree: 99
Graduate or Professional Degree: -3

Net Migration by Income

Household Income ($150,000 or more): 64
Individual Income ($75,000 or more): 29

For more migration pattern details, click here.

Prev Next

3. Essex County

Migration Totals

Net Migration: 360
Outbound Migration: 479
Inbound Migration: 839

Net Migration by Education

Bachelor's Degree: 112
Graduate or Professional Degree: 65

Net Migration by Income

Household Income ($150,000 or more): 115
Individual Income ($75,000 or more): 55

For more migration pattern details, click here.

Prev Next

2. Plymouth County

Migration Totals

Net Migration: 377
Outbound Migration: 554
Inbound Migration: 931

Net Migration by Education

Bachelor's Degree: 116
Graduate or Professional Degree: 6

Net Migration by Income

Household Income ($150,000 or more): 1
Individual Income ($75,000 or more): -23

For more migration pattern details, click here.

Prev Next

1. Middlesex County

Migration Totals

Net Migration: 1,863
Outbound Migration: 4,451
Inbound Migration: 6,314

Net Migration by Education

Bachelor's Degree: 280
Graduate or Professional Degree: 258

Net Migration by Income

Household Income ($150,000 or more): 344
Individual Income ($75,000 or more): 129

For more migration pattern details, click here.

Prev Next

Worcester County Totals

Migration Totals

Net Migration: 2,709
Outbound Migration: 11,938
Inbound Migration: 14,647

Net Migration by Education

Bachelor's Degree: 900
Graduate or Professional Degree: 394

Net Migration by Income

Household Income ($150,000 or more): 673
Individual Income ($75,000 or more): 257

For more migration pattern details, click here.

 
 

Related Articles

 

Enjoy this post? Share it with others.

You Must be Logged In to Comment

Tracker Pixel for Entry