Steinberg Investment Group LLC

Blog

Spring into a Positive Outlook

Dear Valued Investor:“The real key to making money in stocks is not to get scared out of them.” Peter LynchThey say April showers bring May flowers. Well, after a lot of showers and storms over the past year, flowers are starting to bloom and things are looking a lot better.Last month marked the one-year anniversary of the bottom of the vicious pandemic-induced bear market for the S&P 500 Index. Despite the turmoil of the past year, investors who did not get scared out of stocks
View More >>

How to Stay Committed to Your Financial Goals

View More >>

Finding the Right Accountant

Whether you're searching for an accounting professional to help you with your business needs or just want your taxes prepared by a CPA, forming a relationship with an accountant can require a lot of trust — and due diligence. What factors should you consider when searching for an accountant, and what questions should you ask when narrowing down potential candidates?Keep reading to learn more about finding the right accountant for your needs.What Type of Accountant Do You Need?Do you wa
View More >>

4 Reasons to Consider a Life Insurance Policy

Buying a life insurance policy is something that many people push off, sometimes until it is too late. For many people, the thought of buying life insurance means thinking about their death, which is something that most people wish to avoid. Life insurance is not about death, but instead about the future and security of your loved ones. If you have not yet made the jump to purchase your life insurance policy, below are four reasons you should consider one.[1]It Assists With Your IncomeIf your fa
View More >>

How to Increase Your Financial Literacy

Unlike verbal literacy, financial literacy isn't often taught in schools—which means that many people may enter adulthood without having all the tools they need to make informed and effective financial decisions.[1] Fortunately, gaining financial literacy doesn't need to be a long or complicated process. Read on for three simple things you can do to work toward increasing your financial literacy.Subscribe to Reputable Financial Publications and NewslettersAs with just about an
View More >>

A Checklist for Your Retirement Planning

The time to begin planning for your financial future is now. So, when it comes to preparing for retirement, the earlier you start, the better.Here are some steps to help you pursue your overall objectives: Review your current financial situation by assessing your income and assets versus your expenses and liabilities.At first, determine a realistic amount to contribute regularly to your employer-sponsored qualified retirement plan, e.g., a 401(k) plan. Over time, try to maximize allowable contri
View More >>

Key Considerations as You Start Receiving Social Security Benefits

As your retirement draws closer, you will probably start to have lots of questions such as: How much Social Security will I receive?When should I retire?How will I know when to retire?Do I have enough saved?What will I need to do to maintain health insurance after I retire? The answers to these questions can vary widely depending on your income, your job duties, and your assets. However, there are a few factors that everyone should keep in mind when you begin making your retirement decisions.
View More >>

Tips to Help Financial Stress

With so much going on in the world today—from a global pandemic through economic hardship—it comes as no surprise that many people have recently found themselves under heavy financial stress. Whether it is due to the loss of a job, illness, or the need for time to take care of family, many people are feeling the pinch.You too might be looking for ways to ease your financial stress and allow yourself to get back on track toward your financial goals. Below are just a few steps you may
View More >>

Common Mistakes That Can Hurt Your Credit

Having a good credit score doesn't just get you the best interest rates. It can also reduce your auto insurance premiums, allow you to avoid security deposits, and in some cases, even help you get hired.1But what goes into your credit score, and how can you make sure you're doing what you can to improve your score? Below, learn more about five of the most common mistakes that can harm your credit score.Carrying High BalancesThe closer your total balance is to your credit limit (known as
View More >>

How Financial Asset Management May Help Investors Stay the Course

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time outweighs such risks. However, because there are no guarantees, investing assets can be a nerve-wracking experience – especially during periods of market turbulence.[i]Taking a deliberate approach to financial asset management and working with a financial profession
View More >>

How Financial Asset Management May Help Investors Stay the Course

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time outweighs such risks. However, because there are no guarantees, investing assets can be a nerve-wracking experience – especially during periods of market turbulence.[i]Taking a deliberate approach to financial asset management and working with a financial profession
View More >>

Investing for the Future

For years, you’ve diligently invested in your retirement portfolio, accumulating wealth that you hope will sustain you throughout your Golden Years. To help see that your assets are sufficient to help you support your lifestyle standards, there are important steps that you can take. We offer an overview below: Perform regular assessmentsWhile you may have performed calculations about your anticipated retirement needs years ago, it’s helpful to re-crunch those numbers regularly,
View More >>

Appetite for Risk

Many prospective investors eventually shy away from a commitment when they hear the dreaded “R” word: risk. By itself, risk is innocuous, carrying no special meaning or predictive result. But the idea that investing one’s money is not foolproof; that there are risks involved, and that a return is speculative — the very idea is enough to burrow one’s savings into a secure bank account that earns a predictable interest rate (never mind that the figure is minuscule by
View More >>

Common Retirement Investment Mistakes

Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report.?11 While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age. While there is no single action that can boost the collective confidence of retirees, there are several key investment mistakes that, if avoided, c
View More >>

Begin Investing While Young

There’s a simple word that has profound implications for savings and investing: compounding. Like a snowball that grows as it rolls down a hill, compounding provides the potential for your money to grow, reinvesting your investment earnings.It is a basic model for growth potential, and the more you invest, the greater the opportunities to create long-term value. Let’s take a hypothetical examples1 to illustrate:If you invest $1,000 at age 20 and do not add anything to the principal,
View More >>

The Importance of Financial Wellness

Financial wellness, like physical wellness, isn’t something you should ignore. Instead, it's a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so important that more than half1 of employers now offer financial wellness programs to their workers. So, what is financial wellness and why is it so important? Keep reading for an overview of this concept. What Is Financial Wellness? Financial
View More >>

What Retirement Plans Are Available?

When securing your financial future, saving for retirement usually is a no-brainer. But between an IRA, Roth IRA, 401(k), 457(b), SEP IRA, and the other retirement vehicles, how can you know which plan or plans are right for you? The answer often depends on your income and tax situation. Read on to learn more about the various retirement plans that may be available in your area. Plans With Pre-Tax Contributions These plans, which include 401(k)s, 457(b) and 403(b) plans, and traditional IRAs,1
View More >>

Your Retirement Planning: “Too Big to Fail”

Five common retirement planning misperceptions and how to avoid   Many of us remember the phrase “too big to fail” from the 2008 financial crisis and cringe now that its use has been resurrected during the coronavirus pandemic. Others remember that the term was also used in 1984 by U.S. Congressman Stewart McKinney when he talked about the FDIC’s intervention with Continental Illinois, which became the largest bank failure in history until the failure of Washington Mutual
View More >>

New Year's Resolutions to Get Your Finances in Order

New Year's is traditionally the time to review your life and make resolutions for change. In addition to thinking about working out, eating healthy, and meeting personal and professional goals, you should also think about your finances. To make the most of the New Year, keep the following tips in mind.1. Outline New GoalsTo ensure you're moving in the right direction, take some time to outline your goals. Think about long-term goals such as buying a home, sending the kids to college, or
View More >>

End of Year (EOY) Deadlines Checklist

2020 has been one of the most unprecedented years in recent history, but some things—like tax contributions and retirement deadlines—don't change much, if at all. And with the uncertainty surrounding just about everything, meeting these deadlines and getting tax efficiencies in place now may help the rest of the year run more smoothly. Read on for several things you'll want to accomplish before 2020 draws to a close. Establish or Contribute to a Keogh Plan
View More >>

End of Year Planning: Set Goals and Reduce Taxes

By the last third of the calendar year, you're likely to have a pretty good idea of what your annual income will be and whether any major expenses or big life changes await you. This can allow you to engage in more robust tax planning, creating the first draft of your federal and state income tax returns to see what factors you can tweak and what goals you can set to reduce your overall tax burden. Read on for some points to consider as you close out 2020.  Maximize Your Retir
View More >>

Smart Shopping During the Holidays

The holiday season is just a short time away, which means the shopping season is about to be in full swing. Shopping for holiday gifts is stressful but also a little fun, especially when you think bout the joy you will bring to those who receive them. But in all the rush to get everything done in time, it is easy to forget smart shopping techniques and end up spending yourself into debt or buying a lot of items that you do not need. So this year, why not try some smart shopping tips to
View More >>

Tax Benefits of Charitable Planning

When you donate to a charity, you want to know that your donation is going to its highest and best purpose—which means minimizing the tax exposure of the donated assets. One way to accomplish this, whether you're hoping to donate during your lifetime, after your death, or both, is through a charitable remainder trust. Read on to learn more about the benefits of charitable planning through a charitable remainder trust. What is a Charitable Remainder Trust (CRT)? A CRT is a type of
View More >>

End of Year Planning: Set Goals and Reduce Taxes

By the last third of the calendar year, you're likely to have a pretty good idea of what your annual income will be and whether any major expenses or big life changes await you. This can allow you to engage in more robust tax planning, creating the first draft of your federal and state income tax returns to see what factors you can tweak and what goals you can set to reduce your overall tax burden. Read on for some points to consider as you close out 2020.  Maximize Your Retir
View More >>

How Should High Net-Worth Women Use Their 401(k)?

The 401(k) allows (most) account owners to stash away nearly $20,000 per year (or more than $25,000 for those age 50 and over), without paying any federal income tax on contributions. And with the Tax Cuts and Jobs Act reducing the top marginal tax rate for just about all tax filers, this could be a good time to reduce your pre-tax income. How can high net-worth women optimize the use of a 401(k)? Reduce Your Marginal Rate to Open Other Doors Many high net-worth women earn too much to cont
View More >>

Should You View Your House as an Investment?

The National Association of Realtors recently announced that first-time home buyers accounted for 33% of home sales in August, which is up from 31% a year before. And you can bet that many of those first-time home buyers were told that they are making a great “investment” by purchasing a home.In fact, it’s likely that many consider their home as a wealth-building tool, especially since it allows home buyers to not “throw money away” on rent. But should you compare t
View More >>

Wondering Whether You Missed the Recovery?

Why long-term investing success is about time in the market, not timing It is only natural that investors would want to find some way to sit out bear markets and get back just in time for the next bull run. The belief that you can foresee the direction of the stock market is a seductive one. Some investors are confident that they can time it perfectly and snap up equities when prices are low and shift into cash or bonds when the market hits its peak. But investors run a big risk by selling whe
View More >>

Should You Change Your Investing Strategy?

Should You Change Your Investing Strategy?There is no one-size-fits-all answer, but tactical shifting might make sense   Wise investors alter their approaches as market cycles shift, from bull to bear to something in between. A consistent strategy might be far more risky than one that involves tactical shifts according to the season. Take most 13-year-old boys, who love wearing shorts and T-shirts. They love this so much that they wear this attire all year-round, no matter how cold it is o
View More >>

Investing in an Election Year

The world's events always affect the markets, and making smart investment choices requires you to look at what's happening around the world. But what about during an election year? How should you invest while the country is deciding which direction to take? Regardless of which side of the political spectrum you prefer, you may want to keep the following facts in mind as you invest during an election year. 1. Stocks Trend Upward Regardless of Who's in Office Althou
View More >>

Tips for Navigating a Volatile Retirement

Retirement is the time in your life when you want to sit back, relax, and enjoy the fruits of years of hard work. But unfortunately, when the market is volatile, it may bring additional anxiety and stress. The good news is, a volatile market does not necessarily spell disaster, and by following a few simple tips, you may be able to reduce anxiety as you navigate through these times. Determine How Much Income You Have to Count On It is unlikely that all of your retirement savings is linked direc
View More >>

Avoid Playing Politics with Your Portfolio

When the markets are shaky, it can be tempting to rely on political headlines or pending legislation to time your entry or exit points. However, letting politics drive your investment decisions can be a costly mistake. Learn more about what helps market trends endure beyond political administrations and why you should ignore the noise and focus on your investment fundamentals. Politics' Long-Term Impact (or Lack Thereof) on Markets How much do political decisions really impact the stock mar
View More >>

COVID-19 Delaying Your Retirement Date?

Recent surveys have indicated that many of us are rethinking our retirement plans because of COVID-19. In fact, one survey from the nonprofit group Life Happens suggests that a whopping 43% of Americans say they plan to postpone and continue working past their retirement date because of COVID.As a financial professional, this is troubling for lots of reasons. And while it’s impossible to make blanket statements or give advice that fits the masses, there are three important questions you ne
View More >>

The Risks of Market Timing

"Market timing" is the strategy of trying to predict when stock prices will rise and fall and attempting to buy low and sell high. While this seems to make sense in theory, it's extremely difficult to pull off successfully. Trying to time the market may mean missing out on potential gains.Typically, you can't accurately pinpoint a market high or low point until after it has occurred. If you move your money out of stocks during a low period, you might not move your money back in
View More >>

Coping With Market Volatility in Uncertain Times

As the United States desperately tries to flatten the contagion curve for the coronavirus, many state governors have mandated the closure of an unprecedented number of businesses and issued stay-at-home orders to their citizens. The global pandemic is wreaking havoc with the markets and causing concern among many investors. Dealing with market volatility during uncertain times can be stressful, and these tips may help.  1. Focus on What You Can ControlDuring times of economic uncertain
View More >>