Moving the Needle in Financial Literacy

The data is out there. Student loans total $1.5 trillion in the U.S. and the average credit card balance for young people is just under $6,000. Most Americans don’t regularly pay their credit card in full every month, and 35% of all Americans have a debt that is currently in collections. These are only a…

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2019 Tax Update

2019 Tax Update Includes Increased Retirement Contribution Limits While it seems the changes from 2018 to 2019 will be minor, the great news is the IRS has finally increased IRA, 401(k), and other retirement account contribution limits.   IRA Contribution Limits The contribution limit for Traditional and Roth IRA accounts has increased to $6,000. The…

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2018 Tax Reform: Here’s What You Need to Know

The new tax law passed by Congress should send tax preparers into a scramble, helping taxpayers understand how 2018 will be different from 2017. Early estimates and projections show the largest impact will not be from the changing tax rates, but instead from the new tax deduction rules. Specifically, the doubling of the standard deduction…

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2017 Saving Limits on Retirement Plans

With 2017 well on its way, it’s a good idea to review and update your savings goals for the year.  The 401k contribution limit has remained unchanged at $18,000, with a $6,000 catch up contribution available for participants over age 50.   IRA contribution limits are also the same as 2016 but the amount of income…

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Inflation

Knowing that we’ll need more money to buy the same amount of goods we are buying today can be daunting. This is the reason savers choose to invest, so as to keep the purchasing power of their hard earned dollars ahead of inflation.

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Flexible Spending in Retirement

By adjusting spending accordingly, you are not required to live an austere lifestyle early on, because you can adjust your spending to meet the needs of the portfolio as time goes on. This flexibility can potentially increase the sustainable percentage distributed from a retiree’s portfolio. We recommend you read the full article here. Keep in mind there is no “one size fits all” approach to investing. We recommend creating a living plan which addresses your specific goals and needs, tailored to your unique circumstances.

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First Pacific Expands to Portland Office

new Portland office for First Pacific will be located in the Columbia Square Building

First Pacific Financial is growing — we are pleased to announce that our team is opening an office in downtown Portland! The Portland office will be located in the Columbia Square Building at: 111 SW Columbia Street.

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Cell Phones: Best Bang for Your Buck

Best cell phone for the buck

Comparing cell phone plans can be difficult. With hidden fees, alternative coverage areas, and differing data, text, and phone options, it can feel almost impossible to choose which plan is right for your family. Like with many financial decisions, it helps to begin with the end in mind.

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America’s Divided Recovery

With a growing chorus of college grads bringing their student loan woes to the forefront of this election cycle, many have questioned the value of a college education. Georgetown University’s Center on Education and the Workforce recently put out a striking report that depicts the growth in the labor market since the Great Recession. Workers with an Associate’s degree or even some college have fared far better in the workforce adding 3.1 million jobs versus those with only a high school diploma who have added a meager 80,000 jobs. Workers with a Bachelor’s Degree or higher? They’ve added 8.4 million jobs.

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