Join us Tuesday, August 28, 11 a.m. ET for the second webinar in the Family Finances series, Financial Planning for Life Events. RSVP here. By Barbara O’Neill, Ph.D., CFP®, Rutgers Cooperative Extension, email@example.comPersonal Financial Management program staff often counsel military families about the financial implications of lifestyle transitions. This includes the decision by service members to get married and merge their financial life with a spouse. When a couple gets married, they usually commingle at least some of their personal finances.Some of the biggest challenges a couple will face include joint goal-setting, establishing accounts at financial institutions, deciding how to pay bills and manage money together, and filing income taxes as a married couple. Both spouses also need to review existing financial documents, such as life insurance policies, IRAs, and 401(k)s, and change the beneficiary designation to their spouse, if desired.Image via Pixabay.com/CC0Marriage is also a good time to draft legal documents such as a will, which stipulates how each spouse’s assets will be distributed. Older couples with substantial funds and/or children from a previous marriage may consider a prenuptial agreement to make decisions in advance about financial matters in the event of death or divorce.Below are six recommendations to share with service members who are about to get married:Set Joint Financial Goals- Make a list of short- and longer- term needs and wants. For example, one spouse may need a new car within a year and, together, a couple wants to buy a house within three years. Determine the cost of each goal and the amount that needs to be saved each month to achieve it on time. As an initial financial goal, plan to save at least 3 months living expenses for emergencies such as car repairs.Develop a Spending Plan– Prepare a spending plan (a.k.a., budget) that includes savings for financial goals. Review and revise it as needed. A simple spending plan includes monthly net income, fixed expenses, flexible expenses, and occasional expenses that are paid less frequently than monthly (e.g., quarterly insurance premiums, college tuition, and vacation expenses).Develop a Cash Management Plan– Decide if and how you want to merge financial accounts (e.g., savings and checking). Some couples prefer one joint account while others prefer two separate accounts or a combination of separate and joint accounts. There is no one “right” way for married couples to handle their finances. Factors to consider include convenience, a desire by each spouse for some personal “spending money,” and the minimum balances required by financial institutions to avoid fees.Develop a Payment Plan-Decide how to divide household expenses. If the incomes of two working spouses are fairly equal, bills can be split 50/50. If there is a substantial difference in earnings, bills can be pro-rated. For example, the spouse who earns 70% of household income would pay 70% of the couple’s expenses. The other spouse who earns 30% of total income would pay the remaining 30% of the bills.Come Clean About Credit– Review each other’s credit reports prior to marriage. If a spouse-to-be has a poor credit history, don’t apply for a joint loan (e.g., mortgage) or credit cards. Keep your credit histories separate until negative information drops off the poor credit report, usually in 7 years (10 years for bankruptcy). If one spouse co-signs a loan for the other, he or she becomes legally responsible. Similarly, if financial accounts are merged, assets of the spouse with a good credit history can be seized by creditors.Adjust Your Tax Withholding– Complete a new W-4 form (available from each spouse’s employer) to reflect your new marital status. Two-paycheck working couples may need to have more tax withheld to cover the higher taxes that may be due on their combined income. Instead of claiming one withholding allowance, one or both spouses may want to claim zero or even have an additional amount withheld so they don’t fall short of what they owe. Conversely, couples with one earner may experience a “tax bonus” as a result of marriage and need less tax withheld than before. This is because they will benefit from the higher dollar amounts on tax brackets for married couples versus singles.
A ‘chaadar’ was on Saturday offered at the dargah of Khwaja Moinuddin Chishti here on behalf of Prime Minister Narendra Modi who said the service of the Sufi saint to humanity will continue to inspire generations.Union Minister of State for Minority Affairs Mukhtar Abbas Naqvi offered the ‘chaadar’ (shawl) on behalf of the PM and read out his message in which Modi greeted the followers of the saint in India and abroad on the occasion of the 805th annual Urs.“Khwaja Moinuddin Chishti is a symbol of India’s great spiritual tradition,” the Prime Minister said in his message.He said the service of Garib Nawaz to humanity will continue to inspire generations. Chishti, a great 6th century Sufi saint, is also known as Gharib Nawaz (patron of the poor).Speaking on the occasion, Mr. Naqvi said that the country is an example of social and communal harmony for the entire world and the life of ‘Garib Nawaz’ inspires all to strengthen it.“This unity can defeat the forces which are engaged in a conspiracy to create divide and conflict in the society,” he said.The Minister said that development of the country and living up to the trust of the people is the only commitment of the NDA Government under the leadership of Mr. Modi.He said Chishti’s message of world peace is a strong weapon to protect human values and defeat the nefarious designs of terror forces.
Pagasa: Kammuri now a typhoon, may enter PAR by weekend Security was tight at the arena as a SWAT team stood guard outside.“We’ve already undertaken a lot of preparation, and with the way the world looks today this type of incident (Monday’s attack) is the kind of thing we have to prepare for. So it has been part of our planning all along,” Stockholm police spokesman Kjell Lindgren said.United manager Jose Mourinho said Tuesday he and his players were finding it hard not to think about the attack, which targeted fans leaving a pop concert by the American singer Ariana Grande and left 59 people injured.Sports Related Videospowered by AdSparcRead Next MOST READ For Mark, a 19-year-old Manchester fan living in Stockholm, this was no ordinary match. “It was very special because of the events that happened in Manchester and now they qualify for Champions League,” he said. Vijay Patel, a 29-year-old Manchester fan from the UK, said the team came out even stronger in the aftermath of the attack. “It should motivate them… they’re not just winning for the team they’re winning for the city,” he said. Team supporters were celebrating hours earlier at a fan zone in Stockholm’s leafy Kungstradgarden park where they played football and took photos.ADVERTISEMENT Heat’s Big 3 era ends as deal struck for Bosh to go—report ‘Coming Home For Christmas’ is the holiday movie you’ve been waiting for, here’s why More than 5,000 measles deaths in DR Congo this year — WHO LATEST STORIES South Korea to suspend 25% of coal plants to fight pollution SEA Games: PH beats Indonesia, enters gold medal round in polo Panelo suggests discounted SEA Games tickets for students PLAY LIST 01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes LOOK: Vhong Navarro’s romantic posts spark speculations he’s marrying longtime GF Shaun Payne, a 29-year-old United supporter, said Monday’s attack undoubtedly scarred the team, but he was optimistic that they would win.“They have nothing to lose tonight. They’ll go for it,” he told AFP.“It’ll provide extra motivation to represent the city and to hopefully bring the trophy back with us,” he says. Tight securityRob Coppen, a 28-year-old Ajax fan from Amsterdam donning the team’s kit, said the terror attack took the joy out of the final. “(The attack) has taken the spark off the game. It’s been a while since Ajax has been in a Euro final so it’s a pity.“But what can you do? Nobody asked for this, neither Manchester nor Ajax,” he said. Amy Edwards, a Manchester fan, was worried about safety at the final, but said she refused to let fear control her life. “I’m worried a little bit in case something happens tonight, but I guess it’s always a risk you take anyway and go to high profile games,” she said.“But you can’t stay inside,” she added. “Obviously the events in Manchester has put a dampener on everything but hopefully we can win and bring the trophy back tonight.” Manchester’s Wayne Rooney holds the trophy after winning 2-0 during the soccer Europa League final between Ajax Amsterdam and Manchester United at the Friends Arena in Stockholm, Sweden, Wednesday, May 24, 2017. (AP Photo/Michael Sohn)A crowd of Manchester United fans were cheering outside a Stockholm stadium on Wednesday as their team won the Europa League, a relief for the supporters after the Manchester terror attack 48 hours earlier.“It’s fantastic to see them winning. We were always confident that we would win,” said George Malloy, a 69-year-old from Dublin. ADVERTISEMENT View comments Don’t miss out on the latest news and information. Cayetano dares Lacson, Drilon to take lie-detector test: Wala akong kinita sa SEA Games “I think it will be a good lift for the people of Manchester,” he added. Manchester fans were screaming and whistling in joy, while their Ajax counterparts were biting their nails as the English club won 2-0. FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSMalditas save PH from shutoutSPORTSPrivate companies step in to help SEA Games hostingOutside the entrance of the modernly decorated Friends Arena in the Stockholm suburb of Solna, fans were upbeat and cheerful under sunny summer skies, but nervous about both the outcome of the match and security issues.Ahead of Wednesday’s match, players held a minute’s silence in honour of the victims of Monday’s suicide bombing at the Manchester Arena which left 22 people dead. Lakers win 9th straight, hold off Pelicans
The Safeway Foundation and Stand Up To Cancer (SU2C), a program of the Entertainment Industry Foundation (EIF), have teamed up to develop a print, radio and digital public service announcement featuring actress and SU2C Ambassador Marcia Cross.The PSA is designed to increase awareness for the fight against prostate cancer.Prostate cancer is the second-leading cause of cancer death for men in the United States and currently affects more than two million American men. One in six men will be diagnosed with prostate cancer in their lifetime.Debuting this June, the public service campaign coincides with Safeway’s annual in-store Prostate Cancer Awareness fundraiser, providing customers with multiple opportunities to give at more than 1,400 Safeway stores across the United States. The public service campaign will continue through the month, which includes the national observance of Father’s Day on Sunday, June 16.Marcia Cross Helps Raise Awareness and Funds in the Fight against Prostate CancerAt the center of the public service campaign is a limited edition, reusable shopping bag, embossed with the words, “It starts with a wish; it can end with a cure.” The bag will be available for purchase at all Safeway banner stores, including Vons, Pavilions, Tom Thumb, Randalls, Dominick’s, and Carrs stores, as well as online at safewayfoundation.org.Proceeds will support accelerated prostate cancer research. Additionally, Safeway shoppers will have a chance to make a separate donation at check-out.Emmy Award and Golden Globe nominee Marcia Cross is best known for her roles on the award-winning series Desperate Housewives and the original Melrose Place.“I’ve seen too many men in my life affected by cancer,” said Cross. “I am proud to be a part of the effort to support important cancer research that can save lives. My hope is that we can help increase survivorship among men affected by prostate cancer.”“We are thrilled to collaborate with our friends at Stand Up To Cancer and Marcia Cross to further increase awareness of prostate cancer,” said Larree Renda, Chair of The Safeway Foundation. “Stand Up To Cancer’s scientists are taking cancer research to the next level and we are committed to helping them in their effort to make meaningful advances in patient care.”The collaborative campaign represents a continued dedication to prostate cancer research and awareness for both The Safeway Foundation and SU2C.The Safeway Foundation’s donation to SU2C helps fund two Dream Teams focused on prostate cancer. The first team’s project, titled “Precision Therapy for Advanced Prostate Cancer,” is led by Arul M. Chinnaiyan, M.D., Ph.D., S.P. Hicks endowed professor of pathology and professor of urology at the University of Michigan in Ann Arbor, and Charles L. Sawyers, M.D., chairman of the Human Oncology and Pathogenesis Program at Memorial Sloan-Kettering Cancer Center.The second Dream Team project, titled “Targeting Adaptive Pathways in Metastatic Treatment-Resistant Prostate Cancer,” is led by Eric J. Small, M.D., professor of medicine and urology and chief of the division of hematology and oncology at the University of California, San Francisco (UCSF), and Owen N. Witte, M.D., distinguished professor of microbiology, immunology and molecular genetics at the University of California, Los Angeles (UCLA), and distinguished professor of molecular and medical pharmacology at UCLA’s David Geffen School of Medicine. In total, these two teams have 109 scientists at 22 institutions.To date, Safeway and The Safeway Foundation have raised $84.5 million for the Prostate Cancer Foundation, the world’s largest philanthropic source of support for prostate cancer research. Those donations, provided by Safeway’s generous customers, have helped fund 1,600 prostate cancer research projects providing hope for treatment and cures.Since 2008, the Prostate Cancer Foundation has funded nearly 100 cancer investigators (in 7 countries and 44 cancer centers) whose innovative research ideas are accelerating discovery and progress.New advances in early detection funded by The Safeway Foundation include a urine test to detect a unique piece of DNA found only in prostate cancer cells that can now be detected. This test has the potential to catch prostate cancer many years earlier than it has typically been detected in the past. Together with a PSA test and a checkup, it will help doctors determine who has prostate cancer and thus prevent patients from undergoing unnecessary biopsies.“We’re profoundly grateful to Marcia Cross and the Safeway Foundation for helping us spur more important conversations about prostate cancer, and for making it so easy for the public to support research that will lead to newer, more effective therapies,” said Lisa Paulsen, co-founder of Stand Up To Cancer and CEO of the Entertainment Industry Foundation (EIF).For more information on the campaign, visit safewayfoundation.org or standup2cancer.org.Stand Up To Cancer raises funds to hasten the pace of groundbreaking translational research that can get new therapies to patients quickly and save lives. SU2C marshals the resources of the media and entertainment industries in the fight against this disease. Current members of the SU2C Council of Founders and Advisors (CFA) include Talk Show Host, Journalist and well-known Cancer Advocate Katie Couric; Sherry Lansing, Chairperson of the Entertainment Industry Foundation’s Board of Directors and Founder of the Sherry Lansing Foundation.SU2C’s “Dream Team” approach to funding translational cancer research enables scientists from different disciplines at research centers across the country and internationally to collaborate on projects geared toward getting new, less toxic treatments to patients as quickly as possible. Monies also support innovative cancer research projects that are often deemed “too risky” by conventional funding sources. One hundred and one institutions are currently involved. As SU2C’s scientific collaborator, the American Association for Cancer Research, led by a prestigious SU2C Scientific Advisory Committee, provides scientific oversight, expert review of the research projects and grants administration.