According to the Social Security Administration, more than nine out of ten individuals age 65 and older receive Social Security benefits. But most retirees also rely on other sources of retirement income, as shown on this chart:
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Posted by Michael Chapman at 12:00 PM PDT
Last week the major indexes exploded to the upside on higher volume. The DJI and S&P indices were up 3%, but the real story was the 6% increase in Investors Business Daily’s (IBD) top 100 leading stocks index. In that index, 61 of the 100 stocks had weekly increases in both price and volume. The four-day pull back since last Wednesdays high has been on lighter volume each day (bull market trading). I’m betting that by the next time I post we will be at new highs for the S&P 500 and DJIA indexes. The NDX hit a new high Tuesday.
A quick glance at IBD’s mutual fund page shows large cap growth stocks have been the leading stock class since mid June. This group has underperformed since 2000 and is due to cycle back into a leadership position.
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Posted by Michael Chapman at 12:00 PM PDT
I’ve been suggesting since June that the imbalance between the record long position of the commercial traders and the record short position of the large speculators, aka hedge funds, would likely resolve itself with a strong move to the upside as the hedge funds were forced to cover their shorts.
Yesterdays 50 basis point cut in both the Fed Funds and the discount rate is the catalyst for this short covering to begin. We will likely see a quick move to new highs as buy stops are hit and shorts scramble to cover.
Read the Bull Bear Review (PDF) >>>
Posted by Michael Chapman at 12:00 PM PDT
Even if you’ve always handled your family’s finances, you may be overwhelmed by the number of financial matters you have to settle in the weeks or months following your spouse’s death. While you can put off some of these tasks, others require immediate attention. If you’re uncertain where to start, begin by organizing. You’ll have to find the records and paperwork you need to apply for benefits, set up systems to organize those records and other information you receive, and determine your short-term need for income. Afterwards, you’ll be ready to start settling your financial affairs with the help of personal and professional advisors.
Getting organized
Gather records
To settle your spouse’s estate or to apply for insurance proceeds or government benefits, you’ll need a number of documents. Locating these documents (and applying for certified copies of some of them) should be your first step in getting your finances organized.
To apply for life insurance proceeds, you’ll need a certified copy of your spouse’s death certificate (and possibly his or her life insurance policy). To apply for Social Security benefits, you’ll need to provide proof of death (a death certificate), proof of marital relationship (a marriage certificate), and proof of age (a birth certificate).
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Posted by Michael Chapman at 12:00 PM PDT
