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2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. Contact your financial advisor to start your new year off right!
Read MoreDos and Don'ts for Investing During the Holidays
In the world of investing, the "holiday effect"; as it is often referred to, is a phenomenon where stock prices see an increase right before a major holiday. Follow these simple dos and don'ts for investing during a holiday.
Read MoreSocial Security Benefits Set to Increase in 2024
In a welcome development for millions of Americans relying on Social Security, the Social Security Administration has recently announced a substantial increase in retirement and disability benefits.
Read MoreTips for Your Year-End Financial Planning Review
When you work with a financial professional, then you know how important the year-end review is to the financial planning process. And given that you should be scheduling your year-end review this month, let’s review how you can...
Read MoreFed’s Core Inflation Focus vs. Retirees’ Real World
On September 13, 2023, it was announced that August saw inflation record its biggest monthly increase for all of 2023 as energy prices rose significantly. Specifically, the Department of Labor reported that the Consumer Price Index...
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Helping Your Heirs While Helping Others
A charitable remainder trust (CRT) can be a highly effective financial and estate planning tool. The CRT can allow you to: avoid capital gains taxes on highly appreciated assets, however when income is distributed to the income...
Read MoreTax Planning for the Self-Employed
What is it? According to the IRS, you are self-employed if you carry on a trade or business as a sole proprietor, as an independent contractor, as a member of a partnership, or if you are otherwise in business for yourself. You can be...
Read MoreFINANCIAL PLANNING STRATEGIES
Let's assume your financial planning is way ahead of your friends. You have saved, invested well and paid off your debts. And while it’s easy to pick your retirement date and maybe budget what you will need for retirement income...
Read MoreFinancial Planning - Helping You See the Big Picture
Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached. That's where financial planning...
Read MoreFinancial Planning at Every Age
In 2013, a Gallup poll found that only about one in every three U.S. households maintained a budget.1 A 2021 survey of 1,000 Americans found that 80% now say they have a budget.2 Americans are budgeting more due to the pandemic....
Read MoreHigh Net-Worth Individuals: Are You Missing Opportunities in Your Financial Planning?
High Net-Worth executives and those that have been self-employed, can experience common problems in their financial planning journey. Often, they have missed opportunities in their financial planning because they haven’t planned...
Read MoreAn Essential Guide to Estate Planning Preparedness
A recent survey by Caring.com found that a whopping two in three American adults do not have an estate plan1—an alarming statistic, considering that an estate plan can protect your assets and ensure that they go to the right...
Read MoreAre You Maximizing 401(k) Contributions?
The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement.
Read MoreHow Compound Interest Makes You Money
Interest is one of the simplest and most appealing ways to gain profits from an investment. Like clockwork, you receive an interest payment on your principal, or the amount of money you deposit when you open an account. Unlike more...
Read More5 Compelling Reasons to Rethink Social Security
When it comes to planning for retirement, Social Security benefits have traditionally been viewed as a safety net for many individuals. However, in recent years, there has been growing concern about the long-term viability and...
Read MoreInvesting in Your 60s and Beyond
Once you are in your 60s, you are likely to focus less on growing your retirement funds than answering, "When do I retire?" And once you crack open your nest egg, how should you allocate its contents? The answer often lies in a...
Read MoreStaying on Track with Your Retirement Investments
Investing for your retirement isn't about getting rich quick. More often, it's about having a game plan that you can live with over a long time. You wouldn't expect to be able to play the piano without learning the basics and...
Read MoreThe Complex Waters of Aging Parents’ Finances
As professionals, managing our own finances can be a challenge. However, one area that we often overlook, yet is vitally important, is understanding and navigating our aging parents' finances. As they move into retirement and beyond...
Read MoreFour Retirement Plan Trends to Watch in 2023
Amidst a backdrop of a volatile market and potential inflationary pressures, these shifts can shape the future of employee retirement planning significantly. Here are four critical trends that deserve attention. Planning for a Volatile...
Read MoreNow Might Be a Good Time for a Roth Conversion
One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a...
Read MoreInflation: The Nemesis of Every Single Retiree
As a retiree, one of the significant financial challenges you may encounter is inflation. The rising costs of goods and services can erode the purchasing power of your retirement savings, making it difficult to maintain your desired...
Read MoreA Financial Checklist for Life-Changing Events
When it comes to financial planning, people often think of financial professionals as people who assist with strategies for retirement planning. That is one aspect of their job; however, financial planning and working with a financial...
Read MorePlanning Matters When Retirees Start Traveling
Retirees often have the time, freedom, and desire to explore new destinations and make the most of their golden years. With careful planning and attention to detail, senior travelers can work towards preparing trips that are safe,...
Read MoreFinancial Freedom, Market Volatility, and You
If recent market volatility has you questioning your opportunities for financial freedom, you are not alone. Due to rising inflation, higher interest rates, a volatile stock market, and recession fears, many investors find themselves...
Read MoreThe Challenges Facing Women Entrepreneurs
Despite progress, the pathway to financial access and stability is still rockyWhile the future seems brighter than ever for women entrepreneurs, a myriad of financial challenges continue to cast shadows over their journey. The...
Read MoreFed Raises Rates for the 10th Consecutive Time
Understanding the impact on consumers, businesses and the stock market.The Federal Reserve's recent decision to raise the federal funds rate for the 10th consecutive time brings forth potential consequences for various stakeholders in...
Read More401(k) Rollovers Can Make or Break Retirement
Making informed decisions about retirement is crucial to financial independence. In an era characterized by high job turnover, it is more important than ever for employees to carefully manage their retirement savings. With a...
Read More40% of Us Don’t Pay Any Federal Income Taxes
A new analysis by the Tax Policy Center (TPC) indicates a significant decline in the number of American households that will not pay federal income taxes in 2022. According to the TPC, an estimated 72.5 million households, or 40% of...
Read MoreTake a Swing at Investing Like a Golfer
Golfing and investing may not seem to share much common ground at first glance. But the more you think about it, a successful golfer and a successful investor share a number of traits such as patience, perseverance, attention to detail...
Read MoreSetting and Targeting Investment Goals
Setting investment goals means defining your dreams for the future. When you're setting goals, it's best to be as specific as possible. For instance, you know you want to retire, but when? You know you want to send your child to college...
Read MoreMaking an Educated Decision about Education Savings Options
Those that choose to invest in the education of a family member, friend or acquaintance are investing not only in that individual’s future, but also the future of society. It is an act of generosity, forward-thinking, and love.
Read MoreYour Estate and Life Insurance
It can be fairly easy to underestimate your net worth. After all, predicting the future value of your home and savings is merely hypothetical. On the other hand, you can rely on the fixed amount of the death benefit provided by your life...
Read MoreTips for Your Financial Transition to Civilian Life
A drawdown is looming. You're separating at the end of active service. You've decided to retire after a long career. No matter why you're leaving the military, a big part of preparing for your civilian life is taking steps to proactively...
Read MoreTiming Your Earnings in Retirement to Optimize Your Social Security Retirement Benefit
If you work after you begin receiving Social Security retirement benefits, all or part of your retirement benefit may be withheld if your earnings exceed the retirement earnings test exempt amount. However, excess earnings won't affect your
Read MoreHow Financial Professionals are Closing the Financial Literacy Gap
The financial literacy gap—or the gaps in financial knowledge among various sectors of the public—may have racial, gender, and socioeconomic components. Those whose parents or mentors are experienced investors who may provide sage advice
Read MoreRaising Financially Aware Kids in the Internet Age
Today's kids have more information at their fingertips than past generations could ever have dreamed—but not all this information is always accurate. And when it comes to financial literacy, the ability to weed out misinformation is...
Read MoreWhat Is a CERTIFIED FINANCIAL PLANNER™ Professional
A CERTIFIED FINANCIAL PLANNER™ professional, or CFP® practitioner, is a financial professional who meets the requirements established by the Certified Financial Planner Board of Standards, Inc. While some professionals may call themselves..
Read MoreNational Debt & Your Personal Debt Ceiling
As 2023 heats up, talk about the national debt spiraling out of control will too. But what is the national debt and should investors worry about it? More importantly, can the national debt teach investors a thing or two?
Read MoreUnderstanding Social Security Strategies
As you age, the question of when to collect Social Security (SS) retirement benefits will likely come to mind. There is no one size fits all age; your unique circumstances and goals will dictate the appropriate time for you to take...
Read MoreSpring Clean Your Finances
As temperatures warm up, trees begin budding, and the days get longer, you probably throw open your windows and think about spring cleaning your home. As you tackle washing windows, cleaning carpets, and sorting out the garage, don’t forget
Read MoreCrossing the Bridge to a Satisfying Retirement
One of the more important—and hopefully enjoyable—events you will face in life is retirement. After spending many years building your career, you have likely accumulated a comfortable nest egg. If you have reached a point where retirement..
Read MorePrepping Early For Tax Day
As the year comes to a close, probably the last thing on your mind is filing your taxes in spring. But if you start assembling the necessary documents and information now, you’ll experience less stress and be in a far better...
Read MoreHealthcare in Retirement
What health care benefits are available in retirement?Health care in retirement is available from many sources. Government programs (such as Medicaid and Medicare) offer numerous health care benefits. However, you may need to purchase...
Read MoreCLOSE TO RETIREMENT? WHAT TO KNOW ABOUT THE SECURE ACT 2.0
Are you getting close to retirement and trying to stay on top of any changes to the retirement laws that may impact your goals and strategy? With the Secure Act 2.0 now signed into law, there are numerous retirement-related provisions...
Read MoreWealth Due to Inheritance
What is it?IntroductionIf you're the beneficiary of a large inheritance, you may find yourself suddenly wealthy. Even if you expected the inheritance, you may be surprised by the size of the bequest or the diverse assets you've...
Read MoreA Look at Tax Planning for Retirement
After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount...
Read MoreThe 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...
Read MoreWays to Minimize Tax on an Investment Portfolio
Improving return by minimizing taxesAlthough we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be...
Read MoreNew Year's Financial Resolutions to Implement Now
When it comes to New Year's Resolutions that include financial goals, writing them down and being visible is essential to your success. After you’ve written down what your financial resolutions for the New Year are, tell others...
Read MoreSocial Security Gets a Massive 8.7% Raise
Social security is way behind inflation so you may need a better retirement planIn October of 2022, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for more than 70...
Read More2022 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year.1. Defer income to next yearConsider opportunities to defer income to 2023, particularly if you think you may be in a lower tax...
Read MoreIRS Adjusts Tax Brackets to Account for Inflation
Shifts in tax brackets as well as the standard deduction slated for 2024On October 18, 2022, the Internal Revenue Service (IRS) announced tax year 2023 adjustments for tax returns filed in 2024.From the IRS directly:“The tax...
Read MoreIRS Increases 401(k) Limit By Record Amounts
As inflation soars, you can now save a lot more for your retirementOn October 21st, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from...
Read MoreAppropriate Checklists for Year-End Tax Planning
What are appropriate checklists for year-end tax planning?Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...
Read MoreA Stronger U.S. Dollar Has Investing Implications
World currency fluctuations mean more than calculating our travel costs.The strong dollar is much in the news lately. But most Americans, other than tourists beyond our shores, don't focus on what that means to them. For U.S. investors...
Read MoreEnduring Market Volatility With a Financial Plan
If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments.1 What...
Read MoreMaintaining Your Financial Records: The Importance of Being Organized
An important part of managing your personal finances is keeping your financial records organized. Whether it's a utility bill to show proof of residency or a Social Security card for wage reporting purposes, there may be times when you...
Read MoreHow 1% Can Make a Big Difference When Retired
Cut a pie into 100 slices and what do you have? Barely a nibble. Seemingly an inconsequential share of anything, 1% can actually make a tremendous difference to your financial security.
Read MoreCommon Factors Affecting Retirement Income
When it comes to planning for your retirement income, it's easy to overlook some of the common factors that can affect how much you'll have available to spend.
Read MoreThe Financial Planning Process: Why and How
Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers.
Read MoreA Mid-Year Financial Plan Review Makes Sense
The changes you make today might be the benefits you need long-term. Today, many people find themselves inundated by a constant stream of financial news from television, radio, and the Internet.
Read MoreBoost Your Retirement with IRAs and 401(k)s
Remember, early planning puts time on your side.Whether retirement is around the corner or decades away, there are more options than ever to help you plan for it. Let’s look at Individual Retirement Accounts (IRAs) and 401(k)...
Read More5 Tips for Navigating Medicare in Retirement
One of the main concerns about retirement is health care. As healthcare costs continue to rise, medical bills may quickly derail your retirement plan. The good news is when you turn 65, you will be able to apply for Medicare
Read MoreHow to Minimize Taxes During Market Downturns
Understanding long-term capital gains taxes when you sell investments. Market downturns could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that
Read MoreNow Might Be a Good Time for a Roth Conversion
One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion
Read More4 Tips and Resources to Help Seniors During Periods of High Inflation and Market Volatility
In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride...
Read MoreThe Health of Social Security - Some Good News and Some Bad News
With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn't in danger of going broke
Read MoreFive Keys to Investing for Retirement
Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you...
Read MoreKeeping It Simple: The Benefits of Simplifying Your Investment Strategies
When it comes to investing, having fewer investments might help streamline your portfolio to manage stress better. Here are some benefits of a simple portfolio and some ways to help you create one.
Read MoreTips to Shape Up Your Fiscal Fitness this Summer
A regular program of disciplined financial practices can help you in the long-run. Many people realize that the best way to stay in shape is to develop an appropriate fitness regimen and then stick with it.
Read More6 Ways to Minimize Your Tax Liability Throughout the Year
You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax...
Read MoreAre You Retirement Ready? 5 Ways to Help Your Parents Prepare for Retirement
The sandwich generation is a term commonly used to describe those between the ages of 40 and 59 who are responsible for raising their family and are also often helping their aging parents manage their ongoing needs.
Read MoreLargest Increase in Inflation Since December 1981
Your long-term retirement strategies must account for inflation – or else. On Friday, June 10th, the U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers increased 1.0% in May after...
Read MoreHigh Inflation - How Long Will It Last?
In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It's not surprising that a Gallup poll at the end of...
Read MorePlanning For Unexpected Costs Before You Retire
Your retirement planning needs to incorporate more than just investments.Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future
Read MoreFatherly Advice: 6 Timeless Financial Tips Our Fathers Taught Us
Although many things have changed in the financial world over the past 20 years, some nuggets of financial advice are timeless. Here are a few tips that have remained constant for several generations.
Read More6 Mental Health Tips for Investors
Investing is stressful. It takes sound mental decisions to weather the ups and downs that come with the markets and investing in general. Whether you are managing your financial portfolio or making investments on the side, staying...
Read MoreTax Planning and Financial Planning Go Hand in Hand
With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan. If you’re in the group of one in four Americans who do not already have a financial plan, it may be...
Read MoreA Beginner’s Guide to Investing After Retirement
You may be retired and considering investing some of your retirement nest egg. Depending on your situation, it is crucial that investing in the stock market, bond market, or other investments does not jeopardize your retirement savings
Read MoreTax-Advantaged 529 Accounts: What families need to consider
According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for a school year was $9,970 for in-state students and $25,620 for out-of-state students.
Read MoreThere's Still Time to Contribute to an IRA for 2021
Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2021.
Read MoreMyths and Facts About Social Security
Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect.
Read MoreIs the Early 2022 Market Déjà vu All Over Again?
A few pointers to help avoid a double-drubbing this time Stoicism amid market turmoil comes hard when a tsunami of dire investment headlines and plunging prices hits you, as we’ve seen for the first 2+ months of 2022.
Read MoreHow To Measure Your Portfolio in Uncertain Times
Making sure your investments help you work towards your true life goals. Too often during uncertain times, we inadvertently compare ourselves to the people around us – and that may lead us to make financial mistakes.
Read MoreWhat to Expect on Your 2021 Tax Return
The federal government's response to the COVID-19 pandemic continues to impact individual income tax returns, from the suspension of federal student loan interest to expanded child tax credits. For many taxpayers, this may mean your...
Read MoreLuck of the Investor
As Samuel Goldwyn once said, "The harder I work…the luckier I get!" 1 But when it comes to investing, luck may play a huge role in outcomes—no matter how hard you work.2 Below, we discuss some ways that luck may...
Read MoreHow to Spring Clean Your Finances with a Financial Review
Spring cleaning presents a great opportunity to clear out any items you no longer need—and the same goes for your finances. Checking in with your finances during tax season may be particularly beneficial, as it allows you to...
Read MoreWhy You Should Resist the Temptation to Cash Out Your 401(k) Early
It might be tempting to tap into your 401(k) to help pay down debts, purchase a home or take a once-in-a-lifetime vacation. However, doing so may seriously cost you.
Read MoreIRA vs. 401(k): What Savers Should Know
There are several key differences between these two kinds of retirement accounts, and your unique circumstances often will dictate whether you contribute to a 401(k), an IRA, or both.
Read MoreRetirement Planning: To Roth or Not to Roth?
Understanding the potential benefits and drawbacks of each type of IRA can help you make more informed decisions.
Read More6 Wallet-Friendly Ways to Celebrate America Saves Week
Monday, February 28th, kicks off America Saves Week this year. The week is dedicated to bringing awareness and encouraging people to look at and make progress on their savings.
Read MoreTax Season Planning and Your Investments
'Tax advice' is left to federally-authorized tax practitioners who prepare tax returns, defend clients pursuing relief, or dispute tax payment errors. Financial professionals don't provide tax advice but can provide information on the...
Read MoreTax Prep Checklist: Everything You Need to Be Ready for Tax Season
Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key...
Read MoreFive New Year's Resolutions for Those Nearing Retirement
If your retirement years are on the horizon, here are a few new year's resolutions that may help put you on track.
Read MoreRetirement Contribution Limit Changes for 2022
With inflation on the rise, the IRS increased the 2022 contribution limits for some retirement accounts.
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