At True Financial Partners, we are your financial partner. We work alongside you, providing guidance as you approach and enter retirement. The custom plans we create include everything from income planning to tax planning to estate planning, allowing our clients to retire with security and comfort.
Financial Literacy – Do the Little Things The concept of financial literacy refers to knowing the basics of financial concepts to make smart decisions. Specifically, financial literacy can help prevent costly mistakes that could derail your life plans, prepare you for emergencies, help you reach your goals, and can help provide you a comprehensive view…
The Importance of Savings Accounts In the world of retirement strategizing, the focus tends to be on 401(k)s, IRAs, pensions, or other retirement investment accounts. But that doesn’t mean you should forget about the traditional savings account. Savings accounts can have many uses, but for starters, it’s a great place to stash cash for emergency…
Teaching Financial Literacy to Your Kids or Grandkids As an adult, you may have had tough learning moments when it comes to financial management. It could have been when you failed to pay your rent on time or got too deep in credit card debt. To keep your children or grandchildren from making the same…
Introducing Financial Literacy Month Financial Literacy Month is not only a celebration, it’s a challenge to take care of your finances as best you can. This month can be your opportunity to review your finances and take a concerted approach to improve them. But what’s the origin of this important month? Financial Literacy Month was first…
Should You Engage in Tax-Loss Harvesting? If you’ve ever asked yourself, “what if there’s a way to reduce the taxes I owe when I sell stocks or rebalance my portfolio?” then you should know about the tax-minimization strategy called tax-loss harvesting. It’s important to know exactly what it is and how it works before engaging…
How Taxes Work on Social Security You may not know it, but Social Security income is taxed! However, your tax burden isn’t simply a gross income tax, and there are unique factors that dictate your tax rate and overall tax liability. First, not all Social Security income is taxed. Only a portion of your benefits…
Striking a Balance Between Tax and Income In retirement, it’s not about receiving as much income as possible. During your working years, it might be, but when you’re the one paying yourself, it’s important not to turn your hard-earned savings into a large pile of income that’s taxed at a higher tax bracket. It is…
Planning Your Investments? Think About Tax Thinking about investment strategy may conjure thoughts of stock trading, ticker symbols, brokerage accounts, and investment theses. But one of the most important factors in developing an investment strategy is the tax aspect. There are several tax-efficient investing strategies that individuals can use to help grow their retirement savings…
Don’t Wait Until the Tax Filing Deadline: April 18, 2023 Don’t wait until April to prepare your taxes! Tax filing preparation is an important process for individuals and businesses. It is the process of gathering, organizing, and submitting tax documents to the relevant tax authorities. The importance of tax filing preparation lies in the fact…
The Value of College in a Technocratic World As the cost of higher education rises and the competition for spots at top colleges and universities steepens, you might wonder if it’s even worth it to make such a large investment in a college degree. The value of a college degree might be that it’s a…
College Budgeting Tips for Your Kids or Grandkids Budgeting is one of, if not the most important life skill one can learn. As they grow up, you may have been able to teach them valuable budgeting and saving skills, but when they leave home for the first time, often to go to college, it’s time…
Financial Aid Forms for Your Kids’ or Grandkids’ College Journey Financial aid is a key piece of the college puzzle for many families. The sticker price of college in the US has gone up in the past decades, virtually across the board. What that means is financial aid is an increasingly important tool for a…
This month, the education community celebrates Financial Aid Awareness Month often by sharing information with students and families about access to federal, state, and institutional student aid. College and higher education costs can sometimes be steep costs to families. However, a college degree can be important in providing opportunities in young people’s careers, so it…
Qualified Charitable Distributions to Reduce the RMD Tax Burden When you started out saving for retirement, you may have contributed to an IRA or 401(k) through your employer. In addition, you heard that your contributions were tax-deferred, and you’d have to pay taxes when you reached your 70s. But at the time, you didn’t have…
Reducing Taxes on Investments Achieving a comfortable retirement often comes down to investment performance and tax burden. However, it’s a tricky task to balance investment gains with a tax-minimization plan. If you expect your investments to perform well, you may have to accept more taxes paid when you cash out your investment, and you may…
The Roth IRA as a Tax Planning Tool Taxes may be one of your biggest concerns when it comes to retirement. Whether you’re well into your retirement or just starting to think about it, taxes can be one of the main factors in maximizing your savings to stretch all the way through retirement. The Roth…
Don’t Have a Taxing 2023 You may assume that there are no more tax minimization strategies to engage in after December 31. While most of your tax-lowering strategies do come before the new year, there are still steps you can take now, and all the way up until the filing date to make the process…
Give Yourself a Boost Towards Your Financial Goals For some, especially during these tough market conditions, their retirement investments and savings may have declined. Due to this setback, your retirement timeline may have been pushed back, tightening your budget, making you work more years than you planned, and has put pressure on your overall retirement…
How to Save for a Major Expense in Retirement Saving for large expenses, whether in retirement or during your working years, is a tall task. It often requires you to cut back on spending and find ways to maximize your income. However, in retirement, there are some key differences when saving up for a large…
You Won’t Reach Your 2023 Financial Goals Without Priorities If you search the Internet for tips on financial strategies, you’ll see many general rules and broad advice that may apply to an “average” retirement saver or retiree. But the truth is, those general pieces of advice rarely apply to you in an actionable way. Instead,…
Assessing Your Financial Goals for 2023 For many, the turn of the new year is a time to self-reflect and make resolutions. There’s no better time to assess your financial goals for the new year and beyond by following proper financial goal-setting practices. Setting short-term, midterm, and long-term financial goals is important to becoming financially…
The State of Long-Term Care: Reflecting on LTC Awareness Month The 2020 pandemic put the spotlight on the in-facility long-term care (LTC) industry. Nursing homes and assisted living facilities experienced woeful staffing shortages and unsafe practices that put people’s loved ones at high risk of the then life-threatening illness. This crisis illuminated the inadequacies of…
How to Choose a Nursing Home Considering a nursing home for long-term care or elder care is one of the most difficult decisions you and your family can encounter. Whether you have a health risk and planning for a future in a nursing home or are considering a nursing home for your elderly parents, the…
How Do Medicaid and Long-Term Care Relate? Government assistance programs are a common option for people looking for healthcare coverage, especially over the age of 65. However, while Medicare covers a lot, even covering emergency hospital visits at no cost, it doesn’t cover long-term care. Medicaid, a needs-based healthcare program for persons of all ages,…
Debunking Costly Assumptions About Healthcare in Retirement Healthcare is an often-overlooked piece to the puzzle of your retirement finances. But it’s one of the largest, most important costs you’ll have to cover in your later years. It’s important to mention any health risks you have or may develop to your financial advisor. You don’t need…
What You Need to Know About Long-Term Care and Home Care This month marks Long-Term Care Awareness Month. We have the knowledge and tools these days to live healthily and happily throughout our lives. But as we age, we need to invest more in our health. That’s why it’s crucial to understand how to properly…
Preparing for a Wintery Market with A Helping Hand When the winter seasons come around, you’ll likely have to adjust your routines and prepare. If you’re in colder states you may be looking to purchase a new winter coat or snow boots, skiing equipment for your winter holidays, or you may be restocking your sand…
Don’t Get Spooked by Common Retirement Mistakes This Halloween season, you may be thinking about spending time with friends and family and planning fun Halloween events with them. You may not be thinking about all the nuances of your retirement plan, but when you think about the costs of making mistakes with your retirement, it…
Are You Prepared for The Costs of Retirement? Healthcare is one of the largest expenses for people in retirement, but it’s not easy to budget for them. Sometimes, accidents happen, or certain health-related concerns can come out of nowhere. Because of how difficult it can be to predict; it can be just as difficult to…
Medicare Open Enrollment is Around the Corner! With all this market volatility and inflation, talk about investment strategies and portfolio longevity seems to dominate the retirement planning airways. But one of the most important aspects of retirement is often overlooked: Medicare. Medicare is a crucial service that can provide the support you need to take…
Inflation – What You Need to Know People have been feeling the effects of inflation in nearly every aspect of their lives. Everything from food to gas to home repair products seems to be increasing with each day. So, what caused this inflation to occur and what is it affecting most? Inflation has found its…
Protecting Your Retirement with the Bucket Strategy Saving for retirement is a long-term endeavor. It’s not about finding the next hottest stock or getting rich quickly. This means that retirement requires a perspective on your wealth and income that accounts for your needs at different stages of your life, from the beginning of your working…
Annuities – A Little-Known Retirement Secret You’re probably familiar with the classic retirement accounts such as 401(k)s, IRAs, and pensions. But did you know there is a financial product out there that is customizable and can be tailored to your specific risks and financial goals? An annuity is an insurance-based financial product that takes in…
Are Your Retirement Accounts Prepared for Taxes? Taxes are one of the most important things to consider when it comes to your retirement. You’ll likely have several sources of income in retirement that can be taxed, such as IRA distributions and Social Security benefits. But is your income tax-advantaged? A tax strategy for retirement income…
Understanding the Different Types of Life Insurance Ever wonder what type of life insurance is best for you? It depends on various factors, including how long you want the policy to last, how much you’re willing to pay, and if you wish to use the policy as an investment vehicle. Let’s look at some options.…
Commonly Overlooked Healthcare Expenses Long-term care is generally the most significant question mark when saving the optimal amount for your retirement years. According to Financial Professional Barry Bigelow, “statistically, if you’re a married couple, there’s a 25% chance one of you’ll need this type of care.” The concern here because, it’s an unknown expense based…
Stuck in a High Tax Bracket? Try These Reduction Strategies Let’s talk about tax brackets. They aren’t straight across the board but graduated based on income, meaning most taxpayers fall into more than one bracket. Current tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%, and you could fall into as few as…
How to Allocate Assets when Saving for College Have you ever considered that saving for college is different than saving for your long-term retirement? Let’s start with the fact that, when saving for college, you’re saving for a specific year (the year of high school graduation). When you’re saving for retirement, it’s more likely you’re…
Multi-Generational Planning and the Impact of Financial Literacy Investopedia conducted a survey of 4,000 US adults in January and February of 2022 which included 1,000 individuals from each generation to better understand their financial literacy by generation. Side note: Seeing other generations’ viewpoints is important since many families live together and cross different age groups. “According…
Making the Most of Your HSA The average couple retiring today needs a whopping $315,000 to cover the cost of health care throughout their retirement.1 You’ll want to plan for those future health costs. Have you considered that your HSA (Health Savings Account) can be more than just a medical savings account? Your HSA investment…
Don’t Let Inflation Stress You Out During Retirement ForbesAdvisor.com recently reported, “According to a 2020 survey from Allianz, nearly half of Americans are worried that rising prices in retirement will cause basic expenses to be unaffordable once they stop working. But there’s an interesting wrinkle to that Allianz survey: Actual retirees were much more optimistic…
Different Generations, Different Financial Viewpoints Every generation views their situation differently, from fashion to food to finance, and currently, there are seven defined generations. Let’s see how their views differ on finances and if you line up with your generation. 1910-1927 The Greatest Generation: Frugal savers This generation grew up learning to save pennies and…
Three Life Insurance Myths Young Families Should Research For young couples just getting started, new commitments, such as buying their first home or having children, bring with them the responsibility of making sure their loved ones are financially covered. Life insurance can help loved ones maintain their standard of living and keep your family’s plans…
Enlisting the FIRE Movement to Retire Really Early Are you considering retiring before your full retirement age? Then you’re a part of the FIRE Movement, also known in long-form as “Financial Independence, Retire Early.” The Movement requires you to accumulate enough wealth to support your lifestyle without a paycheck or income from financial retirement programs.…
Do You Have a Clear Understanding of Caregiving Costs? Many Americans underestimate the impact that caring for a loved one can have on their lives, marriage, work, and finances. In a column by Michelle Singletary, a Washington Post columnist, an “AARP study found that three-quarters of family caregivers regularly spend their own savings on caregiving…
Where is Your Money Going Inside Your 401(k)? A 401(k) is a common savings tool for many working Americans. It’s an easy way to save and generally comes with the benefit of employer matching. But are you really clear on where your money is invested and if it’s the optimal place for your stage in…
Does Your Credit Score Matter After Age 50? We’ve all seen the commercials for checking your credit score, and some even talk about ways to boost it, but if you’re over 50 and well established, does the number really matter that much? According to the FICO® Score model, the average credit score in America is…
ANNUITIES – Why this Might be Good for Your Portfolio According to Annuity.org, there are multiple reasons Americans are investing billions into annuities. There’s much talk around annuities regarding retirement planning, which leaves the conversation open to a lot of questions and potential misunderstandings. Be prepared that selecting to have an annuity in your portfolio…
Interested in Annuities but Myths Holding You Back? If the fear of outliving your retirement savings haunts you, then looking into income sources that can keep going as long as you do may not be such a bad idea. One way to potentially alleviate this financial anxiety is to consider an annuity as a part…
Why Even the Healthy People Consider Life Insurance Insurance gets a bad rap and, as policies go, life insurance might be at the top of the list. But we’d like it to be on the top of your list for another reason. We often think of insurance as a means to paying for funeral expenses,…
Healthcare Industry and the Necessity for Coverage Medical liability is a pervasive concern for physicians because of the potential effects of a settlement and the costs of fighting a prolonged and costly legal battle. While laws capping tort damages have been effective in some states, physicians often are targeted in medical liability suits, especially in…
Educators Considering Early Retirement Most of the nation’s teachers and K-12 educational employees are members of their state’s public pension plans. After years of service, these plans have promised a secure retirement for educators and support staff. Unfortunately, a significant number of public pension plans serving these employees were severely underfunded before the Great Recession.5…
Asset-Protection Strategies Worth Knowing If you own substantial assets or are coming into a sudden windfall, such as an inheritance, proceeds from a lawsuit, stock options sale, or business sale, there are some money moves you might look at for protecting your newfound wealth. Your first line of defense against potential litigation will likely be…
Talking Tax Benefits of Annuities An annuity is an insurance product that pays out guaranteed income and can be used as part of a retirement strategy. The income you receive from an annuity can come monthly, quarterly, annually, or even in a lump sum payment. But what about Uncle Sam’s request for taxes on that…
Long-Term Care Insurance Premium Deductibility According to IRS Revenue Procedure 2020-45, a couple age 70 or older who both have the right kind of long-term care insurance policy can deduct as much as $11,280 in 2021 an increase of $420 from the $10,860 limit for 2020. Essentially, more of the premiums you pay will be…
IRS Tax Suggestions for New Business Owners According to the US Census Bureau, there were 430,411 new business applications in January 2022.2 Starting a business sometimes comes with a learning curve that can trip you up, so it makes sense to get as many things as right as possible the first time. One important thing…
Have You Created Your Retirement Road Map One of the most complex parts of preparing for retirement is thinking about life where working and building income isn’t the main focus. At times you may become so overwhelmed thinking about saving for an unknown future that you end up not saving anything. You need a road…
The Complexity of the Telemedicine Rollback During the early months of the Covid-19 pandemic, all 50 states and the District of Columbia transitioned to telemedicine, in part due to state emergency orders that mandated the coverage of telehealth visits and waived requirements for out-of-state medical licenses. At the same time, many commercial insurers and government…
Talking to Beneficiaries About Your Estate Intentions It’s no surprise that couples disagree throughout their marriage. For the most part, those differences can be resolved relatively quickly, but common ground can feel very far off when it comes to estate planning. A few critical considerations can influence how you select and communicate your intentions to…
Wills Versus Trusts: Which One is Right For You? Wills and trusts are both estate-planning tools that can help ensure your assets are protected and bequeathed to your heirs. However, the transfer process becomes more involved when passing wealth to a subsequent generation. We highly recommend consulting with a legal advisor since both of these…
Who’s Stealing Your Identity This Tax Season? It’s tax season for you and a veritable identity gold mine for thieves! Empowered with a name and Social Security number, crafty thieves can open credit cards, take out loans, wipe out your bank account and even file a tax return in your name to get a fraudulent…
Eight Ways Annuities Can Assist Your Growing Financial Needs Annuities can be mysterious. You might even feel like they come with a hidden agenda, which could explain why you’re not too interested in adding them to your portfolio. But as we get closer to our 60’s and live longer, now might be the perfect time…
The 2022 Hidden Taxes that Could Impact Your Checkbook A combination of rising wages and inflation is threatening to push some taxpayers into higher tax brackets this year, which means you could owe more to Uncle Sam come 2023’s filing season. With inflation at its highest level in nearly 40 years—prices for consumer goods rose 6.8% in…
Looking at Both Sides of the Step-Up In Basis Loophole Since taking office, President Biden has expressed his intention to close the step-up in basis loophole as a means to debt reduction. For some investors, this causes alarm as they were planning to use this loophole to leave investments to their heirs without passing on…
It’s ID Theft Awareness Month, Are You Protected? Identity theft isn’t a new phenomenon; however, the face of identity theft has changed dramatically. Over the years it’s evolved with the technology and economic landscape that surrounds it. Understanding your exposure and staying informed of the trends and methods that thieves use to steal from you…
Social Security and Spousal Benefits If you’re getting Social Security retirement benefits, some members of your family may also qualify to receive benefits on your record. Your ex-spouse or spouse may receive a monthly payment of up to one-half of your retirement benefit amount if they qualify. These Social Security payments to family members will…
Self-Employment Tax Benefits and Deductions There are many benefits of being self-employed, but sometimes it can feel as though there are just as many hindrances. Many owners consider staying abreast of tax laws and changes tedious and frustrating, so partnering with an expert is generally in your best interest. If you’re looking for some positives,…
The Triple Tax Benefit Investment It’s not often that the IRS provides a tax-free option for your money—so when it happens, it’s a good advantage to take. A Health Savings Account (HSA) is the one program that offers you three different tax benefits. Most people think of their HSA simply as a savings tool to…
Are You Prepared for the Upcoming Tax Season? Happy New Year! It’s a new year, a new you, and a new time to do things differently—like your taxes. Tax-filing season is officially here, and there are many things you can do to be prepared and organized. Here are a few simple tips that can help…
How the Pandemic Impacted Taxes for the Self-Employed The Coronavirus Aid, Relief, and Economy Security Act (CARES Act) provides relief to self-employed people by delaying the Social Security tax payment due in 2020 for two more years. Specifically, individuals were allowed to defer 50% of the Social Security tax on self-employed income earned from March…
How Insurance Helps Small Businesses Manage Risk Small businesses need suitable types of insurance to protect assets against damage and legal claims. While most business owners hope they’ll never have to rely on insurance, the truth is, it’s an essential investment. It could make the difference between closing up shop and healthy business longevity. Workers’ Compensation:…
SECURE ACT 2.0: New Retirement Plan Incentives There’s a potential game-changer being discussed when it comes to retirement savings. It’s called SECURE Act 2.0 (Setting Every Community Up for Retirement Enhancement Act), and it’s intended to help more Americans ensure they’ll have enough money during their retirement. The new measures of the SECURE Act 2.0…
Tips for Preventing Identity Theft The Internet is your entrance to the marketplace for the world from the comfort of your home or office. There are safety concerns to address when it comes to identity theft and fraud because organized identity theft groups constantly try to remotely load spyware, malware, Trojan horses, and botnets on…
How the Cost of Living Might Affect Your Monthly Budget If you’re one of America’s 64 million Social Security beneficiaries, you might want to prepare yourself for a significant pay raise. According to the Social Security Administration, the annual cost-of-living (COLA) benefits increase starts with the year you turn 62, and the COLA increase announced…
Do You Know the Best Time to Buy Your Long-Term Care Insurance? It’s Long-Term Care Awareness Month, and it might also be time for you to purchase your insurance policy. Insurance can be costly and confusing, but it’s also necessary to avoid wiping out your retirement savings. Knowing what you need to buy and the…
Coverage Options for Long-Term Care Insurance It’s Long-Term Care (LTC) Awareness Month, and whether you’re in the market now or just curious about insurance coverage choices for the future, it’s important to know where, why, and how to get answers. There are three main options when it comes to LTC coverage. Traditional long-term care insurance:…
Turn “Rainy Day” Money into a Long-Term Care Policy According to a February 2021 Barron’s article, there will be 60% more elderly population by 2030. That’s less than a decade away, which means now could be the time to talk about care planning. If you’re an annuity owner, chances are you’re either part of the…
Why Long-Term Care Insurance is Worth Having Let’s start with the most echoed statement on the web: Americans are living longer but aren’t necessarily healthier, leading to health problems later in life. The U.S. Department of Health and Human Services reports that 69% of people will use long-term care services at some point. And that…
Picking The Annuity That’s Right For You! Annuities are one way to generate a lifetime income, save for retirement, and leave a financial legacy. However, there are three main types of annuities—fixed, variable, and indexed—so selecting the right one for you can get complicated. A fixed annuity promises that you’ll earn a stated interest rate on your…
How Social Security and Retirement Impact Women Social Security is neutral with respect to gender—individuals with identical earnings histories are treated the same in terms of benefits. This information from the Social Security Administration (SSA) highlights how the Social Security program impacts women and the specific demographic characteristics of women compared with the entire population.…
Power of Attorney – Who Will Manage Your Estate? According to the FINRA website: power of attorney is a legal document you sign to grant someone you trust with authority to make decisions on your behalf. You must sign when you’re still mentally competent for your power of attorney to be valid. Planning for the…
Medicare Open Enrollment 2022 Medicare open enrollment – also known as Medicare’s annual election period – runs from October 15 through December 7. During this window, Medicare plan enrollees can reevaluate their coverage and make changes or purchase new policies if they want to do so. For most Americans, Medicare eligibility goes hand in hand with…
Why the Living Benefits of Life Insurance are Important While life insurance is designed to benefit your loved ones after you pass away, it also helps them and you before that time comes by way of something known as living benefits. Living benefit options for term life include: Accelerated death benefits: This benefit pays out a…
Understanding the Different Types of Life Insurance Ever wonder what type of life insurance is best for you? It’s going to depend on a variety of factors, including how long you want the policy to last, how much you’re willing to pay, and if you wish to use the policy as an investment vehicle. Let’s…
Is Your Business Benefitting from Whole Life Insurance? Many small-to-medium-sized business owners don’t recognize how beneficial a life insurance policy can be to the success of their business. Whole life insurance can help companies break free from traditional bank loans, benefit their employees, and gain tax advantages. In addition, whole life insurance for business owners has…
Reasons to Buy Life Insurance When You’re Young The best time to apply for life insurance is when you’re young, healthy, and not likely to need it soon. The reason is simple: The younger you are, the lower your life insurance premium will likely be due to your probable lack of severe medical conditions. To…
Getting the Most Out of Your Life Insurance Policy Life can be full of surprises, and you want to be ready for whatever lies ahead. Through life insurance, you can prepare for the unexpected by providing financial security for your loved ones in the event of your death. An important caveat, however, is that navigating…
The Secure Act’s 10-Year Rule for IRA Heirs The Setting Every Community Up for Retirement Enhancement (Secure) Act fundamentally changed the rules governing distributions from inherited retirement accounts. Inheriting an IRA or 401(k) under the new administration could create several adverse tax consequences for the beneficiary—and it’s never too early to take actions designed to…
The Ten Critical Ages for Retirement Planning Each type of retirement benefit has a different eligibility age. Your age plays a significant role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties. Key Milestones for Retirement: 49 — Max out retirement accounts:…
Need Cash for Supplemental Income? Consider a Reverse Mortgage If you’re 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to…
HSA Just Might Be the Holy Grail of Savings Accounts Pre-tax contributions, tax-free withdrawals, and tax-free gains = the Holy Grail of savings opportunities. If you estimate yourself at the 25% tax bracket when you retire, and you put $60,000 into a savings account, you lose $15,000 to taxes; but if you put it in…
The Future of Your Health Care Using Telehealth Services 2021 could be the pivotal year for how businesses operate moving forward. Will they offer employees a work from home option, will Zoom meetings be standard procedure, will telehealth replace typical doctor visits? The answers are still being worked out, but it’s worth exploring now so…
How Your Health and Wealth are Connected There’s much to be said for taking care of your health, and you should make caring for your wealth part of your focus, too, as it directly correlates. In fact, the American Journal of Public Health confirms that Americans at lower income levels are less healthy than those…
The Costs of Retirement and Ways to Minimize Them The 2019 Employee Wellness survey by PwC found that 73% of Millennials, 70% of Generation X, and 61% of Baby Boomers think health care costs will adversely affect their retirement. If a healthy 65-year-old couple retiring in 2019 expected to spend more than $387,000 for retirement…
Multi-Generational Wealth Planning Strategies “Shirtsleeves to shirtsleeves in three generations.” The saying is true, and the cycle is real. As the expression indicates, after the buying, the building, and the selling, there’s rarely anything left of a family’s wealth for the fourth generation. Multi-generational planning focuses on breaking that cycle by allowing your heirs to…
Selling Your Business to Fund Your Retirement For many, owning a business is the American dream come true, and making management decisions that grow your business brings about well-deserved feelings of accomplishment. Playing devil’s advocate here—did you decide to use any of your cash flow to fund your retirement investments? According to CNBC, 78% of…
Managing Debt Before Retirement Carrying consumer debt into retirement can quickly reduce the monthly cash flow available to spend on healthcare, travel, and leisure activities or could necessitate drawing down retirement accounts faster than planned. Either situation puts you at risk for running out of money or facing significant lifestyle changes to make ends meet.…
How the 2021 Estate Tax Exemption Will Affect You Every year the federal government decides how much of your estate isn’t subject to taxes when you die. This year, thanks to inflation, it increased to $11.7 million. This means, when you pass away, the value of your estate is calculated, and any amount more than…
Why Millennials are Planning their Long-Term Care Now Millennials are victims of many stereotypes, but the one that portrays them positively suggests they’re a planning generation. They research and collaborate and plan for all life’s major decisions, and their long-term care (LTC) isn’t any different. In part, millennials have learned about personal finances by observing…
Using Life Insurance as a Wealth Transfer Vehicle Does your estate plan include transferring your wealth onto your family? Have you looked over potential tax implications? It’s important to understand that your beneficiaries may be in for sticker shock when they receive a tax bill along with your generous gift. If you’re looking for ways…
Understanding Different Types of Annuities Guaranteed returns, you ask? Yes, but it’s complicated – one simple word can make a big difference. If you have a fixed annuity, you get a fixed rate of return. If you add one simple word “indexed” creating a fixed indexed annuity, you’re tied to the market index rate in…
Cryptocurrency and Bitcoin: The New Funny Money Cryptocurrency is a form of digital payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade…
Changes Social Security Recipients Can Expect in 2021 The Social Security Administration (SSA) recently announced that the annual cost-of-living adjustment (COLA) for benefits would be 1.3%. Here’s a closer look at some of the most significant changes affecting Social Security recipients in 2021. Social Security checks will increase slightly. For the average retired worker, the monthly…
Overcoming a rocky start, stocks rallied into the close of a holiday-shortened week of trading as technology shares staged a powerful recovery and investors reacted positively to President Biden’s infrastructure spending proposal. The Dow Jones Industrial Average gained 0.24%, while the Standard & Poor’s 500 picked up 1.14%. The tech-heavy Nasdaq Composite index rose 2.60%.…
Rising bond yields and improving economic conditions led to a choppy week of trading that ended in modest losses for investors. The Dow Jones Industrial Average fell 0.46%, while the Standard & Poor’s 500 declined 0.77%. The Nasdaq Composite index lost 0.79% for the week. The MSCI EAFE index, which tracks developed overseas stock markets,…
Stocks touched new record highs last week as bond yields steadied, a fiscal relief bill was signed into law, and confidence in a strong economic recovery grew. The Dow Jones Industrial Average gained 4.07%, while the Standard & Poor’s 500 tacked on 2.64%. The Nasdaq Composite index rose 3.09% for the week. The MSCI EAFE…
Stocks were mixed last week as rising bond yields and heightening inflation fears sent stocks on a wild ride, capped by a remarkable Friday afternoon rally. The Dow Jones Industrial Average gained 1.82%, while the Standard & Poor’s 500 increased by 0.81%. The Nasdaq Composite index fell 2.06% for the week. The MSCI EAFE index,…
Steps to Speed Up Your Refund this Tax Season The Internal Revenue Service announced that the nation’s tax season started on Friday, February 12, 2021, but it’s important to note that the filing deadline wasn’t extended. The February 12 start date for individual tax return filers gave the IRS time to do additional programming and…
Millennial Inequality – Recovering Financially at Different Speeds As if the 2008 recession wasn’t rough enough, hardships struck millennials again in 2020. Already facing professional and financial challenges, including a dismal job market, sky-high levels of student debt, and soaring living costs, the coronavirus pandemic exacerbated the growing “K-shaped” gap within this generation. The result…
Retirement – Should You Take It Early or Late or Just on Time? Imagine if Goldilocks was planning her retirement: “this date is too early” and “this date is too late” but “this date is just right”! Sweet retirement can’t come soon enough for some of us, but it’s important to know precisely when you…
Overlooked Tax Breaks & Deductions for the Self-Employed Your business’s success is in your hands when you’re self-employed, so you need to be knowledgeable about and take advantage of whatever assistance is available—especially when it comes to lowering your tax bill. It’s commonly known that the government subsidizes certain personal expenses when you work from…
Stopping Identity Theft Especially During Tax Season The face of identity theft has changed dramatically, evolving with the technology and economic landscape surrounding it. Understanding your exposure and staying informed of the trends and methods that thieves use to steal from you is the first step in a strong defense against identity theft. Step 1:…
A Biden Victory – What Does That Mean for Me? All 50 states and the District of Columbia have now certified their presidential election results, and President-Elect Joe Biden will drive our next four years. What does that mean for your investments as you move closer to retirement? Unfortunately, an election taking place at the…
Why FICO Scores are Rising While COVID-19 Persists The average FICO score hit a record high of 711 in the U.S. this past July while the world was throwing punches and getting knocked down by a relentless global pandemic. How can this be happening while millions of Americans are unemployed and struggling to pay bills?…
Will Your Credit Card Interest be a Tax-Deduction This Year? Are you wondering if you can deduct your credit card interest this tax season to move to a lower tax bracket? The answer is most likely no. The Tax Cuts and Jobs Act, signed by President Trump in 2017 was the biggest overhaul of the…
No Stimulus, Stocks Lower The Week on Wall Street The failure to reach an agreement on a new fiscal stimulus bill soured investor sentiment and sent stocks modestly lower for the week. The Dow Jones Industrial Average fell 0.95%, while the Standard & Poor’s 500 lost 0.53%. The Nasdaq Composite index slipped 1.06% for the…
A Difficult Week for Stocks The Week on Wall Street Stocks treaded water last week amid fading prospects for a stimulus bill, fears of a second wave of COVID-19 cases, and increasing political and regulatory pressures on Big Tech companies. The Dow Jones Industrial Average added just 0.07% while the Standard & Poor’s 500 eked…
Stocks Rise, Stimulus Uncertain The Week on Wall Street Stocks staged a powerful rally last week, riding a wave of optimism over the prospect of the passage of a new fiscal stimulus bill. The Dow Jones Industrial Average rose 3.27%, while the Standard & Poor’s 500 increased 3.84%. The Nasdaq Composite index gained 4.56% for…
Stocks Mixed Amid Uncertainty The Week on Wall Street Stocks were mixed last week as worries that stretched from Washington D.C., where prospects of a new fiscal stimulus bill dimmed, to Europe, which saw an increase of new COVID-19 cases. The Dow Jones Industrial Average declined 1.75%, while the Standard & Poor’s 500 fell 0.63%.…
Tech Sector Slip Continues The Week on Wall Street Stocks slipped as the technology sector remained under pressure and a mid-week announcement by the Federal Reserve failed to inspire investors. The Dow Jones Industrial Average declined 0.03%, while the Standard & Poor’s 500 fell 0.64%. The Nasdaq Composite index dropped 0.56% for the week. The…
Stocks Stall as Recovery Continues The Week on Wall Street A late week sell-off sent stocks broadly lower as investors took some profits after stocks reached all-time highs earlier in the week. The Dow Jones Industrial Average slid 1.82%, while the Standard & Poor’s 500 slumped 2.31%. The Nasdaq Composite index dropped 3.27% for the…
Stocks Reach New Highs The Week on Wall Street Stocks powered to another week of gains as the S&P 500 and Nasdaq Composite set multiple new record highs along the way. The Dow Jones Industrial Average was essentially unchanged while the Standard & Poor’s 500 rose by 0.72%. The Nasdaq Composite index added 2.65% for…
Stocks and Consumer Prices Rise The Week on Wall Street Stock prices drifted higher in an otherwise quiet news week, as a slowdown in new COVID-19 cases outweighed a Congressional impasse on a new fiscal-spending measure. The Dow Jones Industrial Average gained 1.81%, while the Standard & Poor’s 500 rose by 0.64%. The Nasdaq Composite…
Stocks Have Mixed Reaction The Week on Wall Street Stocks were mixed last week amid a busy week of earnings, some troubling economic data, and seemingly little progress on a new fiscal stimulus package. The Dow Jones Industrial Average slipped 0.16%, while the Standard & Poor’s 500 increased by 1.73%. The Nasdaq Composite Index surged…
Stocks See a Mixed Week The Week on Wall Street Stocks were mixed last week as investors reacted to positive economic data, progress on a COVID-19 vaccine, and the continued nationwide increase in COVID-19 cases. The Dow Jones Industrial Average gained 2.29%, while the Standard & Poor’s 500 rose by 1.25%. But the Nasdaq Composite…
Rise in Cases Inspires Turbulence The Week on Wall Street A jump in COVID-19 cases dampened investor enthusiasm last week, sending stock prices lower on worries that rising infections could derail the economic recovery. The Dow Jones Industrial Average slumped 3.31%, while the Standard & Poor’s 500 retreated 2.86%. The Nasdaq Composite Index lost 1.90%…
U.S. Economy Gains Momentum The Week on Wall Street Stocks moved higher last week on news of more Federal Reserve market support and diminished concerns that new COVID-19 cases might lead to another economic shutdown. The Dow Jones Industrial Average rose 1.04%, while the Standard & Poor’s 500 gained 1.86%. The Nasdaq Composite Index jumped…
Recovery Optimism Builds The Week on Wall Street A positive jobs report sent stocks soaring last Friday, capping a solid week as evidence of a global economic recovery outweighed concerns over civil unrest and tensions with China. The Dow Jones Industrial Average jumped 6.81%, while the Standard & Poor’s 500 advanced 4.91%. The tech-heavy Nasdaq…
Economic Normalization Near? The Week on Wall Street Stock prices ended the week slightly lower, despite news of positive results from a test trial of a COVID-19 drug treatment and several states easing their economic lockdowns. The Dow Jones Industrial Average slipped 0.22%, while the Standard & Poor’s 500 lost 0.21%. The Nasdaq Composite Index…
Markets React to Oil Prices The Week on Wall Street Stock prices bounced around last week as investors reacted to wild swings in the price of oil and reports that called into question the efficacy of two potential virus treatments. The Dow Jones Industrial Average retreated 1.93%, while the Standard & Poor’s 500 lost 1.32%.…
First Post-COVID-19 Data Arrives The Week on Wall Street Stock prices pushed higher last week as news of a White House plan to reopen the economy and reports of a potential COVID-19 treatment helped the market overcome weak economic data and an ugly start to the corporate earnings season. The Dow Jones Industrial Average rose…
