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Hello, and welcome to my blog! Here, I will be posting articles and thoughts relevant to the financial industry, retirement, investments, and financial planning, as well as other related topics. I am also willing to answer questions and respond to any concerns you may have. If you'd like to contact me with a question you want me to address, please email me, and I can either answer directly or in this forum.
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Retaining Important Documents
In the ever more complicated world we live in, it can feel like both our mailbox and email inbox are consistently overflowing with new statements, receipts, account change documents/announcements, and so on. Whether you keep important...
Read MoreWeekly Market Insights: Fed Talk Boosts Stocks
Stocks posted their best week of the year, sparked by news that the dovish Fed decided to keep rates steady and signaled three rate cuts were still possible this year. Stocks Bounce Back As widely expected, the Fed left rates...
Read MoreWeekly Market Insights: Second Week of Stock Retreat
Stocks fell for the second straight week on inflation concerns despite a report on consumer prices that was initially well received by investors. Stocks Slide Tuesday was the only bright spot during the week as stock prices rose after...
Read MoreWeekly Market Insights: Markets Take a Breather After Mixed Week
Stocks were down for the week as investors appeared to take some profits and traders parsed Fed Chair Jerome Powell’s Congressional testimony. Markets Wobble Stocks had a rough start to the week, with the Dow, S&P 500, and...
Read MoreWeekly Market Insights: Tech and AI Lead Another Advancing Week
Stocks extended their tech-led advance last week as signs of a resilient and still-enthusiastic consumer boosted momentum. Nasdaq Sets New High Stocks traded in a narrow band early in the week but ended the five-trading sessions with...
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Weekly Market Insights: Stocks Hit New Highs on AI's Promise
Stocks vaulted to new heights last week on the back of an artificial intelligence (AI) semiconductor company, marking investors’ belief that AI has the potential to transform the U.S. economy. Stocks Rally to Record Highs Stocks...
Read MoreWeekly Market Insights: Market Retreats on Inflation, Economic Reports.
Stocks fell last week as investors reacted to disappointing inflation updates and other economic reports that fell short of estimates. Stocks Snap Winning Streak Markets were quiet Monday but opened lower Tuesday in response to the...
Read MoreEstate Planning – What Is It? Why Is It Important?
The term “estate planning” might call to mind something reserved for the very wealthy who are looking to avoid estate taxes. But estate planning is much more than that: it’s also the process of designating who will receive your assets,...
Read MoreWeekly Market Insights: S&P Hits Record High
The stock market experienced solid gains last week, concluding the trading week on a positive note, thanks to robust corporate reports and favorable inflation news; this propelled the S&P 500 Index to achieve a new record high at the...
Read MoreWeekly Market Insights: Investors Move Past Mixed Fed Message
Stocks pushed higher last week as investors cheered mega-cap tech corporate reports and a better-than-expected employment report. Stocks at New Highs At the beginning of the week, stocks surged, anticipating fourth-quarter corporate...
Read MoreWeekly Market Insights: Excitement Around Big Tech Continues
Stocks continued their upward climb last week as excitement around big tech continued; positive economic reports stoked investors’ belief that the Federal Reserve has pulled off a soft landing. Stocks Power Ahead Big tech was...
Read MoreSix Key FAFSA Changes for 2024
While most of the focus this year in planning surrounding education is on provisions of the SECURE Act 2.0 that allow for new flexibility with unused funds in certain education savings accounts, there are six key changes to financial...
Read MoreWeekly Market Insights: Big Win For Big Tech
Stocks finished higher last week, with big tech again leading amid lingering uncertainty over how continued economic strength would influence the Fed’s rate decision. Stocks Dip, Then Rally Stock prices dropped early in...
Read MoreWeekly Market Insights: Investors Begin to See the Light in Upbeat Week.
Stocks pushed higher last week, led by big tech names and boosted by December inflation reports that were mixed but positive enough to shore up investor confidence in Fed rate cuts this year. Stocks Rock and Roll It was a rocky week...
Read MoreWeekly Market Insights: Investors Enter 2024 in Doubtful Mood
Stocks retreated in the first trading week of 2024, struggling a bit after a celebratory end to last year as investors second-guessed Fed signals and fretted over lingering inflation concerns. New Year Blues Stocks got off to a rough...
Read MoreWeekly Market Insights: S&P Ends 2023 Up 26%
Stocks posted a slight gain last week amid a shortage of news and light holiday trading. The Dow Jones Industrial Average gained 0.76%, while the Standard & Poor’s 500 added 0.49%. The Nasdaq Composite index advanced 0.32% for...
Read MoreSecure Act 2.0 Provisions – What’s New for 2024
On December 23, 2022, Congress officially passed the SECURE (Setting Every Community Up for Retirement Enhancement) 2.0 as part of a $1.7 trillion omnibus spending package, with the bill signed into law by President Biden eight days...
Read MoreWeekly Market Insights: Stocks Rally on Fed, Inflation News
Markets reacted positively last week to cooler inflation and the idea of potential rate cuts next year, adding to the gains of the market’s year-end rally. The Dow Jones Industrial Average rose 2.92%, while the Standard &...
Read MoreWeekly Market Insights: Stocks Spark Late Week Rally
A late-week, two-day rally left stocks higher, adding to November’s gains as the last month of trading for 2023 began. The Dow Jones Industrial Average was flat (+0.01%), while the Standard & Poor’s 500 gained 0.21%. The...
Read MoreWeekly Market Insights: Stocks Rise as Bond Yields Fall
A Friday rally turned an otherwise mixed week for stocks into a solid performance. The Dow Jones Industrial Average picked up 2.42%, while the Standard & Poor’s 500 gained 0.77%. The Nasdaq Composite index rose 0.38% for the...
Read MoreWeekly Market Insights: Short Week Strong for Stocks
Investor enthusiasm for stocks remained strong last week, buoyed by declining bond yields in a holiday-abbreviated trading week. The Dow Jones Industrial Average picked up 1.27%, while the Standard & Poor’s 500 gained 1.00%. The...
Read More2023 End-of-Year Planning Opportunities
As we approach the end of another year, we thought it would be helpful to provide a list of opportunities to hopefully help you end 2023 on a financial high note. Tax Loss Harvesting: For those with taxable investments that have an...
Read MoreWeekly Market Insights: November Rally Continues
Stocks extended their November rally last week as investors cheered lower-than-forecast inflation data. The Dow Jones Industrial Average gained 1.94%, while the Standard & Poor’s 500 added 2.24%. The Nasdaq Composite index rose...
Read MoreWeekly Market Insights: Stocks Rally Friday; Powell Cautious On Progress
A powerful Friday rally left stocks higher last week, extending the market’s early November gains. The Dow Jones Industrial Average rose 0.65%, while the Standard & Poor’s 500 advanced 1.31%. The Nasdaq Composite index...
Read MoreWeekly Market Insights: Stocks Rise, Jobs Cool
Stocks ripped higher last week on a dramatic retreat in bond yields triggered by easing inflation and a slowing labor market. The Dow Jones Industrial Average jumped 5.07%, while the Standard & Poor’s 500 surged 5.85%. The...
Read MoreWeekly Market Insights: Stocks Retreat on Cautious Earnings Reports
Amid a busy week of corporate earnings reports, stocks slumped on cautious earnings guidance, fears of higher interest rates, and growing anxiety over the increasing amount of Treasury bonds and notes coming to market. The Dow Jones...
Read MoreWeekly Market Insights: Stocks Retreat Despite Solid Earnings
Rising bond yields and uncertainty over whether this was the close of the Fed’s rate-hike cycle dragged markets lower last week despite solid corporate earnings results. The Dow Jones Industrial Average sank 1.61%, while the...
Read MoreSocial Security Cost-of-Living Adjustment Announced for 2024
According to the Social Security Administration, the 71 million Americans who receive Social Security benefit and Supplemental Security Income (SSI) payments will see an increase of 3.2% next year. This is an average increase of...
Read MoreWeekly Market Insights: Markets React to Turmoil in Middle East, Inflation Concerns.
Stocks ended mixed last week amid the outbreak of hostilities in the Middle East and higher-than-expected inflation data. The Dow Jones Industrial Average gained 0.20%, while the Standard & Poor’s 500 rose 0.45%. But the Nasdaq...
Read MoreWeekly Market Insights: Stocks Rally After Strong Jobs Report
A Friday rally overcame a shaky week, sending stocks mostly higher. The Dow Jones Industrial Average slipped 0.30% for the week. Meanwhile, the Standard & Poor’s 500 gained 0.48%, and the Nasdaq Composite index added 1.60% for...
Read MoreWeekly Market Insights: Bond Yields Rise; Government Shutdown Looms
Rising bond yields and government shutdown fears left stocks in mostly negative territory for the week. The Dow Jones Industrial Average lost 1.34%, while the Standard & Poor’s 500 slipped 0.74%. The Nasdaq Composite index was...
Read MoreWeekly Market Insights: Stocks End Summer with Gloomy News
Rising bond yields and fears of a government shutdown hammered stocks last week, with technology shares bearing the brunt of the retreat. The Dow Jones Industrial Average lost 1.89%, while the Standard & Poor’s 500 dropped 2.93%...
Read MoreWeekly Market Insights: Stocks Stand Still, Awaiting Fed
Stocks ended the week roughly where they began as investors digested a mixed set of new economic data. The Dow Jones Industrial Average gained 0.12%, while the Standard & Poor’s 500 slipped 0.16%. The Nasdaq Composite index fell...
Read MoreHigher Interest Rates Could Mean a Larger Tax Bill
Many investors are likely to see the recent 5% (or higher) yields in short-term instruments like CDs and Money Market funds as too good to pass up. With interest rates near zero for such an extended period of time, the past 12 months...
Read MoreWeekly Market Insights: Will the Fed Raise Interest Rates?
Concerns that the Fed may raise interest rates soured investor sentiment, sending stocks lower in a holiday-shortened trading week. The Dow Jones Industrial Average slipped 0.75%, while the Standard & Poor’s 500 declined 1.29%....
Read MoreWeekly Market Insights: September Stocks Open In Positive Territory
Falling bond yields–spurred by weak economic data–helped lift stocks to weekly gains. The Dow Jones Industrial Average advanced 1.43%, while the Standard & Poor’s 500 gained 2.50%. The Nasdaq Composite index...
Read MoreWeekly Market Insights: Stocks Retreat; Powell Talk Goes Hawk
Stocks fluctuated last week, jostled by fitful bond yields and headline news, before ending strongly following Fed Chair Powell’s comments on the monetary outlook. The Dow Jones Industrial Average slipped 0.45%, while the...
Read MoreWeekly Market Insights: Stocks Weather Summer Storm of News and Indicators
Stocks extended their August declines last week as higher yields and weak economic data out of China soured investor sentiment. The Dow Jones Industrial Average lost 2.21%, while the Standard & Poor’s 500 retreated 2.11%. The...
Read MoreWeekly Market Insights: Summertime Blues for the Markets
Positive inflation data failed to lift stocks from their August doldrums last week as economic data and a ratings downgrade soured investor sentiment. The Dow Jones Industrial Average added 0.62%, while the Standard & Poor’s 500...
Read MoreSummer Planning Ideas – Part II: Touchy-Feely
Last month we talked about some practical summer planning ideas: more nuts and bolts. This month, we look at some aspects of the more touchy-feely side of planning. It’s important to remember, financial planning is not just about...
Read MoreWeekly Market Insights: Stocks Raise White Flag to Bad News
Stocks retreated last week as bond yields increased following the Treasury's announcement indicating “a larger-than-expected funding need” and a downgrade in the federal government’s debt rating. The Dow Jones...
Read MoreWeekly Market Insights: Stocks Jump After Inflation Gauge Cools
A Friday surge pushed stocks solidly into positive territory last week, ignited by cooling in an inflation gauge closely tracked by the Federal Reserve. The Dow Jones Industrial Average advanced 0.66%, while the Standard &...
Read MoreWeekly Market Insights: Stocks Advance and Retreat on Mixed News
Stocks moved to the rhythm of earnings season last week, initially rising on positive earnings surprises and faltering later in the week on key earnings disappointments. The Dow Jones Industrial Average rose 2.08%, while the...
Read MoreWeekly Market Insights: Bad News for Bears; Good News Buoys Markets
Better-than-expected updates last week on consumer and wholesale price inflation buoyed investor sentiment, driving stocks higher and lower bond yields. The Dow Jones Industrial Average rose 2.29%, while the Standard &...
Read MoreSummer Planning Ideas - Part I: Nuts and Bolts
Summer is officially here. While we of course look forward to rest and relaxation during these warmer months, it can also be an ideal time to check on a few important but less urgent planning items. This is especially true if you were...
Read MoreWeekly Market Insights: Stocks Stumble with CPI on Deck
Rising concerns about further rate hikes sent stocks lower to kick off the second half of trading.The Dow Jones Industrial Average lost 1.96%, while the Standard & Poor’s 500 retreated 1.16%. The Nasdaq Composite index...
Read MoreWeekly Market Insights: Economy Continues Upward Trend
Stocks posted gains for the week to close out a stellar month, aided by positive economic data and reports that all major banks had passed the Federal Reserve’s annual stress test.The Dow Jones Industrial Average gained 2.02%,...
Read MoreWeekly Market Insights: Stocks Take Summer Break, Month Remains Strong
Stocks took a breather last week as investors digested the previous week’s surge and the month-to-date solid gains.The Dow Jones Industrial Average lost 1.67%, while the Standard & Poor’s 500 fell 1.39%. The Nasdaq...
Read MoreKey Dates for the 2nd Half of 2023
With the 2nd half of 2023 nearly upon us, we take a quick look ahead at some important upcoming dates for which to prepare.September 15th: Estimated Tax Payments for the 3rd quarter are due for the self-employed or those who do not...
Read MoreWeekly Market Insights: Stocks Climb After Fed Pause
Stocks climbed last week as reassuring inflation data boosted investor hopes that the rate-hike cycle was nearing an end amid fresh economic data pointing to continued economic resilience.The Dow Jones Industrial Average rose 1.25%,...
Read MoreWeekly Market Insights: Markets March into Positive Territory Continues.
A late-week rally sent stocks into positive territory, with the S&P 500 index closing just shy of the 4,300 mark.The Dow Jones Industrial Average gained 0.34%, while the Standard & Poor’s 500 added 0.39%. The Nasdaq Composite...
Read MoreWeekly Market Insights: Debt Deal Relieves Market Worries
Stocks surged higher in the closing days of a holiday-shortened trading week, ignited by a political resolution on raising the debt ceiling and a strong employment report.The Dow Jones Industrial Average rose 2.02%, while the Standard...
Read MoreWeekly Market Insights: Debt Talks Optimism Keeps Eyes on D.C.
Markets moved in sync last week with perceived movement in debt ceiling talks, weakening early in the week and then surging on news of progress. A solid quarterly report and guidance from a mega-cap technology company helped with...
Read MoreWeekly Market Insights: Despite Stall, Debt Deal Optimism Cheers Markets
Stocks rallied last week, propelled by growing optimism over reaching a deal on raising the debt ceiling and avoiding a technical debt default by the U.S.The Dow Jones Industrial Average edged 0.38% higher, while the Standard &...
Read MoreWeekly Market Insights: Attention Turns to the Debt Ceiling
Stocks were mixed last week as good inflation news was offset by mounting debt ceiling concerns and rekindled regional banking fears.The Dow Jones Industrial Average lost 1.11%, while the Standard & Poor’s 500 slipped 0.29%. The...
Read MoreYour CD Is Maturing Soon. What Should You Do Next?
If you have a certificate of deposit (CD) that is maturing soon, it’s time to make a decision. Your CD has been collecting interest for months or years, helping you to get closer to your financial goals. Now you need to decide whether...
Read MoreWeekly Market Insights: Friday Rally Trims Losses; CPI Report Next Week
A Friday rebound, triggered by a big tech company’s earnings beat and a strong jobs report, shaved much of the week’s accumulated losses.The Dow Jones Industrial Average fell 1.24%, while the Standard & Poor’s 500...
Read MoreWeekly Market Insights: Stocks Rally As Attention Shifts to Fed's May Meeting
Strong earnings from several mega-cap technology companies offset renewed regional banking jitters and weak economic data, leaving stocks higher for the week.The Dow Jones Industrial Average gained 0.86%, while the Standard &...
Read MoreWeekly Market Insights: Stocks show small losses after mixed week
Stocks remained resilient last week amid mixed earnings reports, hawkish Fed-speak, and lingering recession fears, closing out the five trading days with small losses.The Dow Jones Industrial Average slipped 0.23%, while the Standard &...
Read MoreWeekly Market Insights: Lower inflation lifts spirits in uneven week.
The combination of an improving inflation outlook resulted in a week of uneven, albeit positive, performance, in which cyclical and financial stocks rallied while technology, real estate, and utilities lagged. The Dow Jones...
Read More529 College Savings Plans: What Can They Do for You? - Part II
Last month, we reviewed 529 College Savings plans, why people use them, and how the use of funds has expanded over the last few years.This month, we’ll review options for unused savings in order to minimize taxation or penalty on...
Read MoreWeekly Market Insights: Hiring Cools; Recession Fears Rise.
Stocks ended a shortened week of trading mixed amid revived recession fears on Wall Street triggered by weak economic data.The Dow Jones Industrial Average gained 0.63%, while the Standard & Poor’s 500 slipped 0.10%. The Nasdaq...
Read MoreWeekly Market Insights: Banking Crisis Fears Dim; Markets Rally
Stocks rallied last week on receding fears of a widening banking crisis, led by resurging investor interest in technology and communication services names.The Dow Jones Industrial Average gained 3.22%, while the Standard & Poor’s...
Read MoreWeekly Market Insights: Mixed Message Provokes Volatility
Modest gains in major market indices masked sharp volatility amid the uncertainty arising from mixed messages emanating from public officials and revived banking fears. The Dow Jones Industrial Average gained 1.18%, while the Standard...
Read More529 College Savings Plans: What Can They Do for You? - Part I
Most people have heard of 529 College Savings plans and understand their value in relation to saving money for future higher education for young family member. What some may not know is that the qualifying use of these dollars as well...
Read MoreWeekly Market Insights: Markets Cautious After Banking Woes; Awaiting Fed Reaction
Amid the reverberations of two U.S. banks being taken over by regulators and the spread of uncertainty to European banks, stocks trended higher last week on the strength of the technology sector.The Dow Jones Industrial Average was...
Read MoreWeekly Market Insights: Bad News Gives Markets a One-Two Punch
Stocks tumbled last week as investors reconsidered their interest rate expectations after Fed Chair Powell’s Congressional testimony that rates may need to go higher. Stocks also were rattled when a west coast bank was placed...
Read MoreWeekly Market Insights: Mixed Results As Interest Rate Concerns Grow
Growing concerns about further interest rate hikes, prompted by fresh economic data, reversed early-week gains and left stocks mixed for the week.The Dow Jones Industrial Average slipped 0.13%, while the Standard & Poor’s 500...
Read MoreA New Option for Unused 529 College Savings Plan Funds
Do you have 529 college savings funds that may go unused by their intended beneficiary? Your first option is to provide the money to another beneficiary. However, if you don’t have an alternate beneficiary to whom you want to transfer...
Read MoreSECURE Act 2.0 is Here
In late 2022, the SECURE Act 2.0, a bill three years in the making, was signed into law. While there are several provisions in this bi-partisan-supported bill, we’ll highlight just a few that may be particularly interesting with...
Read MoreKey Dates in the First Half of 2023
As we wrap up another year, let’s look ahead to the first half of 2023. Here is a short list of some important upcoming dates to watch for. January 1stThe first of the year is when cost-of-living increases are effective for Social...
Read MoreEnd-of-Year Planning Opportunities
As we approach the end of another year, a year that has been challenging on many fronts, we thought it would be helpful to provide a list of opportunities that could end 2022 on a positive note.Roth IRA Conversions: When market values...
Read More2023 Cost of Living Adjustments Announced
The Social Security Administration has announced the Cost of Living Adjustment (COLA) for 2023. Based on the Consumer Price Index (CPI-W) from the third quarter of 2021 through the third quarter of 2022, recipients of Social Security...
Read MoreTiming the Markets
Traffic jams are unwelcome nuisances. Unless we know the cause and what every other driver on the road is going to do at any given time (which is of course impossible), we can’t know the right route to get to our destination quickly...
Read MoreImpact Investing
ESG (Environmental, Social, Governance) investing involves a set of characteristics used to evaluate potential investments, and their impact on society at-large. These factors generally include how a company cares for and impacts the...
Read MoreIs it Time to Review Your Homeowner’s Policy?
With the significant increase in property values in many areas of the U.S., if you own a home, now may be a good time to review your homeowner’s insurance policy. Why? Well first off, one in twenty insured homes has a claim each year,...
Read MoreDigital Assets, Part II - Updated
If you missed last month’s Digital Assets Part I, take a quick read as to why we should be concerned about this area.As we shared in our last post, Digital Assets can include information stored on an individual’s digital devices...
Read MoreDigital Assets, Part I - Updated
This is first part of an updated series on Digital Assets, which we hope will be helpful as the things we purchase and memories we store are more and more intertwined with technology.Part I: What is a Digital Asset, and Why Should I...
Read MoreLet's Talk About Legacy
Legacy can be a subjective, even philosophical topic. What should be handed down to the next generation and how should a person or family be remembered? When it comes to financial legacy, often a critical part of the definition...
Read MorePlanning Post-Tax Filing
Once you file your tax return each year, it’s a good idea to start planning for next year’s return. Here are a few things you can look at doing today to help set yourself up for success in tax year 2022. Did you owe more than $1,000 or...
Read MoreRequired Minimum Distributions and Roth Conversions
Depending on your tax situation, your investment and tax advisors may have suggested looking at converting some of your Traditional IRA assets to a Roth IRA. Potential benefits of a Roth conversion include tax-free growth and no...
Read MoreReplace Your Bucket List with a Challenge List?
Each January many people reflect on the past year and set new goals for the next 12 months and beyond. When it comes to retirement, a “bucket list” is a common reference to checking off a list of activities in which you want to...
Read MoreExpected Changes for 2022
This is the time of year for festive gatherings and generosity. It’s also the time of year when we get a glimpse of expected financial changes for 2022. Contribution limits for some retirement accounts will be increasing in 2022. We...
Read MoreTemporary Tax Bonus for 2021 Charitable Gifts
As we approach the end of each year, giving is often our minds. However, with close to 90% of US taxpayers now taking the standard deduction on their tax return, is there still also a financial incentive to give to charity? Good news:...
Read MorePublic Service Student Loan Forgiveness
Public Service Student Loan Forgiveness While we wait for possible tax changes coming from Washington, one temporary modification already in place is the expansion of eligibility for the Public Service Loan Forgiveness program. On...
Read MoreYour Aging Parents - Things to Consider
As we approach the cooler months, it is likely an important time to check in on your parents and aging relatives regarding their physical and financial health, to ensure they were not derailed by last year’s events. Financial...
Read MoreMid-Year Planning Opportunities, Part 2
We continue our two-part series mid-year planning opportunities. Last month, we covered reviewing retirement plan contributions and the new enhanced child tax credit. Manage assets in light of potential tax changes There have been many...
Read MoreMid-Year Planning Opportunities, Part 1
As we pass the midpoint of 2021, we thought it would be good to take a look at a few important planning opportunities/updates that are worth considering depending on your situation. This is a two-part posting and this month we look at...
Read MoreSection 121 Residence Exclusion – What happens when a spouse passes away?
You may be familiar with the Section 121 Residence Exclusion without really being aware of it. This is the actual name for the tax benefit that protects owners from taxation on the sale of their primary residence, specifically gains of...
Read MoreWeekly Market Insights: Stocks React to Big CPI Shift
A surge in consumer inflation unsettled investors, leading to a turbulent week of trading on Wall Street.The Dow Jones Industrial Average slipped 1.14%, while the Standard & Poor’s 500 fell 1.39%. The Nasdaq Composite index...
Read MoreNew, Simplified FAFSA is coming…
One of the lesser-known impacts of the Consolidated Appropriations Act of 2021 (the act that brought us the second round of COVID-related stimulus payments) is a series of changes to the Free Application for Federal Student Aid (FAFSA)...
Read MoreBudgeting, Part 2: Spending vs. Giving
We return to our Budgeting series. In February, we explored the importance of savings to building your personal budget. This month, we will look at finding a balance between spending and giving. Spending Besides increased online...
Read MoreHighlights of the American Rescue Plan of 2021
Part 2 of our Budgeting series started last month, will continue next month. On March 11, 2021, President Biden signed the $1.9 trillion coronavirus relief package known as the American Rescue Plan (ARP) into law. This is the third...
Read MoreBudgeting, Part 1: The Savings Imperative
The last 12+ months have likely had a financial impact on everyone. What kind of impact runs the gamut, from those who lost their jobs or some part of their income to those who managed to save additional money due to their limited...
Read MoreWeekly Market Insights: Fed Chair Says No Change For Now
Stock prices inched higher last week amid declining COVID-19 cases, a pick-up in vaccinations, and progress on a fiscal relief bill. The Dow Jones Industrial Average gained 1.00%, while the Standard & Poor’s 500 rose 1.23%. The...
Read MoreNew Stimulus Package Rolling Out
On December 27, 2020, President Trump signed into a law a new $900 billion coronavirus relief package. This much-anticipated bill was paired with a $1.4 trillion bill to continue government funding into September. We are already in the...
Read MoreShow Your Family You Love Them
What’s one positive that can come from an unexpected challenge, whether a natural disaster or a health event? We take a step back from the daily grind and look at how well we are prepared if and when another challenge comes. Many...
Read More2021 Social Security COLA Announced
The Social Security Administration announced that the official Cost of Living Adjustment (COLA) for 2021 will be an increase of 1.30%. This is slightly less than the 1.60% bump we saw in 2020, and much smaller than the 2.80% increase...
Read MoreCollege Savings Insight
As we continue to navigate a world with COVID, many parents and students are reconsidering the traditional college experience and, as such, may be wondering what their options are with college savings. The most popular college savings...
Read MoreSECURE Act and CARES Act – Year-End Planning
It’s been quite a year so far, where we saw volatility in the market, a global pandemic that lingers, and significant policy action by Washington D.C. to assist our citizens. For those who have taken advantage of some of these policy...
Read MoreTips to Help Prevent Identity Theft
The rise in identity theft scams continues. According to Javelin Strategy & Research, fraud losses increased 15% in 2019 to $16.9 billion. This was led by account takeovers – ID theft where a criminal gains unauthorized access to an...
Read MoreYes, There is Still Time to Rollover Your RMD
Were you on the ball and already took your required minimum distribution (RMD) early? As many now know, as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, RMDs were waived for 2020 for all retirement...
Read MoreStimulus Payment Update – Debit Cards
In last month’s blog, we talked through the details regarding the stimulus payments, but there has since been a new development: Pre-Paid Debit Cards.That’s right. Even with all this talk of checks, for some it’s not going to be a...
Read MoreYour Stimulus Check: Know the Facts (Plus Some Ideas on How to Spend It)
One of the key components of the CARES Act to help lessen the financial impact of the COVID-19 pandemic was a direct payment to a majority of Americans, called Recovery Rebates or stimulus checks. First, what are these rebates, and...
Read MoreThe CARES Act and Tax Filing Extension
Recently, there were two key orders from the federal government in response to the COVID-19 pandemic: the extension of the tax filing and payment deadlines, and the CARES Act. Let’s take a look. Extension of Tax Filing and Payment Due...
Read MoreTiming for a Roth IRA Conversion
A Roth conversion can be a great way to move retirement savings from tax-deferred vehicles to a Roth IRA, where withdrawals on the earnings are not subject to income tax. The “cost” of the conversion is fairly simple: income taxes are...
Read MoreRecent 529 Changes
As you may have heard, the SECURE Act was passed in late December of 2019, with what many are calling the most comprehensive changes to retirement in over a decade. SECURE stands for Setting Every Community Up for Retirement...
Read MoreTips for 2020
It’s a new year and a new decade. There seems to be extra incentive to move towards our goals and resolutions, so we wanted to briefly mention two simple but important tips to help keep you on track. Write out the full year 2020. When...
Read MoreThe Importance of Beneficiary Designations
The holiday season is usually full of reconnecting with family and friends. As you get updates on the lives of those closest to you, it’s a good idea to consider whether the beneficiaries on your investment accounts are up to date. The...
Read MoreGiving to Your Family
The last couple of posts we’ve talked about giving to and investing in causes that are important to you. For the next two posts, we’re going to bring the topic of giving a little closer to home. This month, we’re going to cover giving...
Read MoreInvesting In Good
More and more it appears that people prefer companies to not only have a solid product at a competitive price, but also provide a positive impact on our world. We are also starting to see this spill over into the investing space as...
Read MoreTechnology Scams, Part 2: Sweetheart Scams
In last month’s post on technology scams, we reviewed robocalls and tips to avoid getting duped by this rampant problem. In our follow-up posting we look at another scam to watch out for: Sweetheart Scams. Research tells us that...
Read MoreTechnology Scams, Part 1: Robocalls
Technology is great. Think of all the advances in healthcare, communication and transportation just in the past decade. Like anything else, though, you must take the bad along with the good. Advancements in technology open the door to...
Read MoreWhat Kind of Legacy Will You Leave?
That’s a very philosophical question, but important nonetheless, especially when it comes to your relationship with money. Healthy relationships with money can often be illustrated by generosity and charitable intent. This can also be...
Read MoreWhat’s New on Capitol Hill?
There are a couple of bills that are before each of the two houses that could have small but meaningful impact on personal finances and retirement planning. While they are similar, let’s focus on the bill before the House of...
Read MoreYour Tax Withholding Will Get More Accurate…But Will It Be Simpler?
Unless you’ve filed for an extension, you now know the impact of the new tax changes on your individual income taxes. Whether positive or negative, many people are noticing that their tax withholding was either too high or not high...
Read MoreSpringtime is College Time
Spring is here. The birds are singing, the flowers are blooming – and families are making college decisions. While college enrollment in the U.S. has been flat for the last few years, the rate still hovers around 70%. College remains a...
Read MoreNaming a Charity as Beneficiary of Retirement Account
Towards the beginning of a new year is often a good time to review the named beneficiaries on your investment accounts. This is important to do this on an annual basis as life can change quickly and it may not be on your radar to make...
Read MoreA Year in Review
As 2018 winds to a close, it’s a good time for reflection on the past year. The 2017 Tax Cuts and Jobs Act was officially signed in to law on December 22, 2017. 2018 tax returns will be the first time that we all get to see the...
Read MoreTo Do List Before the End of 2018
As the year winds down, there are some important actions you may want to take before the clock runs out on 2018. Roth IRA First and foremost, check your eligibility to contribute to a Roth IRA. With most of us seeing a tax deduction in...
Read MoreFree Credit Freezes and Yearlong Fraud Alerts
Beginning September 21, 2018, those concerned about identity theft can freeze their credit and place one-year fraud alerts at no cost. Due to the passage of the new Economic Growth, Regulatory Relief, and Consumer Protection Act,...
Read MoreMatching Student Loan Repayment: A Creative Employee Benefit
Many recent college graduates find they have a difficult decision to make: contribute to their employer’s 401(k) plan or focus on student loan repayments. The choice between paying down debt and funding retirement can be a tough one,...
Read MoreIRA Tips, Part II
In July’s post we covered changes to deductions for IRAs resulting from the 2017 Tax Cuts and Jobs Act. For this month’s, we’ll look at the change to the “do-over” option on Roth Conversions. Prior to 2018, those who converted money...
Read MoreIRA Tips, Part I
The tax changes that went into effect this year have widespread implications. It will take a while to see how these changes affect larger aspects of our financial system, like the impact on the Federal deficit and economic growth. But...
Read MoreDigital Assets, Part II
As we saw in our last post, Digital Assets can include information stored on an individual’s digital devices (documents, photos, movies, music, etc.), content uploaded to websites (photos, videos, social media posts, blog posts, etc.),...
Read MoreDigital Assets, Part I
This is Part 1 in a series on Digital Assets, which I hope will be helpful as the things we purchase and memories we store are more and more intertwined with technology. Part I: What is a Digital Asset, and why should I care? It has...
Read More54 and Looking to Retire Soon?
You’re 54, you’ve been diligent about saving, and are looking forward to retiring soon. Like most people you have the majority of your retirement savings in your employer-sponsored plan – think 401(k) – and you’ll need to use some of...
Read MoreUpdated IRS Withholding Calculator
Since the president signed the Tax Cuts and Jobs Act into law on December 22 of last year, many clients have been asking if they should make and changes to withholding from their paycheck. The Tax Cuts and Jobs Act made significant...
Read More529 Education Savings Plans – Not Just for College Anymore
Last month we looked at a high-level summary of the changes as a result of the recent Tax Cuts and Jobs Act. One of the more significant changes outside of tax brackets is the classification of secondary school expenses as qualified. A...
Read MoreTax Reform is Here
The 2017 Tax Cuts and Jobs Act was officially signed in to law on December 22, 2017. This is the most sweeping tax legislation in more than three decades, and it affects both individuals and businesses.The most significant change for...
Read MoreTis the Season for RMDs
You might start by asking, “What’s an RMD?” RMD stands for Required Minimum Distribution and refers to the amount that traditional, SEP or SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement...
Read MoreEnd-of-Year Giving Ideas
“We make a living by what we get. We make a life by what we give.” - Winston Churchill As a follow up to last month’s blog on end-of-year planning, here are a couple of ideas for giving, with an eye on what must be done by year-end in...
Read MoreEnd-of-Year Planning Reminders
“Time moves slowly, but passes quickly” - Alice Walker As winter approaches, it’s again time to look at end-of-year planning that is important to do now before the holidays take over. Here are some key things you may want to take a...
Read MoreA Do-over on Your Social Security Claiming Decision?
There are situations when requesting a “do-over” would be ideal. Think about when you respond to your spouse thoughtlessly – as it leaves your lips you probably immediately apologize and call for a do-over. When you’re playing tennis...
Read MoreLesser-known Military Service Benefits
Most people in the military and their families are familiar with the ongoing benefits afforded to individuals who served our country, like pensions, inexpensive life insurance and retirement plans, tax-free housing allowances, and...
Read MoreAre Interest Rates Finally on the Rise?
On June 14, 2017 the Fed announced its fourth increase in their interest rate targets in the past 18 months. Are the interest rate increases we’ve been threatened with for the past 5+ years finally here? If so, this this begs the...
Read MoreLearning from the Mistakes of Other People – Celebrity Edition
The older you get, the more you realize that celebrities are just like us, only rich and famous. They make mistakes like anyone else, and those mistakes are often magnified by the money involved and the attention afforded their...
Read MoreIs Estate Planning on Life Support?
One of the key tax initiatives rumored to be part of the new administration’s tax overhaul is a repeal of the federal estate tax. Even if this were to take place, it seems likely that estate planning will remain an integral part in...
Read MoreAre After-Tax Contributions to Your 401(k) a Good Idea?
If I asked you: “What is the maximum amount you are allowed to contribute to your 401(k) this year?” you would most likely answer either $18,000 or $24,000 depending on your age (50+) and ability to contribute an additional $6,000 as a...
Read MoreImportance of Regularly Reviewing Beneficiary Designations
There’s a bit of administrative business that can have impactful consequences if not dealt with in a timely manner: naming and/or updating beneficiaries and the various types of beneficiary designations. Let’s take a look at a...
Read MoreAnother Change in Social Security Statements
Along with a hiring freeze, the Social Security Administration (SSA) will mail fewer paper statements in an attempt to cut costs. You may recall that the most recent change to statements was that those not registered for an online...
Read MoreEstate Planning – Updates and Coordination
Last month I outlined the upcoming cost of living increase in Social Security benefits for 2017. Another recent announcement for 2017 was in regards to estate taxes. While the annual gift tax exclusion ($14,000 per donee) and the top...
Read MoreSocial Security Cost-of-Living Adjustment for 2017
The Social Security Administration recently announced that Social Security and Supplemental Security Income (SSI) benefits for more than 65 million Americans will increase 0.3 percent beginning in 2017. There was no Cost-of-Living...
Read MoreFile Your FAFSA Early
For the first time, the Free Application for Student Aid (FAFSA) is available prior to January 1st. Starting in 2016 and going forward, the FAFSA will be made available on October 1st for the following year. How the FAFSA and Data...
Read MoreHelping Grandchildren with College Costs
Grandparents looking to help their grandchildren defray college costs have a variety of options. But no good deed goes unpunished! Let’s look at a couple of options and some of their pros and cons. Make Payment Direct to SchoolBecause...
Read MoreEstate Tax – Be Aware of State Taxes
With the most recent estate tax changes, the majority of investors will not have an issue with the federal estate tax due to the high current level of exemption ($5.45 Million in 2016). Unfortunately, in addition to the federal estate...
Read More529 Plans – The Distribution Side
Whether you have a graduating senior going off to college in a few months or you are planning college visits this summer, you may have begun to consider what you need to do in order to realize the full benefit of your 529 College...
Read MoreInherited IRAs – Watch out for these mistakes!
Inherited IRA rules may seem straight forward, when a loved one passes away and you are the named beneficiary, you take over the IRA and have to begin taking distributions. But when the death of a beneficiary occurs or a trust gets...
Read MoreLast Minute Contributions
We are down to a month remaining until your tax returns are due. If you haven’t yet taken action in the following areas, you have up until at least the tax filing deadline to do so: Contribute to a Traditional or Roth IRA for...
Read MoreStarting Early vs. Starting Late
The key to saving for an anticipated expense or season of life (i.e. retirement) is starting early. The benefits of the concept of compound interest is well-documented, with the main difference-maker being time. Hypothetical Example:...
Read MoreEstimates of Health Care Costs in Retirement
When helping clients plan, one aspect that is becoming more and more important is planning for health care costs. One question I get asked often is: “How much should I plan to spend on Medicare and other health care costs in...
Read MoreThe Future of Social Security Claiming Strategies
The Bipartisan Budget Act of 2015 was recently passed and signed into law as a way to avoid a government shut-down due to previously-imposed debt ceiling limits. Part of this bill results in closing so-called “unintended...
Read MoreAnticipated Changes in 2016
As expected, the Social Security Administration recently announced that there will be no cost-of-living adjustment (COLA) for Social Security benefits in 2016. For those under the income limits ($85,000 single/$170,000 joint) and...
Read MorePlanning for Q4
Where has 2015 gone? We are already in the last quarter of the year and with that comes some end-of-year planning that’s important to do now before the holidays take over. Here are some key things to take a look at today:IRA...
Read MoreUh Oh. College Equals Adulthood
When preparing to send a child to college, there are a lot of things to think about. First, there is finding the right school. But then you have the application process, the aid application process, the supplies, the classes, and the...
Read MoreAvoid Penalties on Pre-59.5 Distributions from an IRA
Tax-deferral can be a powerful tool. It’s generally recommended to maintain tax-deferral as long as possible. If, however, there is a need to access money saved in a tax-deferred IRA or employer-sponsored retirement plan before you...
Read MoreCollege Planning – Costs of Inflation and Savings
From 1982 to 2012, costs of tuition, room, and board for 4-year institutions increased at an average rate of over 14% per year. This increase has been more modest recently (4.65% per year between 2007 and 2012), but still outpacing...
Read MoreChange Coming to High Income Medicare Beneficiaries
Higher-income Medicare beneficiaries have been paying more for their Parts B and D coverage for several years now in the form of income-related monthly adjustment amounts (IRMAA). A new bill signed into law by President Obama in April...
Read MoreNew Online Social Security Feature
The Social Security Administration recently announced that their mySocialSecurity online accounts now offer the capability to regenerate misplaced 1099 or SSA-1042S forms for tax purposes. In order to access, go to www.socialsecurity...
Read More2015 IRS Changes
In October of this year, the IRS announced upcoming changes for 2015 in the area of retirement contributions, income phase-out ranges and Social Security. Below is an overview of the highlights, and if you are interested in learning...
Read MoreIRA Rules for Minors and Non-Working Spouses
In general to establish an IRA (Traditional or Roth) an individual: 1. Must have compensation (either earned income of an employee or self-employed, or alimony). AND 2. Must meet the following income guidelines: Traditional IRA – Fully...
Read MoreDigital Asset Protection and Planning
Your digital assets can include email accounts, social media accounts, music, ebooks, and movie accounts, among others. Unfortunately, problems often arise upon the owner’s death due to fine print in the user agreement for a website or...
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