Financial Planning

How Will Social Security Benefits and Taxes Change Next Year?

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund [...]

2020-10-26T12:48:20+00:00October 26th, 2020|Financial Planning, Social Security, Taxes|

3 Things You Can Do If You Don’t Qualify for a Roth IRA

There's evidence to suggest that we might be experiencing historically low tax rates right now. The Tax Cuts and Jobs Act will expire in 2025 or possibly sooner if there’s a leadership change in Washington. By the end of the year, total government debt is expected to almost equal the size of the U.S. economy.[1] [...]

2020-10-06T12:57:25+00:00October 6th, 2020|Financial Planning, Retirement Planning|

3 Options for Your 401(k) When Leaving Your Job

If you’ve ever left a job, you may have had to decide what to do with your old 401(k). You might have rolled it over into a 401(k) at your new job or even forgotten about it when you were younger. But if you’ve recently lost your job, retired, or left your job for another [...]

2020-09-21T01:48:52+00:00September 21st, 2020|Financial Planning, Retirement Planning|

Preparing the Next Generation to Inherit Wealth

Estate planning is an important part of retirement planning for many reasons: You've worked hard for your money and want to see it passed down in the most efficient way possible for your loved one’s benefit. Unfortunately, costly mistakes are all too easy to make. Without careful planning and discussion, you could end up passing [...]

2020-08-31T12:41:00+00:00August 31st, 2020|Estate Planning, Financial Planning|

Pension Or No Pension, Have a Plan for Creating Retirement Income

Here's proof that funding retirement has changed: In 1970, 45% of private-sector employees were covered by a pension plan.[1] Now, 4% are covered.[2] Pensions have largely been replaced by 401(k), IRAs, and similar retirement plans, and retirees must find a way to make their savings last throughout retirement. If you are lucky enough to have [...]

2020-08-03T01:07:35+00:00August 3rd, 2020|Financial Planning, Retirement Planning|

3 Things to Know About Your 401(k)

We all know that a 401(k) is one of the most important retirement planning tools we have. The potential tax benefits and power of compound interest can make it a great saving and investment tool for anyone who practices financial discipline and contributes regularly. There are several important things to know about your 401(k), such [...]

2020-07-26T20:05:46+00:00July 26th, 2020|Financial Planning, Retirement Planning|

Financial Lessons from a Founding Father

America is taking another look at Alexander Hamilton thanks to the hit Broadway musical celebrating his role in shaping our nation. As the first Secretary of the Treasury, he created the first national bank, consolidated the new country’s war debts, and established federal credit. You could say he was America’s first Chief Financial Officer. He [...]

2020-07-25T03:27:18+00:00July 25th, 2020|Financial Planning|

3 Things to Know If You Don’t Want to Leave Your Retirement Income to Chance

If you're nearing the end of a long career or have recently retired, you know something about what it takes to be successful. Luck can help, but hard work and proper planning are much more important. It's the same with retirement. Deciding where your income will come from, working to help minimize your tax burden, [...]

2020-07-19T20:03:58+00:00July 19th, 2020|Financial Planning, Retirement Planning|

3 Things to Know About Covering Healthcare Costs In Retirement

Consider that the average 65-year-old couple retiring today will need an estimated $363,946 to cover their healthcare costs in retirement, and this does not include long-term care costs.[1] Many people assume that Medicare will cover all of their healthcare needs, but Medicare is neither free nor comprehensive healthcare coverage. There can potentially be many out-of-pocket [...]

2020-07-07T19:02:37+00:00July 6th, 2020|Financial Planning, Healthcare|

Are We Entering the Roaring 20’s Round 2?

While no one knows what this decade will bring, we might look to history for some insight. One hundred years ago, America was reeling from the Spanish Flu and uncertain economic prospects. At the time, many may have been pessimistic, but then we entered the Roaring 20’s. While there is much uncertainty now, we may [...]

2020-06-22T04:44:12+00:00June 22nd, 2020|Economy, Financial Planning|