As the parent or grandparent of young children, you might be thinking about the best way to save for college. 529 plans, introduced in the 1990s, are a great way to shelter investment for college from taxes. BUT, as with all things there are drawbacks. One worry clients routinely express is, what if they overfund…
That’s right folks, our elected officials got something done in 2022 that has bearing on your everyday life. The passage of the SECURE Act 2.0 brings up some interesting planning opportunities for your finances. Since the name of my blog game is short-and-sweet, I’ll just hit a few highlights. Click on the article below for…
Many of you have done all the right things for your health and can look forward to a long and healthy retirement. Bad news for your financial planner! Why would I say such a horrible thing? Longevity means the nest egg needs to last longer. That could mean spending less each year and worries…
Still working on that Resolution list? Seems like they don’t change much from year to year. Here, the top New Year’s Resolutions of 2022 to get you started. Now you’ve made your list, but will you be among the 81% of people who don’t make lasting change? In looking at this list, it’s…
A short and sweet blog with a few ideas to jump start your finances in the new year. Consider CDs for money you will use in 1, 2, or 3 years. You can lock in some decent rates on safe money these days! Talk to your kids about money. Whether they are young, and you…
You’ve raised a glass and sung Auld Ang Syne (I hope, after the last blog you did!), and now it’s time to say goodbye to 2022. What are we leaving behind? Culture The Mirriam-Webster dictionary word of the year was Gaslighting. Defined as “the act or practice of grossly misleading someone especially for one’s…
Don’t get caught flat-noted this New Year’s Eve! Rehearse your Auld Lang Syne now and wow your friends. Should old acquaintance be forgot and never brought to mind? Should old acquaintance be forgot and auld lang syne? [Chorus – this part repeats after every verse] For auld lang syne, my dear for auld lang…
Yes, 2022 is quickly drawing to a close, but it’s not too late to help those non-profit organizations you love. Here are three quick tips for making the most of your charitable gifts for taxes. If you are age 70 ½ or older, you can take advantage of Qualified Charitable Distributions from your traditional IRA.…
Yep, your investments are down and so are your spirits. Those looking for a silver lining may be talking about tax loss harvesting. What does that even mean? Warning, if your money is all in retirement accounts (IRAs, Roth IRAs, 401(k)s, 403(b)s, this concept doesn’t apply. Tax loss harvesting is only for accounts where capital…
Maybe inflation isn’t all bad. Social Security checks are going up 8.7%, you can buy a 1-year CD earning 4.5% interest, and (for those who aren’t spending every last time on more expensive groceries) we are seeing a big jump in retirement contribution limits for 2023. To summarize: 401(k), 403(b), 457 plans: Under age…
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