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Small Business Success: Financial Planning for Entrepreneurs
Small businesses represent a crucial pillar of the U.S. economy, as they employ half of the nation’s private-sector workforce and are credited with roughly 63% of the new jobs that have been created from 1995 to 2021, as per federal...
Read MoreThe Art of Financial Planning: Building a Solid Foundation
Some people avoid financial planning because they feel overwhelmed by all the numbers. Whether you suffer from the very real condition of arithmophobia or you simply don’t feel like you understand enough about finances to tackle your...
Read MoreNavigating Financial Stress During the Holidays
The holiday season is often portrayed as a time of joy, togetherness, and celebration. However, for many people, it can also be a source of financial stress and anxiety. The pressure to buy gifts, host gatherings, and partake in...
Read MoreRetirement Income Streams: Diversification for Financial Stability
Retirement is one of the most significant milestones in life. It represents the culmination of years of hard work and savings, but it also marks the beginning of a new financial chapter. Ensuring a comfortable and stable retirement...
Read MoreClosing Out the Year: Investment Strategies for Q4 Success
As the final quarter of the year approaches, investors are faced with a unique set of opportunities and challenges. The fourth quarter, often marked by increased market volatility and potential year-end considerations, requires a...
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Key Considerations for Couples Planning Retirement Together
As a financial professional, I often find myself discussing retirement plans with couples who are contemplating the idea of retiring simultaneously. The notion of embarking on a shared retirement journey, free to pursue dreams, travel,...
Read MoreHarvest Your Financial Potential
Tips for this Season of Preparation and Cultivation With the transformation of the leaves and a cool, refreshing breeze, fall offers more than just Pumpkin Spice everything. It's an annual opportunity to contemplate your financial...
Read MoreCrafting a Comprehensive Plan to Secure Your Family’s Future
Estate planning is not just about managing your assets or distributing wealth; it’s about leaving a legacy that lasts for generations. It’s a way to ensure that your hard-earned assets – and values – are preserved and passed down to...
Read MoreNational Savings Day
Use This Annual Reminder as an Opportunity to Strengthen Your Financial Future. Saving money isn't just a smart financial habit; it's an important step toward securing a prosperous and secure future. Mark your calendars! National...
Read MoreThe Q4 Playbook: Scoring Financial Touchdowns
With the final quarter of the year on the horizon, it's time to gear up for Q4 financial planning. The end of the year provides a unique opportunity to assess your financial landscape, recalibrate your goals, and set a course for a...
Read MoreWhat Does Financial Wellness Really Mean?
The concept of wellness is used often, generally when referring to a balanced and fulfilling life overall. But what does it mean when someone refers to their financial wellness? Financial wellness encompasses all aspects of an...
Read MoreLife Insurance Awareness Month
As the seasons transition and we enter fall, it’s a great time to reflect on the importance of securing your loved ones’ future. September is primarily recognized as Life Insurance Awareness Month, a season dedicated to highlighting...
Read MoreDebunking Common Myths about IRAs and 401(k)s
Individual Retirement Accounts (IRAs) and 401(k) plans are powerful tools for securing a financially stable retirement. However, misconceptions and myths can hinder individuals from making informed decisions about these essential...
Read MoreTen Birthdays Impacting Your Retirement Income
Your age significantly affects how much money you'll have during your retirement years, and different retirement benefits have different eligibility ages. Over the course of 23 years, from age 49 to 72, you'll need a financial...
Read MoreCommonly Overlooked Healthcare Expenses
Retirement planning is essential to financial security in the latter half of life. An area that usually gets overlooked is healthcare expenses. While healthcare is necessary for retirees, it can often be the most significant unknown....
Read MoreA Cautionary Tale of Estate Planning
On August 16, 1977, the “King of Rock ‘n’ Roll,” Elvis Presley, died of cardiac arrest. While many famous icons fail to plan for their estate properly, Elvis thankfully did so just five months before his sudden passing. However,...
Read MoreSocial Security Taxation: Understanding How It Works
As the anniversary of the Social Security bill being signed into law (August 14, 1935)[i] approaches, we’re reminded of the intricate workings of the U.S. tax system. Social Security, a vital program designed to provide financial...
Read MoreDemystifying Income Tax in Retirement
On August 4, 1862, the U.S. collected income tax for the first time[i]. You may be ready to bid farewell to income tax obligations once you retire, but unfortunately, it’s not that simple. While the dynamics may shift, understanding...
Read MoreAsset-Rich but Cash Poor: Understanding the Retirement Predicament
Retirement is a time when most people expect to enjoy the fruits of their labor, with financial security and a steady income from investments or savings. However, for some individuals, this period can present a unique financial...
Read MoreDiscussing the Long-Term Care Question
Long-term care planning is an important aspect of retirement planning that is often overlooked. As people are living longer and healthcare costs are increasing, it is crucial to consider the cost of long-term care in retirement...
Read MoreUnderstanding the Retirement Picture for Gen X
A recent study by Investopedia found that Generation X’s biggest worry is retirement. The survey found that although many members of Gen X feel like they understand their finances, they are still concerned about transitioning into...
Read MoreUnderstanding the Classic Fixed Annuity
Whether you’ve learned about annuities before or it’s your first time hearing about them, it’s important to first understand the basic concept and one of its simplest forms. In general, an annuity is a financial product that provides...
Read MoreAre Annuities Right for You?
Annuities can be an excellent addition to your financial and retirement portfolio, but it's essential to determine whether they're the right fit for you and your financial goals. Here are some ways to know if annuities are right for...
Read MoreHow Do Annuities Really Work?
An annuity is an investment product that is designed to provide a guaranteed income stream for a predetermined period, often for the rest of one’s life. An annuity is typically purchased from an insurance company, and the purchaser...
Read MoreCovering the Basics of Annuities for Annuity Awareness Month
June is Annuity Awareness Month, a time to educate individuals on the benefits and importance of annuities. If you’re new to annuities or need a refresher, keep reading to understand the basics of annuities.Basically, an annuity is a...
Read MoreRetirement Tips for the High Net-Worth Individual
Retirement is a major milestone in the life of every individual, and it is no different for high-net-worth individuals. If you’re one of these individuals, you may think that being comfortable means you can worry less about retirement...
Read MoreCelebrate 529 Day on 5/29!
529 Day is a holiday celebrated at the end of May, usually on May 29. It is a day dedicated to promoting and raising awareness for 529 college savings plans, a tax-advantaged way to save for college expenses, K-19 schooling expenses,...
Read MoreWhat is a Rolling Recession?
You may have noticed that the economy after the pandemic has been volatile. And while there has been talk of a possible recession for a few years, we have yet to enter a traditional recession. A recession is defined as a consistent,...
Read MoreThe Role of Dividends for Income Generation
One investment and income strategy that can be useful when it comes to setting yourself up for retirement is one involving dividends. Dividends are regular payouts to shareholders based on the profits of the company. If you own some...
Read MoreSpring Cleaning for Your Financial Strategy
Come springtime, you might be thinking about doing some spring cleaning, whether it’s cleaning out your garage, throwing out old items, or rearranging your furniture. However, it’s important not to forget to do some spring cleaning on...
Read MoreFinancial 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...
Read MoreThe 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...
Read MoreTeaching 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...
Read MoreIntroducing 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...
Read MoreShould 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...
Read MoreHow 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...
Read MoreStriking 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...
Read MorePlanning 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...
Read MoreDon’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...
Read MoreThe 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...
Read MoreCollege 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,...
Read MoreFinancial Aid Forms for Your Kid’s or Grandkid’s 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...
Read MoreFinancial Aid and the 529 Plan
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...
Read MoreQualified 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....
Read MoreReducing 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...
Read MoreThe 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...
Read MoreDon’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...
Read MoreGive 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...
Read MoreHow 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...
Read MoreYou 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...
Read MoreAssessing 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...
Read MoreThe 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...
Read MoreHow 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...
Read MoreHow 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...
Read MoreWhat 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...
Read MorePreparing 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...
Read MoreDon’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 strategy, but when you think about the...
Read MoreAre 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...
Read MoreMedicare Open Enrollment is Around the Corner!
With all this market volatility and inflation, talk about investment strategies and portfolio longevity seems to dominate the discussion on retirement. But one of the most important aspects of retirement is often overlooked: Medicare...
Read MoreProtecting Your Retirement With the Bucket Strategy
The Bucket Strategy is built to account for your needs at different stages of your life. But putting it into action is easier said than done. If you’re looking to build a retirement plan that’s structured to protect your savings and grow your savings over time, the Bucket Strategy might be for you. Get connected with our team today!
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 payments from individuals and pays them back usually over a long period of time in a flow of payments or a lump sum when a certain event occurs, such as a specific time, age, or if an illness occurs. The insurance company can accept payments over time or in one lump sum as well. The money in it is invested by the financial institution and grows until the date that the payments are to be distributed to the beneficiary or account owner.
An annuity can provide regular payments from a fixed-rate, variable, or indexed annuity.
Fixed-rate annuities often take the form of a singular lump sum that is structured to provide you a set amount of income periodically. It’s not exposed to any market risk, its payout rates are fixed, and its principal value does not grow or decline.
Variable annuities are market-exposed annuities. These annuities have more risk involved and their payout amounts usually factor in the portfolio performance. The amount invested in a variable annuity can grow or decline.
Index annuities are market-exposed annuities but track a diversified index of stocks or equities. These types of annuities are a middle ground between some of the riskier assets that go into a variable annuity and the risk-averse, non-market-exposed fixed annuity.
Though annuities may seem complicated, the basic idea is simple. An insurance company receives a fixed or variable income stream for a predetermined period, or for life, in exchange for money in return.
With your retirement accounts, such as your 401(k)s, IRAs, or Roth IRAs, there are annual contribution limits and age restrictions that are meant to have your money used in a specific way regardless of your unique circumstance. With an annuity, the main benefit is that it is structured to be tailored to your unique needs.
It’s important to know that any guarantees, like interest or market protection, are backed by the financial strength and claims-paying ability of the issuing insurance company.
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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...
Read MoreUnderstanding 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...
Read MoreCommonly 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%...
Read MoreStuck 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...
Read MoreHow 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)....
Read MoreMulti-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’...
Read MoreMaking 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)...
Read MoreDon’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...
Read MoreDifferent 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...
Read MoreThree 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...
Read MoreEnlisting 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...
Read MoreDo 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...
Read MoreWhere 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...
Read MoreDoes 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...
Read MoreANNUITIES – 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...
Read MoreInterested 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...
Read MoreWhy 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, but...
Read MoreHealthcare 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,...
Read MoreEducators 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...
Read MoreAsset-Protection Strategies Worth Knowing
Your first line of defense against potential litigation will likely be insurance in the form of an “umbrella policy.” Your financial professional can help with the right coverage but be prepared for a policy that’s at least equal to...
Read MoreTalking 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...
Read MoreLong-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...
Read MoreIRS 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...
Read MoreHave 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...
Read MoreThe 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...
Read MoreTalking 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...
Read MoreWills 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...
Read MoreWho’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...
Read MoreEight 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...
Read MoreThe 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...
Read MoreLooking 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...
Read MoreIt’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...
Read MoreSocial 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...
Read MoreSelf-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...
Read MoreThe 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...
Read MoreAre 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...
Read MoreHow 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%...
Read MoreHow 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...
Read MoreSECURE 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...
Read MoreTips 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...
Read MoreHow 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...
Read MoreDo 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 plan. Insurance can be costly and confusing, but it's also necessary to avoid wiping out your retirement savings. Knowing what you need...
Read MoreCoverage 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...
Read MoreTurn “Rainy Day” Money into a Long-Term Care Plan
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 is the time to talk about care planning. If you're an annuity owner, chances are you're...
Read MoreWhy 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...
Read MorePicking 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...
Read MoreHow 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...
Read MorePower 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...
Read MoreMedicare 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...
Read MoreWhy 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...
Read MoreUnderstanding 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...
Read MoreIs 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...
Read MoreReasons 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...
Read MoreGetting 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...
Read MoreThe 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...
Read MoreThe 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...
Read MoreNeed 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...
Read MoreHSA 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...
Read MoreThe 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...
Read MoreHow 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...
Read MoreThe 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...
Read MoreMulti-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...
Read MoreSelling 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...
Read MoreManaging 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...
Read MoreGrants, Loans, and Programs to Benefit Your Small Business
Over 99% of America's 28.7 million firms are small businesses, and 88% have fewer than 20 employees. After the year of COVID, many can't wait for a Government stimulus to bail them out and are instead looking for ways to fund their...
Read MoreShould Parents Wait to Transfer Wealth to Their Heirs?
Many families have plans to give their children and grandchildren financial gifts when they die, but it might make sense to gift earlier. Making financial gifts during your lifetime can significantly impact their lives, sometimes when...
Read MoreHow 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...
Read MoreWhy 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...
Read MoreHow Biden’s Tax Plan Could Impact Your Wallet
Candidates run campaigns on promises and plans, but that doesn't mean they ever come to fruition. The Biden administration will maintain a Democratic majority in both the House and the Senate for at least the next two years, giving him...
Read MoreUsing 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...
Read MoreIs There Really Such a Thing as a Guaranteed Rate of Return?
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,...
Read MoreWhere to Live if You Prefer Zero Social Security or Pension Tax
We spend years of our life working and saving for that retirement dream, and as you get closer, it's important to take all steps to preserve your nest egg. Perhaps a move across state lines will help in that endeavor. Some states don't...
Read MoreCryptocurrency 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...
Read MoreChanges 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...
Read MoreFinancial Literacy Month and What You “Must Consider”
Financial Literacy Month suggests it's time to take advantage of available tools, resources, and tips for financial education that can help increase your financial success. This month put yourself back in the driver's seat! Do a...
Read MoreDebunking Annuity Myths
Don't overlook the benefits that annuities provide during your retirement planning years. Yes, some myths make them appear to be a lousy choice, but there are reasons to trust in financial insight rather than the Google results on the...
Read More2020 Changed How Your Financial Professional Works with You
The loose definition of a financial professional is someone that provides insight intended to lead to a better outcome for your financial future. The workings of their daily routine include everything from planning to building your...
Read MoreIs Your HSA Working for You?
If you have a Health Savings Account (HSA) option, the benefits are worth the investment. The tax benefits of an HSA magnify the advantage of investing in, say, stock funds or diversified mutual funds. First, your contribution is...
Read MoreAvoiding the Social Security Tax Trap
Retirees face multiple income traps, and many retired taxpayers will see a portion of their Social Security income make its way onto the taxable income line of their 1040s. Those who convert their traditional IRAs to Roth IRAs are...
Read MoreSteps 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...
Read MoreMillennial 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,...
Read MoreRetirement – 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...
Read MoreOverlooked 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...
Read MoreStopping 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...
Read MoreAvoid Costly Retirement Surprises
“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose. You're on your own. And you know what you know. And YOU are the one who'll decide where to go...” ― Dr. Seuss, Oh, the Places...
Read MoreRetirement Options for the Self-Employed
This past year highlighted small businesses more than any other. The impact from a struggling economy has not gone unnoticed and the support from local shoppers has made the difference between open and closed for many small business...
Read MoreA 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?...
Read MoreTop Tips to Prepare for 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...
Read MoreRetirement Surprise: Your Tax Bill Might Increase
Did you know it’s possible for your tax bill to go up once you retire? One possible reason: A portion of your Social Security benefits could be taxed. Another possibility: Your tax-deferred retirement account tax bill comes due when...
Read MoreSocial Security: What’s New For 2021
The Social Security Administration (SSA) recently announced that the 2021 annual cost-of-living adjustment (COLA) for benefits will be 1.3%. That's a small but essential increase for millions of beneficiaries who will see a rise in...
Read MoreCOVID-19: Were You Prepared, What Will You Change?
The impact of COVID-19 is colossal and everyone is feeling the impact. We all know someone who needs extra care during this pandemic. Do you have the financial resources and peace of mind in place to help? Perhaps you are a child...
Read MoreAging in Place in the Wake of COVID-19
Everyone ages and, as a result, they eventually need personal and medical care in a comfortable living environment. Seniors are tasked with deciding what their care will look like and where they want to wake up each morning. With...
Read MoreReminder – Extended Tax Deadline Hits July 15
For some, the onset of COVID-19 brought about a much-needed reprieve from the traditional Spring tax deadlines. The Internal Revenue Service (IRS) extended the deadline for all taxpayers to July 15, 2020. Anyone, including Americans...
Read More9 Facts About Social Security
Tip: How Much? Check your Social Security earnings and see an estimate of your benefits on the Web site, www.ssa.gov. Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know...
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