A financial plan is a written document that lays out your future financial, business and lifestyle goals and maps out comprehensive strategies for achieving them. Contrary to popular belief, financial planning is not just for the wealthy. Rather, it is a critical planning tool that can help all individuals at all income levels make informed […]
Too often, individuals planning for their golden years forget to consider the federal taxes they will need to pay on their Social Security benefits. Unfortunately, these oversights can take a considerable bite out of one’s expected income in retirement. Generally, if the income you rely on in retirement comes from sources other than Social Security, […]
It is a good idea to annually assess the decisions you make that affect your physical and mental wellbeing. For some, this exercise may result in the adoption of a healthier diet, a more regimented exercise routine or a promise to spend more time outdoors. However, as you take steps to improve your health, it […]
Under the Secure Act 2.0, generous grandparents have even more reasons to establish 529 educational savings plans for their grandchildren in 2024, when new rollover provisions take effect. Contributions to 529 plans grow tax-deferred and can be withdrawn by beneficiaries tax-free when used to pay for qualifying education expenses, including tuition, books, computers, and room […]
College tuition continues to rise, forcing families to plan far in advance for how they will afford the future costs of their children’s higher education. Taking advantage of a 529 saving plan helps families reach these goals while providing significant tax benefits. Contributions you make today to a 529 college-saving plan grow tax-deferred until children […]
As college graduates embark on their professional careers, they should consider the following savings strategies to help prepare them for a sound financial future. Like most things in life, the earlier you start planning and preparing, the more likely you will achieve your goals. Employer-Sponsored Savings Plans While retirement may seem like a long way […]
The Inflation Reduction Act (IRA) signed into law in August 2022 includes a potential $7,500 tax credit for individuals who purchase new, clean-energy vehicles in 2023 and a $4,000 tax credit for the purchase of used electric, hybrid and hydrogen-cell vehicles. However, according to recently proposed IRS guidance, qualifying for the credit is more challenging […]
Ultra-wealthy families who take advantage of the historically high estate and gift tax exclusions included in the Tax Cuts and Jobs Act (TCJA) received welcomed news from the IRS in 2019. Taxpayers who rely on the very generous but temporary provisions of the new law to make gifts during tax years 2018 through 2025 will […]
One of the primary objectives of financial planning is to ensure that individuals have more than ample spendable cash flow during all of their retirement years. Navigating the careful balance between spending too much and possibly running out of funds or spending too little and missing out on all of the potential joys of retirement […]
According to Pew Research Center, half of adults ages 18 to 29 were living with one or both of their parents in 2022. This was down from a peak of 52% in June 2020 but still significantly higher than the 44 percent who were living with their parents in 2010. While these living arrangements can […]