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Financial Mistakes to Avoid in 2023
Could you be losing money because of simple monetary mistakes? Avoid these money-wasting habits in 2023 to have more cash when you need it—or save it for a rainy day.
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Common Factors Affecting Retirement Income
When it comes to planning for your retirement income, it's easy to overlook some of the common factors that can affect how much you'll have available to spend. If you don't consider how your retirement income can be impacted by...
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Planning For Unexpected Costs Before You Retire
Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your...
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5 Ways a Financial Professional Could Be a Small-Business Owner's Best Friend
As a business owner, you may assume you do not need professional financial advice until you hit certain milestones such as $1 million in sales, having ten employees, or some other tangible measure. However, financial professionals may...
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Top 10 Provisions in SECURE 2.0
Congress passed SECURE 2.0 as part of the fiscal 2023 spending package. This bipartisan retirement security legislation could present opportunities for your retirement savings strategy.
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The IRS Increases 401(K) Limit by Record Amounts
As inflation soars, you can now save a lot more for your retirement. On October 21st, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22...
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Understanding Capital Gains Tax as an Investor
As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth....
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An Annual Financial 'To-Do' List to Help Keep Your Finances on Track
Each year, many of us focus on our financial health by resetting goals and checking off items on our financial to-do list. Attempting to implement everything at once can be overwhelming but a month-by-month approach may help you plan...
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The 12 Days of Year-End Planning: Things to Consider Going into “The New Year"
At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over...
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IRS Adjusts Tax Brackets to Account for Inflation
Shifts in tax brackets as well as the standard deduction slated for 2024.On October 18, 2022, the Internal Revenue Service (IRS) announced tax year 2023 adjustments for tax returns filed in 2024.From the IRS directly:“The tax...
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LPL Financial Research Outlook 2023: Finding Balance
Through all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets...
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Holiday Recipes
Try these delicious recipes to get in the holiday spirit!
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5 Top Questions on Inflation and What You Need To Know
Answers to your top inflation questionsBeen there, done that. Don’t want to do it again. That’s how many people who lived through the 1970s and 1980s feel about inflation. But today’s reality is that your money...
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Maintaining Your Investment Cool When Markets Are Volatile
6 points that can help you feel more at ease with market volatilityAlthough market uncertainty might make you feel jittery, keeping your investment cool is critical to your financial success. While it's hard to watch your portfolio...
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Warren Buffett on How to Plan for Inflation
Inflation swindles almost everybody – stock investors, bond investors…We’ve all heard about Warren Buffett, the 91-year-old multibillionaire known for his friendly demeanor, modest style of living in Omaha, and...
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Enduring Market Volatility With a Financial Plan
If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments. What...
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Preparing for Year-End and the 2022/2023 Tax Season
Year-end is approaching and being prepared is the best way to make this tax season your easiest yet. Following are important information and tools to help you get ready. As always, meeting with your financial professional early and...
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Top Year-End Investment Tips
Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December...
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What the Mid-Terms Might Do to the Stock Market
The S&P 500 does best when one party controls Congress and the WH too.The 2022 Midterm Elections will feature hundreds of hotly contested races at the state and local level and will decide whether the Democrats maintain – or the...
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Designating a Beneficiary for Life Insurance
A beneficiary is the person or entity you name (i.e., designate) to receive the death benefits of a life insurance policy. Some states require that your beneficiary have an insurable interest in your life or be related to you (at...
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The Advantages & Disadvantages of 401(k) Loans
Sometimes a 401(k) loan makes sense, but there are a lot of considerations.Tapping your tax-advantaged retirement savings seems like a desperate financial move (because it is), yet also a sound one in specific circumstances. Best know...
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Inflation Reduction Act: What You Should Know
The Inflation Reduction Act, signed into law on August 16, 2022, includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate stock buybacks. Additional funding is...
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State Tax Changes Taking Effect July 1, 2022
Fourteen states have notable tax changes taking effect on July 1.Although the majority of 2022 state tax changes take effect at the start of the calendar year, some are implemented at the beginning of the fiscal year. Individual and...
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Can We Get a Goldilocks Scenario?
Broad-Based Job Gains Keep Recession AwayThe U.S. added 372,000 jobs in June, at just a slightly lower clip from May, while the unemployment rate remained unchanged at 3.6%. The participation rate dipped to 62.2% in June as individuals...
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Midyear Outlook 2022: Navigating Turbulence
Markets rarely give us clear skies, and there are always threats to watch for on the horizon, but the right preparation, context, and support can help us navigate anything that may lie ahead. So far, this year hasn’t seen a...
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Tips for Navigating a Volatile Retirement
Retirement is the time in your life when you want to sit back, relax, and enjoy the fruits of years of hard work. But unfortunately, when the market is volatile, it may bring additional anxiety and stress. The good news is, a volatile...
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Broadening Your Annuity Horizons with Details
Five key questions to ask yourself about fixed and variable annuities While fixed annuities are generally considered to be conservative instruments, variable annuities are investments with the growth potential necessary to outpace...
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Five Lessons To Remember During Bear Markets
The Stock Market has been trying to teach these lessons forever…. The real value of a bear market may be that it gives investors, who are temporarily frozen within its grip, the opportunity to learn or relearn important lessons...
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The Importance of Long Term Care Planning
The statistics on longevity show that people are living longer and will likely need long-term care (LTC) at some point in their lives. The unknowns each of us faces are how many years we will need LTC and what it will cost. With the...
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Financial Planning Tips for Small Business Owners
When you're a small business owner, you need to pay extra careful attention to both your business and personal finances. Your financial planning strategies should simultaneously encourage the success of your business while also working...
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Myths and Facts About Social Security
Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect. There's no doubt about...
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Spring Clean Your Finances
As temperatures warm up, trees begin budding, and the days get longer, you probably throw open your windows and think about spring cleaning your home. As you tackle washing windows, cleaning carpets, and sorting out the...
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How Financial Asset Management May Help Investors Stay the Course
Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time...
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Retirement Plan Limits on the Rise in 2022
Many IRA and retirement plan limits are indexed for inflation each year. Although the amount you can contribute to IRAs remains the same in 2022, other key numbers will increase, including how much you can contribute to a work-based...
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If Russia Invades Ukraine, What Should You Do?
Wall Street has little recent history to go from, but two things are very likely. Starting in late 2021 and throughout all of 2022, Wall Street has debated what markets might do if Russia invades Ukraine.
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Moving Forward After a Pullback
Stocks have gotten off to a tough start in 2022. Why has the market pulled back and what might we see going forward? We think the most important thing to remember is that periodic stock market volatility is entirely normal....
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Planning Your Distributions After Retirement
When it comes to retirement planning, much ado is made of how much to save. But often, the real difference lies in shrewd distribution planning. By withdrawing funds from certain account types in a certain order, you might...
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Winter Wanderlust: Top Adventure Destinations This Season
Many people wouldn’t consider winter the best time of year to head outdoors, no matter where you live in the US. But in reality, winter is a great season to hit the road and embark on a wonder-filled, adventurous experience in...
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A Season of Giving: 5 Different Ways To Give During the Holidays
With the holidays here, now is the time to get into the giving spirit and help to change others' lives for the better. Whether you are looking to make a difference in a specific person's life or the life of many, there are many ways to...
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Preparing for Year-End & The 2021/2022 Tax Season
Year-end is approaching and being prepared is the best way to make this tax season your easiest yet. Following are important information and tools to help you get ready. As always, meeting with your financial professional early and...
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Are You Maximizing 401(k) Contributions?
The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement. To...
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Appropriate Checklists for Year-End Tax Planning
What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...
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5 Types of Retirement Plans for Small Business Owners
Small business owners are different from the average hourly employee in a lot of ways. One often-overlooked difference is how they plan for retirement. Although small business owners may offer a classic 401(k) for their workers along...
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Estate Planning for Everyone
Have you ever wondered how estate planning might fit into your overall, future plans? Even if you are just starting to build your estate and do not need complex estate planning, here’s a quick look at some steps you should...
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Resources for Women-Owned Small Businesses
Small businesses face many problems related to their size, capital, and capability, and for women-owned small businesses, the challenge is sometimes even greater. The good news is there are many professional organizations out there...
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New Global Tax Accord Takes Shape
After more than four years of international negotiations taking place mostly behind the scenes, 132 countries — representing more than 90% of worldwide gross domestic product (GDP) and including the Group of 20 (G20) large...
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Why Invest?
To accumulate wealth, people may choose to invest their money into various types of investments. Investing creates opportunities that otherwise would be difficult to manage due to the consistency of contributing to the investment....
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Should You Be Concerned About Inflation?
If you pay attention to financial news, you are probably seeing a lot of discussion about inflation, which has reared its head in the U.S. economy after being mostly dormant for the last decade. In May 2021, the Consumer Price Index...
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Why Financial Planning is for Everyone
When it comes to retirement plans, there is no one-size-fits-all approach for how to invest. While there are some basic strategies everyone should follow, it’s important to keep in mind retirement plans will vary, depending on...
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Making Sense of Medicare Parts A, B, C & D
With its four distinct parts, Medicare can be an alphabet soup of complexity. We provide an overview of the various components and how they impact your healthcare costs. Medicare is available to virtually all U.S. citizens and legal...
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When To Call Me- Times to Call Your Financial Advisors
Most of us go to see professionals when we’re in trouble or during times of crisis. Think about it. We go to the doctor when we’re sick. We go see a lawyer when we have a pending legal matter. We go see a counselor when...
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Key Benefits of a Financial Professional
Whether you've been wondering about boosting your investments' rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial...
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Retirement Plan Options for Small Businesses and the Self-Employed
Studies show that among the smallest businesses (those with no more than 4 employees), only 5% provide their employees access to a retirement savings plan. The percentages grow with the sizes of the businesses. Almost a third (31%) of...
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When to Begin Collecting Social Security
Deciding when to retire and begin collecting Social Security is an important life decision. For some, savings losses may dictate that you delay your retirement plans and continue working, which means postponing when you begin...
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How to Tally Your Social Security Benefits
To save money, the Social Security Administration (SSA) stopped mailing annual statements nearly a decade ago. The yearly statements were helpful, as they helped workers estimate their Social Security benefits. Despite this lack of...
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Retiring? Take Control of Your Assets
After years of saving and investing, you can finally see the big day -- retirement. But before kicking back, you still need to address a few matters. Decisions made now could make the difference between your money outlasting you or...
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Nonqualified Retirement Savings Plans
The advent of 401(k) and other qualified employer-sponsored retirement plans has been a boon for those seeking to save for retirement while reducing their current tax bite. But for the growing numbers of individuals earning over $100...
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Money Management for a Single Parent
As a single parent, you are probably familiar with the dual challenges of managing a household and planning for the future on your own. But are you as familiar with the financial strategies that can stretch your income and help you get...
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Too Young to Think About Investing? Think Again!
"How did it get so late so soon?" -- Dr. Seuss Dr. Seuss's whimsical take on life has been delighting children of all ages for generations. His simple but powerful words continue to resonate today, even in the context of planning for a...
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Lower Your Tax Bill With Year-End Planning
As the end of the year draws near, the last thing anyone wants to think about is taxes. But if you are looking for ways to minimize your tax bill, there is no better time for tax planning than before year-end. That is because there are...
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Women, Wealth, and Legacy Planning
Women play a central role in establishing and preserving family wealth -- whether nurturing the values of children, fulfilling charitable goals, or making investment decisions that affect the financial security of themselves or their...
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The Social Security Administration Announces 2021 COLA
On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable...
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Longevity Risk and Retirement Income
How long might you live in retirement? Think carefully. Your answer could influence whether you have enough money for a comfortable retirement or just scrape by. According to pension mortality tables, at least one member of a...
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Maintain a Good Credit Rating
Today’s American way of financial life relies on debt as a way of solidifying a desired lifestyle. Therefore, it is important to establish a good credit history if you intend on making more substantial, debt-financed purchases...
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Midyear Outlook 2020: The Trail to Recovery
We are at the midpoint of 2020, and it would be an understatement to say it’s been a challenging year so far in the United States and around the world. We’ve faced health, social, and economic crises that continue to impact...
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Kids and Money: A Little Education May Pay Off
Just about anyone who has ever watched a child or grandchild go from the crib to kindergarten and beyond has uttered the phrase, "They grow up so fast." Although you cannot freeze a youngster's precious moments in time, you can take...
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Keep Your Head in the Game: Avoiding Mental Errors When You Invest
In the sports world, a mental error can cost your team the big game. When you are investing, a mental error can put your retirement portfolio at risk. Mistakes often result from letting misconceptions and emotions affect your decisions...
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Balancing Act: Saving for Both Retirement and College
Saving for both retirement and college can be a real balancing act. Let us consider some hypothetical examples below. Linda and Peter want their one-year-old son, Raymond, to go to college, but are concerned that in 17 years, the cost...
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Planning the Withdrawal of Your Retirement Assets
You have worked long and hard to accumulate the assets that you are using to help finance your retirement. Now, it is time to start drawing down those assets. Exactly how you liquidate your assets will affect your tax and impact how...
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Evaluating Professional Advice: Questions to Answer Before You Commit
Professional advisors work in many fields and hold various titles, such as investment advisor, financial planner, accountant, estate planner, insurance agent, and stockbroker. Over the last few years, most professional advisors have...
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Delaying Retirement May Provide the Financial Boost You Need
Whether you look forward to staying active in your later years or simply need the income, delaying retirement has many perks worth considering. Americans are living longer, healthier lives, and this trend is affecting how they think...
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I'm Changing Jobs. What Should I Do with the Money in My Plan?
I'm Changing Jobs. What Should I Do with the Money in My Plan? Changing jobs is an important decision -- one that many of us are making more often. Once you've decided to switch jobs, your next move is to determine what to do with the...
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Setting Every Community Up for Retirement Enhancement (SECURE) Act
The SECURE Act was signed into legislation December 2019. It brings about some important changes for Americans saving for retirement and planning for education. While the Act is lengthy and there are details to be worked out, the top...
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Brush Up On IRAs
Here's a refresher course on IRAs -- how they work and how they can help you plan for retirement If you are opening an individual retirement account (IRA) for the first time or need a refresher course on the specifics of IRA ownership,...
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Does Your Portfolio Reflect Your Risk Tolerance?
When it comes to investing, many people associate risk with losing money. But investing entails different types of risk. Understanding each type -- and the potential return associated with your retirement portfolio -- can help you...
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Avoid These Financial Traps
Money. It's hard to get and easy to lose. It doesn't take long for the wealth you've accumulated to disappear if you don't manage your money well or have a plan to protect your assets from sudden calamity. Snares like the ones...
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Financial Planning is a Family Affair
When it comes to financial planning, blended families are often faced with how extended family or step family members figure into their decisions about money. Take the first step toward understanding more about their unique dynamics...
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Using Life Insurance to Ensure Business Continuity
The loss of critical personnel can be life threatening to small businesses; however, it's a risk that life insurance can often mitigate. In fact, life insurance policies are frequently incorporated in plans aimed at making it possible...
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Have You Thought About Long-Term Care Insurance? Here Are Some Things You May Want To Consider.
There is a good possibility that you or your spouse will eventually require some form of long-term care (LTC). According to the 2019 Genworth Cost of Care Survey Every day until 2030, 10,000 Baby Boomers will turn 65 and 7 out of 10...
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Is Your Estate Plan Updated? Use This Checklist As A Starting Point to Uncover Possible Shortcomings
A Needs Evaluation One of the first steps you'll take in the estate planning process is determining how much planning you'll need to undertake. No two situations are alike. And even individuals who don't have a great deal of wealth...
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Naming Beneficiaries: What You Need to Know
A major issue in estate planning is who to name as beneficiaries on life insurance policies, pension plan accounts, IRAs, and annuities. This important decision often doesn't consider the substantial estate and income tax consequences...
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A Financial Plan for All Seasons
Taking control of your financial situation can help alleviate stress and potentially free up money to put toward your retirement savings. However, for most it’s easier said than done. The best way to tackle money troubles is to...
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Why Retirement Planning Is So Vital for Women
Whether you’re an employer or an employee, women face heightened retirement savings challenges. It is perhaps more critical for women to build retirement savings more than men because of two main factors: Women have a longer life...
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529 Plans: Taking Distributions
529s: You have one, but how do you ensure distributions are taken properly? Parents looking to take advantage of the many benefits of a 529 plan will want to know the full details on which educational expenses qualify for tax-free...
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Life Insurance: Is It Missing From Your Plan?
Life insurance may be a cornerstone of a sound financial plan, providing potential financial stability to a surviving spouse, children, or other family members in the event of your untimely death. Sadly, many Americans have no life...
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Retirement: Expectations Versus Reality
When expectation and reality differ, the results can be tough to take — especially when the subject is retirement. There are some key considerations that do-it-yourselfers can miss when planning for retirement that may give them...
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Financial Checklist to Prepare for a New Baby
Pre-Delivery Planning: Understanding your health insurance and anticipate costs Prenatal care Childbirth classes Maternity clothes Crib Car seat Hospital costs (Group private insurance plans generally cover costs) Plan for...
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Reducing Risk with Diversification
Diversification is a basic concept that's critical to building a portfolio able to withstand the test of time. It is the process of spreading your money among a variety of securities to reduce exposure to any one investment or asset...
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As You Age, Should You Stay, or Should You Go?
Our homes are where we raise our families and build our lives, so it’s no wonder most Americans would prefer to age in their homes rather than relocate. That’s why deciding where to live as you age is anything but...
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Nine Steps To Raising Money-Smart Kids
There are many ways to teach your children good money sense. You can fall back on stories of how you used to earn, save and spend money. You can fill their heads with lessons on how important it is to be careful and wise with their...
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You've Been Named Executor, Now What?
While both an honor and a big responsibility, protecting and distributing someone’s property can be an overwhelming task. The following lists can help you plan and keep track of the many tasks and documents involved in settling...
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Marriage: Entering a New Investment Life
Getting married can be one of the most exciting times of your life. Here are some financial tips to help you stay on track as you plan your new life together. Discuss financial styles before marriage. Have an honest discussion about...
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Divorce Checklist
Debt and Assets Make a list of your assets and debt as you will need to do a financial affidavit for the divorce. Notify creditors that you will no longer be responsible for your spouse’s debts. Close joint bank and credit card...
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Helping To Care For Aging Parents
Many adults are finding that their aging parents need health care assistance. Luckily, there are many options available. Medicare offers only limited financial support for elder care, and Medicaid is available only to those with very...
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When Marriage Ends in Divorce or Seperation
The end of a marriage is also the beginning of a new financial life. Reconsidering your financial arrangements, whether or not your income will be reduced, should be a priority as you adjust to your new circumstances. Some of the major...
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