When you work with a financial professional, you know how important the year-end review is to the financial planning process. Here is what you should do in order to make your annual financial planning review more efficient and productive.
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Although cyber-security attacks are often direct at companies, other attacks are targeting individuals who are often unaware their daily events leave them at risk. You can help protect yourself and your company with these five simple tasks.
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The murkiest part of estate planning is to discuss when and how to distribute your assets to your heirs. This process requires a series of considerations and trade-offs to avoid emotion-laden family problems.
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Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review.
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What are the special financial aid considerations for graduate school? When it comes to graduate school and financial aid, there are a few differences compared to undergraduate college and financial aid. Though most of the established...
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One of the main concerns about retirement is health care. As healthcare costs continue to rise, medical bills may quickly derail your retirement plan. The good news is when you turn 65, you will be able to apply for Medicare, which...
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Obtaining a life insurance policy is part of being an adult. But it’s also something that you can easily neglect, especially if you obtained it earlier in adulthood. While you may have been diligent in securing your life...
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You can learn a lot from those who have come before you. For individuals interested in investing, especially those new to it, learning and applying the wisdom from people that have found techniques that worked for them is a great...
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In 2013, a Gallup poll found that only about one in every three U.S. households maintained a budget.1 A 2021 survey of 1,000 Americans found that 80% now say they have a budget. Americans are budgeting more due to the pandemic....
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As the cost of a college education continues to climb, many grandparents are stepping in to help. This trend is expected to accelerate as baby boomers, many of whom went to college, become grandparents and start gifting what's...
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As professionals, managing our own finances can be a challenge. However, one area that we often overlook, yet is vitally important, is understanding and navigating our aging parents' finances. As they move into retirement and beyond,...
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In late May 2023, Congress sent a letter to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel saying that it will introduce legislation to correct several technical errors in the SECURE 2.0 Act. The letter, signed...
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While the future seems brighter than ever for women entrepreneurs, a myriad of financial challenges continue to cast shadows over their journey. The increasing presence and contributions of women-owned businesses to the American...
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Corporate wellness programs have been key tools in improving productivity, employee retention, and creating a more desirable corporate culture. While many companies have put a strong focus on physical wellness plans, many are just...
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While fixed annuities are generally considered to be conservative instruments, variable annuities are investments with the growth potential necessary to outpace inflation, but generally carry a higher degree of risk.
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529 plans are designed for saving for education and are beneficial since contributions accumulate and grow tax-free as long as withdrawals are used for qualified education expenses.
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Aging is inevitable, and a gradual (or not so gradual) inability to function independently is a great concern for many people.
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Life insurance is essential in providing for beneficiaries upon your death, but it can also offer other tax advantages you may not know.
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Teaching children about financial wellness should start at an early age. Learning how making money, saving, and spending is related and the first step in teaching your child how to understand the value of money. Children learn from...
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Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment. Deciding when to file for your Social Security payments is likely...
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While retirement is a time to enjoy the things you have worked hard for in life, the next chapter may leave some a little anxious. Retirement doesn't mean you have to retire from the excitement in life.
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March is Women’s History Month, a month-long celebration of female empowerment1. This effort includes advocating for better representation in the workforce, pay parity and improved work-life balance. There are some specific steps that women
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Take some time this month to learn about the contributions of black businesses, inventors, and activists throughout America's history. Some of the most powerful statements can be made by aligning your finances with your values. Do some of
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February is American Heart Month and the perfect time to get serious about your heart health. Heart disease is the number one killer of Americans and a disease that may be prevented and treated with proper health and screening.
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Improving return by minimizing taxesAlthough we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be...
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Bank of America's Workplace Benefits Report recently revealed that a whopping 19 in 20 surveyed employers felt responsible for their employees' financial wellness.1 But because financial wellness is such a holistic concept,...
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Points to think about as you contemplate giving to others and causes. Any endeavor worth undertaking, especially one that may affect others, deserves our careful consideration before we begin. When contemplating charitable giving,...
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You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax...
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If you're considering giving back to society or a cause as part of your financial planning, there are many ways you can do so. You can make an impact while receiving tax benefits by including philanthropic giving as part of a holistic...
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As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances
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As you near age 65, you may start to think about Medicare. How do you sort through your coverage options? When (and how) do you enroll? And what if you have other health insurance? Here is some information to help you
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For many, autumn is the best time of year. The return of cool breezes, comforting foods, and pumpkins can be invigorating. It’s also a bookmark of sorts, especially for your finances
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You're about to receive a distribution from your 401(k) plan, and you're considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble-free, there are some pitfalls you'll want to avoid...
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According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for the 2021-2022 school year was $10,740 for in-state students and $27,560 for out-of-state...
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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 least...
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Financial capacity – the ability to manage your finances in your own best interest – involves everything from paying bills to reading a brokerage statement and weighing an investment's potential risks and rewards. And...
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All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful. And asset allocation and diversification alone cannot guarantee a profit or eliminate...
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In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...
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About 61 million adults in the U.S. live with a disability. Many of these disabilities are serious enough to impact a person’s daily life.1 There may be financial benefits available to those whose disabilities leave them unable...
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The need for regular saving and investing spans many life stages. Through the years, your goals will change and your strategies will shift, but don’t be alarmed. You’re just progressing through the normal stages of life,...
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It’s important to be task driven at work, but your mental and physical well-being should never suffer because of your daily tasks. Here are some questions worth asking yourself during a work day.How are you fueling your body?A...
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If you have always thought estate planning was just for those nearing retirement or already retired, think again. If you own a home, it is important to have a plan in place. Without a will or other arrangements that allow your home to...
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The holiday season means shopping is at its peak, and while many consumers are familiar with Black Friday and Cyber Monday, they may be less familiar with Green Monday. Held on the second Monday of December, Green Monday is another...
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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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Is that investment an innovation or an improvement on an existing product? As Christmas sales loom, we face an endless array of sparkly, shiny and occasionally innovative items. As an investor, you run into a similar phenomenon that...
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It’s tempting to give up on data security altogether, with all the billions of pieces of personal data – Social Security numbers, credit cards, home addresses, phone numbers, passwords and much more – breached and...
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National Veteran and Military Families Month is one of the most recently created celebratory months, put in action by former President Trump starting in November 2020. While various service members are honored throughout the year, this...
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Like dieting, budgeting your expenses can benefit from long-term commitment. However, human nature leads many of us to become frustrated when we can’t immediately have the things we need or want. As a result, the best-laid...
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One of the most important pieces of the college financing puzzle is the Free Application for Federal Student Aid (FAFSA). Without the FAFSA, a college student is unlikely to be able to apply for or receive certain types of federal...
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Over the last few decades, we have become extremely driven towards fighting and ending cancer for good since the National Cancer Act was put into place in 1971. This October is Breast Cancer awareness month– in the Unites States,...
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In 2021, 44.7 million Americans are facing the burden of student loan debt. They owe more than $1.53 trillion in student loans. These alarming statistics prove the importance of saving for higher education. In the past, many parents...
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When Judy purchased her life insurance policy 10 years ago, she thought her insurance planning was complete. She assumed that if she paid her premiums on time, she could sit back and not think about life insurance anymore. Judy’s...
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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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Back-to-school time is notably hectic. From scrambling to buy supplies to adjusting your internal clock, it can feel like you’re being pulled in a hundred different directions. However, if you get your house in order beforehand,...
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Though U.S. taxpayers received an extra month to file and pay their federal income taxes in 2021, some are still smarting from having to write a check to the IRS.[1] For many, it can be tough to make the connection between those...
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Young adults starting out in life, especially newlyweds, need insurance. But what kind? As a start, a good term life policy likely is a smart move. Other types of insurance may not be. And as they age, what other varieties of coverage...
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An annuity is a contract between you, the purchaser or owner, and an insurance company, the annuity issuer. In its simplest form, you pay money to an annuity issuer, and the issuer pays out the principal and earnings back to you or to...
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Happy birthday, Papa Dow! Charles Dow founded the Dow Jones Industrial Average 125 years ago today. The Dow started with 12 companies, most of which don’t exist anymore, though General Electric was in the original 12. It has...
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Grandparents can often find themselves in a better financial position to save for their grandchildren's education than their own children are. The parents of prospective students may still be contending with competing priorities like...
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Setting healthy financial goals is critical. Even more important is staying committed to those financial goals. Keeping yourself committed to your goals may be difficult, especially when times may be financially tough. But by staying...
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If you're a small business owner, many of the best practices employed by individual investors are also available to you (of course!), but you also have some additional options and factors to weigh while creating your investment plans....
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Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2020. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2020 ($7,000 if you were...
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Long known as a day for pranks, the April Fool's holiday has a few possible origins[1] and has been celebrated in many countries for centuries. The holiday is typically marked by the delivery of practical jokes, at the end of which the...
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In 2020, the government gave taxpayers an automatic six-month extension due to the coronavirus. Individuals who were affected by the damaging wildfires were also given additional time to meet most tax deadlines. However, in 2021, the...
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In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex your financial picture might be, it takes some thought-out organization to keep your tax documents,...
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Retirement is one of the biggest life transitions adults will ever deal with. After 20, 30, or 40 or more years in the workforce, new retirees can find it hard to adjust to the reduced amount of structure in their daily lives. But...
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There comes a point in time when almost every small business owner contemplates the future of his or her business. Because “the business” typically is a substantial asset, an owner must address a number of estate planning...
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As of 2018, about 58 million Americans had a 401(k), while around one-third of households owned an individual retirement account (IRA).1, 2 Yet for as commonplace as these retirement accounts can be, the nuances of contributions are a...
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Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report.11 While the number is up slightly from the...
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If you are a Millennial or Gen-Zer, buying your first home is likely one of the top priorities on your list. While you may know that you are ready for a house, you may be wondering what considerations you need to make before getting...
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New Year's is traditionally the time to review your life and make resolutions for change. In addition to thinking about working out, eating healthy, and meeting personal and professional goals, you should also think about your finances...
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From pandemic-related stimulus payments to job losses and furloughs, for many taxpayers, next spring's tax season may be more complex than usual. With the end of 2020 rapidly approaching, you should take some time to review your tax...
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2020 has been one of the most unprecedented years in recent history, but some things—like tax contributions and retirement deadlines—don't change much, if at all. And with the uncertainty surrounding just about everything,...
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The holiday season is just a short time away, which means the shopping season is about to be in full swing. Shopping for holiday gifts is stressful but also a little fun, especially when you think about the joy you will bring to those...
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When Thanksgiving rolls around, the holiday shopping season comes into full swing. While many people prepare their strategy for Black Friday shopping, a lot of them forget about the second shopping holiday that weekend: Small Business...
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Does the party occupying the White House affect the U.S. stock markets and other economic measurements? How does the party controlling Congress affect markets? While it’s interesting to review history and try to answer those...
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If you've been wondering how to optimize your finances and ensure your money continues to work for you, a financial professional may be able to help. But the thought of turning over your most sensitive financial information to a...
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The COVID-19 pandemic has reshaped our lives in unprecedented ways, forcing us to stay at home more, adjust our spending habits and even reevaluate our retirement hopes and dreams. But let’s take a moment and examine how COVID...
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Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of your life,...
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Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review. Do you have a will and powers of attorney for...
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As you get older and closer to retirement, your financial practices need to shift slightly as you transition from working and saving to relying on your nest egg. As you approach this stage of your life, you need to take steps to...
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Like anyone else, you want a life insurance policy that meets your needs and budget. But how do you find the right policy when there are so many to choose from and many of them seem so similar? The key is knowing how to compare...
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Your life insurance needs change as your life changes. When you are young, you may not have a need for life insurance. However, as you take on more responsibility and your family grows, your life insurance needs increase. Your needs...
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Should you really consider getting life insurance when you are close to 60? September is National Life Insurance Awareness month. And while most of us likely recognize that life insurance provides us peace of mind and security, there...
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The abrupt end to the 2019-2020 school year in many parts of the U.S. left parents and students alike struggling to establish healthy routines. As many students prepare to head back to the classroom (or the remote classroom) this fall,...
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Invest early. Invest often. Invest for growth. These are the basic principles of saving for your child’s college education. The earlier you begin a savings program, the more time you have to benefit from the power of compound...
Read MoreThe July Fourth holiday will be very different this year. Although it’s a time to enjoy family and friends, and maybe even watch some fireworks, social distancing and a new wave of COVID-19 cases also may take a seat at the...
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Heading into your retirement years brings a slew of new topics to grapple with, and one of the most maddening may be Medicare. Figuring out when to enroll, what to enroll in and what coverage will be best for you can be daunting. To...
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An annuity is a contract between you, the purchaser or owner, and an insurance company, the annuity issuer. In its simplest form, you pay money to an annuity issuer, and the issuer pays out the principal and earnings back to you or to...
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Whether you dream of a travel-filled retirement or would prefer to relax and enjoy spending more time at home, you’re probably wondering what you can do to make your golden years as stress-free as possible. For many who have...
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Mid-August is the time of year that our kids pack the U-Haul and head to college. And while they’re excited about a brand-new semester, it can be frightening to see the cost – and rising college debt – that comes with...
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Looking for a tax-advantaged college savings vehicle that has no age restrictions and no income phaseout limits — and one you can use to pay for more than just tuition? Consider 529 savings plans, a popular way to save for...
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“Never confuse a single defeat with a final defeat.” — F. Scott Fitzgerald The economic struggles in our country are among the worst we’ve ever seen. In April, a record 20 million people lost their jobs, and 36...
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Investors like labels for the economy and financial markets—many of them with the word “great” in them. The Great Depression. The Great Recession. The Great Lockdown. Well, we’ve moved into what we might call...
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Looking for a tax-advantaged college savings vehicle that has no age restrictions and no income phaseout limits — and one you can use to pay for more than just tuition? Consider 529 savings plans, a popular way to save for...
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Your need for life insurance changes as your life changes. When you’re young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your...
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In late March 2020, as the number of novel coronavirus cases in the U.S. surged past 100,000, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed into law.1 The CARES Act provides around $2.2 trillion in aid to...
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Scammers, fraudsters, and other criminals are taking advantage of rapidly changing data and facts associated with COVID-19, both in the workplace and in our homes. Government agencies, corporations, and news outlets continue to warn...
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The United States has more cases of the coronavirus than any other country, and in an attempt to stop the spread of this disease, states have closed schools and businesses throughout the country. These unprecedented shutdowns have...
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The U.S. Department of the Treasury is delaying the April 15th deadline to file and pay taxes by 90 days, giving individuals and businesses another 3 months to file and then pay the government what they owe. What Should You Do? Putting...
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The world continues its battle to contain the COVID-19 pandemic, which now has likely impacted, either directly or indirectly, nearly every person on Earth. This is far more than just a health crisis—this is a human crisis. Its...
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With the rapid spreading of COVID-19, and more and more people either on self-quarantine or practicing social distancing, many of us are working from home. While working from home definitely has its perks – no commute! –...
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Installment debt, in itself, is not a bad thing. It enables us to make major purchases that would be nearly impossible to finance up front. In this consumer society, however, we're bombarded with advertisements for literally thousands...
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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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The Setting Every Community Up for Retirement Enhancement Act of 2019 – the SECURE Act – passed the House of Representatives earlier this year and was approved by the Senate and signed by President Trump on the days...
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If advertisements and commercials are beginning to feature scenes of happy families, clad in brightly colored sweaters, gathered by a fire, surrounded by an assortment of presents, then the countdown to the holidays has begun. Although...
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Kelly and Bob regularly set aside a small portion of their budget for charitable donations. In addition to feeling good about supporting a number of worthy causes, they’ve been able to deduct the value of their charitable gifts...
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