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You 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 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...
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Enlisting 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...
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