Does a Roth Conversion Fit Your Financial Strategy?
Monday, 11 September 2023
Personal finance is always evolving, and it’s smart to continually explore new ways to enhance your retirement plan and reduce your tax obligations. One strategy that has garnered increased attention recently is the Roth conversion. While this decision can have a significant impact on your retirement savings and overall financial strategy, it's not a one-size-fits-all solution. To determine if a Roth conversion aligns with your financial goals and circumstances, you must carefully evaluate various factors. In this article, we will explore the key considerations to help you make an informed decision.
Long-Term Care Planning Essentials
Monday, 28 August 2023
As we progress through our life's journey and inch ever closer to retirement, it becomes vital to contemplate the potential challenges that come with aging. Among these challenges, the need for a strong long-term care plan stands out. With the cost of long-term care on the rise and showing no sign of slowing down, this challenge becomes even more glaring. Although it might seem overwhelming, making long-term care planning a fundamental aspect of your financial plans is crucial if your goal is to be able to retire with the peace of mind of knowing that you’ll be taken care of for the entirety of your retirement. In the article below, we share effective financial strategies that can assist you in beginning your long-term care planning journey.
A Guide for Starting a Conversation About Retirement
Monday, 21 August 2023
There are probably many financial goals and obligations you and your spouse or partner have tackled together over the years. Maybe you saved for a house, managed expenses related to your children, built a vacation fund, or paid down your debts. With all the demands vying for your attention in each season – financial demands included – it’s easy to neglect your shared financial future. In this article, you’ll find tips on retirement planning for couples so you can begin to prioritize this shared journey and devise a strategy to accomplish your vision.
Tips to Optimize Your HSA
Monday, 24 July 2023
The desire for financial security is universal. We all want to feel that we can provide for ourselves and our families. One challenge many people face, however, is preparing for the rising costs of healthcare. More than ever before, it’s important to find effective ways to manage your current medical expenses and prepare for the future, too. One popular savings tool is the Health Savings Account (HSA), though many people don’t realize its breadth of advantages. Not only does an HSA offer a tax-advantaged way for people to pay for their healthcare expenses, but it can also be a powerful tool for wealth building when used correctly. Below, we’ll dive into five Health Savings Account advantages to know.
Tips to Plan Ahead for the Costs of Higher Education
Monday, 17 July 2023
As a parent, you want the best for your child, and a college education could be an important aspect of the future you want to help them build. However, rising tuition costs can be daunting, especially when you’re also navigating other savings needs and expenses in the meantime. If you want to plan ahead to alleviate some of the financial burdens associated with higher education, it’s important to implement effective college savings strategies early on. Below, we share five tips to help you along the way.
Optimize Your Financial Health by Focusing on Your Tax Strategy
Monday, 26 June 2023
When you think of financial planning, is it things like budgeting, saving, and investing that come to mind? While these are indeed crucial elements, one aspect that should not be overlooked is tax planning. Effectively incorporating tax planning into your financial strategy can yield significant benefits and help optimize your overall financial health over the long-term. So, if you’d like to learn more about using tax planning in your financial strategy, read on.
Tips for Legal Protections and Greater Peace of Mind
Monday, 05 June 2023
We find ourselves in the season of celebration for high school graduates, and it's a time when many families are filled with both excitement and anticipation as their children embark on their college journeys. While this new chapter is filled with hope and promise, it's only natural for parents to experience a range of emotions and concerns about the new college student experience. We want nothing but the best for our children, and their safety, well-being, and ability to navigate the responsibilities of college life become paramount in our minds. However, by taking proactive measures, like completing the four important documents we’ll discuss below, it’s possible to alleviate some of our parental worries.
Unlocking the Many Benefits of Philanthropy
Wednesday, 24 May 2023
Charitable giving has long been recognized as a noble act of kindness and generosity, benefiting those in need. However, what many people may not realize is that charitable giving also holds tremendous benefits for the givers themselves. In this article, we will explore five compelling reasons why engaging in charitable giving can positively impact your life and overall well-being.
Balancing Multi-Generational Financial Responsibilities with Your Own Well-Being
Wednesday, 10 May 2023
If you’re a member of the sandwich generation, you face the unique challenge of managing the financial demands of raising children and caring for aging parents simultaneously. These can be overwhelming responsibilities that require careful planning and smart financial decisions. Below, we will discuss effective strategies for managing your finances as a member of the sandwich generation while considering your own financial well-being, too.
Strategies to Establish a Smooth Transfer of Wealth
Monday, 24 April 2023
Preparing your heirs for an inheritance is an important task that requires careful planning and thoughtful communication. While the idea of inheriting a significant amount of wealth appeals to most people, it can also be overwhelming and even daunting. As such, it's essential to take steps to ensure that your heirs are prepared to handle the responsibility that comes with inheriting wealth. Here are some tips to help you prepare your heirs for an inheritance during your lifetime.
Understanding Eligibility, Benefits Calculation, and More
Monday, 10 April 2023
Losing a loved one is never easy. Not only can it be emotionally, mentally, and physically draining, but it can be financially draining, too – especially if the deceased was the primary breadwinner in your household. However, if your loved one was receiving Social Security benefits, you may be eligible for survivor benefits that can help support you and your family during this difficult time and into the future. Below, we will explain what you need to know about Social Security survivor benefits, including who is eligible, how benefits are calculated, and how to apply for them.
Secure Your Estate Plans While Maximizing Your Future Financial Security
Friday, 31 March 2023
Retirement is a time when many people begin to think more seriously about their legacy and what they want to leave behind for their loved ones. Life insurance can be a crucial part of that legacy, as it allows you to provide financial security for your loved ones after you pass away. Of course, planning for retirement can feel like a daunting task, and many people struggle to determine whether – and how – they should utilize a tool like life insurance.
If you’re interested in incorporating life insurance into your retirement plans, read on to learn more.
Strategies for Preserving Your Finances During Inflationary Times
Monday, 20 March 2023
Inflation is a reality that affects everyone, but it can have an outsized impact on retirees who are living on fixed incomes. As everyday costs rise, it can become increasingly difficult to feel financially secure. However, there are strategies that retirees can use to preserve their finances and make their money go further. In this article, we'll explore some inflation tips that can help you mitigate the impact of the financial bite you may be feeling.
These Approaches to Retirement Are Unique – Which One Will You Take?
Monday, 13 February 2023
One of the wonderful things about retirement is that it doesn’t look exactly the same for any two people; you can make it completely your own. For some, an ideal retirement is full of travel and adventure, while for others, a retirement filled with relaxation and family is a dream come true. It’s a special season of life in that you are free to build and shape it however you’d like. And just as there are various ways to define a dream retirement, there are also various types of retirees.
Inspired by work done by Nancy K. Schlossberg, an author, speaker, and former counseling professor at the University of Maryland, here are the six main types of retirees. Read on to find out more and to determine which resonates most with you.
How to Avoid Pitfalls When Selecting a Financial Professional
Wednesday, 25 January 2023
The decision to hire a financial advisor is a significant one. It’s a recognition that you’re ready to take control of your financial future, and it’s a decision that will dictate much of your financial strategy for years to come. In short, it’s a consequential move that you should never make lightly.
Below, I’ll review six common pitfalls to avoid when selecting your financial advisor.