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6 Quick Ways to Observe Financial Planning Month
October is recognized as Financial Planning Month, an annual event dedicated to planning for an independent financial future. And while we focus on this topic all year long (and enjoy it!), we get that it might not be the most exciting thing to celebrate. October definitely has more exciting things happening, like pumpkin spice everything, cardigan and cozy scarf weather, [...]
Rethinking the Million-Dollar Retirement Benchmark
If you search for retirement advice online, you’ll often find that $1,000,000 seems to be a recurring target number. But is that a goal you should be saving for, or is it outdated advice? Q: Where did the $1 million retirement benchmark come from? A: Historically, $1 million became the goal when it was popularized alongside the 4% Rule in [...]
Trump Accounts: Building Wealth for the Next Generation
As a parent, you might be looking for ways to provide for your children’s long-term financial goals. You may have heard of 529 accounts to help save for higher education or brokerage accounts (including UTMA & UGMA custodial accounts), but there’s a new option available starting this year: Section 530A accounts, also known as Trump Accounts. Established under the [...]
How Home Sales Are Taxed: What Every Homeowner Should Know
Selling a home is a significant financial event, and understanding the tax implications can help homeowners protect their profit and avoid unexpected liabilities. When you sell your residence, the gain you realize may be subject to capital gains tax, but in many cases, favorable tax rules can help reduce that tax burden. Let’s take a look at how the tax [...]
Income Tax vs. Capital Gains Tax: What’s the Difference?
Understanding the difference between income tax and capital gains tax is a key part of smart financial planning. While both are ways the government collects revenue, they apply to very different types of money you receive. Here are the questions you most likely have, and the answers that can help you understand the basics of these two tax categories. Q: [...]
Retirement Readiness for Generation X: Overcoming the “Sandwich Generation” Squeeze
As a financial advisor, I've had the privilege of working with many clients from Generation X—the often-overlooked cohort born between 1965 and 1980. And I can say with certainty that this generation is facing some unique challenges when it comes to preparing for retirement. Nearly half of Gen Xers, a staggering 48%, say they won't have enough money to enjoy [...]
Is a Roth IRA Conversion in Your Future?
Retirees aiming to reduce their taxes in retirement can benefit from strategic conversions and transfers between traditional and Roth Individual Retirement Accounts (IRAs), especially when considering the timing and financial landscape. Identifying optimal windows for Roth conversions can lead to significant tax advantages and may enhance retirement income. Here are key opportunities to consider: During Market Downturns Market declines can [...]
Estate Planning with ILITs, GRATs, and CRTs
Imagine this: Sarah and Robert, a retired couple in their late 60s, have spent decades building a comfortable life. Robert sold a successful business, and their combined estate, valued at $15 million, includes a mix of real estate, investments, and life insurance. They want to leave a legacy for their three children while supporting their favorite charities. But the couple [...]
