Financial Planning

Archive for the ‘Financial Planning’ Category

happy family at sunset celebrating financial planning success dreaming about future

Why it’s Important to Have a Financial Plan and Update it Annually

Research by Charles Schwab shows that three in five Americans live paycheck to paycheck, and only one in four have a written financial plan. Schwab’s 2018 Modern Wealth Index scores participants between 1-100 based on their successful money management and investment habits. They consider the following factors: Goal setting and financial planning Saving and investing […]

HSA Health Savings Accounts

Are Health Savings Accounts Right for You?

Are Health Savings Accounts Right for You? A Health Savings Account (HSA) is a tax-advantaged personal medical savings account that can be used for qualified healthcare expenses. They have been in existence since George W. Bush signed them into law in 2003 and have become a more significant part of medical expense planning for individuals, […]

charitable planning strategies

How to Donate and Still Benefit

For most people, charitable giving involves writing checks to the charities of their choice. However, changes in the tax law, as well as an increase in the number of solicitations received from charities, have created a demand for a way to donate more efficiently. One way to do this is through a Donor Advised Fund […]

retirement savings

Don’t Forget your RMD

When it comes to retirement accounts such as Individual Retirement Accounts (IRAs), 401(k)s and 403(b)s, there are two magic ages to remember. The first is age 59 ½ when you can begin accessing your retirement accounts penalty-free. The second may be lesser known, but can be more costly if forgotten. Starting at age 70 ½ […]

Is It the Right Time to Reallocate Your Insurance $$$?

As Baby Boomers approach retirement they often ask the questions: Should I continue to keep my life insurance polices? Should I continue to pay for my long-term disability insurance policies? Is there somewhere else that these premiums would be better spent? There is no simple answer to these questions, but a good start is to […]

Single Parent Finances: Six Tips to Find Financial Success When It’s All on You

Being a single head of household can wreak havoc on your finances, your time, and your career trajectory, presenting challenges dual income households often do not face. Robert Epstein originally wrote on this topic in July and was then interviewed by The Simple Dollar in August. Here is a link to that article.

charitable giving

Charitable Giving Under the New Tax Laws

I’ve been having more conversations lately with clients about charitable giving. While I have found many to be very generous in their charitable giving, the uptick in conversation is likely due, at least in part, to an overriding concern about a lack of civility in the world. Yet, while specific giving opportunities have arisen recently […]

do-you-suffer-from-chrometophobia

Do You Suffer from Chrometophobia?

Surveys have reported that two-thirds of Americans admit to being subject to financial fears, and as many as one-third say that they worry about money “all the time.” It is important to acknowledge that many people suffer from “chrometophobia,” the fear generated from certain credit and finance-related scenarios. This is an actual phobia defined by […]

It’s All About Creating the Right Balance

Doctors tell us in order to stay healthy we need to eat a “balanced” diet. Families struggle to find the right “balance” between work and home life. Coaches need the right “balance” between offense and defense. And financial planners tell their clients they need to strike the right “balance” between living for today and saving […]

Estate Planning: Important for Families at Any Age

Estate planning has always been considered an integral part of one’s financial plan. However, there’s been a misconception that it is just for those who are “older,” and/or have substantial assets. While it is certainly extremely important for these individuals, it is also necessary for those who are younger whether or not they have a […]

Roth Conversions and the New Tax Law

Roth IRAs have been around since the Tax Payer Relief Act of 1997.  During that time, the use of the Roth IRA has grown significantly and can serve as a valuable part of tax and cash flow planning in one’s financial plan.  The main method of funding larger contributions to a Roth account is via […]

Financial Planning

Make Sure You Get All the Facts

Has anyone ever told you that you are paying too much for your car? The conversation goes something like this: You’re paying how much for that car? My buddy got the same car for half the price – you got a terrible deal! Of course, they fail to mention several key points, like their buddy […]

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