Archives for Financial Planning

6 Facts About Taxes

6 Facts About Taxes

March 1, 2022

Individual income tax returns for 2021 will be due April 18th, 2022. In preparation as we head into the tax season, here are some facts to consider.   Where your tax dollars go. In 2021, the federal government spent $6.82 trillion, which equals 30% of the nation’s gross domestic product. Three significant areas of spending make up the majority of the budget. Medicare accounted for $696.5 billion, or 10%. Defense spending made up $754.8 billion, or 11% of the budget, was paid for defense and security-related international activities. Seventeen percent of the budget, or $1.1 trillion, was paid for Social
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Your 2022 Financial To-Do List

Your 2022 Financial To-Do List

January 25, 2022

Things you can do for your financial future as the year unfolds. What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Here are a few ideas to consider:    Can you contribute more to your retirement plans this year? In 2022, the contribution limit for your own Roth or traditional individual retirement account (IRA) is $6,000 ($7,000 for those age
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Your Year-End Financial Checklist

Your Year-End Financial Checklist

December 28, 2021

  The end of the year can help remind us of last-minute things we need to address as well as the goals we want to pursue and get serious about. To that end, here are some aspects of your financial life to contemplate as this year leads into 2022.  Your investments. Set up a meeting to review your investments with your financial professional. You’ll want to come away from the meeting with an understanding of your portfolio positions and a revisit of your asset allocation based on your age, desires and personal circumstances. Remember, asset allocation and diversification are approaches
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5 Reasons to Consider Life Insurance

5 Reasons to Consider Life Insurance

September 23, 2021

September is “Life Insurance Awareness Month.” Is your family using life insurance in the right ways as part of your comprehensive financial plan? Here are five reasons you should consider life insurance. You Have a Young Family1 Even though the pandemic has shown us all the need for financial protection for the family from sudden death or disability, there are roughly 102 million uninsured and underinsured Americans, representing 40% of the adult population according to the 2021 Insurance Barometer Study by LIMRA. One of the reasons cited was a lack of basic information about life insurance; less than a third
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7 Budgeting Tips For July

7 Budgeting Tips For July

July 23, 2021

Budgeting can help you achieve your goals faster. Once you realize that budgeting can help you achieve the goals you’ve set out for yourself, you may find the process inspiring. Think of your budget as a spending plan Think of your budget as your “how-to” plan for spending your money rather than what you “can’t” spend. The upside is that by budgeting for short- and long-term expenditures, you can spend money without feeling guilty about it, because you’ve actually planned to spend it! With a budget, you will simply be allocating all your expenditures with a means to an end,
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5 Ways to Give Your Finances a $pring Cleaning

5 Ways to Give Your Finances a $pring Cleaning

May 25, 2021

Spring is here! Time to get your finances in shipshape condition. Here are five ideas to get you started.   Check your credit reports. While you’re reviewing your expenses and debts in order to see how you are faring in terms of staying within your personal budget, make sure that there aren’t any expenses or debts on your credit report that aren’t yours. It’s free to check your credit reports once a year to ensure no one has used your name or identity to make unauthorized purchases. Here is what to do: https://www.consumer.ftc.gov/articles/0155-free-credit-reports   Consider banking / credit card changes.
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7 Tips to Resolve Financial Issues Between Couples

7 Tips to Resolve Financial Issues Between Couples

February 24, 2021

No matter how long you have been together, financial issues can wreak havoc on a committed relationship. According to Investopedia, some of the top money issues between partners include money/personality style clashes, debt, personal spending, children, and extended family differences. When couples don’t agree about spending and saving habits, it can lead to stress, arguments and resentment. Here are seven ways you can address financial issues positively, preferably before they arise. Understand Your Money Styles Think of some extreme examples of money styles in your circle. Like your friend, the foodie, who won’t touch a bottle of wine that costs
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Your Annual Financial To-Do List

Your Annual Financial To-Do List

December 22, 2020

Things you can do for your future as the year unfolds. What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building your retirement fund to managing your taxes. You have plenty of choices. Here are a few ideas to consider:   Can you contribute more to your retirement plans this year? In 2021, the contribution limit for a Roth or traditional individual retirement account (IRA) is expected to remain at $6,000 ($7,000 for
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2021 Limits for IRAs, 401(k)s and More

2021 Limits for IRAs, 401(k)s and More

November 19, 2020

Numbers to know for the new year.   On October 26, the Treasury Department released the 2021 adjusted figures for retirement account savings. Although these adjustments won’t bring any major changes, there are some minor elements to note.   401(k)s. The salary deferral amount for 401(k)s remains the same at $19,500, while the catch-up amount of $6,500 also remains unchanged. However, the overall limit for these plans will increase from $57,000 to $58,000 in 2021. This limit applies if your employer allows after-tax contributions to your 401(k). It’s an overall cap, including your $19,500 (pretax or Roth in any combination)
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10 Reasons You Need a Financial Plan

10 Reasons You Need a Financial Plan

October 22, 2020

October is Financial Planning Month which serves as a useful, annual checkpoint to make sure you are on track to meet your financial goals. A written, up-to-date financial plan encompasses not only investments, but risk management solutions, tax reduction strategies and estate planning. 10 Reasons You Need a Financial Plan To have one comprehensive document to address your finances. Financial planning provides one summary location for everything related to your family’s financial life. From your budget, to your savings, to your investments, to your retirement, a financial plan helps you consider your finances in a holistic manner, and gives you
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