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June 6, 2024 in Family Money, Financial Life Planning, IRA, Retirement Planning
Summer break is here, and many young people will be working at a summer job or internship. While earning a paycheck is exciting, it can also be an excellent time to consider opening a Roth IRA and contributing a portion of their summer earnings. Not only does this jump-start retirement savings from an early age, but it can also serve as a positive learning experience about the principles of saving,...

May 17, 2024 in Financial Life Planning, IRA, Money Management, Retirement Planning, Social Security
A few years ago, there were ads from financial services companies asking, “What’s your number?” The number was the money you needed to retire comfortably. This was an effective way for financial services companies to get people thinking about retirement and encouraging them to strive toward a specific monetary goal. But is asking for a number the right question? If you are serious about retirement, it’s not simply about how much...

April 8, 2024 in Charitable Giving, Estate Planning, Family Money, Financial Life Planning, Money & Finance, Tax Management
At the end of 2025, portions of the Tax Cuts and Jobs Act (TCJA) are set to expire. Many changes will come with the sunsetting of many rules, including the possibility that federal estate and gift tax exemption levels will revert to pre-TCJA levels. What’s changing?1 Currently, you are subject to federal estate tax only if your individual estate is worth more than $13,610,000 for individuals or $27,220,000 for married couples. These...

April 5, 2024 in Family Money, Financial Life Planning, Money & Finance, Money Management
As a parent, you are well aware of your responsibility in helping your children grow up happy and healthy. Once they enter their teen years, the pressure can build to impart more of your wisdom. One area you shouldn’t overlook is how to handle money. Helping your children develop basic financial skills is critical to preparing them for the decisions they may eventually make as they age. Laying a solid foundation...

February 2, 2024 in College Planning, Financial Life Planning, Tax Management
In the ever-evolving financial landscape, staying informed about the latest changes and potential implications for your retirement savings is crucial. Shifts in retirement regulations define 2024, and we’re committed to keeping our clients abreast of these developments. The SECURE Act 2.0, enacted in late 2022, has dozens of provisions to encourage more people to save through the workplace and other plans, to help boost retirement savings, and to urge small employers...

March 6, 2019 in Financial Life Planning, Mindful living
“I don’t know and don’t care because it doesn’t matter to what I’m doing.” 1. Not Caring: A Unique and Powerful Skill (Morgan Housel, 2/28/2019) A rule of thumb is to prefer the strategy that’s likely to get you closest to your goal with the fewest number of decisions needed along the way. Figure out what you can control and obsess over it. Identify what doesn’t matter and ignore it. Determine what you’re incapable of...

February 19, 2019 in Financial Life Planning, Mindful living, Money Management, SAGE Reads
The Geometry of Wealth: How to shape a life of money and meaning  Last night I finished reading The Geometry of Wealth and wanted to share a few choice excerpts from this thoughtful book by behavioral finance expert Brian Portnoy. A description of the book: How does money figure into a happy life? In The Geometry of Wealth, behavioral finance expert Brian Portnoy delivers an inspired answer, building on the critical distinction between being...

February 12, 2019 in Expenses, Financial Life Planning, Tax Management
Shrinking Tax Refunds 1.  The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds? (Washington Post, 2/10/2019) This article has Q&A taking you through the reasons why. Hint: Some of the explanation is because of changes to the tax code, but also because less taxes were withheld from employee paychecks than in prior years due to changes in the withholding tables, and in the lower rate withheld from bonuses and employee stock compensation...

August 8, 2018 in Financial Life Planning, Investing
Where are you on this scale? 1. In “The Three Levels of Wealth,” Ben Carlson tries to determine where most Americans might find themselves on Stewart Butterfield’s scale: Level 1. I’m not stressed out about debt: People who no longer have to worry about their credit card debt or student loans. Level 2. I don’t care what stuff costs in restaurants: How much you spend on a particular meal isn’t impacted by your finances. Level 3. I don’t care...

June 12, 2018 in Financial Life Planning, Mindful living
Someone who is uniquely positioned as both a physician & financial planner offers advice on health care In 3 Ways to Stand Up to the Healthcare System & Control Costs, Dr. Carolyn McClanahan, CFP® shares “three ways to effect change in our system, get better care, and control your health care costs.” A must read for everyone. Additional Reading: Any of her previous articles on health care here including “The Lettuce Scare...