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Coronavirus Correction
The events over the last few weeks remind us that no one can predict the ups and downs of the stock market. While there’s abundant information out there to reference so you can make informed decisions, there’s also a lot of conflicting advice. Some argue for “timing the market,” but there is simply no way to foresee all the periods [...]
Retirement Planning in a Volatile Market
The recent market volatility surrounding the coronavirus may have you concerned, especially if you’re approaching or already in retirement. Feelings of uncertainty, anxiety, and uneasiness are all common during any scary and volatile market. These feelings are normal and sometimes it can be beneficial to take a step back and look at the big picture. We can’t predict the markets, so acting [...]
Should You Pay Taxes Now or Later?
No one can fully escape taxes, but you do have some say in when you pay them. Different types of retirement income are taxed at different times. Orchestrating these sources in retirement can take some work, as the rules for each differ. Under the umbrella of tax-advantaged income sources, there are those that require taxes to be paid now, and [...]
3 Ways a Financial Advisor Can Help You With Tax Strategies
They say there’s no such thing as a free lunch, but what about a tax-deductible lunch? While many of your income sources can be taxed, there are strategies to minimize your overall tax burden before and in retirement. One of the advantages of going to one professional for all of your financial planning needs is that everything from investment strategies [...]
3 Ways to Help Prevent Identity Theft This Tax Season
In 2019, return preparer fraud was one of the 12 most common tax scams.[1] Digitization has made tax preparation easier, but has also opened up a whole new world of criminal activity. While there’s not much we can do to stop these threats entirely, there are certainly ways that we can all be smarter and more cautious. Taxpayers are more [...]
Why You Might Need to Adjust Your Withholding
One truth becomes apparent at tax time: Taxes are complicated. Even if the tax code were to never change, your bracket, filing status, or withholding might. Common life events like marriage, divorce, and your children leaving the nest can mean that you need to adjust your withholding. Knowing when to adjust your withholding is an important thing to understand about [...]
What You Need to Know About Social Security Changes in 2020
10,000 Baby Boomers are turning 65 every day[1], and Social Security will soon start to pay out more than it takes in.[2] While it’s unlikely that the government will ever get rid of the program, there will likely be some changes in the coming years. It’s important to understand the system and to work closely with your trusted financial professional [...]
New Year, New Law Pt. 4: 4 Ways the SECURE Act Could Affect Your 401(k)
Here’s proof that funding retirement has changed: In 1970, 45% of private sector employees were covered by a pension plan.[1] Now, 4% are covered.[2] Pensions have largely been replaced by 401(k), IRAs, and similar retirement plans, and retirees must find a way to make their savings last throughout retirement. The SECURE Act responds to this changing retirement landscape in many [...]
