Financial Advice in your 30’s

Financial Advice in your 30’s  This blog may be my favorite one to write during our “age specific” financial advice blogs. That is because during the time of writing this I just turned 32 years old. So, I bring experience not only as an advisor but as a 30-year-old myself.  I believe your 30’s are the time to pour the […]

Financial Advice in your 40’s

Financial Advice in your 40’s   Your 40’s are an interesting stage in the financial planning life cycle. For many, it is the halfway point between entering the work force and reaching full retirement age. It is also the age where most people realize they are behind the 8-ball and begin to engage in financial planning for the first time. […]

Financial Advice in your 50’s

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Your 50’s are the peak of what is known as the “accumulation” phase in the financial planning world. These years are more than likely your highest earning years and often accompanied by lower than usual debt. Most of your effort should be spent focused on saving and investing as much as possible. It is also […]

Financial Advice in your 60’s

Portrait of senior businessman talking on mobile phone, hard lig

If you are like most Americans, your 60’s will be spent transitioning from work-life to retirement. This transition will be among the most exciting time of your life as well as the most stressful. The years leading up to and through retirement require an abundance of planning and it can be overwhelming. This blog consists […]

2020 Personal Finance Year in Review

Each year, the Journal for Financial Planning prepares a compilation of important events and statistics revolving around the topic of personal finance. We wanted to share a few of these with you as well as some commentary to go with them. Retirement age. Using data from the Social Security Administration, researchers found that despite an […]

2021 S&P 500 Predictions

Every year we like to compile the S&P 500 predictions from various Wall Street analysts. Below is a chart with each strategist’s prediction for 2021 as well as their prediction from 2020. Also included is a brief quote that each strategist gave with next year’s target number. The average of all the predictions comes out to an […]

Wealth Planning Post-Election

While we transition from the current administration to the next, we continue to urge clients to “plan” but not “act” solely on political predictions. Most importantly, we want clients to be intentional about their long-term goals, which should still be the driving factor in their decision making, regardless of who sits in the oval office. With that in mind let’s examine some planning […]

2021 Tax and Retirement Plan Changes

Every year, the IRS evaluates and makes certain changes to adjust for inflation. Below is a list of which changes you can expect for 2021 for taxes, retirement contributions, and social security. Retirement Contributions 401(k) and IRA contribution limits The basic salary deferral amount for 401(k) and similar workplace plans remains flat at $19,500; the […]

3 Simple Steps to Avoid Estate Tax

The Tax Cuts and Jobs Act (TCJA) of 2018 increased the lifetime estate tax exclusion from $5.45 Million to $11.5 million. The exclusion also doubles for married couple to an exclusion of $22.8 million. As you can imagine, this made the need for estate planning unnecessary for most people. However, these exclusion limits may not […]

The Five Best 2020 Tax Planning Ideas

The Five Best 2020 Tax Planning Ideas 2020 will certainly be a year to remember (or forget). On the tax and retirement planning side of things it has presented us with some unique opportunities. Each one of these tax planning strategies depend upon your personal situation and should be discussed with both your advisor and […]

Frothy? Bubbles?

Frothy? Bubbles? No, we are not writing to you about cappuccinos, champagne, or bubble bath. We’re talking stocks. You may have noticed that the shortest bear market in history is over, and markets recently hit new record highs before pulling slightly back again. Will stocks keep going higher? Will they stay volatile? Is another bear […]

Charitable Giving Under the CARES Act

Charitable Giving Under the CARES Act As you are probably aware the government recently passed the CARES Act to help combat the economic downfall as a result of COVID-19. Well, included in the bill are some new tax incentives for charitable donations. Whether you give to regularly or would like to start, this blog will […]

7 Steps to Get Your Retirement Plan Back on Track

7 Steps To Get Your Retirement Plan Back On Track

7 Steps to Get Your Retirement Plan Back on Track 2020 has thrown quite a few wrenches into people’s retirement plans. Here are a few ways you can begin getting back on track in the second half of the year. Make Catch Up Contributions if you can For 2020, 401(k) contributions are limited to $19,500 […]

Studies show that Financial Advice can Boost Your Returns

Financial Advice Can Boost ROI

In today’s world, Robo Advisors and low-cost brokers make paying for financial advice seem futile. However, hard data from research done on the industry seems to side with human advisors in this matter. Here is some data to back that up.  The Studies Vanguard, who is the leader in low-cost investing, released a study titled […]

5 Estate Planning Mistakes

5 Estate Planning Mistakes

5 Estate Planning Mistakes 1. No Estate Plan at all It is not uncommon for us to work with people who have accumulated more than enough assets to retire, but do not even possess a simple will. A will provides specific information about who will receive your money, property, and other assets after you pass. […]

Tax-Savvy Withdrawals In Retirement

Tax-Savvu Withdrawls In Retirement

The main purpose of saving and investing is to accumulate enough assets that will both supplement your income and allow you to maintain a comfortable lifestyle in retirement. Doing so requires discipline, patience, and most importantly, a plan.   However, once you’ve successfully reached retirement that does not mean that the planning stops. You need […]

Why now may be the right time for a Roth Conversion

Roth Conversation

A Roth IRA conversion is when you convert traditional IRA assets (paying the taxes now) into a Roth IRA in order to enjoy tax-free growth and withdrawals later. Currently, there are multiple factors converging to make Roth conversions more promising than ever before. Factors The market is well off its highs Although we do not […]

Economic Stimulus Bill Highlights

Stimulus Bill Highlights The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was approved by the U.S. Senate and is expected to be approved by House and signed into law. This $2 trillion-dollar package was designed to provide relief to individuals, businesses, the U.S. Economy and the U.S. healthcare system among others. Below we […]

5 Things to Remember During These Times

5 Things to Remember During These Times It is no secret that news of the coronavirus has created mass uncertainly through the stock market. Most of which is surrounding the economic slowdown as a result of the virus. If you watch the news regularly, it may seem like this is the end of times. We […]

5 Questions for your Tax Preparer

“You don’t pay taxes–they take taxes.” -Chris Rock Many of you are gathering your W-2s, 1099s, K-1s, and other tax forms in preparation for filing your 2019 tax return. Please remember that we recommend that you wait to file your return until April if not later to account for corrections of 1099s.   Below is […]

The good, the bad, and the ugly of the SECURE Act

Private Wealth Management

Congress passed and signed the SECURE Act to close out 2019. This bill is meant to overhaul certain retirement rules and help the overall landscape for retirees. Was it a success? Only time will tell. Here are what we believe to be the good, the bad, and the ugly of the SECURE Act. The Good […]

How much are fund fees costing you?

Private Wealth Management Near Me

Imagine you are driving down the road and notice the much-dreaded gas light is blinking on your dashboard. You pull up to an intersection and spot a gas station on the left, advertising a price of $2.75/gallon, and another gas station on the right, with an advertised price of $2.45/gallon. Which way do you turn? […]

Your Pre-retirement Checklist

Your Pre-retirement Checklist Here are some steps you can take to prepare for retirement whether you are 10 years away, 1 year away, or even six months away. 5-10 Years away Accelerate Savings-In 2020, you can contribute up to $19,500 to a 401(k), 403(b), 457(b), or the federal government’s thrift savings plan, plus an additional […]

2020 Guide to Social Security

Help With My Social Security Plan

Every year the Social Security Administration looks at the cost of living to adjust monthly benefits. This guide will highlight the changes for 2020 as well as provide some strategies to maximize your benefit.   Changes COLA Increase Based on the increase in Consumer Price Index (CPI) from the third quarter in 2018 to the […]

2020 Contribution Limits

contribution limits

New IRS Contribution Limits 2020 How much can you save for retirement in 2020? The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2020: 401(k) contribution limits are up; traditional IRA contribution limits stay the same; almost all the other numbers are up. Workplace Plan Limits The amount you can contribute to […]

5 Year-End Financial Moves

Private Wealth Management

5 Year-End Financial Moves As we move towards the end of the year, here is a list of financial moves you can make to help lower your taxes, increase your savings, and ensure you are on the right path to retirement. 1. Maximize your tax-deferred contributions Maxing out tax-deferred accounts like 401(k)s, 403(b)s, and traditional […]

An Alternative to Mutual Funds

Private Wealth Management

An Alternative to Mutual Funds Mutual funds are often the main component of an advisor’s asset allocation because of their instant diversification. What if there was an alternative to mutual funds that provided the same type of diversification? And, would you be interested in purchasing this alternative at a discount? Mutual funds are priced at […]

5 retirement planning mistakes and how to avoid them

How To Manage My Money

5 retirement planning mistakes and how to avoid them The generation that has begun entering retirement is known as the “baby boomers”. They were born between 1946 and 1964 and were raised during the biggest, most sustained, economic boom in human history. Right now, approximately 10,000 boomers are retiring every day. Unfortunately, planning for retirement […]

7 Frightening Financial Facts for Halloween

Today is Halloween and many are looking forward to a day of activities like trick-or-treating, carving pumpkins, festive gatherings, donning costumes, and eating treats.  In honor of the day, we have put together a list of 7 frightening financial facts: 1. More Americans own cats than stocks52% of Americans report not owning any stocks. 50% […]

The Fall of the 60/40 Portfolio

For nearly 70 years, the 60/40 strategy has been the standard for most investment portfolios. Now, has this approach has become too risky and structurally incapable of meeting its intended objectives? What is a 60/40 Portfolio? Foundations of the 60/40 portfolio emerged from Harry Markowitz’s Modern Portfolio Theory (MPT) work in the 1950’s which won […]

10 years from retirement

Creating a comfortable retirement is probably the single biggest financial challenge that anyone can face. A GoBankingRates.com study has found that 56% of workers surveyed had less than $10,000 saved towards retirement. Worse yet, nearly one-third of workers age 55 and older reported no retirement savings. The 10 years leading up to retirement is the […]

10 mistakes made with workplace retirement plans

10 mistakes made with workplace retirement plans Your workplace retirement plan is often the largest part of your nest egg for retirement. Yet, some of the biggest mistakes are made in these accounts every year. A workplace retirement plan refers to a 401(k), 403(b), 457(b), or other deferred compensation plans. Here are 10 mistakes to […]

6 reasons why variable annuities are a bad investment for almost anyone

What’s a variable annuity? If you’re unfamiliar with annuities — you give an insurance company your money and in return they pay you an income stream, usually for the rest of your life. The annuity company uses several factors to determine your payment amounts including life expectancy. In essence, you are betting against the insurance […]

How can you reduce risk in this volatile market?

It’s no secret that the last few weeks have been like a roller-coaster for the stock market. In fact, 8 of the last 13 trading days for the S&P 500 have seen at least a 1% move in either direction including two days of almost 3% drops. Times like this can weigh on investor’s minds […]

5 Ways that the SECURE Act Could Impact Your Retirement Savings

bbpwm-website-5 Ways that the SECURE Act Could Impact Your Retirement Savings

With pensions disappearing the responsibility now falls on ourselves to save and invest for retirement. However, there are clearly still flaws in this as almost 1/4th of Americans do not have enough saved for retirement. This has led to the House of Representatives to pass the SECURE Act, which would affect your ability to save […]

5 Things You Should Know About Social Security

For many retirees, Social Security will be their only source of income during retirement. Because of this we find it critical to educate our clients about the benefits that they are entitled to. Below are 5 facts about Social Security that you may not know: Divorced Spouses Can Benefit from Their Ex’s Earnings If you […]

Is a back-door Roth right for you?

Roth IRAs are typically off limits for many higher-income earners, due to strict income caps on contributions. However, there is another way into a Roth, the back-door method. Using this method, you open a traditional IRA, make a nondeductible contribution and then, at a later date, covert the funds into a Roth IRA. The appeal […]

A look at the last 20 years

The S&P 500 closed above 3,000 for the first time ever on Friday, July 12th. On this same date 20 years ago, the S&P closed at 1,399 while the world was preparing for a computer apocalypse known as “Y2K”. Well, we are still here, and the S&P 500 is now above 3,000 or about 116% […]

5 reasons why people outlive their money in retirement

Every year since 1996 TransAmerica runs it annual Retirement Survey. This report canvases thousands of every day working Americans concerning retirement preparedness. While reading through the 2017 survey I was not surprised to find that the number one fear among Americans concerning retirement was outliving their money.  Running out of money in retirement should be […]

Now that you have changed jobs, what do you do with your old 401(k)?

  Ignoring your past employer’s 401(k) can be easy but rolling it over to an IRA could be just as easy and more beneficial in the long run. When you leave a company, you have multiple options with your 401(k). You can roll it over into an IRA, keep it with your previous employer’s provider, […]

What does history say when they sell in May?

Over the past 80 years, there have been 9 times where the S&P 500 had a negative return of at least 5.00% in May. As you can see in the table above, all but one of those times were followed by a market rally in the following months. Keep in mind that past performance should […]

Market Sell-off all about Chinese Tariffs

Market Sell-off all about Chinese TariffsThe market is selling off today in response to the Chinese trade negotiations. On Friday, the U.S. raised tariffs from 10% to 25% on $200 billion of Chinese goods and threatened new tariffs on more than $300 billion worth of remaining Chinese good imported to the U.S. In response China […]

The Six Principles for Long Term Investing

The Six Principles for Long Term Investing The stock market is filled with uncertainty and people questioning how long this economic expansion is going to continue. The reality is that even the world’s most successful investors cannot accurately predict where the market is heading. We must accept that certain things like economic and market conditions […]

Are You Using This Retirement Savings Account?

Are You Using This Retirement Savings Account? Do you make less than $122,000 a year ($193,000 if married)? Do you have children with earned income less than that? If you answered yes to either of these, then are you contributing to a Roth IRA? If you are good for you! If you are not, then […]

2019 Guide to Retirement

  Last Tuesday JP Morgan had its annual call that discusses the changing trends and topics in the retirement landscape. We wanted to put together a summary of the most important points brought up during the call along with some of our thoughts. Market Outlook JP Morgan’s Chief Economist Dr. David Kelly pointed out that […]

4 Ways to Boost your Social Security Benefits

With the disappearance of pensions and longer life expectancy, social security benefits have become an increasingly important part of retirement planning. So, how can you make the most of your social security? Here is a quick list of four ways you can maximize your benefit. 1. Work Longer Nobody likes this idea; however, the fact […]

The Do’s and Don’ts of Investing

  What makes a successful investor? The advisors at our firm decided to sit down and write out five things that investors should or should not do to be successful. After comparing our lists, we created the five do’s and five don’ts of investing. The Don’ts Don’t Try to time the market Market timing is […]

New IRS Contribution Limits 2019

As 2018 comes to an end, we like to look back at projections for the S&P 500 index that top Wall St. strategist made for the year and what they are expecting for 2019. The S&P 500 ended the year down 6.24% after one of the worst fourth quarters in history.

2019 Wall St. Strategist predictions

As 2018 comes to an end, we like to look back at projections for the S&P 500 index that top Wall St. strategist made for the year and what they are expecting for 2019. The S&P 500 ended the year down 6.24% after one of the worst fourth quarters in history.