By Marc C. Shaffer
For many, a new year means a fresh financial start. For those nearing retirement, it means another day closer to a momentous transition. Whether you have your retirement date circled on the 2024 calendar or coming up in the next few years, the new year can be a great time to get your financial ducks in a row and make sure you’re checking the right boxes before the big change.
The start of the year is a great time for a financial check-up. In addition to reflecting on the prior year, you may be particularly motivated in January to make financial resolutions for the future. Let’s review your circumstances and goals and look for impactful...
You might have heard some buzz about the SECURE Act 2.0 and the ability to transfer 529 funds to a Roth IRA. You may also be wondering if you can take advantage of this new rule. To help clear up some of the questions you may have, we’re offering this flowchart for you. It covers important issues such as:
By Marc C. Shaffer
The idea of a “boomerang” generation has been around for a long time, but a new economic situation could be fueling another wave of boomerangers. Sure, there are still children who graduate and move back in with their parents right away. But while many adults are still recovering from pandemic-era job loss and financial recovery, the housing situation of low inventory, high prices and high interest rates is not helping. This could cause children of any age to boomerang right back into the nest.
The Internal Revenue Service recently released updated income tax brackets, standard deduction, and retirement contribution limits for the 2024 tax year. While these taxes are not due for some time, it may benefit you to start thinking ahead.
A meaningful part of your financial plan is your charitable giving.
Perhaps it’s the ideal time to put a charitable giving strategy in place to help you make the most of your donations. Consider strategic giving when you:
Am I spending the right amount in retirement?
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate.
By John Fales
Did you know September is College Savings Month? A great reminder to consider how saving for college (or any education) fits into your overall financial plan. There are steps you can take to help ease the burden of education costs and many you can start at any age.
Passing your estate to an heir with credit problems, a shaky marriage, a gambling or alcohol addiction, or any other concerning situation might not only lead to that wealth being squandered, but the inheritance could worsen destructive behaviors.
Of course, you don’t want to disinherit your child(ren) simply because of their personal challenges. There are potential solutions that allow parents to control and incentivize behaviors long after they are gone, helping ensure that a troubled child’s inheritance won’t be misused.
You do not want to avoid or delay creating a plan hoping that your heir’s issue will go away. This could result in you passing before any plans have been set and the inheritance could be given without restrictions.
By Marc C. Shaffer
I was talking with a friend recently who has lost quite a bit of weight. We were talking about the process and how it differed from their past experiences. They had spent many years fighting the ups and downs of fad diets and lose-weight-quick gimmicks. It wasn’t until they embraced a steady process that required small habit changes that made a huge difference over time that they were able to find success that was lasting.
This concept can also be applied to building wealth. It would be great to have a get-rich-quick shot, but it doesn’t exist (unless you know something I don’t!) House prices seem outrageous, grocery bills keep rising and the extras cost more and more. What is there to do? If the current economic landscape makes you feel like you’ll never get ahead, keep reading.
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