Sandwich Generation: Watch Out for These Costly Financial Pitfalls

The sandwich generation is generally defined as middle-aged individuals aged 40 to 60 (Generation X) sandwiched between aging parents, adult children, and grandchildren. Because members of the sandwich generation have been in the workforce for a while, they may be somewhat financially stable and, therefore, face some costly financial pitfalls when it comes to family. If you are part of the sandwich

The Founding Fathers’ Guide to Financial Independence

“A penny saved is a penny earned.” This nugget of financial wisdom from Benjamin Franklin, shared in the late 1700s, remains as relevant today as it was then. Despite living in a different era, our founding fathers were remarkably insightful, including when it came to finance. While the concept of financial independence may vary for each individual, it generally implies

6 Tips for Small Business Owners to Promote Workplace Wellness

Work is stressful at times, and anxiety and stress among your employees may lead to performance issues and an overall lower productivity rate. By promoting wellness in the workplace, you may reduce employee burnout and make the work environment more pleasant and productive. Below are a few simple tips to follow to help promote wellness in your small business.  1.

Homeownership: What It Could Mean for Your Estate Plan

There is one thing that we will most likely all do one day: regardless of your status in society, position at work, or whether you are tall or short, you may pass down assets to loved ones. When that day arrives, an estate plan is essential for managing and distributing those assets without too many hiccups. Physical real estate is

Stocks Benefit From Solid Fundamental Foundation

April showers brought May flowers as markets placed greater importance on economic growth and corporate profits than the “higher for longer” interest rate messages from the Federal Reserve (Fed). In fact, the S&P 500 ended May above where it ended March. So, as you prepare for summer vacations, how much should you worry about your stock portfolios? First, based on

4 Tips for How to Set Up a 529 Plan to Benefit Your Business

529 education savings plans allow families to put away money for their children’s education without paying taxes on the earnings, as long as the withdrawals are used for qualified educational expenses and fall within the applicable annual limits. While many people may already have these set up for their children or grandchildren, they also make a great benefit option to

Tax Planning for Small Businesses

For small business owners, tax planning is crucial. Without proper planning, you may find a large portion of your hard-earned profits and savings eaten up by taxes that may not have been so high if you knew better options to pursue. To help you get started in tax planning for the new year, below are a few considerations to make.

The Importance of Choosing the Right Life Insurance Policy for Your Retirement Years

Life insurance has its benefits, and choosing a manageable life insurance policy is a critical step in your retirement planning. It can help your family cover end-of-life expenses, funeral and burial costs, and pay for estate taxes. It is essential you select a life insurance policy that could benefit you and your family in your retirement years. Here are a

Social Security Simplified: Common Questions and Answers

Most American workers who earn wage income and pay Social Security taxes via withholding receive Social Security benefits at some point in retirement. While the Social Security Administration has tried to make the process easier to understand and navigate, many questions remain. Whether you are getting close to retirement or even if retirement is still a little way off, here

Why Your Credit Score Matters in Retirement

Regardless of the stage of life, your credit score is an essential component of your financial health when you’re in retirement. A consistently strong credit score can pave the way for greater confidence, easy loan access, and lower interest rates. Many retirees overlook the importance of maintaining a suitable credit score after they stop working or that credit scores lose

Managing Your Money: Top Financial Habits for Women Entrepreneurs

Today, there are an estimated 12.3 million women-owned businesses. To give that some context, approximately 43% of entrepreneurs worldwide are women. A study conducted by Fidelity Investments showed that women are often less prepared for retirement than their male counterparts. Here are several financial habits women entrepreneurs can consider in pursuit of their money management goals:  Become an investor  

Pearls of Wisdom: Wealth Preservation for High-Net-Worth Women

Wealth preservation is essential for high-net-worth (HNW) individuals, but it warrants a gender-specific focus, too. Particularly for HNW women, understanding the complexities of wealth preservation is crucial. Whether due to inheritance, accomplishment in the corporate world, or entrepreneurial fulfillment, more women today find themselves in the ranks of HNW individuals.   What makes a woman’s situation unique   On average,

How to Help Your Children with Their Debt

Parenthood is full of highs and lows. If you have children, you probably know firsthand what it feels like to be in debt. Because you know how debt feels and you love your children, you probably want to step in and relieve them of their own financial worries. However, there are productive and unproductive ways to help adult children through

Caring For Your Family Members While Preparing For Retirement

The newest generation of upcoming retirees is facing a more unique and prominent dilemma than past generations have experienced: caring for family members at the same time they’re preparing for retirement. There are plenty of reasons for this, such as life expectancy being longer, and aging in place becoming more common. This can mean many people approaching retirement are also

Retiring Early As a Couple: A Financial Love Story

Retiring early as a couple is a goal shared by many, and if planned comprehensively, it may provide opportunities for travel, passion projects, and more quality time together. Retiring simultaneously can bring many benefits, such as shared experiences and time together, which may result in a stronger bond. However, it is essential to note that simultaneously retiring means that the

How to Estimate Your Quarterly Taxes as a Small Business Owner

For profitable small businesses, paying quarterly estimated taxes is part of the tax process to potentially avoid penalties at the end of your fiscal year. The quarterly taxes for a business are the estimated taxes that will be owed at the end of the year. Or, in some cases where businesses may see ebbs and flows, it may be based

Key Financial Wellness Metrics for Near-Retirement Individuals

As one approaches retirement, monitoring your financial situation by understanding your net worth and assessing the assets and resources needed to maintain a comfortable lifestyle throughout retirement is vital. This article explores eight key financial wellness metrics individuals must monitor as they approach retirement.

Family Wealth Transfer Planning: Keeping It In the Family Through Generational Giving

You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of the family you love.

Ten Things You Must Know About Medicare

Heading into your retirement years brings a slew of new topics to grapple with, and one of the most maddening may be Medicare. Figuring out when to enroll, what to enroll in and what coverage will be best for you can be daunting. To help you wade easily into the waters, here are ten essential things you need to know about Medicare.

Women and Money: Taking Control of Your Finances

As a woman, you have financial needs that are unique to your situation in life. Perhaps you would like to buy your first home. Maybe you need to start saving for your child’s college education. Or you might be concerned about planning for retirement. Whatever your circumstances may be, it’s important to have a clear understanding of your overall financial position.

Acquaint Grown Children with Your Financial Affairs

As your children get older, it may be beneficial to share financial, medical, and estate planning information with them. Awareness of this information, and knowing where to locate documents, can help your children take appropriate action if necessary.

The Sandwich Generation – Caring for Parents and Children Simultaneously

As the population continues to age, the “sandwich generation” is caught in the middle, supporting both their parents and their children, whether financially, physically, or emotionally

Why Business Owners Need Financial Planning

Regardless of the income a business generates, the ages of the owners, or how many employees it has, a business financial plan can help plan for future and unexpected events.

3 Tips for Preserving Wealth in Your Golden Years

After spending so much of your life saving for retirement, it can be challenging to transition from depositing funds to withdrawing them. With some careful planning and ongoing maintenance, you can maintain your lifestyle and potentially preserve your wealth to pass down to your loved ones.

Money Mistakes that Young Professionals Make

As you enter the workforce and start to earn a regular income, it’s easy to get carried away with newfound financial freedom. However, this can often lead to costly money mistakes that can have long-lasting consequences.

Aging Parents and Money

Your parents’ ability to manage their own finances may decline as they age and helping them with money matters is a sensitive issue you should approach carefully. Here are some tips to help you navigate this important transition.

Unused 529 Plan Funds: 5 Spending Options to Consider

Sometimes, 529 plans have unused funds after the beneficiary graduates or decides to discontinue their education. Whatever the reason for having unused 529 plan funds, here are five spending options to consider

Money Milestones: 4 Financial Goals for Older Individuals

Striving for financial betterment should not end when you hit retirement. You should continue to work toward new financial goals every year or every decade to manage the freedom you worked so hard to achieve.

Four Things Women Need to Know about Social Security

Ever since a legal secretary named Ida May Fuller received the first retirement benefit check in 1940, women have been counting on Social Security to provide much-needed retirement income. Social Security provides other important benefits too, including disability and survivor benefits that can help you and your family members. 1.  How does Social Security protect you and your family? When

Retiring as a Small-Business Owner: What to Know Before You Go

The thought of retiring may be intimidating for anyone—but if you own your own business, handing your “baby” to new owners might be enough to stop you in your tracks. What might you do to set your successor up for success? What should all business owners know before they go? Set Specific Retirement Goals When you retire, you want to

Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules

The SECURE Act 2.0 legislation has changed the landscape when it comes to RMDs (required minimum distributions) – but what does this actually mean for those planning for retirement? Find out on our blog.

When Changing Jobs, Rollovers May Offer Benefits

Changing jobs often can have many benefits, but it also has one potential downside — retirement accounts that are spread across different companies.

Thinking About Working in Retirement? Here’s What to Consider

Social Security income planning is complicated. It isn’t just a matter of when to collect Social Security retirement benefits and how your monthly payment may be impacted by working. It’s also about tapping other available sources of income and keeping in mind tax considerations when determining your best course of action.

Women’s Financial Empowerment: The Challenge of Financial Wellness

March is #WomensHistoryMonth, a month-long celebration of female empowerment. In this blog we discuss some specific steps that women of all ages and all stages of life may take to manage their financial future.

Tax Planning for Business Owners

Learn more about tax planning for your business on our blog.

Saving Tips for Younger Adults

Today, younger adults face a variety of challenges in their pursuit of financial independence. Here are five financial tips to help you manage your personal finances and prepare for your future.

Healthcare in Retirement

Healthcare in retirement is available from many sources – government programs, supplemental health insurance, military benefits, retirement communities, and nursing homes. Depending on your needs, you may use a number of these resources in retirement.

Entrepreneurship and Financial Risk: What You Need to Know

Entrepreneurs tend to be natural risk-takers but this doesn’t mean committing to uncompensated risk. On our blog, we discuss some financial risks an entrepreneur may face and how they may be mitigated

Women – Moving Forward Financially After the Loss of a Spouse

Becoming a widow at any age can be one of the most difficult challenges a woman faces. Not only is there the emotional loss of a spouse, but also the task of handling everything — including all the finances — without the help of a spouse. It is critical to organize your finances after your spouse’s death and take ongoing steps to help secure your financial future and that of your family.

Tax Prep Checklist: Everything You Need to Be Ready for Tax Season

It’s never too early to get started on tax preparation, so why not start today? Check out our article on everything you’ll need to be ready for tax season.

What You Need to Know About the SECURE Act 2.0

With the signing of the Omnibus Appropriations package into law, both employees and employers can take advantage of more than 90 new provisions aimed at creating opportunities to create or modify workplace retirement plans and strategies.

Trusts and Year-End Planning: A Checklist

The end of the year is a great time to review your trust document, update information, buy or sell assets or even cancel your trust if you choose. Here is a checklist to help you complete your trust and year-end planning.

5 Year-End Tax Planning Questions to Ask Your Financial Professional

There are many tax planning moves you can make before December 31 to reduce your owed taxes, but how do you know which ones are available to you? Here are five year-end tax planning questions you may want to ask your financial professional soon.

How Financial Planning Can Help Prepare for LTC Costs

With the cost of long-term care (LTC) increasing year over year, considering how the costs of long-term LTC will impact your financial plan is essential. Here are three tips that may help make the cost of LTC more affordable.

Now Might Be a Good Time for a Roth Conversion

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA.

Resources for Women-Owned Small Businesses

There are many professional organizations that understand the challenges that women-owned small businesses face and offer resources to help provide assistance.

Advanced Estate Planning Concepts for Women

So if you are married, you’ll also probably have the last word about the final disposition of all of the assets you’ve accumulated during your marriage. You’ll want to consider whether these concepts and strategies apply to your specific circumstances.

Teaching Your Teen about Money

Your teen is becoming more independent, but still needs plenty of advice from you. With more money to spend and more opportunities to spend it, your teen can easily get into financial trouble. So before money burns a hole in your child’s pocket, teach him or her a few financial lessons.

Tips for Women Who Are Living in the Sandwich Generation

The day-to-day demands of caring for an aging parent and children can put a tremendous strain — both emotional and financial — on the primary caregiver.

Planning for Marriage – Financial Tips for Women

As you are planning for marriage, it’s important to consider how this big life event will impact your finances. Careful planning can increase the likelihood that you’ll have financial success as you enter this new chapter in your life.

The Joys and Financial Challenges of Parenthood

As your children grow from infancy to adulthood, you try to protect them. You want to make sure that they are financially secure, but meeting expenses can be challenging.

4 Costly 529 Plan Mistakes To Avoid

For many parents, 529 college savings accounts may be a way to invest for your child’s future while perhaps saving money on taxes in some states. However, these 529 accounts have some challenges that may lead you astray if you do not pay attention. Here are four of the costliest 529 mistakes you might make.

Grow Old with Me – Live (Almost) Tax-Free

While the income of older Americans may be freer from encumbrances of children or work- related expenses, the expenses of daily living must still be planned for cautiously. Income must be managed appropriately so that it’s available to meet ongoing expenses, and higher health care costs.

A Beginner’s Guide to Investing After Retirement

You may be retired and considering investing some of your retirement nest egg. Depending on your situation, it is crucial that investing in the stock market, bond market, or other investments does not jeopardize your retirement savings. For this reason, investments that preserve your initial contribution but still provide growth opportunity is essential.

Wealth-Transfer Taxes Can Take a Toll on Small Businesses

Under the current estate tax laws, there are several steps a business owner can take to help prevent his or her business from being liquidated to raise cash to help pay estate taxes.

3 Moments in Life Where You Should Consider Consulting a Financial Professional

We discuss three common situations in life when it’s a good idea to consult a financial professional.

What Role Does Social Security Play in Your Retirement Income Strategy?

As you near retirement, it’s likely you’ll have many questions about Social Security. How much will your retirement benefit be? When should you apply? Will earnings from a part-time job affect your benefit?

Tax Planning and Financial Planning Go Hand in Hand

With tax season coming to an end, it’s the ideal time to use this year’s tax return to help update your financial plan. If you’re in the group of one in four Americans who do not already have a financial plan, it may be time to create your first one.

3 Estate Planning Tips for Small-Business Owners

Having a solid estate and succession plan in place may be crucial to your business’s long-term success. If you are incapable of making business decisions, or if you unexpectedly pass away without an estate plan, your heirs may scramble to keep your business afloat.

Working During Retirement

Planning on working during retirement? If so, you’re not alone. An increasing number of employees nearing retirement plan to work at least some period of time during their retirement years.

America’s Changing Vision of Retirement

Retirement planning is a primary reason for long-term saving, and when people think about retirement, finances are often the focus. However, it is important to also look at the nonfinancial aspects of transitioning from the world of work to the world of leisure.

What You Should Know About Contributing to an IRA at Every Age

A traditional IRA offers a great way to shield income from taxation while boosting your retirement accounts. Meanwhile, a Roth IRA can let you pay tomorrow’s taxes today.

RMD Roundup: A Few Key Reminders About Required Minimum Distributions

With the holidays here, now is the time to get into the giving spirit and help to change others’ lives for the better. Whether you are looking to make a difference in a specific person’s life or the life of many, there are many ways to give this holiday season. Here are some different ways to give back to others in a major way this holiday season.

Solo Opportunities: One-Person 401(k)s

If you are a small business owner with no employees, the one-person 401(k) may offer a suitable combination of benefits that can help you save more for retirement.

Understanding the Estate Planning Process

A well-structured estate plan can be invaluable. Through it you can control the distribution of your assets and possessions, as well as name guardians for your children or plan care for other dependents.

Financial Considerations for Working Parents

Though working parents make up one of the largest demographic groups in the country, they face many challenges—from the cost of childcare to inconvenient scheduling issues.

How To Financially Prepare for a Disaster

By taking some steps toward disaster preparedness, you may gain some security that helps you set these worries aside.