Financial, Wealth and Retirement
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February 2, 2023

A Look Back at Inflation in 2022

What happened in 2022? Last year proved to be a tumultuous time for many due to the rising costs of goods and services. By the end of November, the consumer price index had increased by 7.1 percent from one year ago. And that was actually the smallest twelve-month increase for 2022, giving truth to the feeling that everything seemed to ...

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January 3, 2023

A Look at Tax Planning for Retirement

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to ...

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January 3, 2023

Here’s How You Can Marie Kondo Your Entire Life

While this strategy is most often applied to ridding your home of your grandmother’s antiques and stacks of old CDs, you can also use this idea to rid your entire life of excess—mentally and physically. Think about the quality of the people in your life. No, we’re not saying to cut your friends list from 15 to 5, but it is a good ...

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January 3, 2023

Ways to Minimize Tax on an Investment Portfolio

Improving return by minimizing taxes Although we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be interested in legitimate ways to minimize taxes on your investment portfolio. Several approaches and strategies exist, including the following. Year-end tax ...

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January 3, 2023

New Year’s Financial Resolutions to Implement Now

When it comes to New Year's Resolutions that include financial goals, writing them down and being visible is essential to your success. After you’ve written down what your financial resolutions for the New Year are, tell others about your progress and failures. Here are some things you may want to focus on this year: Decrease your spending- The less you ...

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December 6, 2022

LPL Research’s Outlook 2023: Finding Balance

Through all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets and global economy or what’s happening in our local communities, the news we’re hearing on a daily basis has the potential to disrupt the balance ...

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November 29, 2022

Year-End Tax Planning Basics

The window of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2022 tax year. Timing is everything Consider any opportunities you have to defer income to 2023. For example, you may be able to defer a year-end bonus, or ...

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November 29, 2022

IRS Increases 401(k) Limit By Record Amounts

As inflation soars, you can now save a lot more for your retirement. On October 21st, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for ...

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November 29, 2022

Social Security Gets a Massive 8.7% Raise

Social security is way behind inflation so you may need a better retirement plan. In October of 2022, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7%. The adjustment will increase monthly Social Security checks by about $145 per month on average, according to AARP, which ...

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November 29, 2022

Top Year-End Investment Tips

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December 31 can affect not only your long-term ability to meet your financial goals but also the amount of ...

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October 28, 2022

Worried About Your Financial Health? It May Be Time For A Checkup

When was the last time you gave yourself a financial checkup? As the saying goes, there’s no time like the present. This is especially true when it comes to reviewing the current state of your finances and figuring out what you need to do to get – or stay – on track so you can pursue your financial goals. To ...

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October 28, 2022

A Stronger U.S. Dollar Has Investing Implications

World currency fluctuations mean more than calculating our travel costs. The strong dollar is much in the news lately. But most Americans, other than tourists beyond our shores, don't focus on what that means to them. For U.S. investors, the upshot is not great. In fact, for most, currency fluctuations worldwide (and not just that of the dollar) are an ...

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October 28, 2022

Enduring Market Volatility With a Financial Plan

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments.1  What might you do to survive and even thrive during volatile markets? A financial plan may help you feel more confident and help you ...

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October 28, 2022

Appropriate Checklists for Year-End Tax Planning

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different categories, such as "Filing Status" or "Employee Matters," for ease of reading. When year-end approaches, it might be wise to review each suggestion under the categories that may apply ...

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October 5, 2022

The Financial Planning Process: Why and How

Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers. Many of today’s middle class families have different concerns: funding retirement; educating children; protecting assets; and coping with unexpected changes in health, employment, and marital situations. But, whether your goal is to build or ...

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October 5, 2022

Common Factors Affecting Retirement Income

When it comes to planning for your retirement income, it's easy to overlook some of the common factors that can affect how much you'll have available to spend. If you don't consider how your retirement income can be impacted by investment risk, inflation risk, catastrophic illness or long-term care, and taxes, you may not be able to enjoy the retirement ...

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October 5, 2022

How 1% Can Make a Big Difference When Retired

Be very careful when making even small changes to your assumptions. Cut a pie into 100 slices and what do you have? Barely a nibble. Seemingly an inconsequential share of anything, 1% can actually make a tremendous difference to your financial security. Even fractions of a percent added to investment returns over time can redefine your life in retirement or ...

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October 3, 2022

Maintaining Your Financial Records: The Importance of Being Organized

An important part of managing your personal finances is keeping your financial records organized. Whether it's a utility bill to show proof of residency or a Social Security card for wage reporting purposes, there may be times when you need to locate a financial record or document--and you'll need to locate it relatively quickly. By taking the time to clear ...

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August 31, 2022

How to Minimize Taxes During Market Downturns

Understanding long-term capital gains taxes when you sell investments. Market downturns could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future. Taxable accounts you hold longer than a year incur long-term capital gains taxes when you sell investments. You ...

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August 31, 2022

5 Tips for Navigating Medicare in Retirement

One of the main concerns about retirement is health care. As healthcare costs continue to rise, medical bills may quickly derail your retirement plan. The good news is when you turn 65, you will be able to apply for Medicare, which provides you with coverage for some of the larger bills you may face during your retirement. Though navigating Medicare ...

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August 31, 2022

Figuring Out a 401(k) Strategy That Works for You

Matching your tolerance for risk with your investment objectives. Everyone wants a comfortable retirement, but the road you take there will depend on your specific situation. When you invest, you assume a certain level of risk (but like everyone you’re hoping that your holdings will increase in value). One of the most challenging aspects of investing involves matching your tolerance ...

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August 31, 2022

A Mid-Year Financial Plan Review Makes Sense

The changes you make today might be the benefits you need long-term. Today, many people find themselves inundated by a constant stream of financial news from television, radio, and the Internet. Yet, does all this information and real-time data really help you manage your finances any better than in the past? The truth often is that the “old-fashioned” practices, such ...

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August 3, 2022

Five Keys to Investing for Retirement

Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or are just getting started. 1.  Don't lose ground to inflation It's easy to see how inflation affects gas prices, electric bills, ...

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August 3, 2022

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. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay ...

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August 3, 2022

4 Tips and Resources to Help Seniors During Periods of High Inflation and Market Volatility

In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride that has given heartburn to financial professionals and investors alike. For retirees and seniors on a fixed income, the true costs of inflation and market ...

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August 3, 2022

The Health of Social Security – Some Good News and Some Bad News

With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn't in danger of going broke — it's financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. Each year, the Trustees ...

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June 30, 2022

Are You Retirement Ready? 5 Ways to Help Your Parents Prepare for Retirement

The sandwich generation is a term commonly used to describe those between the ages of 40 and 59 who are responsible for raising their family and are also often helping their aging parents manage their ongoing needs. Those members of the sandwich generation typically manage the burdens of the old and young at once. They may support a grown child, ...

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June 30, 2022

6 Ways to Minimize Your Tax Liability Throughout the Year

You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax liability that you can implement any time before the end of this year: Update your ...

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June 30, 2022

Tips to Shape Up Your Fiscal Fitness this Summer

A regular program of disciplined financial practices can help you in the long-run. Many people realize that the best way to stay in shape is to develop an appropriate fitness regimen and then stick with it. If you start a fitness program and drop out, you never give yourself a chance to become physically fit. In the long run, regular ...

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June 30, 2022

Land of the Debt Free: 3 Steps To Declare Your Financial Independence

Financial independence means different things to different people. For some, it might mean early retirement. For others, the ability to travel the world. It is the freedom to leave a job that is no longer personally or professionally fulfilling for many. No matter what financial independence might look like for you, if you ultimately want to declare your financial independence, ...

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May 27, 2022

Planning For Unexpected Costs Before You Retire

Your retirement planning needs to incorporate more than just investments. Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future before you write that well-intentioned check. If you’re close to joining the other side of 50, you have probably noticed already that patterns are ...

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May 27, 2022

Fatherly Advice: 6 Timeless Financial Tips Our Fathers Taught Us

Although many things have changed in the financial world over the past 20 years, some nuggets of financial advice are timeless. Here are a few tips that have remained constant for several generations. Always Spend Less Than You Make Wealth creation is not about how much you earn. It is about how much you save.1 Spending more than you make ...

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May 27, 2022

QCDs: Donating and Gift Giving Through Your IRA

A qualified charitable distribution, or QCD, allows you to distribute funds from your IRA to an eligible charity (a 501(c)(3) organization) as long as you’re 70 1/2 years of age or older. Since the gift will go directly to the charity, you can exclude the dollar amount of the gift from your taxable income up to $100,000 each year. However, ...

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May 27, 2022

High Inflation – How Long Will It Last?

In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It's not surprising that a Gallup poll at the end of March found that one out of six Americans considers inflation to be the most important problem facing the ...

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April 27, 2022

Tax-Advantaged 529 Accounts: What families need to consider

According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for a school year was $9,970 for in-state students and $25,620 for out-of-state students. The average cost of a private university was much higher at $34,740. Thankfully, much like tax-advantaged accounts designed to help us save for ...

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