Financial, Wealth and Retirement
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Economy and Market

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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April 27, 2022

Navigating Market Volatility–or Not

Market volatility could spook even the most seasoned investor. If a precipitous week or two in the market has you ready to sell, you may want to reconsider your risk tolerance and asset allocation. Attempting to time the market by selling during a drop could often mean missing the prime point of re-entry—selling low and buying high or selling low ...

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April 27, 2022

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.1 Creating a financial plan from scratch may seem like an ...

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April 27, 2022

6 Mental Health Tips for Investors

Investing is stressful. It takes sound mental decisions to weather the ups and downs that come with the markets and investing in general. Whether you are managing your financial portfolio or making investments on the side, staying mentally healthy may assist with good decision-making. Below are a few simple mental health tips to help investors remain centered. 1. Visualize the Results ...

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March 29, 2022

How To Measure Your Portfolio in Uncertain Times

Making sure your investments help you work towards your true life goals Too often during uncertain times, we inadvertently compare ourselves to the people around us – and that may lead us to make financial mistakes. In his book Predictably Irrational: The Hidden Forces That Shape Our Decisions, Dan Ariely remarks, “We don’t have an internal value meter that tells ...

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March 29, 2022

Is the Early 2022 Market Déjà vu All Over Again?

A few pointers to help avoid a double-drubbing this time Stoicism amid market turmoil comes hard when a tsunami of dire investment headlines and plunging prices hits you, as we’ve seen for the first 2+ months of 2022. Your financial future rides on Wall Street. What should you do? It is Déjà vu All Over Again? Let’s look at recent ...

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March 29, 2022

Myths and Facts About Social Security

Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect. There's no doubt about it — Social Security is an important source of retirement income for most Americans. According to the Social Security Administration (SSA), nearly nine out of ten ...

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March 29, 2022

There’s Still Time to Contribute to an IRA for 2021

Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2021. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2021 ($7,000 if you were age 50 or older on or before December 31, 2021). For most taxpayers, the contribution deadline for 2021 ...

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March 1, 2022

How to Spring Clean Your Finances with a Financial Review

Spring cleaning presents a great opportunity to clear out any items you no longer need—and the same goes for your finances. Checking in with your finances during tax season may be particularly beneficial, as it allows you to complete last year's taxes while making any changes you need to potentially improve next year's tax situation. Below, we discuss what's included ...

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March 1, 2022

Luck of the Investor

As Samuel Goldwyn once said, "The harder I work…the luckier I get!" 1 But when it comes to investing, luck may play a huge role in outcomes—no matter how hard you work.2 Below, we discuss some ways that luck may impact your investing, as well as some steps you may wish to take to try to make your own good luck this ...

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March 1, 2022

How Does an Interest Rate Hike Impact Investors?

The Federal Reserve plans to unwind its bond borrowing since inflation has hit the highest level since 1980. While interest rates will stay near zero, for now, the Fed will start raising interest rates as early as March 2022. With a strong labor market and December 2021's inflation rate near 7%, the target range for the Federal Funds Rate will ...

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March 1, 2022

What to Expect on Your 2021 Tax Return

The federal government's response to the COVID-19 pandemic continues to impact individual income tax returns, from the suspension of federal student loan interest to expanded child tax credits. For many taxpayers, this may mean your 2021 return may look a bit different from last year's tax return. For some, this may mean a smaller refund or a higher tax rate. ...

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February 14, 2022

2021/2022 Tax Season at a Glance

Get all the important information you need for the 2021/2022 tax season all in one place with our Tax Season at a Glance Guide. Click to download: 2021-2022 Tax Season at a Glance

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January 31, 2022

6 Wallet-Friendly Ways to Celebrate America Saves Week

Monday, February 28th, kicks off America Saves Week this year. The week is dedicated to bringing awareness and encouraging people to look at and make progress on their savings. By taking a proactive stance, more people may realize how simple it is to get started saving and may better plan for their future. Looking for ways to celebrate America Saves ...

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January 31, 2022

Estate Planning Challenges for Unmarried Couples

It seems that state and federal laws governing estate planning may be running behind the growing trend of couples living together outside of marriage. For these unmarried partners, more creative estate planning strategies could be the key to counteracting restrictions imposed by laws that favor legally married couples. This article offers an overview of some issues regarding the disposition of ...

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January 31, 2022

4 Ways to Be Your Own Financial Valentine

Whether you're single, paired, or somewhere in between, Valentine's Day may present the perfect opportunity to show your bank account some love. Below are four tips and tricks to set you on the path toward becoming your own financial valentine. Be a Goal-Getter If it's been a while since you've set any financial goals for yourself, now may be the ...

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January 31, 2022

Understanding the Estate Planning Process

It is common for people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is tax planning, which can be done “later.” They may well be wrong on both counts. Your level ...

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January 18, 2022

Here’s How to Turn Your Hobbies into Cash

Hobbies are important to a work-life balance. They are an outlet to express yourself, de-stress, and dream. However, they can also lead to extra income and personal reward. If you’re considering turning a hobby into a side-hustle, read this guide to prepare properly. Side-hustles are a secondary job for supplementary income. This means a primary job still takes precedence as ...

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January 15, 2022

Why Is Home Buying a Key Personal Investment?

It is considered a truism that owning a home is a better financial option than renting. After all, the logic goes, why should you pay your landlord’s mortgage when you can pay your own? Intuitively, it feels true, but how true is it—and how do we really know? The value of homeownership is two-fold, including both financial benefits and intangible ...

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