Do I Really Need to Buy Life Insurance?
The answer to this question is probably yes if you are 30 something, are growing your family or have recently bought a house and you really have not addressed your life insurance death benefit since you took your first job!! Insurance, in general, is viewed as somewhat of a necessary evil, so many people avoid […]
Student Loan Payments Are Back
In March 2020, federal student loan borrowers were allowed to skip their monthly payments, and their interest rates would be 0%. Borrowers were unsure when this would be lifted but as of June 30th, 2023, President Biden has announced the final decisions on student loan forgiveness and repayment plans. The Supreme Court has struck down […]
IRS Form 1099-K – The New Reporting Rule
Unless Congress acts this year to change the rule it enacted with the adoption of the American Rescue Plan Act of 2021, more information reporting will be required of certain third-party payment networks. Beginning this year, payment card companies, payment apps and online marketplaces such as PayPal, Amazon, Venmo and eBay, must file IRS Form […]
Is Leverage Good?
Leverage is a powerful force that is deeply rooted in our society. It has facilitated the build-out of communities, contributed to the expansion of businesses, and led to countless booms and busts in the economy. While there are many places where leverage has done good, that doesn’t tell the full story. What Does Leverage Mean? […]
The Flexibility of 529 Accounts
Section 529 accounts, also referred to as qualified tuition programs (QTPs), have adapted over the years to become the “go-to” savings vehicle for education. The 2017 Tax Cuts and Jobs Act (TCJA) provided a significant change – allowing parents to take tax-free withdrawals from a 529 plan to pay for tuition at K-12 schools (capped […]
HSA Planning: Drawdown and Estate Planning
The IRS recently announced the annual HSA contribution limits for 2024: $4,150 for self-only coverage and $8,300 for family coverage. This is one of the most significant jumps in years and not surprising, given the latest inflation trends. And if you are 55 or older, you can tack on an additional $1000 catch-up contribution. What […]
Good Debt vs. Bad Debt
You will probably take on some type of debt based on your financial needs and goals during your lifetime. Depending on the amount, interest rate, and reason will determine whether the debt is considered good or bad debt. Good debt typically has a low-interest rate, which will help build your credit score and increase your […]
Compound Interest: The Eighth Wonder of the World
Would you rather have one million dollars in cash or one dollar that doubles for 20 days straight? At face value, you might think “Why would I not take the one million dollars over one dollar right now?” Thinking this way would be short-sighted because, with a little bit of patience, you would be awarded […]
Long-Term Care – To Insure or Not to Insure?
In our work with pre-retiree and retired clients, we often get questions surrounding the applicability of long-term care (LTC) insurance to their particular financial situation. LTC insurance is, in many cases, viewed as this mysterious box of unknown benefits and costs and often clients are even afraid to inquire about the topic. So, let’s take […]
Average Returns are Anything but Average
Today, we will deconstruct a common myth about market returns. Before I get started, I recently addressed some common investor mistakes and how to avoid them. If you missed them or would like to reread them, you can do that by simply clicking here, here, and here. Do you know what the average price return […]