What Are My Options for My Old Employer Retirement Plan?
Have you changed jobs in the past and now find yourself trying to manage multiple employer retirement plans, i.e., 401(k) or 403(b) accounts? If you answered yes, there are a few different options for what you can do with those old employer accounts. You will need to analyze a few factors which should help you […]
Choosing a Retirement Plan for My Small Business
As an employer, you can play a vital role in helping your employees save for their retirement. Most people will need between 70 and 90 percent of their preretirement income to maintain their standard of living in retirement. These days, retirement can be 30 years or longer. By establishing a retirement plan, you can help […]
Pros and Cons of Buying vs. Leasing a Vehicle
With the ever-changing landscape of automobiles, we are seeing more and more questions regarding buying vs leasing vehicles. The answer to the question is not cut and dry, as there are pros and cons to both choices. Each individual must weigh the different options to come to the proper conclusion. In this blog, we will […]
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 […]