If you've reviewed a retirement projection with us, you've probably seen a number like "87% probability of success." That number comes from a Monte Carlo simulation — one of the most useful tools in retirement planning, and also one that can be misunderstood. Here's what it actually does, what that percentage really means, and — just as important — what it can't tell you.
Read MoreThinking about a Roth conversion? In this quick video, Erin breaks down what a Roth conversion is, when it might be a smart move, and what to keep in mind before taking the leap. Whether you're just getting started or ready to dig into the details, we've got you covered.
Read MoreSaving for a child's education is one of the most generous gifts a parent or grandparent can give. But with college costs climbing every year, choosing the right savings vehicle matters just as much as the saving itself.
Read MoreWhen a person passes away, one of the most significant tax advantages that transfers to their heirs is called the “step-up in cost basis”. For those inheriting appreciated assets, this provision can mean the difference between owing hundreds of thousands of dollars in capital gains taxes and owing nothing at all.
Read MoreRemarrying after a divorce, or the death of a spouse is one of life’s most meaningful gifts. However, if it is later in life and you have adult children, established assets, and a financial life built over decades, remarriage carries a unique set of practical considerations. Addressing them early and openly as a team can protect both partners and preserve family relationships.
Read MoreYou worked hard, saved well, and now you are stepping into retirement. This transition from accumulation to the distribution phase of life can be stressful. It is important we maximize the amount of money available for us to spend and one of the most important ways we do that is through making efficient decisions on which investment account type we take withdrawals from and when.
Read MorePaying for a child’s education often involves balancing multiple savings tools, each with its own tax advantages and planning opportunities. Two of the most common options are the Coverdell Education Savings Account (ESA) and the 529 plan.
Read MoreLet’s face it, sometimes life can be messy. On occasion, we have the discussion with clients about what would happen if they were to pass away, leaving their adult child with a sizable inheritance and then their child goes through a divorce. Would the son, or daughter-in-law be able to take these inherited assets in the event of a divorce?
Read MoreOver the course of the last several weeks, I have spent more time than normal listening to the business news channels. I know that many of our clients tune in to these shows and I want to hear the issues being discussed. One thing that is often ignored is the concept of adaptability. That is, as governments, businesses and people realize that a problem or inefficiency exists, they make changes that alter the trajectory of possible outcomes...they adapt.
Read MoreWhether you are an existing client or newly interested in Beacon, please view this short video to learn more about what we do.
Read MoreHere are several questions you should ask yourself to ensure you have taken the necessary precautions in the event something unforeseen should happen:
Read MoreWith so much at stake (your financial security!), it’s easy to become paralyzed by fear and anxiety when it comes to financial uncertainty.
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One of the more useful provisions of the Secure Act 2.0 gives those who have unused 529 plan balances the option of rolling over funds with no tax implications into a Roth IRA. Here are the key rules for rolling over funds from a 529 plan to a Roth IRA.
Read MorePreparing financially for retirement often comes with uncertainty. There are countless “what if” scenarios to consider, and one of the biggest concerns for many is the potential cost of long-term care. An extended need for care can create a significant financial burden, making it important to plan ahead.
Read MoreWhen someone asks how you are doing, how do you usually respond? More importantly, do you feel like you’re truly living your best life? Do you feel as though you are thriving?
Read MoreBecoming overly concentrated in your portfolio adds an extra amount of risk. We monitor our portfolios for this and ensure that no one company will determine the ultimate success of our clients’ portfolios.
Read MoreRetiring before age 65 can feel exciting, but it also raises an important question: how will you cover health insurance until Medicare begins? Fortunately, there are several paths to consider.
Read MoreAt Beacon Financial Strategies, we agree that investments that generate income should be a valuable component of most retiree’s portfolios. However, we also believe that maintaining a diversified investment approach will enhance returns and reduce risk for most long term investors. This really proves beneficial during the distribution phase of your life as it provides for income, growth, potential tax efficiency, and flexibility as life changes.
Read MoreJoin us for an informative session on the recently signed 2025 tax law and its impact on individuals and families. We’ll cover new provisions, changes to existing rules, and rules that are eliminated. This webinar will help you understand how the new law may affect your taxes and what that means for your financial planning moving forward.
Read MoreLet’s face it, seniors today have access to improved medical care and are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 80s and possibly their 90s?
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