Over the years working with worried clients it has become obvious that going through the financial planning process and reviewing existing plans in the context of a changing financial environment helps alleviate worries.
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Just like you can train your body to be stronger, you can train your mind to focus in a way that promotes clarity and good habits. This skill isn’t just helpful for managing daily stress—it can also be a game-changer when it comes to financial and investment decisions.
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The IRS has announced contribution savings limits for retirement savings accounts for 2025.
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Target Date funds have grown in popularity over the last decade especially inside employer benefit plans such as 401Ks. On the surface, they all seem to be exactly the same. First, you pick your fund based on your anticipated retirement date. Then you let the manager handle the rest – they utilize their glide path and make the portfolio more conservative as you approach retirement. While true, behind the scenes there are subtle differences that investors should be aware.
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As we close out 2024, it is a good time to think ahead about the coming year. Below are the 2025 Income tax brackets for all taxpayers.
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Since 2001, individuals over the age of 50 have been allowed to make "catch-up" contributions to their 401(k) plans, IRAs, and Roth IRAs. This provision was designed by Congress to give those nearing retirement the opportunity to boost their savings in tax-advantaged retirement accounts. Now, starting in 2025, new legislation will extend these opportunities even further.
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Placing a security freeze on your credit with each agency is the only way to prevent someone from obtaining credit in your name without your consent. Here we discuss how to execute a credit freeze and the drawbacks to this strategy.
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In 2020, the SECURE Act changed the distribution requirements for non-spousal beneficiaries of IRAs. The new rules are fairly complicated. We will review the rules and discuss the options and opportunities to optimize the tax impact of these inherited IRA distributions.
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Many underestimate their understanding of basic financial matters, leading to a lack of confidence and possibly anxiety. In reality, there is really just one simple “secret formula” that people who are financially successful do—they Pay Themselves First.
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Beacon recently hosted a live webinar for clients and friends where we discussed financial markets and year-end planning opportunities! Check out this webinar to get our take.
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When it comes to investing, the relationship between risk and reward has held steady over time. It is important for investors to understand this relationship when constructing an enduring portfolio.
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Investing is as much a psychological journey as it is a financial one. While market dynamics, economic indicators, and personal preferences play crucial roles in investment decisions, understanding and managing behavioral issues is equally important.
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When it comes to financial planning, one of the easiest and most important things to accomplish is an overall review of your estate plan. We suggest that you review your estate plan every couple of years or when there are changes in your family that may impact your estate planning. Here is a checklist of estate planning items to review that may be helpful.
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Interest rates have risen significantly over the course of the last year. So, you would expect that interest rates on savings and money market accounts would have followed suit. However, it seems that many banks have yet to adjust the interest rates they pay to customers on deposit accounts like savings and money market.
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In this episode of Finance in a Flash, Chip and John give an update on the economy and financial markets. Chip and John talk about the performance of various investment categories, inflation, planning opportunities and more.
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Beacon recently hosted a live webinar to update clients and friends about the financial markets and current economic conditions. We also provided some financial planning strategies to consider that could have a meaningful impact over the long term.
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Long term care costs are expensive and rising every year. For many, a two or three year stay in a skilled nursing facility could cost several hundred thousand dollars and potentially wipe out a retirement nest egg. Find out the things you should know when it comes to long term care and long term care insurance.
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With nationwide college costs continuing to rise, it has never been more important for parents to develop a savings strategy to help cover these costs.
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When a loved one passes away, there are many financial decisions that need to be addressed. Anyone who has gone through this process will tell you that it can be overwhelming and stressful. For those who have, or will be receiving an inheritance, it is important to understand the tax implications, so you can make decisions that are consistent with your personal circumstances.
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Find out the maximum contribution limits that can be made to most retirement savings accounts including 401(k) plans, 403(b) plans, traditional and Roth IRAs for 2022.
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