Couples who have opposite philosophies regarding saving and spending often have trouble finding common ground, and money arguments frequently erupt. But you can learn to work with — and even appreciate — your financial differences. Money habits run deep If you're a saver, you prioritize having money in the bank and investing in your future. You probably hate credit card debt and spend money cautiously. Your spender spouse may seem impulsive, prompting you to think, "Don't you … [Read more...]
Tax Preparation Checklist 2023
View, Download, or Print - 2023TY Tax Preparation Checklist Tax Preparation Checklist - 2023 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]
Do You Have These Key Estate Planning Documents?
Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directive(s), a will, and a letter of instruction. Durable power of attorney Incapacity can happen to anyone at any time, but your risk generally increases as … [Read more...]
A New Year, A New Opportunity to Save with a 529 Plan
The start of a new year is typically a time when people resolve to implement or recommit themselves to a personal financial goal. This year, why not consider opening a 529 plan account, or increasing your contributions to an existing account, to enhance your child's or grandchild's financial future? 529 plans are the most flexible they've ever been since their creation more than 25 years ago. A college fund ... and more Education, in any form, can be a key life building block. A … [Read more...]
Don’t Forget About Credit When Planning for Retirement
As you plan for retirement, you might not give credit a second thought, especially if your plan includes paying off your mortgage and other debts, and relying more on cash than credit. But retirement could last many years, and your need for credit doesn't necessarily disappear on your last day of work. At some point you may want to buy a second home, move to a retirement community, take out a home equity loan, or buy a vehicle; it's also possible you will face an unexpected expense. Keeping your … [Read more...]
Tax Preparation Checklist 2022
View or Download Tax Preparation Checklist 2022 (PDF form)Tax Year Tax Preparation Checklist - 2022 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your current and valid IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & … [Read more...]
The Potential Benefits of Roth IRAs for Children
Most teenagers probably aren't thinking about saving for retirement, buying a home, or even paying for college when they start their first jobs. Yet a first job can present an ideal opportunity to explain how a Roth IRA can become a valuable savings tool in the pursuit of future goals. Rules of the Roth Minors can contribute to a Roth IRA as long as they have earned income and a parent (or other adult) opens a custodial account in the child's name. Contributions to a Roth IRA are made on an … [Read more...]
Inflation Protection for Investment Dollars
For the 12-month period ending in May 2022, the Consumer Price Index for All Urban Consumers (CPI-U) — the most widely used measure of inflation — increased 8.6%, the fastest pace in 40 years.1 The rate may trend downward as the Federal Reserve raises interest rates and supply-chain issues improve. But inflation is likely to be relatively high for some time. High inflation not only hits consumers in the pocketbook for current spending, it also has a negative impact on the future … [Read more...]
Life Insurance Living Benefits
When thinking about life insurance, you might focus on the death benefit that can be used for income replacement, business continuation, and estate preservation. But life insurance policies may include other provisions that allow you to access some or all of the death benefit while you are living. These features are often referred to as living benefits, which are usually offered as optional add-ons called riders. Some living benefit riders are added to a life insurance policy at no additional … [Read more...]
Quick Recovery for Unemployment Rate
The U.S. unemployment rate skyrocketed to 14.7% in April 2020 when the economy shut down in response to the pandemic. This was by far the highest rate since the current tracking system began in 1948. Fortunately, employment has recovered at a record pace — the unemployment rate was just 3.6% in March, April, and May 2022, nearly the same as before the pandemic. The official unemployment rate only reflects unemployed workers who are actively looking for a job. A broader measure that captures … [Read more...]
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