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One of the more difficult conversations for family members to have is talking about estate planning. There are several reasons for this, including the reality of our own mortality and that of our loved ones. In some families, it is an...

Although achieving your financial goals is more challenging than following a step-by-step recipe, a few common ingredients and preparation methods may help improve your ability to manage financial resources. Here is one recipe for a...

As we approach the last quarter of each year, it is a good time to plan for the next one. Year-end planning is especially important for existing retirees and those hoping to retire in the next few years. There are tax and income...

With the increasing amount of personal information shared and stored online, it’s crucial to take proactive steps to protect yourself. Here are a few essential tips to help you safeguard your sensitive data and maintain your...

Financial education is constantly evolving. As investments, financial priorities, and the economy change, so do financial strategies and plans. To stay on top of your retirement and ensure that you are on your way toward your financial...

The vast majority of Americans need long-term care. According to the U.S. Department of Health and Human Services, 70% of people over age 65 may need some long-term care during their lives.1 Unfortunately, planning for long-term care...

In 1989, Stephen Covey, an American author, educator, and businessman, published his groundbreaking self-help book, 7 Habits of Highly Effective People. Regardless of income level, age, or career, anyone can learn and practice the...

Discussing charitable giving with family members helps them to understand how meaningful it is to you, the importance of altruism for the betterment of society, and how participating in philanthropy as a family can help bring everybody toge

In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019.

Many experts continue to predict a recession for late 2023. However, consumer spending and employment figures remain strong and, unless there is some change in one or both of those factors, a recession may continue to loom just over the hor

A recent survey by Caring.com found that a whopping two in three American adults do not have an estate plan1—an alarming statistic, considering that an estate plan can protect your assets and ensure that they go to the right...

Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has

As you navigate through life, it’s important to continually reassess and adjust or add insurance coverage to fit your changing needs. Having the proper insurance is one of the best ways to support your financial future and can...

Understanding the difference between taxable, tax-deferred, and tax-exempt accounts can improve portfolio diversification and make a difference in how much you earn over time. But investors may not fully understand how a strategy...

Unlike more turbulent investments such as stocks, whose revenue is dependent on your ability to sell at a profit, accounts that pay interest will always generate some amount of profit—with only some rare exceptions.

By focusing on goals and priorities, you can create a new, simplified lifestyle As retirement approaches, many older adults consider downsizing their home as a way to simplify their lives, reduce expenses, and focus on what truly...

If you are an educator, you know how important budgeting is. Whether you take a summer job to have a year-round income or rely on your school year to pay for bills, budgeting your money properly may help you to stay on track with your...

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will,...

If recent market volatility has you questioning your opportunities for financial freedom, you are not alone. Due to rising inflation, higher interest rates, a volatile stock market, and recession fears, many investors find themselves...

For members of the "Sandwich Generation"—those currently in their 40s and 50s who are caring for children and their parents who are over 65-years old—estate planning may seem like a low priority. After all, when you're...

Being a small business owner can be rewarding but also may bring a lot of stress. You may be experiencing the pressures of trying to grow your company while providing a solid future for your employees. On top of all that, you will also...

What is family wealth, and how do you preserve it? You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of...

Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will not succeed.

Over the past several years, the housing market has been on a relentless upward trajectory, with home prices reaching record levels and demand outpacing supply. However, recent trends suggest that the market is starting to cool down, with

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier

529 plans can be powerful college savings tools, but you need to understand how your plan works before you can take full advantage of it. Among other things, this means becoming familiar with the finer points of contributions and withdrawal

One of the important decisions a business owner must face is when and how to step out of the business — in other words, business succession planning. Do you expect to retire from your business? Do you have a plan in place?

Firefighters put their life on the line every day to protect communities from fires and other emergencies. They work long hours, often in hazardous conditions, and their jobs can take a toll on their health and well-being. In recognition of

Life insurance is an important part of a business. It may be used as a funding mechanism for your buy-sell agreement and as business interruption insurance to pay the business for interruptions caused by the death of key employees.

With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out the...

April brings more than possible rain showers. It also marks Financial Literacy Month in the U.S. Whether you’re interested in a quick refresher or seeking to learn something new, it may be worth the effort to brush up on some...

Is 62 your lucky number? If you're eligible, that's the earliest age you can start receiving Social Security retirement benefits.Although collecting early retirement benefits makes sense for some people, there's a major drawback to...

Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment. Deciding when to file for your Social Security payments is...

Investing in U.S. stocks and bonds is a popular way for individuals and institutions to grow their wealth and generate income. However, it is important to consider the impact of taxes on these investments before and after making them....

When it comes to personal finance, there are a number of competing priorities that can make it difficult to determine where to focus your efforts. For many people, the choice between building emergency savings and working towards their...

Having a good credit score doesn't just get you the best interest rates. It can also reduce your auto insurance premiums, allow you to avoid security deposits, and in some cases, even help you get hired. But what goes into your credit...

When you are busy running a company, it may be difficult to think about your taxes. Proactive tax planning helps you to avoid an unexpected tax liability when you file. These helpful strategies may offset your tax liability and might...

It is a dream of many people to be able to own and run their own businesses. You have the potential to make a living and support your family, and being an entrepreneur provides a certain amount of flexibility that an employee of a...

Valentine's Day is one of the biggest holidays for romance and for lavishing gifts on that special someone in your life. While flowers and chocolates may be the most common gifts exchanged on that day, why not consider a gift that may...

You can use a variety of strategies to pay off debt, many of which can cut not only the amount of time it will take to pay off the debt but also the total interest paid. But like many people, you may be torn between paying off debt and...

What is a revocable life insurance trust?A revocable life insurance trust is a trust that is funded, at least in part, by life insurance policies or proceeds. It can be an effective planning tool that provides a source of liquid funds...

You don't want to pay more in federal income tax than you have to. With that in mind, here are five things to consider when it comes to keeping more of your income.1. Postpone your income to minimize your current income tax liabilityBy...

Identity theft is one of the fastest-growing crimes in the United States. According to Consumer Affairs, in a 2022 study, each year, seven to ten percent of the U.S. population are victims of identity fraud, and 21 percent of those are...

Financial stress can have a direct negative impact on a person's health and happiness. Unfortunately, this may lead to a downward spiral. The more stress you're feeling, the larger your financial hurdles may seem, and the more you may...

For many people, a new year provides a new start—and nothing says "new start" like a fresh new set of financial goals. But setting these goals is easier said than done. What steps should you take to get the most bang for your...

If one of your New Year's resolutions involves enhancing and expanding your investment portfolio, look no further. In a true New Year's Eve countdown tradition, ask yourself these 10 questions to help review your investment plans.10....

State-mandated retirement plans result from legislation requiring employers to provide their employees with retirement savings opportunities. Businesses can comply with these laws by enrolling their employees into a state-sponsored...

The average family spends an extra $1,000 or more during the holiday season. From gifts and travel to dinners, shows, and decorations, each purchase adds up.1 How might you take full advantage of holiday cheer while avoiding the...

What are appropriate checklists for year-end tax planning?Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...

Part of the joy of making money and building wealth is not solely the aim to live a flexible life of convenience; it is also giving to those we love. Typically when we think of passing down money to loved ones, it is through a will...

For many, autumn is the best time of year. The return of cool breezes, comforting foods, and pumpkins can be invigorating. It’s also a bookmark of sorts, especially for your finances—a perfect time to take stock of your...

The average U.S. income tax rate stands at just over 13%—and if you're like many taxpayers, you're always looking for new tips and tricks to help reduce this percentage.1There are a number of different tax planning moves you can...

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments.1What might...

You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax...

Normal retirement age used to be 65, but things are way different today.You might be thinking about retiring, but how do you know when you are really ready for it, mentally and financially? For decades, the normal retirement age was 65...

Too much focus is placed on markets, investment returns and stock pricesHow you arrange your financial life is important. But so too is how you live your life. The second part is unfortunately often neglected in financial planning....

Small businesses face many problems related to their size, capital, and capability, and for women-owned small businesses, the challenge is sometimes even greater. The good news is there are many professional organizations out there...

It’s also a good time to talk about the insurance crisis facing baby boomers. Baby boomers’ huge numbers and surprisingly shaky health threaten government old-age benefits. That’s why you need to bolster your own...

 Most often, the first question a prospective employee will ask is about your company’s benefit program. And in my experience, the two most often-asked questions are about health insurance and an employer-sponsored...

Given the daily responsibilities of running a business, planning for an event that may or may not happen may not seem to be a priority. But by preparing for a major disaster, your company will be in a better position to cope with more...

Some retirees put all their money into bonds, only to suffer from the impact of years of inflation. If you get a 4% return and inflation is 3% annually, your real return is only about 1% — not counting any fees or taxes. Retiring...

Doing your homeworkBefore investing in publicly traded securities, it would be wise to do some research--at least enough to understand just what you're investing in. An educated investment decision involves some knowledge of the stock...

All investing involves risk, including the possible loss of principal, and there can be no guarantee that any investing strategy will be successful.Dollar-cost averaging does not ensure a profit or prevent a loss. Such plans involve...

Because inflation could reduce your purchasing power over time, you'll probably need to contribute more to your retirement plan than you think. What seems like a healthy amount now is likely to feel smaller and smaller over time.All...

Over the next twenty years, a wealth transfer will occur that exceeds $30 trillion as the Baby Boomer generation passes the remainder of their wealth to the Millennials and subsequent generations. The Baby Boomers (born 1946-1964) are...

Today, many people are concerned about saving for retirement or paying for a large ticket item, such as a child’s college education. If you belong to this group, now may be the time to organize your finances. It is never too...

Almost half of all adults are part of the "sandwich generation." These are adults in their 40s and 50s who are helping support or care for a parent while also supporting or caring for a child.1 Being caught between two generations of...

Working towards financial independence can often be a lifelong process. But for many, financial freedom may come far sooner—and include some fun along the way. What are the differences between financial independence and financial...

Families inherit money and sometimes make the right moves investing and spending. Inheritances can also ignite disruption, divorce and a host of bad behavior far from the hopes and plans of the benefactor.What happens when you leave...

With companies downsizing to stay in business and corporate takeovers occurring almost every other day, the only thing certain in anyone’s career these days is change.Take Chris Brown, age 48, for example. After 15 years as a...

We’ve all heard about Warren Buffett, the 91-year-old multibillionaire known for his friendly demeanor, modest style of living in Omaha, and remarkable ability to create wealth.

As a small-business owner, you may be looking for the next big thing—an investment that might double your profits within the next year or allow you to maintain your income while working just a few hours a week.

According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for the 2021-2022 school year was $10,740 for in-state students and $27,560 for out-of-state...

The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement.

If you've ever wondered why so many lottery winners (an estimated 70 percent) seem to blow through all their winnings so quickly, the answer often lies in two key traits: overconfidence and trusting the wrong people.

When helping people get ready for retirement, financial professionals find the same issues come up over and over.