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Categories for Financial Planning

  • New Rules and Ways to Use HSAs/FSAs

    Posted Date May 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readPeople who own a high-deductible health insurance plan may have the ability to open a health savings account (HSA). They can contribute pre-tax income to an HSA and invest the money for tax-free growth in a variety of mutual funds, stocks and exchange-traded funds (ETFs). The funds may be withdrawn tax-free when used to pay for qualified expenses, such as the plan’s high deductible, copayments and coinsurance. The funds also can be used to purchase a wide range of health-related products. However, a recent poll found that 40 percent of respondents who have access to a... View Article

  • Roth Conversion in 2021?

    Posted Date April 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIn 2020, a year when all income brackets benefited from lower tax rates, the stock market took a nosedive at the beginning of the pandemic. For investors sharp enough to see the opportunity, this was an ideal time to convert a traditional IRA into a Roth IRA. When you conduct a Roth conversion, the assets are taxed at ordinary income tax rates in the year of the conversion. So, the best time to do this is when your current income tax rate is low and when your IRA account balance loses money due to declining market... View Article

  • The Impact of COVID on Life Insurance

    Posted Date March 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIf someone you know died from COVID-19 and had an existing life insurance policy, there should be no problem receiving the death benefit. The terms of a life insurance contract cannot be changed after purchase, so anyone with a policy before the pandemic will continue to be covered as long as premiums are paid. However, the life insurance industry is in a quandary right now when it comes to new applicants applying for policies. Some insurers have placed an age limit on applicants to whom they will sell policies. Travelers who have recently visited countries with... View Article

  • While Many Suffer Financially, Some Manage to Profit off Pandemic

    Posted Date February 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readThe Federal Reserve recently reported that the 50 richest people in the United States increased their net worth by $339 billion during the first half of 2020. There are two primary contributors to this near-unprecedented level of growth. The first is that many either owned or were heavily invested in tech companies that thrived during the pandemic. Increased technology demands for remote work, online shopping, streaming entertainment, and socially-distanced socializing created a lucrative COVID-19 economy in some sectors. Another reason is that the U.S. Treasury and Federal Reserve proactively infused the economy with stimulus capital. That... View Article

  • What To Know About Filing For Bankruptcy

    Posted Date January 1, 2021 Posted Time 12:00 am Published in

    🖨 Print⏱ 3 min readAbout one million Americans file for personal bankruptcy each year, with one in 10 households having filed at some point. Given the loss of jobs, reduced income, and the coronavirus recession in 2020, those numbers could increase this year if the economic recovery is not both swift and omnipresent. There are two main types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7, which is the more common option, will liquidate the filer’s assets in order to discharge all or a portion of the outstanding debt. People generally choose this route because they are in... View Article

  • Last Minute Financial Moves for Year’s End

    Posted Date December 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readThere are certain year-end financial transactions that must clear by Dec. 31 to be reported on the 2020 tax return. It’s important to take a good look at your financial portfolio in light of the plethora of unusual events that occurred this year. Now is a good time to see if you have fallen off track and reposition your portfolio for better opportunities in 2021. Investment Portfolio Despite the dramatic stock market drop that accompanied the outbreak of COVID-19 on our shores, markets have recovered remarkably well. This means the traditional strategy of harvesting gains and... View Article

  • A Realistic Picture: Will You Be Able to Afford In-Home Elder Care?

    Posted Date November 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readBy the end of September, the nation had recorded over a quarter-million cases of COVID-19 and nearly 60,000 deaths in nursing homes that were attributed to the disease. The recent pandemic offers yet another reason why more than 90 percent of seniors say they want to grow old in their homes rather than move into a senior housing facility. But just how feasible is that goal, from a financial perspective? Much depends on how independently you can live for the rest of your life. That is something we cannot plan. Even elderly people with an excellent... View Article

  • Long-Term Financial Impact of COVID-19

    Posted Date October 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readAs bad as the economy is right now due to the COVID outbreak in the United States, many economists are predicting that the long-term outlook is much bleaker. Alas, Congress and the Federal Reserve’s efforts at stimulus and interest rate management have done much to keep the economy and stock market afloat. However, small businesses – the backbone of America’s employment growth – are closing every day. As consumer spending reduces further, the impact will likely affect Wall Street. Consequently, share prices may soon begin correcting to reflect the future more so than the present. It... View Article

  • Tips for Retiring in the Next 10 Years

    Posted Date September 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readThe stock market continues to perform with relative resilience, despite the current economic decline. But to be clear, without 100 percent participation in the economy – in terms of small business job creation, consumer spending, and company growth and expansion – the stock market is apt to reposition prices to reflect slower growth. With no containment or control of the pandemic on the horizon, there is plenty of uncertainty associated with future financial planning. Anyone looking to retire in the next 10 years or so may want to take a fresh look at their current retirement... View Article

  • Borrowing From Your Retirement Plan: New CARES Act Rules

    Posted Date August 1, 2020 Posted Time 12:00 am Published in

    🖨 Print⏱ 4 min readIt’s been nearly half a year since Americans first became widely aware of the coronavirus contagion within the United States. While for a brief month it looked as if we had the virus in hand, since then it has spread wildly out of control in many areas. People who did not suffer dramatic financial consequences in the early stages of the pandemic could see some hard days ahead. For this reason, it’s a good idea to become familiar with the new relaxed rules associated with withdrawals from tax-advantaged retirement plans. In late March, Congress passed the... View Article

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