A CFP shares how his millionaire clients spend, save and invest their money
When it comes to managing your money, it’s natural to have a lot of questions: Are there expenses you shouldn’t put on a credit card? How much cash should you keep in your savings and checking accounts? When are you ready to start investing? But personal finance is personal, and sometimes t …
Opinion: The best ways to save for retirement at every age
The best time to start saving for retirement is always now: the earlier and more often you consider your retirement savings, the better. But as you progress through your career and get older, different financial planning factors come into play. When you’re younger, you may need easier acces …
What to Do With a 529 Plan If Your Kid Doesn’t Go to College
You’ve been saving for years in a 529 plan, which lets you fund your child’s college costs tax-free. But what happens if your kid doesn’t go to college? Will you face a steep tax bill? Not to worry. Money in a 529 account can be used tax-free for many types of schooling, not just expenses a …
How To Generate $100,000 Of Retirement Income, Without Selling Principal
Congratulations! You’ve built a retirement savings balance of $1 million. You’re ready to retire. And you want $100,000 a year of retirement income, including your Social Security benefit, without liquidating a cent of your savings principal. Why $100,000? That’s what you& …
3 Roth Conversion Traps To Avoid After The SECURE Act
Roth conversions can be a powerful tax and retirement planning technique. The idea behind most Roth conversions is to take money from an IRA and convert it to a Roth IRA. Essentially, you’re paying taxes today instead of paying taxes in the future.
10 Common Estate Planning Mistakes (and How to Avoid Them)
Estate planning and end of life planning are about taking control of your situation. Death and long-term care later in life might be hard to fathom right now, but we can’t put off planning out of fear of the unknown or because it’s unpleasant. Don’t wait for life to happen to you, though.
4 Ways To Improve Your Estate Plan
Most people want to plan for a good life and a good retirement, so why not plan for a good end of life, too? Let’s look at four ways you can refine your estate plan, protect your assets and create a level of control and certainty for your loved ones.
Breaking Down The Basics Of HSAs
Health Savings Accounts (HSAs) might be the single most powerful tax-advantaged savings vehicle in the IRS tax code. You can deduct contributions, experience tax-deferred gains and withdraw money tax free for qualified tax expenditures.
