Who should have a 529?

A 529 plan is a tax-advantaged savings plan designed to help families save for education expenses. It can be used to save for qualified expenses at any eligible educational institution, including colleges, universities, and vocational schools. Here are some guidelines on who should consider opening a 529 plan:

Parents and grandparents: Parents and grandparents who want to save for a child's education should consider a 529 plan. By starting early and contributing regularly, they can help to ensure that the child has the financial resources necessary to pursue their education goals.

High-income earners: High-income earners may benefit from the tax advantages of a 529 plan. Contributions to a 529 plan are made with after-tax dollars, but earnings...

The key to increasing net worth throughout different stages of life is to start early and be consistent. In the 20s, financial goals should be set to prioritize spending, reduce debt, and start saving early. Investing in education, increasing income, and living below means can also contribute to net worth growth. In the 30s, investment in a diversified portfolio and saving for retirement, buying a home, and increasing income are some ways to increase net worth. In the 40s, increasing retirement savings, paying off high-interest debt, and investing in real estate are recommended. As you approach retirement in your 50s, it's important to maximize retirement account contributions, diversify investments, re-evaluate insurance needs, and reduce debt. Rental property investments and...

You may assume that you must rollover your 401(k) when leaving your employer into another retirement savings plan. However, depending on the 401(k) plan document and if a rollover is appropriate for your situation, it may be optional.

Springtime is a great time to review your finances so you can work toward financial independence. While many are organizing their closets and cleaning out drawers and garages, instead, clean up your finances using these ten tips:

Social Security (SS) taxes and other income are deposited into the trust fund accounts, and SS benefits payout from them. The only purpose for which these trust funds are used is to pay benefits and program administrative costs.

The SECURE 2.0 and RILA Acts were signed into law on December 29, 2022 as part of the FY23 Omnibus Appropriations Act, signed by President Biden. The SECURE 2.0 Act has 92 provisions and affects most employers and employees participating in workplace retirement plans. Clarifications are expected from regulatory agencies in the coming months.

Some of the 2023 provisions include:

• The required minimum distribution age will be raised to 73 (effective January 1, 2023) and 75 (effective January 1, 2033).
• The individual tax penalty for failing to take the required minimum distribution will be reduced to 25% (possibly 10% if corrected within 2 years).
• The limit for purchasing qualified longevity annuity contracts is increased to $200,000 (adjustable for...

Financial wellness is essential for many reasons since it can impact your mental and physical health and overall quality of life. By improving your financial wellness, you can build wealth for a more financially secure future.

Financial wellness is essential for many reasons since it can impact your mental and physical health and overall quality of life. By improving your financial wellness, you can build wealth for a more financially secure future.

If you're still working and nearing retirement, planning the subsequent decades of your life is crucial. It starts with a healthy mindset, body, and financial wellness.

As your financial advisor, I can help you determine which gift is appropriate for your partner and strives to most likely leave a dynamic impression that lasts throughout this year and beyond.

You can take action to help lower your 2022 tax bill later. It would help if you made contributions, or distributions, so you don't miss out on these tax-saving strategies. Here are five tax-saving moves to make now to help lower your taxable income:

Marriages can end for many reasons; infidelity, stress, personality changes, and finances. Divorce can be difficult for children and extended family and devastating to your finances and assets that you've accumulated together. Couples participate in financial planning, personal budgets, and savings and spending plans when marriages are going well. It is vital to continue financial planning for yourself now while starting the divorce process and after your marriage ends.

During an economic slowdown, times can be challenging for many, often leading to layoffs, inflation, and rising interest rates. Economists suggest that the U.S. economy is not in the clear and may be approaching another recession in 2023, according to an Associated Press article. Knowing the signs of a recession is essential to help you determine when to cut spending. You can also look for extra cash by using these tips to help you survive tough economic times:

Social Security Retirement and Supplemental Security Income (SSI) benefits will increase by 8.7 percent in 2023, the most significant increase since the 1980s. The last time the cost-of-living adjustment was higher was in 1981 when the increase was 11.2%. The increase, due to inflation, will result in a Social Security benefits increase of an extra $146 per month, or $1,827 for 2023, up from $1,681 in 2022.

Understanding the critical ages for taking Social Security retirement benefits can be the difference in thousands of dollars over time. Therefore, it is important for you to determine the best age to start taking Social Security for your situation. Here are the important ages on the Social Security retirement benefits timeline to consider that may impact your monthly payout:

If it seem overwhelming to keep you finances on track and implement multiple financial actions at once, a month-by-month approach may help. Tackling financial tasks helps ensure you're working towards reaching your financial goals and checking tasks off of your to-do list each month. While some financial tasks are time-sensitive, others can be completed throughout the year. Here is a month-by-month checklist list to help keep your finances on track throughout the year: