- Ask an Advisor: We Only Have $150k in Savings but $78k in Social Security and a $650k Home. Can We Retire?
My wife and I are 66 years old. She retired at 62 and is already collecting Social Security. I plan to retire at the end of this year at 67. We only have approximately $150,000 in a 401(k) account together and we will get approximately $6,500 in Social Security per month when we retire. We… read more…
- Ask an Advisor: I’m Self-Employed and Make $100k. How Can I Save More for Retirement and Get the Largest Tax Deduction?
I’m self-employed and own a karate studio in California, which is an S corporation. I have two employees. I don’t have any kind of 401(k) or IRA set up, though I do have approximately $180,000 in U.S. Bonds. My challenge is that I make around $100,000 annually and have very few tax deductions since I… read more…
- Savings Account vs. CD vs. Money Market: Pros and Cons
Savings accounts, certificates of deposit (CDs) and money market accounts serve different purposes for managing cash. Savings accounts offer flexibility and quick access to funds, making them useful for emergency savings or short-term needs. CDs typically pay higher interest but require you to keep your money locked in for a set period, with penalties for… read more…
- Ask an Advisor: Does the 10-Year Rule Apply to the IRA I Inherited Years Ago?
I inherited an IRA from an aunt in 2009 and have been receiving the RMD each year since 2010. If the 10-year rule went into effect in 2019, how does it affect my inherited IRA from that point forward? Does that mean I have to draw it down to zero by 2029? If so, can any… read more…
- 5 Alternatives to 529 Plans: Pros and Cons
While 529 plans offer tax-advantaged growth and withdrawals for qualified education expenses, they also come with restrictions that may not suit every family’s needs. There are several alternatives to 529 plans worth considering, depending on your financial goals, risk tolerance and level of flexibility. Options like custodial accounts, Roth IRAs and taxable investment accounts can… read more…
- Can You Deduct Property Taxes on a Second Home? Rules and Amounts
If you own or plan to buy a second home, you can often deduct property taxes. But, the IRS limits how much you can claim each year. These deductions apply only if you itemize, and the total cap for all state and local taxes (including property taxes) is $10,000 per year. A financial advisor can… read more…
- Trump Student Loan Plan: Rule Changes and Options
The One Big Beautiful Bill Act proposes significant changes to federal student loan programs that could impact millions of educational borrowers. Most impacts will be felt in 2026, but some will start in 2025. Key changes include eliminating subsidized loans for undergraduates and ending PLUS loans for graduate students and parents. The law also imposes… read more…
- How Much Income for a $400k House? Calculation and Example
If you want to buy a $400,000 house, you may be wondering how much income you need to qualify. This can vary based on your down payment, interest rate, debts and even location. However, there are some general rules that can help you set a realistic target. Most lenders evaluate your ability to repay using… read more…
- Guide to Canada-U.S. Cross-Border Financial Planning
Cross-border financial planning between Canada and the U.S. requires you to understand how taxes, retirement accounts, investments and residency rules work in both countries. People with ties to both, such as dual citizens or expats, may have to follow tax rules in each country. Planning often involves working with advisors who know both tax systems… read more…
- Ask an Advisor: Should I Start Itemizing My Taxes Now That Trump’s ‘Big Beautiful Bill’ Is Law?”
The Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction, leading about 90% of taxpayers to go this route instead of itemizing their deductions. You’re likely among them. But with the passage of the “One Big Beautiful Bill Act,” signed into law on July 4, 2025, you may be wondering whether it’s… read more…
- Trust Fund vs. 529 Plan: Pros and Cons for Education Savings
Both trust funds and 529 plans can power education savings, but they serve different purposes and each comes with its own set of rules. A 529 plan provides tax-advantaged growth specifically for education expenses, with funds growing tax-free when used for qualified educational costs. These plans are relatively straightforward to establish and maintain. Trust funds,… read more…
- Reasons Why Financial Advisors Recommend Donating to Charity
The primary motivation to give is often personal or emotional, charitable giving can also have financial benefits when done strategically. From reducing taxable income to managing capital gains and leaving a legacy, donating to charity can support your overall financial goals alongside the causes you care about. Knowing the potential tax advantages and planning opportunities… read more…
- Ask an Advisor: Can I Take My Late Husband’s Social Security and Switch to My Benefit at 70?
I am a widow and plan to work until my full retirement age (FRA). However I was wondering if I could draw my late husband’s Social Security benefits at age 67 or 68 and then switch to my own at age 70? I am currently 61 years old and my salary is $150,000. I own… read more…
- Ask an Advisor: I Had to Pay Extra for Medicare Last Year. How Do I Avoid This Happening Again After a Roth Conversion?
I’ll reach my RMD distribution age in 2026, and I’m trying to figure out how much I can transfer from my traditional TSP account into an external Roth IRA in 2025 without exceeding the IRMAA threshold for Medicare Part B premiums. I had to pay a significant premium last year because I exceeded the threshold.… read more…
- Guide to Cross-Border Investment Advisors
A cross-border investment advisor helps clients manage assets across multiple countries while addressing tax rules, reporting requirements and currency exposure. These professionals often work with individuals who live abroad, hold dual citizenship or invest internationally. Their expertise often includes U.S. tax compliance for foreign accounts, treaty-based planning and portfolio strategies suited to global markets. If… read more…
- Ask an Advisor: I’m 62 and Need ‘Reliable Income’ in Retirement. What Investments Do You Suggest?
I’m 62 and will be turning 63 next month. I’ve been self-employed for most of my career and currently own a home that I rent out. I’m now considering investing in another property to help strengthen my retirement plan. Since I don’t expect to receive much from Social Security, I’m looking for strategic and secure… read more…
- How Do Couples Split Their Finances and Financial Plans?
When two people build a life together, deciding how to split finances becomes a central element of the partnership. There’s no one-size-fits-all approach; every couple has different incomes, values and spending habits. While some prefer the simplicity of merged finances, others value independence and choose to keep things separate. The key is to find a… read more…
- Ask an Advisor: I Have $1M in My IRA. How Much Will I Pay in Taxes When RMDs Begin?
I have $1 million in my IRA. Once I reach 73 years of age what are the withdrawal requirements? I retired five years ago with no income other than Social Security. What tax bracket will I be in when I begin withdrawing 4% of my IRA? – Clifford Once you reach age 73, you’ll need… read more…
- How to Protect a Trust Fund in a Divorce
When significant assets like a trust fund are involved in a divorce, couples may wonder whether it will be considered marital property and how the court might divide it in a settlement. The type of trust, how the funds are managed and when it was established can all influence the outcome of a divorce. Additionally,… read more…
- Guide to Cross-Border Financial Planning and Services
Cross-border financial planning and services have become increasingly important in our globalized world, where people frequently live, work and invest in multiple countries. If you’re an expatriate, business owner with international operations or someone planning to retire abroad, it is important to understand how different tax systems interact and how to optimize your financial strategy… read more…
- Ask an Advisor: I’m the Breadwinner But I’m 6 Years Younger Than My Wife. Does She Have to Wait Until I Hit FRA to Claim Spousal Benefits?
When can a spouse who is older than the primary breadwinner claim spousal benefits? My wife, who was born in 1956, is six years older than me. She claimed her Social Security benefits at 62, three years before her full retirement age (FRA). Her check is under $400 per month, as she hasn’t worked in… read more…
- Is a Chartered Retirement Planning Counselor (CRPC) a Fiduciary?
When planning for retirement, it is crucial to understand the role and responsibilities of your financial advisor. But is a CRPC a fiduciary? While CRPCs train in retirement planning through the College for Financial Planning, this credential does not inherently require them to act as fiduciaries. Whether a CRPC functions as a fiduciary depends on… read more…
- How to Find a Financial Advisor as a High-Net-Worth Individual
A high-net-worth financial advisor specializes in serving individuals with substantial assets, typically offering personalized wealth management, including advanced planning strategies and more types of investments. These advisors may provide services such as tax optimization, estate planning, philanthropic structuring and access to alternative assets. Unlike general financial advisors who serve a broad array of investors, they… read more…
- How to File a Tax Extension in New York: Eligibility Rules
A New York State tax extension gives taxpayers more time to file their return, but it does not extend the deadline to pay any taxes owed. Most individuals can request an extension online using Form IT-370, which grants an automatic six-month filing extension, typically to October 15. However, they still must submit full payment of… read more…
- Ask an Advisor: We Have $1.4M Saved for Retirement. Can We Afford to Spend $7k Per Month?
I turn 59 in September 2025 and I plan to retire at 62 with no debt. I have $1.2 million in a traditional IRA and $200,000 in a workplace Roth 401(k). I have an emergency cash fund in a high-yield savings account. I earn $320,000 per year and annually contribute $30,000 to the Roth 401(k), plus… read more…