- Ask an Advisor: ‘I’m Depending on That Money.’ How Can I Plan to Retire When Republicans Are Threatening to Cut Social Security?
How can I plan to retire fully when the Republicans are threatening to cut Social Security? I’m almost 73, still working part-time and I’ve paid into Social Security my entire life. I’m depending on that money! -Karen Social Security benefits… read more…
- New Legislation Now Allows For Roth Matching
The advantages of the after-tax Roth IRA and Roth 401(k) are well-established, but since Roth accounts first came into being in 1997, they’ve been off-limits to most investors saving in workplace retirement plans. Now, thanks to the recently signed Secure… read more…
- Here’s One Easy Way to Boost Your 401(k) By 8%
If you’ve looked at the investment options in your workplace 401(k) retirement plan, chances are you’ll see mutual funds that put your money into stocks, bonds or cash and cash equivalents. Those have been the options available ever since 401(k)… read more…
- Made Money With A Side Hustle Last Year? Uncle Sam is Coming for His Cut
Did you start side hustle last year? You’re self-employed. Even if you only made $0.01 and didn’t get a 1099. Financial advisors and tax professionals alike are here to help but there is growing confusion about who counts as self-employed… read more…
- When to Get a Financial Second Opinion
Working with a financial advisor can help you to gain clarity about your financial goals and what steps you should be taking to reach them. It’s possible, however, that you might have doubts about the advice you’re receiving. In that… read more…
- IRS Delays New $600 Reporting Rule for Gig Workers and Online Sellers to 2024: Here’s What You Need to Know
Here in the thick of tax season, those who earn money from freelance work and side-hustles may be wondering what obligations they have to report their income formally to the IRS. Well, in late December 2022, the IRS actually delayed… read more…
- Ask an Advisor: I Am 60 Years Old, Have $1.1M Cash, $880K in a 401(k), Several Pensions and Social Security. Should I Retire Now?
I am 60 years old, married, with no mortgage. We also have $1.1 million in liquid cash and $880,000 in a 401(k). I will have two pensions, which have not started yet, and my wife will have one pension, all… read more…
- How to Find a Financial Advisor for Entrepreneurs
Running a business or being self-employed can present some unique financial challenges. At some point, you might begin to wonder if it makes sense to hire a financial advisor. An advisor can help you create a game plan for managing… read more…
- AllianceBernstein Says to Invest in This Sector No Matter the Economy
AllianceBernstein is coming for your doctor; not with a scalpel in hand but with money. The popular investment firm recently published an outlook for investing in the year ahead. After a volatile 2022, marked by heavy losses in both stocks… read more…
- Congress to Vote on Whether to Abolish the IRS and Introduce One National Tax Rate
Right now, the average price for a loaf of bread is, approximately, $1.87. Under a new law proposed by House Republicans, that price would go up to more than $2.50. This would be the result of the Fair Tax Act,… read more…
- It’s Getting Easier to Find Missing Retirement Money
American changes jobs more than 12 times on average during their careers — with women staying with each employer for an average of 3.8 years, while men stick around 4.3 years. That’s enough time in each of those jobs to… read more…
- Ask an Advisor: With Only a Few Hundred Dollars, How Do I Get Started Investing for Retirement?
Is there a way to start a retirement account with only a few hundred dollars, then add to the account each payday? -Dave So many people put off saving for retirement because they feel like they can’t contribute enough or… read more…
- Schwab’s 3 Ways to Prepare for a Likely Recession
On Wednesday Microsoft announced plans to lay off 10,000 workers. This is the latest in a series of large layoffs over the past several months that have made headlines, mostly concentrated in the technology and information sector of the economy.… read more…
- What Is Depreciation and How Is It Calculated?
Depreciation is a concept and a method that recognizes that some business assets become less valuable over time and provides a way to calculate and record the effects of this. Depreciation impacts a business’s income statements and balance sheets, smoothing… read more…
- Here’s a Surefire Trick to Get Your Tax Refund ASAP
There are 1.9 million individual tax returns that remain unprocessed for various reasons — from 2022 alone. This has always been a problem from an efficiency standpoint, especially since tax season has found its way back around and that number… read more…
- How to Save to Pay for Your Wedding
It may be impossible to buy love, but a fantastic wedding is easier had if you can pay for the basics. Unfortunately, rising costs of venues, food and other expenses mean couples might have challenges planning a wedding that meets… read more…
- Special Needs Trusts Vs. ABLE Accounts
Ensuring the long-term financial stability of a loved one with special needs can be an exceptionally confusing process. Public programs like Medicaid and Supplemental Security Income (SSI) will provide for them and pay for their services for the rest of… read more…
- Best Passive Income Apps
ePassive income can supplement the money you make from your job, compounding your finances and helping you build wealth more quickly. Or it can free up time in your schedule. On the other hand, it can chew up lots of your… read more…
- Are You Using the Golden Ratio of Finance?
There’s no shortage of budgeting and spending rules when it comes to personal finance. One says you shouldn’t spend more than 30% of your monthly income on housing. Another says to always save 10% of your income. Don’t take more… read more…
- Vanguard Says Workers Are Tapping Retirement Money Early, Recommends These Better Options
Workers are prematurely tapping their retirement savings, a sign that households are coming under increased financial pressure, a troubling development that’s likely to get worse if the U.S. economy falls into recession in the coming months. According to the recent… read more…
- Ask an Advisor: Should I Cash Out My Annuities?
I have a significant sum invested in several annuities. I would like to switch that money into index funds and pay taxes as the money is withdrawn. Is this recommended? How would I do this? -Vlad Transferring any amount of… read more…
- How to Retire in Japan: Costs, Visas and More
Japan is known for bullet trains, amazing cuisine and some of the cleanest, litter-free streets in the world. Overall, the nation is a beautiful place to both visit and live. In addition to its beautiful landscapes, there are plenty of… read more…
- What Is a Multi-Family Office?
A family office is a financial advisor firm that provides comprehensive wealth management services to a single individual or family. A multi-family office simply expands on the same concept. Instead of working with just one family or individual, a multi-family… read more…
- Ask an Advisor: We Are 70 Years Old, Have $99K in Retirement Income, a $1.4M IRA and Other Investments. Is It Too Late to Convert to a Roth?
My wife and I are 70 years old. We’ve paid off everything, including the house. Between my pension of $29,000 and Social Security, we’re getting a gross of $99,000 a year in income, which is more than enough. Our current… read more…
- What You Need to Know About the Estate Tax
As the old saying goes, nothing in life is guaranteed except death and taxes. And because estate taxes combine those two inevitabilities, it’s important to understand estate taxes in order to be financially prepared for what’s to come. As the… read more…