Saving for your child or grandchild's education is an investment in their future. One excellent tool to consider is a 529 account, which offers tax advantages and flexibility. Whether you're a parent or grandparent, understanding the process of opening and funding a 529 account is crucial.
The process of requesting military awards and decorations is straightforward, but it may take some time, depending on the circumstances of the request.
Charitable giving is an excellent way to support causes that you care about and make a meaningful impact in the world. Whether you want to donate money, assets, or time, there are many charitable giving strategies available that provide both tax benefits and flexibility in your retirement planning.
Transferring wealth is a multifaceted process that entails navigating intricate legal, financial, and emotional considerations, and hence demands thorough and meticulous planning. Planned giving, in particular, is a significant decision that has far-reaching financial and emotional implications. Therefore, it is crucial to approach planned giving with careful consideration and attention to detail.
Transferring wealth to our families and to causes we care about fosters connection with others and a sense of gratitude, but how do we know we are financially secure enough to give? Creating a financial plan with clear implementation goals removes ambiguity and allows us to see how much we can reasonably give while still taking care of ourselves.
There are certain subjects that are off limits in polite conversation. Transferring wealth is one of them, but secrecy about wealth within families can do more harm than good. Leaving a lasting legacy and ensuring the next generation can handle family wealth starts with a conversation.
In the final days of 2022, Congress passed a new set of retirement rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement. The law is called SECURE 2.0, and it's a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, passed in 2019. The sweeping legislation has dozens of significant financial planning provisions, so to help you see what changes may affect you, we broke the major provisions of the new law into a checklist.
Retired individuals frequently contemplate the amount they can withdraw from their portfolio while avoiding the risk of insufficient funds. In response to this issue, the 4% Rule is widely utilized in retirement planning. It calculates a secure annual withdrawal rate from a retirement portfolio to prevent its rapid depletion.
The purpose of a Thirty-Day Spending Review is not to create a paper chase for expenditures but just to create awareness about spending. We have been spending all our lives and have formed habits that we no longer notice. Not being cognizant about where money goes is a common source of financial stress.