Legacy Planning for Families: Passing on Your Values and Wealth
Tips to Serve Your Family Now and into the Future Through Smart Legacy Planning for Families Affluent individuals often turn to legacy planning for families to ensure that they protect not only their financial standing but also their values and missions. Some of the steps they may take include designating an executor to manage the distribution of assets, writing a will, and filling out beneficiary forms on retirement accounts. However, these steps are only the start of what legacy planning for families involves. Below, we’ll share tips for building your family legacy in a way that both serves your […]
Decoding IRA and 401(k) Rollovers: A Smooth Transition to Retirement
How to Maximize Retirement Accounts from Former Employers The journey to retirement spans a lifetime, marked by the pursuit of a fulfilling post-work life. Many Americans switch employers during their careers, resulting in the retention of 401(k) accounts from previous jobs. However, these dormant accounts – sometimes referred to as “orphan 401ks” remain stagnant, unable to receive contributions or management from former employers. One solution is to explore 401(k) and IRA rollovers. In essence, these maneuvers allow you to transfer the balance from inactive retirement accounts to active ones, providing control and the ability to continue contributions. This article […]
5 Year-End Financial Moves to Strengthen Your Strategy
Discover How to Begin the New Year on Stronger Financial Footing We’re just a few short weeks away from changing the calendar to 2024, and it’s a time when many people take stock of their lives — including their financial health. Money is of particular importance during this season. People are more aware of their spending habits over the holidays as they shop for gifts and personal needs. It’s a good time to make important year-end financial moves so the coming year will be as navigable as possible. The year’s end is a good time to reflect on how […]
Three Financial Resolutions for Widows in 2024
Positive Steps for Facing New Financial Realities Losing a spouse is a devastating experience. The emotional toll is difficult enough, but many widows also face looming challenges to their finances. According to the most recent data available from Congressional Research Services, 15.5% of widows aged 65 or older live below the poverty line, compared to 5.8% of married women. While there’s a lot that the recently widowed must process, it’s important to take a few key steps to ensure financial stability for the future. With that in mind, here are three financial resolutions for widows to take in 2024.
Understanding Retirement Planning Changes in the SECURE Act 2.0
Learn About Important and Far-Reaching Provisions that Could Impact Your Financial Future On December 29, 2022, President Biden signed a bipartisan budget bill that included many retirement savings changes, referred to collectively as the SECURE Act 2.0. It reshaped retirement tax incentives and existing retirement account rules in ways that are likely to have consequences for years to come. Supporters of the legislation say it will encourage stronger retirement savings among workers, while others have expressed concern that some of the provisions expressly benefit high-earners only. Regardless of where you stand on the efficacy of the legislation, it’s important […]