This post was last updated on July 24, 2024, to reflect all updated information and best serve your needs.

Retirement accounts grow from pre-tax (deductible) contributions during employment. During retirement, account withdrawals, or distributions, are then taxed as ordinary income. To many entering retirement, it would make sense to let these accounts sit, accruing tax-deferred value to further build their savings and/or inheritance to pass on.

Getting accurate and timely information is critical to your success every tax season. Unfortunately, not all of the details about your financial life show up in your tax documents. Your accountant will need your input to understand the context of your tax documents.

You don't want to miss out on any potential tax savings or make a mistake on your taxes. This is why communicating and collaborating with your financial planner and accountant is so important. Timely and accurate information can prevent problems and possibly keep more money in your pocket.

Many investors consider diverse investment portfolios desirable because they reduce the overall risk inherent to investing. One of the primary ways to diversify your portfolio is to invest in different asset classes. Before you can do that, though, you need to know a little more about what they are. 

While even the most diverse investment portfolios aren’t immune to risk entirely, risk reduction of any amount can help provide you with peace of mind, particularly when you’re investing as a way to support yourself through retirement.

Typically, if you want to become an investor, you need sufficient capital to make any headway. These days, however, it’s never been easier to make your money work for you, thanks to various investing apps and opportunities. 

If you’re short on funds, you might think that investing is out of reach. You’d be wrong. Thanks to the growing trend of micro-investing, anyone with a bank account can get started. 

This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs.

Congratulations! You’ve worked for decades to prepare for retirement and now you’re there, or almost there, ready to start what can be the most enjoyable phase of your life. Very likely, you’ve got plans to travel, see family and friends and maybe even revisit hobbies you’ve neglected for decades.

Most of us like to know the length of time it will take our investment to grow. We want all the numbers: estimates, figures, how old we will be when it’s doubled, etc. Some things in life are just hard to know because there are no guarantees. 

But with the Rule of 72, you always know the number of years it takes to double an investment. The Rule of 72 will tell you a lot about the money you invest. Thanks to the Rule of 72, the table below tells us how many years it will take an initial $10,000 investment to double, depending on the rate of return. 

Probate can be quite a headache. Fear not! There are two not-so-secret secret weapons in your estate-planning arsenal, known as Transfer-on-Death (TOD) and Payable-on-Death (POD) designations.

These simple, yet overlooked methods are an easy and free way to avoid losing time and money to probate. Don’t burden your loved ones with complicated and confusing processes to claim their inheritance.

There’s no denying the importance of getting a quality education. However, the rising cost of higher education really makes things difficult for young families. It’s not uncommon for grandparents to want to help their grandchildren pay for college.

With that being the case, there are some key strategies for you to help your grandchildren without affecting their chances for student aid. You can probably save some taxes too – if you know what to do.

I’m assuming you’ve never heard of a digital estate plan before, but I am guessing you know the importance an estate plan to help take care of your physical assets. Things like your primary residence, other real estate, jewelry, investment accounts, etc.

The digital world is now an integral part of our personal lives. Few people consider their digital assets and what should be done with them when they pass away. This is where having a digital estate plan in place can be a great idea.

This post was last updated on July 30, 2022, to reflect all updated information and best serve your needs.

Whether you’re new to investing or you’re a seasoned pro, you’re bound to make mistakes. As you gain more experience with the market, you’ll be less prone to making impulse decisions. However, there’s one mistake that all investors are bound to make at one point or another – trying to time the market.

When you buy a house, the resulting mortgage can feel like a weight on you - mentally and financially. If you end up with a surplus of cash, you may wonder if it’s better to pay off your mortgage or invest the money in the stock market. 

This is a common question in personal finance circles. Some people believe paying off your mortgage is a good investment, while others think putting your money in the market is a better option. 

One of the best ways to save for retirement is to use tax-advantaged accounts. Most employers offer the option of contributing to a 401(k) account, which can be a great idea for stashing cash for your golden years.

Maxing out your 401(k) account for a few years can give you a good foundation for retirement. The earlier you get started, the longer the money will have to grow and earn interest.

Many people consider hiring a financial advisor to manage their investments. But is a financial advisor really the best person to handle your investments day-to-day?

While a financial advisor or Certified Financial Planner^® should be overseeing your investments, this shouldn’t be their main focus. They should be looking at the big picture and quarterbacking all areas of your financial life and not getting into the nitty-gritty of managing your portfolio.

Having enough money for all your needs in retirement is crucial. In order to identify and avoid shortfalls, proper retirement planning is absolutely essential. Just like planning for a long vacation, planning for retirement takes time and careful consideration of where you want to go.

A good retirement income is going to be different for everyone’s specific needs. We’re going to focus on optimizing retirement income to achieve your dreams – not just how to end up with more money. We want you to be happy and fulfilled.

This guest post was last updated on June 21, 2023, to reflect all updated information and best serve your needs.

A Donor Advised Fund (DAF) is like a charitable-giving savings account, helping you maximize your tax benefits while making a bigger impact on your favorite charitable causes.

This post was originally published during the COVID-19 pandemic and was last updated on June 21, 2023, to reflect all updated information and best serve your needs.

Recent outbreaks of the coronavirus (a.k.a., COVID-19) outside of China raised concerns about health and safety. These increased concerns have sent stocks quickly lower over the last few trading days.

Inflation can really eat into your retirement if you’re not careful. However, with proactive planning, you can effectively combat inflation. You don’t have to let inflation slowly erode your lifestyle over time.

To be clear, there’s little we can do to eliminate inflation completely. However, you can avoid losing purchasing power over time. A properly constructed portfolio can withstand the damage of inflation.

Deciding how to spend down your life savings can be stressful. Working hard for decades to accumulate a nest egg is no easy feat. Spending money in retirement can be challenging because you don’t want to accidentally spend too much and mess things up.

Fortunately, you’re not the only one going through this, and you don’t have to do it alone. There are a multitude of options for what to do with the money you’ve worked hard for.

Roth IRAs are one of the most fruitful investment accounts for people trying to develop a healthy nest egg. Among their numerous benefits, the tax-free growth and retirement distributions with Roth IRAs can set you up for maximum retirement earnings. 

Unfortunately, high-income earners are generally barred from taking advantage of a Roth IRA. In 2020, single earners with an annual income exceeding $139,000 were limited to a traditional IRA only.

You hear the words “diversified portfolio” all the time, but what does diversified even mean? At first, we’re not even comfortable asking because it feels like something we should know, but don’t. Let’s explore what being diversified really means and why you need a diversified portfolio.

You might be surprised at how little it really takes to be “diversified.” There are a lot of technical terms surrounding portfolio construction, but you don’t need to get too wrapped up about those. We’ll talk a lot more about your overall risk in your portfolio.