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A Year-End Financial Checklist

Scott Robinson

Tuesday, October 3, 2023

Time to Think About Year-End Financial Strategies As we roll into fall and the fourth quarter, now is a good time to pause and reflect on proactive ways to set up your finances for 2024. Economically speaking, we are now in a much...

While artificial intelligence (AI) is making headlines today, the concept of "thinking machines" can be traced back to ancient philosophers and mathematicians. The phrase artificial intelligence was first used in the mid-20th century,...

Social Security, the program you may have spent a lifetime paying into, is designed to offer stability, supplemental income, and other valuable benefits that can play a role in your overall financial strategy after you retire. We've...

If you ask the average investor which month is the most volatile for the stock market, they will probably say October. It's a reasonable answer, but it's incorrect. Despite October's reputation for market-defining events like the...

If you are age 70½ or older and charitably minded, you may wish to consider tapping your individual retirement account (IRA). The qualified charitable distribution (QCD), also known as an IRA charitable rollover, allows you to...

There are no great secrets where tax planning and tax cutting are concerned. The principlesaround which all tax-cutting strategies revolve can be reduced to six basics: 1. Income splitting. Taxes are reduced for the total family unit...

While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from the IRS that were permitted and some...

If advertisements and commercials are beginning to feature scenes of happy families, clad in brightly colored sweaters, gathered by a fire, surrounded by an assortment of presents, then the countdown to the holidays has begun. Although...

Tax planning can be more advantageous when done during the year and well in advance of year’s end. Opportunities may exist for you to minimize tax liability, which could leave more income for you and/or your family. Generally,...

As the traditional giving season approaches, there is one important item to add to your to do list: Create a holiday budget. Before the gift shopping and wrapping begins, take control of your wallet through financial preparation....

In a recent survey, 79% of current workers stated they plan to work for pay after retiring.¹ And that possibility raises an interesting question: How will working affect Social Security benefits? To answer that question requires...

You were having a great time on your vacation--until your toddler woke up from her nap with a fever. If you were at home, you'd take her to the pediatrician right away and rely on your health insurance to pay for her care. But what do...

Whether you're a current business owner or a budding entrepreneur burning with the next great idea, one of the most important steps you can take on your road to success is creating a business plan. Why? A well-thought-out and...

An annuity is a contract between you, the purchaser or owner, and an insurance company, the annuity issuer. In its simplest form, you pay money to an annuity issuer, and the issuer pays out the principal and earnings back to you or to...

What to Do after You've Been Automatically Enrolled in Your Company's Retirement Plan

Scott Robinson

Tuesday, October 29, 2019

At one time, the only way you could join your company's 401(k) plan, 403(b) plan, or 457(b) plan was to put pen to paper and sign yourself up by filling out the appropriate forms. Now, though, in an effort to help participants increase...

If you’re a small business owner, you’ve invested a great deal of time and effort into building your company. With day-to-day demands, it may be difficult to imagine your eventual transition into retirement. Yet, if you...

Despite all of the other advances made in our society in recent generations, women continue to face unique challenges when it comes to preparing for their financial futures. Recognizing the Shortfalls For starters, women on average...

As the earliest baby boomers begin to enter retirement, the various income guarantees and other living benefits offered through variable annuities (VAs) are gaining in importance. Yet before you rush to add a VA to your retirement...

Financial planning is more than just a good idea. Research has consistently shown that people who have financial plans -- and who work with financial advisors -- save and invest far more and are nearly twice as likely to feel on track...

Thinking about the need and the costs of long-term care is enough to make anyone uncomfortable. But while it's a difficult subject to talk about, it's also a topic that often generates lots of questions and misunderstanding. Consider...

In most instances, you become eligible for Medicare on the first day of the month you turn age 65. Whether you need to sign up, and how to go about doing so, depends on the type of coverage you select and whether you collect Social...

Investing can be stressful, but it doesn’t have to be. If you have a portfolio that was built for you and use the help of a financial advisor, you shouldn’t be too worried about volatility and financial news. Here are a few...

However much you make or save now doesn’t promise you a bright financial future. Life is unpredictable. Follow these 10 tips to prevent you and your family from money troubles. 1. See a lawyer and make a will. If you have a will,...

Women play a central role in establishing and preserving family wealth -- whether nurturing the values of children, fulfilling charitable goals, or making investment decisions that affect the financial security of themselves or their...

Marriage affects your finances in many ways, including your ability to build wealth, plan for retirement, plan your estate, and capitalize on tax and insurance-related benefits. Here are some considerations to keep in mind if you are...

Men and women may not be on equal footing when it comes to investing for the future. On average, women work fewer years and earn less than men, but they also tend to live longer.1 Therefore, women must focus on the concerns that are...

Why do so many people never obtain the financial independence that they desire? Often it's because they just don't take that first step — getting started. Besides procrastination, other excuses people make are that investing is...

Changing jobs is an important decision -- one that many of us are making more often. Once you've decided to switch jobs, your next move is to determine what to do with the money in your former employer's retirement plan. Four Common...

When it comes to saving for retirement, maybe you've done everything right. You started early, maxed out your 401(k) plan, invested in a diversified portfolio and avoided costly mistakes, such as cashing out your retirement plan....

It seems, sometimes, as though financial professionals come in only two flavors. There are those who promise everything is going to be fine; you don't have to fret about retirement, they say, because they'll help you make more than...

How long might you live in retirement? Think carefully. Your answer could influence whether you have enough money for a comfortable retirement or just scrape by. According to pension mortality tables, at least one member of a...

After years of saving and investing, you can finally see the big day -- retirement. But before kicking back, you still need to address a few matters. Decisions made now could make the difference between your money outlasting you or...

When it comes to saving for retirement, maybe you've done everything right. You started early, maxed out your 401(k) plan, invested in a diversified portfolio and avoided costly mistakes, such as cashing out your retirement plan....

As just about every investor knows, it's not what your investments earn, but what they earn after taxes that counts. After factoring in federal income and capital gains taxes, the alternative minimum tax, and any applicable state and...

529 savings plans are tax-advantaged education savings vehicles and one of the most popular ways to save for college today. They can also be used to save for K-12 tuition. Much like the way 401(k) plans changed the world of retirement...

The start of summer brings aspirations of owning that special spot Summer is here and with it are fanciful dreams of owning a second, seasonal home. Maybe it’s a beachside bungalow or a mountain cabin or a lakefront cottage with...

These crucial years call for action. Today, retirement may seem nearer to you than it once did. The following moves might be worth making—and soon. Catch-up contributions to your retirement accounts. Starting in the year you turn...

The old saying "knowledge is power" applies to many situations in life, including retirement planning. The more you know about the benefits your plan offers, the more likely you'll be to make the most of them and come out ahead...

A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic...

Asset allocation is a common strategy that you can use to construct an investment portfolio. Asset allocation isn't about picking individual securities. Instead, you focus on broad categories of investments, mixing them together in the...

"How did it get so late so soon?" -- Dr. Seuss Dr. Seuss's whimsical take on life has been delighting children of all ages for generations. His simple, but powerful words continue to resonate today, even in the context of planning for...

Long-term Treasury yields’ rapid decline has been one of the most baffling market developments of 2019. As shown in the LPL Chart of the Day, the 10-year Treasury yield fell 38 basis points (0.38%) in May, its biggest monthly...

More women are working and taking charge of their own retirement planning than ever before. What does retirement mean to you? Do you dream of traveling? Pursuing a hobby? Volunteering your time, or starting a new career or business?...

It doesn’t take a degree in finance to see the cost of college continues to rise. In its 2017 report, the College Board showed that public four-year institutions raised prices an average of 3.2% annually between the 2007-08 and...

Changing jobs is an important decision -- one that many of us are making more often. Once you've decided to switch jobs, your next move is to determine what to do with the money in your former employer's retirement plan. Four Common...

Maybe you've decided that graduate school is the path to advancement in your current job or your ticket to a better career. Or maybe you just want to take a few classes to upgrade your skills. Either way, returning to school as an...

As a business owner, you should carefully consider the advantages of establishing an employer-sponsored retirement plan. Generally, you're allowed a deduction for contributions you make to an employer-sponsored retirement plan. In...

Do you have a will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Do you have healthcare documents in place? Healthcare...

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire. It sounds a little crazy, doesn't it? But that's what...

As we noted in our earlier article here, these next six months historically have been the worst for stocks. That is why there’s a well-known investment axiom to “Sell in May and Go Away.” However, that popular...

One of the most popular investment axioms is about to take over the airwaves: “Sell in May and Go Away.” That’s because the upcoming six months(from May until the end of October) have historically been the weakest...

Sometimes people get caught up in the numbers so much that they get why they're saving for retirement. At the beginning of your career, you may not have known what you wanted to do. Now that you've officially joined the ranks of...

The odds of winning the lottery are astronomically long. Yet, the allure of pocketing hundreds of millions of dollars can tempt even the staunchest penny pincher. While there's no harm in playing your lucky numbers every now and again...

Traditional IRAs, which were created in 1974, are owned by roughly 35.1 million U.S. households. And Roth IRAs, created as part of the Taxpayer Relief Act in 1997, are owned by nearly 24.9 million households.1 Both are IRAs. And yet...

Tip: Nearly 70% of workers expect to work for pay in retirement, but only 26% of retirees actually have done so. Source: 2018 Retirement Confidence Survey, EBRI Retirement can have many meanings. For some, it will be a time to travel...

Your need for life insurance changes as your life changes. When you're young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities...

Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect. There's no doubt about it — Social Security...