BFSG Blog

Financial Resources & News

Best Places to Retire

As you pass the Thanksgiving turkey over to your cousin Sam sitting next to you, you think to yourself, “Now is the time to tell the family.” “Hey everyone, I have some great news. I’m retiring at the end of the year.”, you say emphatically. This is met with the obligatory chorus from family members and friends of: “Good for you!” “What are you going to do with all of that free time?” “Are you...

read more

Turbo Tax Error: Social Security Income

As we work through the 2024 tax filing season, we want to make sure that those who are collecting social security income are aware of how it is taxed. If you are self-preparing your return and are one of the tens of millions of people using TurboTax, some returns filed with them are underreporting social security taxable income or sometimes not reporting it at all. This would increase your risk...

read more

The Ins & Outs of an IRA to HSA Rollover

Introduction:               “Have a good day at the Renaissance Faire dear.” A 55-year-old woman said to a 55-year-old bald man putting on makeshift chain mail armor.               “Thank you, Fair Maiden of Orange County, California! Do I look ready?” The bald man...

read more

Restore Financial Balance in Your Life with the WEP/GPO One-Time Retroactive Payment

Here at Benefit Financial Services Group (BFSG), we are beginning to have conversations with clients who were previously impacted by Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). The immediate focus is on the best uses for the one-time retroactive payment that most will receive in March. According to the Social Security Administration (SSA), the average retro payment...

read more

The Tax Act Changes Scheduled to Expire After 2025

The Tax Cuts and Jobs Act was signed into law in December 2017. The Act made extensive changes that affected both individuals and businesses. Most provisions were effective for 2018. Many individual tax provisions are scheduled to sunset and revert to pre-existing law after 2025 unless Congress acts. Some key provisions of the Act scheduled to sunset are discussed below. Comparisons below are...

read more

Monthly Market Update (February 2025): 3 Things You Need to Know

After a strong start to 2025, February saw some of the shine come off the US exceptionalism story. Growing uncertainty about the impact of the U.S. administration’s policy agenda weighed on both corporate and consumer sentiment, and concerns about growth started to re-emerge. Here are 3 things you need to know: U.S. equities (S&P 500) declined (-1.4%) in large part due to the worst monthly...

read more

There’s Still Time to Fund an IRA for 2024

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2024. If you had earned income last year, you may be able to contribute up to $7,000 for 2024 ($8,000 for those age 50 or older by December 31, 2024) up until your tax return due date, excluding extensions. For most people, that date is Tuesday, April 15, 2025. You can contribute to a traditional IRA,...

read more

Lost but Not Forgotten: Retirement Savings Lost & Found

On December 27, 2024, the Department of Labor (DOL) launched the Retirement Savings Lost and Found Database of terminated participants who still have a benefit in a qualified retirement plan and are at least age 65. While the database is now active and available for use, it is in the early stages of development and is still being worked on to become the comprehensive source that it’s intended to...

read more

IRS Delays Certain RMD Regulations Until 2026

Late last year, the IRS announced a delay in the application of proposed regulations interpreting certain changes to the required minimum distribution (RMD) rules made by the SECURE 2.0 Act of 2022. The IRS originally said the proposed regulations would take effect in 2025 to align with the implementation of other regulations governing RMDs for beneficiaries of retirement accounts, which were...

read more

Monthly Market Update (January 2025): 3 Things You Need to Know

After finishing 2024 on a downbeat note, U.S. stocks came roaring back in January. There's an old saying on Wall Street: As goes January, so goes the year. Here are 3 things you need to know: The S&P 500 gained 2.8% in January, its strongest start to a calendar year since 2023. European equities (MSCI ACWI ex-US Index +4.1%) had an excellent month as Eurozone data did not deteriorate further...

read more

Market Musings: Exploring the Impact of China’s DeepSeek Efficient AI Model

Written By: Brent Miller, Senior Portfolio Manager On 1/20/25, DeepSeek, a Chinese artificial intelligence (“AI”) company specializing in the development of open-source large language models (“LLMs”), released its first free chatbot application (DeepSeek-R1), based on the DeepSeek-V3 model, for both iOS and Android platforms. By late January, this app had become the most-downloaded free...

read more

Data for Sale: Tips to Help Protect Your Private Information

On December 3, 2024, the Federal Trade Commission (FTC) announced a proposed settlement in legal action against a data broker named Mobilewalla, which was accused of using location data obtained through online advertising auctions to identify consumers by factors such as private home address and visits to health-care clinics and churches. In an online auction, a data broker bids to place...

read more

BUH-BYE to WEP & GPO: The Social Security Fairness Act Increases Benefits to Millions

WEP. GPO. Those that have been subjected to the whims of these three letter words know their definitions all too well. WEP is defined as the Windfall Elimination Provision and GPO is defined as the Government Pension Offset. Though government workers or public service employees typically don’t pay into the social security system, they may have worked for employers that did and could still be...

read more

IRS Releases Standard Mileage Rates for 2025

The IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2025. However, the standard mileage rates for medical and moving expense purposes remain the same for 2025. The standard mileage rate for computing the deductible costs of operating an automobile for charitable purposes is set by statute and remains...

read more

Save More to Your Retirement Plan Starting in 2025

There are many factors that contribute to increasing one’s quality of life in retirement. Maintaining a healthy lifestyle, staying active and being engaged in social relationships are key components. Furthermore, finances and having sufficient funds to meet the lifestyle you'd like to have in retirement are also crucial. A recent report from the Federal Reserve has shown that Social Security...

read more

Latest From The Blog

Archives

Our Services

Investment Management

Tailor portfolios to your needs and goals.

Retirement Planning

Investing and saving wisely is vital to success in retirement.

Financial Planning

Navigating the complexities of your financial affairs can be simplified.

Tax Management

Help to increase the amount you “take home”.

Estate Planning

Protect your loved ones and make sure your legacy endures.

Executive Compensation Analysis

Simplify the many options and decision points of executive compensation plans.

Education Planning

Confidently plan for your children’s future.

Charitable Giving

Give in a tax-smart, simple way.

*Please Note: Limitations.  The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent.  BFSG does not prepare legal documents or tax returns, nor does it sell insurance products.  Please Also Note: Different types of investments involve varying degrees of risk.  Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.

Sign Up For Our Newsletters

(They're great, we promise)

Connect With Us

Financial Services Group BBB Business Review