By: Michael Allbee, CFP®, Senior Portfolio Manager Volatility or down markets only become a problem if you’re forced to liquidate at the wrong time. If you have enough cash to get you through, you’re going to come out fine on the other side most of the time. We generally recommend setting aside funds to cover 3-6 months’ (6-12 months’ if retired) worth of non-discretionary living expenses...
The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that's paired with an HDHP. An HSA offers several valuable tax benefits: You may be able to make pre-tax contributions via payroll deduction through your...
For some, one of the positives arising from the pandemic is the perk of working from home. Working from home can certainly provide you with personal benefits, such as a flexible schedule and more family time. But increasing numbers of people are discovering the tax advantages as well. It's no secret that you generally can't deduct certain personal expenses (i.e., homeowners’ insurance,...
When selling your interest in a business, you must consider several factors. One very important factor is taxation. Typically, you will transfer your interest in the business to others or to your corporation in return for cash or property. This will generally result in capital gain (or in some cases, dividends) or ordinary gains. The tax consequences to you of selling your interest in a business...
By: Paul Horn, CFP®, CPWA®, Senior Financial Planner Deciding when to claim Social Security benefits will have a permanent impact on the benefit you receive. Claiming before your full retirement age (66-67 based on birth year) can significantly reduce your benefit, while delaying increases it. More than ever, we are seeing more individuals not collect their Social Security until they...
By: Thomas Steffanci, PhD, Senior Portfolio Manager Some say it is a chaotic and frustrating time to be an investor. Rising employment and wages and resilient consumer spending are offset by rising inflation driven mostly by volatile commodity markets and supply chain disruptions. Higher corporate earnings estimates are being met by declining price-earnings multiples. And the Russia-Ukraine...
From the end of the Global Financial Crisis in 2009 until now, the combined balance sheets of the Fed, European Central Bank and the Bank of Japan grew from approximately $5.3 trillion to over $23.7 trillion.(1) The markets were awash in liquidity over the past decade, and the rising tide lifted virtually all financial assets. Central banks around the world are on track to hike rates more than...
If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in some capacity? Will changes in your income sources affect your standard of living?...
Since most people finance their home purchases, buying a home usually involves applying for a mortgage. Here is some basic information to help guide you through the process. Mortgage prequalification vs. preapproval Before applying for a mortgage, you'll want to shop around and compare the mortgage rates and terms that various lenders offer. We can provide some referrals if you need one. When...
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may have to scramble for cash at tax time — and possibly owe interest and penalties to the IRS as...
If you are self-employed or own a small business and you haven't established a retirement savings plan, what are you waiting for? A retirement plan can help you and your employees save for the future. Tax advantages A retirement plan can have significant tax advantages: Your contributions are deductible when madeYour contributions aren't taxed to an employee until distributed from the planMoney...
Myths and misstatements of fact frequently circulate on the Internet, in email and on websites, and are repeated in endless loops of misinformation. One common set of such misinformation involves Social Security and its benefits. Given Social Security's importance, concerns about its current and future state are understandable and widespread. We will spend some time debunking some common...
If you participate in a 401(k), employee stock ownership plan, or other qualified retirement plan that lets you invest in your employer's stock, you need to know about net unrealized appreciation — a simple tax-deferral opportunity with an unfortunately complicated name. When you receive a distribution from your employer's retirement plan, the distribution is generally taxable to you at ordinary...
Actually, there are three five-year rules you need to know about. The first five-year rule determines when you can begin receiving tax-free qualified distributions from your Roth IRA. Withdrawals from your Roth IRA — including both your contributions and any investment earnings — are completely tax- and penalty-free if you satisfy a five-year holding period and one of the following...
The Fed Funds futures market is pricing in roughly 10 quarter-point rate hikes this year. The benchmark 10-year yield was up +56 basis points for April. 2022 so far has seen the worst total return start for the 10-year Treasury (or proxies) since 1788, just before George Washington’s presidency. It appears that much of this tightening cycle has already been priced into the bond market – even...
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