Your financial plan review is one of the most critical aspects of successful financial planning. Many people assume that once their financial plan has been created, they can ‘set and forget.’ However, there are several reasons why it’s necessary to update your plan as you progress along your financial planning journey: Personal changes: Welcoming a […]
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SAVING FOR COLLEGE: THE IMPORTANCE OF 529 ACCOUNTS
The rising cost of higher education has made saving for college a crucial financial goal for many families. With tuition rates increasing yearly, proper planning can help alleviate the burden of student debt and ensure a smooth transition into higher education. One of the most effective tools for saving for college is the 529 plan, […]
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GOVERNMENT-SPONSORED DISABILITY INSURANCE PROGRAMS
Although these programs may not offer the comprehensive protection you’d like, they can help you and your family if you can’t work. SOCIAL SECURITY DISABILITY BENEFITSTwo programs administered by the Social Security Administration pay disability benefits. The Social Security disability insurance program pays benefits to qualified individuals who are under age 65, regardless of income. […]
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UNDERSTANDING MEGA BACKDOOR ROTH CONTRIBUTIONS
The Mega Backdoor Roth Strategy is a powerful strategy that allows high-income earners to contribute significantly more to a Roth account than standard contribution limits allow. This strategy is especially beneficial for individuals who have already maxed out contributions to other retirement accounts, such as traditional 401(k)s or Roth IRAs, and want to save more […]
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TAPPING THE EQUITY IN YOUR HOME
Over time, the value of your home has likely grown and your mortgage balance has been reduced (or even eliminated). The equity you now have in your home is a reservoir of funding potential. You may decide to tap into it for various purposes, such as remodeling your home, paying off high-interest loans or credit […]
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CHANGING JOBS? KNOW YOUR 401(K) OPTIONS
If you’ve lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It’s important to understand your options. WHAT WILL I BE ENTITLED TO? If you leave your job (voluntarily or involuntarily), you’ll be entitled to a distribution of your vested balance. Your vested balance always […]