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Rich vs. Wealthy - Is There Really a Difference?

While "rich" and "wealthy" are both aspirational terms, those who are interested in the long-term sustainability of their lifestyle would do better to focus on accumulating wealth, not just increasing income.

Three Types of Insurance You Need Even on a Budget

However, it could be penny-wise and pound-foolish to forgo insurance coverage. Here are three types of insurance that are critical to have, even on a shoestring budget.

Don’t Get a D in Debt Management: Debt-Smart College Planning for Parents

Here are a few suggestions to try and avoid the full weight of debt that often accompanies higher education:

Don't Believe These Inflation Myths: Clearing Up Common Misconceptions

The primary cause of inflation is an increase in the money supply. It is generally measured in one of two ways: by analyzing the consumer price index (CPI) calculated by the Bureau of Labor Statistics (BLS) and the personal consumption...

The DOL's New Fiduciary Rule: What it Means for Your Retirement Savings

The Department of Labor’s fiduciary rule has undergone several revisions throughout the years. The latest amendment aims to ensure that financial professionals consider their clients’ best interests when recommending retirement...

How Insurance Can Be Used for Retirement Planning

When people think of life insurance, the first thing that may come to mind is ensuring your loved ones are covered enough should something happen to you. It is a concern that more than half of all Americans consider, with at least 52%...

How Will My Children Pay for College? 7 Tips to Help You Plan, Save, and Pay

As a parent, one of the most significant concerns is ensuring that your children have the financial resources they need to pursue higher education. With college tuition costs continuously rising, it's no surprise that many parents...

Smart Strategies for Staying Ahead in Uncertain Markets

Over the past few years, the market has appeared to be on a rollercoaster, providing investors with moments of excitement followed by heart-palpitating anxiety. Staying ahead during uncertain market activity seems impossible, but smart...

Social Security Isn’t Enough: How Social Security Fits into a Well-Rounded Retirement Plan

If you're nearing retirement age, you know the Social Security process and how much you will likely receive. With that information, you may have also anticipated that your Social Security benefit would not be enough to sustain you in...

Asking for Help Is a Strength, Not a Weakness. Here Are 10 Ways a Financial Professional Can Assist

Seeking the help of a professional to assist in one's wealth planning leaves more time for them to focus on their primary specialty area, thus driving efficiency in managing results.

It’s Not Too Late to Become Financially Literate

Financial literacy is crucial to a solid financial future and an enjoyable retirement. No matter your age, when you understand how to manage your money and finances, you can make sound financial decisions

5 Ways a Financial Professional May Help Propel High Earners Towards High-Net-Worth Status

The journey to prosperity involves more than just a high income. It requires strategic planning, wise investment decisions, and a keen understanding of your financial landscape.

Tax Season News and Survival Tips

Even though the 2024 tax year is well underway, there may still be time to take steps that lower your tax liability for 2023.

Why Your Credit Score Matters in Retirement

Regardless of the stage of life, your credit score is an essential component of your financial health when you're in retirement

Don’t Let Someone Go on Vacation on Your Dime: How to Keep Your Money Safe from Scammers

There is a drawback to technology, however. It often leaves us more vulnerable to scammers who hide behind the anonymity that technology provides and find ways to scam us out of our hard-earned money.

How Portfolio Diversification Can Be Sweet Like a Box of Chocolates

Diversification mitigates the potential for unsavory pitfalls while offering a variety of suitable outcomes. In this article, we explore portfolio diversification by using concepts related to chocolate to make it more understandable

Caring For Your Family Members While Preparing For Retirement

Caring for family members may make planning and preparing for retirement a little challenging, so it is essential to consider a few things.

Strategizing for Success: The Parallels Between Estate Planning and a Super Bowl Game Plan

Just as a winning team meticulously plans its Super Bowl plays, individuals and families may benefit from developing a comprehensive plan for their estate.

Strategic Spending: Wise Habits for Long-Term Care For High-Net-Worth Individuals

Here are a few things high-net-worth individuals should consider when planning for long-term care costs and how to manage their assets.

Suggestions for Staying Safe Online from the IRS

The Internal Revenue Service (IRS) is helping families, teens and senior citizens learn about the continued importance of protecting personal information in helping fight identity theft and tax fraud.

High-Net-Worth Retirement Planning: 6 Ideas to Help You Get Your Finances in Order

HNWIs typically have at least $1 million in cash or assets that can be converted to cash easily, which could make planning for retirement more complex. Organizing your financial life can seem daunting at first, so here are 6 ideas to help y

Outlook 2024: A Turning Point

In 2024, we believe markets will make a definitive turn to a more recognizable place. En route, the transition will be marked by meaningful shifts in a few key areas. Inflationism going down.

4 Tax Planning Tips for High-Net-Worth Families

Tax planning might be complex, but it's also essential—especially for high-net-worth families, where missing tax breaks or failing to optimize income could cost significant dollars

Financial Resolutions for Small Business Owners

Not sure where to get started? Here are a few business resolutions, no matter what type of business you own.

Dos and Don'ts for Investing During the Holidays

In the world of investing, the "holiday effect," as it is often referred to, is a phenomenon where stock prices see an increase right before a major holiday. There are many theories on why this may occur.

Your Year-End Estate Planning Guide: An 8-Step Checklist

When it comes to your estate plan, you don’t just have it drafted and put away until it is time for your loved ones to manage your lifetime of affairs. As your world changes year by year, it is critical that you review your estate plan and

A Look at Tax Planning for Retirement

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of t

5 Common RMD Mistakes That Could Ruin Your Retirement

According to US New Money, 62% of Americans aren’t even aware that they have to take an RMD, and a fair share of those that do make mistakes they could have avoided. Here are a five common RMD mistakes that could prove costly.

The Spending Plan (Budget)

What is the spending plan? Your spending plan is essentially your budget. By using a more positive name, you can escape the feeling of restriction that often accompanies the term budget. Your spending plan is a tool to help you achieve...

Creating Your Perfect Retirement Recipe

Although achieving your financial goals is more challenging than following a step-by-step recipe, a few common ingredients and preparation methods may help improve your ability to manage financial resources. Here is one recipe for a...

Understanding Capital Gains Taxes and Planning

It’s not just about how much money you make, but how much you keep Capital gains taxes might sound like a complex financial term reserved for Wall Street tycoons, but in reality, they touch most investors and many homeowners....

Social Security Benefits Set to Increase in 2024

Proper financial planning includes forecasting future Social Security benefits In a welcome development for millions of Americans relying on Social Security, the Social Security Administration has recently announced a substantial...

5 Expensive Long-Term Care Planning Mistakes to Avoid

The vast majority of Americans need long-term care. According to the U.S. Department of Health and Human Services, 70% of people over age 65 may need some long-term care during their lives.1 Unfortunately, planning for long-term care...

Take Steps to Protect Your Confidential Docs

Safeguard your personal, financial and medical records at home and work With several past and present events involving the White House, data breaches, or classified documents being leaked, the importance of safeguarding confidential...

A Financial Checklist for Life-Changing Events

When it comes to financial planning, people often think of financial professionals as people who assist with strategies for retirement planning. That is one aspect of their job; however, financial planning and working with a financial...

How a Financial Professional Can Help You Apply Stephen Covey’s 7 Habits of Highly Effective People

In 1989, Stephen Covey, an American author, educator, and businessman, published his groundbreaking self-help book, 7 Habits of Highly Effective People. Regardless of income level, age, or career, anyone can learn and practice the...

Charitable Giving: A Family Affair

Booker T. Washington once said, "Those who are happiest are those who do the most for others." In 2022, Americans gave $499.33 billion to charitable organizations, making America one of the most generous nations in the world. The...

Breaking Out of Recession Burnout

Nearly 1 in 3 Americans report that they aren't prepared for a recession — despite the near-constant drumbeat of recession talk from media and economic experts alike.1 This lack of preparation may be the result of "recession...

An Essential Guide to Estate Planning Preparedness

A recent survey by Caring.com found that a whopping two in three American adults do not have an estate plan1—an alarming statistic, considering that an estate plan can protect your assets and ensure that they go to the right...

Tax Planning Tips - Life Insurance

If you have neither the time nor the inclination to decipher the IRS regulations, here are some life insurance tax tips and background information to help you make sense of it all.

What to Know Before You Open Your Next Investment Account

Understanding the difference between taxable, tax-deferred, and tax-exempt accounts can improve portfolio diversification and make a difference in how much you earn over time. But investors may not fully understand how a strategy...

The Ultimate Downsizing Checklist Before Retiring

By focusing on goals and priorities, you can create a new, simplified lifestyle As retirement approaches, many older adults consider downsizing their home as a way to simplify their lives, reduce expenses, and focus on what truly...

Budgeting for Teachers: A Learning Curve

If you are an educator, you know how important budgeting is. Whether you take a summer job to have a year-round income or rely on your school year to pay for bills, budgeting your money properly may help you to stay on track with your...

Financial Freedom, Market Volatility, and You

If recent market volatility has you questioning your opportunities for financial freedom, you are not alone. Due to rising inflation, higher interest rates, a volatile stock market, and recession fears, many investors find themselves wonder

Small Business Owners: Life, Liberty, and the Pursuit of Financial Independence

Being a small business owner can be rewarding but also may bring a lot of stress. You may be experiencing the pressures of trying to grow your company while providing a solid future for your employees.

Creating a Legacy of Change through Charitable Giving

Philanthropy today is different than it was in the past. It was once common for donors to distribute their wealth through smaller grants to numerous organizations. Over time, best practices for charitable giving have evolved.

An Introduction to Estate Planning for the Sandwich Generation

For members of the "Sandwich Generation"—those currently in their 40s and 50s who are caring for children and their parents who are over 65-years old—estate planning may seem like a low priority. After all, when you're juggling multiple car

Generational Wealth and the Gift of Financial Freedom

Those who receive an inheritance are potentially given the gift of financial freedom. However, about 40% with investable assets of $1 million or more never discuss their estate plans with their children.

5 Compelling Reasons to Rethink Social Security

When it comes to planning for retirement, Social Security benefits have traditionally been viewed as a safety net for many individuals. However, in recent years, there has been growing concern about the long-term viability

Inflation: The Nemesis of Every Single Retiree

As a retiree, one of the significant financial challenges you may encounter is inflation. The rising costs of goods and services can erode the purchasing power of your retirement savings.

3 Moments in Life Where You Should Consider Consulting a Financial Professional

If you've ever wondered why so many lottery winners (an estimated 70 percent) seem to blow through all their winnings so quickly, the answer often lies in two key traits: overconfidence and trusting the wrong people.1 The same...

Staying on Track with Your Retirement Investments

Investing for your retirement isn't about getting rich quick. More often, it's about having a game plan that you can live with over a long time. You wouldn't expect to be able to play the piano without learning the basics and...

Setting and Targeting Investment Goals

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...

Taking Charitable Giving to Another Level

Did you know that you can gift a new or existing life insurance policy to your favorite charity? When properly designed, a charitable life insurance program may improve your overall financial situation and offer tax benefits, all while...

Life Insurance: How Much Is Enough?

You may already be aware of the importance of having enough life insurance coverage to handle financial matters that could affect your family in the event of your death. However, determining the appropriate amount of coverage for your...

Retiring as a Small-Business Owner: What to Know Before You Go

The thought of retiring may be intimidating for anyone—but if you own your own business, handing your "baby" to new owners might be enough to stop you in your tracks. What might you do to set your successor up for success? What...

Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules

The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019....

529 College Savings Plans: A Cheat Sheet for Common Questions

Whether your child was just born or is heading toward high school graduation, a 529 savings plan may help you put aside funds to pay for college expenses without paying taxes (federal and some states) on any dividends and gains.1...

Understanding Social Security Strategies

As you age, the question of when to collect Social Security (SS) retirement benefits will likely come to mind. There is no one size fits all age; your unique circumstances and goals will dictate the appropriate time for you to take...

7 Retirement Considerations Thoughts from a financial professional

When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and a stressful one with difficult...

The Principles of Financial Literacy

Financial literacy refers to the skills and knowledge that allow an individual to make informed and effective decisions through their understanding of finances. Financial literacy starts by building a basic understanding of 'money...

3 Golf Tips to Keep Your Retirement Plan on Course

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...

Saving for Your Retirement

Major considerationsHow much will you need in retirement?When do you plan to retire? What kind of lifestyle do you desire? How much do you have right now that you can count on for your retirement? What about Social Security; do you...

5 Last Minute Considerations Before Tax Day

With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out the...

3 Moments in Life Where You Should Consider Consulting a Financial Professional

If you've ever wondered why so many lottery winners (an estimated 70 percent) seem to blow through all their winnings so quickly, the answer often lies in two key traits: overconfidence and trusting the wrong people.1 The same holds...

What role does Social Security play in your retirement income strategy?

As you near retirement, it's likely you'll have many questions about Social Security. How much will your retirement benefit be? When should you apply? Will earnings from a part-time job affect your benefit? Social Security has always...

Trusts

What is a trust?A trust is a legal entity that is created when you transfer property to a trustee for the benefit of a third person. The trustee manages the property for the beneficiary in accordance with the terms and the instructions...

Retirement Investors Get Another Boost from Washington

Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree, IRAs....

Tax Planning for Business Owners

What is business tax planning?When starting a business, you must consider a number of tax-related issues. Although business tax planning is a complicated area, it is essential to understand three major topics: tax consequences when the...

Wealth Due to Inheritance

What is it?IntroductionIf you're the beneficiary of a large inheritance, you may find yourself suddenly wealthy. Even if you expected the inheritance, you may be surprised by the size of the bequest or the diverse assets you've...

New Year, New Goals: Your Countdown to Financial Health

For many people, a new year provides a new start—and nothing says "new start" like a fresh new set of financial goals. But setting these goals is easier said than done. What steps should you take to get the most bang for your...

Your Financial Fresh Start: 12 Resolutions in 12 Months

Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an incremental approach. Do you want to get on top of your finances this year? Are you looking for ways to...

Understanding Capital Gains Tax as an Investor

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth....

Tax Prep Checklist: Everything You Need to Be Ready for Tax Season

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key...

The 12 Days of Year-End Planning: Things to Consider Going into “The New Year"

At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over...

2022 Year-End Tax Tips

Here are some things to consider as you weigh potential tax moves between now and the end of the year.1. Defer income to next yearConsider opportunities to defer income to 2023, particularly if you think you may be in a lower tax...

Year-End Investment Decisions

What are year-end investment decisions?Year-end investment decisions may sometimes result in substantial tax savings. Tax planning may allow you to control the timing and method by which you report your income and claim your deductions...

Year-End Planning for Retirees

As we approach the last quarter of each year, it is a good time to plan for the next one. Year-end planning is especially important for existing retirees and those hoping to retire in the next few years. There are tax and income...

A Brief Overview of Philanthropic Vehicles

As you grow your wealth, you may find the desire to give back to others and support causes and organizations you believe in through philanthropic giving. Philanthropy often casts a broader net of giving over charity as it helps society...

Advanced Tax Planning Ideas: Tax Loss Harvesting & Ways to Quantify the Benefits

When you lose money on certain investments, you can typically claim the loss against other investments, and in some cases, you may even be able to claim all or a portion of the loss against regular income. Called tax-loss harvesting,...

5 Year-End Tax Planning Questions to Ask Your Financial Professional

 The average U.S. income tax rate stands at just over 13%—and if you're like many taxpayers, you're always looking for new tips and tricks to help reduce this percentage.1There are a number of different tax planning moves...

Enduring Market Volatility With a Financial Plan

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments.1 What...

A Quick Guide to Estate Planning for Those With High Net Worth

Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into the category of "high net worth individuals"—those who have liquid assets of $1 million or more.1 For many individuals who...

Treat Yourself to These 5 Retirement Savings Tricks

Your retirement is the reward after years of hard work and saving. You might dream of traveling, want to invest in a vacation home, or want to take up a new hobby. For an enjoyable retirement, saving is critical. Take charge of your...

Financial Planning: Who Needs It?

No matter how much money you make, completely mastering money early on in life can help you pursue what everyone wants: a financially comfortable today and a financially secure tomorrow.Mastering money in our society can be a...

3 Common Financial Planning Fears and How To Conquer Them

If the thought of reviewing your finances with the help of a financial professional strikes more fear into your heart than giving a public speech, you are not alone—two in every three Americans report regularly feeling stressed...

Five Keys to Investing for Retirement

Because inflation could reduce your purchasing power over time, you'll probably need to contribute more to your retirement plan than you think. What seems like a healthy amount now is likely to feel smaller and smaller over time.All...

Are You An All-Star Investor? 3 Major League Investing Mistakes to Avoid

Though baseball and stock market investing may not seem to have much in common, there are a few key similarities—both are stats-driven and require focus, a relative lack of emotion, and a clear mind. And when it comes to...

Making the Most of Your Relationship with a Financial Professional

Heading to your first meeting with a new financial professional may be a lot like going on a blind date. Can you have anything in common? Can you click? Can you trust this other person with what's most important to you? A strong...

Understanding Tax Loss Harvesting

What is Tax Loss Harvesting?When investments in taxable accounts do not perform as hoped and actually lose value, investors may be able to take advantage of tax benefits to help offset their losses. The concept of tax loss harvesting...

What Should Millennials Consider Doing With Their Money?

As the oldest millennials have reached their forties, this generation is purchasing homes, paying off student loans, and starting their families. But while millennials might get some teasing for their "avocado toast" tastes and...

5 Ways to Improve Your Financial Awareness

Regardless of what you do or how much you earn, you deal with money on a daily basis. The more you understand about finances, the more effectively you will be able to manage yours.Yet, many people lack financial literacy skills. One...

Some Things Investors Need to Know About Booms and Busts

Economies and markets are cyclical. They may include periods of wealth creation and times of bursting bubbles that bankrupt companies in a major downturn."Boom and bust" cycles may last anywhere from a few months to a few years or...

3 Golf Tips to Keep Your Retirement Plan on Course

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...

4 Practices to Avoid in Tax Aware Investing

Tax aware investing focuses on optimizing your returns by reducing your tax liability as much as possible. In theory, this investment strategy has the potential to help you earn more money on your investments, but you need to be aware...

401k Planning: 5 Questions to Ask

When was the last time you took steps to optimize your 401k?If it's been a while, you're not alone. Research indicates that only one in three Americans utilize employer-sponsored 401k retirement accounts; even those who are...

How Financial Asset Management May Help Investors Stay the Course

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time...

Managing Your Retirement Plan When Switching Jobs

Changing jobs can impact your retirement plan. To minimize disruptions to your contributions and the vested portion of your previous employer’s contributions, it’s important to understand the choices you may have when you...

High Inflation - How Long Will It Last

In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It's not surprising that a Gallup poll at the end of...

Required Distributions: Changes You Need to Know

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 changed the rules for taking distributions from retirement accounts inherited after 2019. The so-called 10-year rule generally requires inherited accounts...

4 Economic Benefits of Homeownership

Even though housing prices throughout much of the U.S. are at or near all-time highs, there are still many distinct financial advantages to owning a home.1 From tax benefits to capital gains exclusions and guaranteed rates of return,...

3 Key Money Moves Every Parent Should Make

Whether you are expecting your first child or have been a parent for years, finances and building a future for your family go hand-in-hand. Luckily, there are money moves you can make now to help manage financial stress, support...

Five Things to Know About Investing in a Guided Wealth Portfolio

Guided wealth portfolios (GWPs) are designed to provide a diversified, customized portfolio that's tailored to your investment needs. With a GWP, you won't need to track how the market's moving or decide whether to rebalance—your...

6 Mental Health Tips for Investors

Investing is stressful. It takes sound mental decisions to weather the ups and downs that come with the markets and investing in general. Whether you are managing your financial portfolio or making investments on the side, staying...

How Life Insurance Policies Make Money for You

With all of the attention the life insurance industry has been receiving lately, it's easy for policyholders to overlook two important factors: 1) few investments, if any, meet the safety of life insurance and, 2) few investments offer...

3 Moments in Life Where You Should Consider Consulting a Financial Professional

3 Common Social Security Scams and How To Avoid Being Fooled by Them

Invest in Your Financial Education During Financial Literacy Month

April is National Financial Literacy Month