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Nearly every American worker includes Social Security benefits as part of their comprehensive retirement plan. As a member of the workforce, you pay Social Security taxes, which earn you “credits,” that go toward your Social Security...

As a young person, you imagine you have all the time in the world to save for retirement. You live in the present with the future a mere blip out on the horizon. But time has a way of flying by, and you realize that maybe you are not...

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...

Capital gains taxes is a hot topic for anyone who is involved in investing and even for people who aren’t as it could potentially impact various aspects of day-to-day life, such as the jobs market. Generally, an investor will buy an...

Tax planning might be complex, but it's also essential—especially for wealthy families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. And even in the short term,...

The federal income tax filing deadline isn’t until April. However, the start of tax season is nearly upon us. Here are some tips for navigating the tax filing process to help lessen some of the stress you may feel as Tax Day arrives.·...

Life today is expensive, and contributing to a retirement plan is more beneficial than ever. Often, the IRS raises contribution limits annually, such as the contribution limit for 401(k)s increasing to $23,500 for 2025 from $23,000 in...

Choosing and regularly reviewing your beneficiaries and asset distribution plan is critical for ensuring everything goes according to your wishes. This includes structuring your plan around cost-effective measures such as tax benefits...

Wills and Trusts are both very common tools used in estate planning; however, they each have different functions. Generally, a will helps individuals with simpler estates, with minor children, and a more straightforward approach when...

A lesser-known estate planning strategy involves incorporating insurance into your estate plan. Including insurance in your estate plan is a way to provide your loved ones with a means of support and a way to safeguard assets from...

There are many factors to consider when creating a comprehensive estate plan. Forgetting or leaving out certain assets could potentially create time-consuming delays, financial complications, and family disputes. In some cases, dormant...

Maintaining generational wealth involves intentional financial planning, with parents or grandparents passing their wealth to loved ones after they die. But entrusting family members with receiving an inheritance is more than just...

Wealth transfer is more than just a financial transaction; it's an opportunity for families to pass on their values, wisdom, and a legacy of love. Navigating this process requires careful consideration, open communication, and a shared...

At what age should you start discussing inheritance with your children? Estate planning and inheritance, while complex topics, should be an ongoing discussion with your family. Even in their late teens, twenties, and thirties, children...

Passing down an inheritance can be a life-changing event and navigating the transfer of a significant amount of money and assets can pose certain challenges. Historically, inheritances don’t last. This is so common, it is described as...

Many children will receive an inheritance after their parents pass on. In some cases, this may include significant assets. If you currently are or may become one of those individuals, it is critical to figure out how you plan to manage...

Every year, the holiday season inspires a beautiful wave of generosity. Donations surge. Volunteer sign-ups spike. People go out of their way to support those in need or brighten someone’s day. But what if that spirit of giving didn’t...

In times of economic uncertainty, it’s easy to let financial stress overshadow everything else. And sadly, the holiday season isn't exempt from this. But here’s a little insight you might overlook: Holiday cheer might be a rewarding...

The average family spends an extra $1,000 or more during the holiday season. From gifts and travel to dinners, shows, and decorations, each purchase adds up.1 How might you take full advantage of holiday cheer while avoiding the...

For many small businesses, the holiday season is the busiest and most profitable time of year. That's how “Black Friday” got its name; it often marked the first time businesses' books were finally "in the black" (showing profits) for...

One of the more difficult conversations for family members to have is talking about estate planning. There are several reasons for this, including the reality of our own mortality and that of our loved ones. In some families, it is an...

How compound interest works Compound interest is the interest you earn on interest. You deposit an initial investment at a particular rate of return that could vary each year. A basic example would be if you invested $10,000 at an 8%...

Estate planning is critical for efficiently transferring your money, property, and assets to your beneficiaries after you die. The reason people choose an estate plan is that it avoids probate. One thing to keep in mind about your...

1. Create a living trust The way a living trust can avoid probate is by legally owning the assets that then get distributed to beneficiaries according to the terms of the trust, thereby bypassing the court-supervised probate process....

The holidays are a time for giving, gathering, and, if you’re like many young professionals, grinding through year-end deadlines, social expectations, and dealing with the pressure to spend. Between gift lists, travel plans, and...

The holidays may still seem far away. But if you’re looking to save money and manage stress, now might be the time to start shopping, especially in today’s economic climate. Between rising prices, inflation-related cost increases, and...

As the year’s end approaches, High-Net-Worth Individuals (HNWIs) must prepare for one of the most critical monetary tasks: year-end tax planning. Due to the nature of their holdings and dynamic financial situation, HNWIs often grapple...

As the year draws to a close, it's an ideal time for business owners to evaluate their company’s financial health. Year-end planning is critical and can help establish a confident foundation for the future. However, for many business...

You work your entire life with the hope that one day you may be able to retire when you choose and have the free time to take advantage of all of the social activities, travel, and hobbies you couldn’t do regularly with the...

Managing 401(k) investments is crucial to planning one's financial future. Two primary ways to manage investments are to do it yourself (DIY) or work with a financial professional. However, the decision ultimately depends upon comfort...

Owning luxury assets such as exquisite homes, cars, yachts, and priceless art pieces requires safeguarding them against potential risks or loss. This situation is where umbrella insurance comes into play. It acts as an extra layer of...

Approximately 70 million workers contribute to a 401(k)-retirement plan. A 401(k) is a tax-advantaged retirement savings plan companies offer employees and is funded through elective salary deferrals. There are several benefits to...

That depends on your personal preferences. From a paperwork and account fee standpoint, opening one account might make sense. However, after factoring in other considerations, opening two accounts is probably preferable. The main...

Accredited investors are individuals characterized by their high net worth or substantial income. Being an accredited investor provides special access to various investment opportunities otherwise inaccessible to the general public....

As wealthy individuals age, healthcare and health insurance coverage become increasingly important. One group that may overlook Medicare is wealthy individuals, because they may be unsure whether they qualify. The privileges of...

In today's fast-paced economic environment, fluctuating interest rates on educational loans are standard. Keeping an eye on these changes is crucial as they can significantly impact one's repayment strategy and financial outlook....

Both trading and investing involve purchasing financial assets for the purpose of growing the value of those investments and either earning a profit through a sale, the accumulation of interest, or dividends paid out (and reinvested in...

This alert focuses on investment fundamentals as well as tips and quotes from the famous investor.

The percentage of adult Americans who invest toward retirement is nearing an all-time high at over 63%.¹ These days it is far easier to pursue different investment instruments to manage and preserve wealth and over the past few...

We started 2025 on a high note, although we acknowledged that “no market environment is ever permanent, and that change is always potentially around the corner.” Well change did come, and withit, volatility, perhaps in part because we...

Working towards financial independence can often be a lifelong process. But for many, financial freedom may come far sooner—and include some fun along the way. What are the differences between financial independence and financial...

What is it? A secular trust is an irrevocable trust that you establish with a third party to hold assets for the exclusive purpose of funding your employees' nonqualified deferred compensation (NQDC) plan benefits. A significant...

Summer is the perfect season to get outside and enjoy the sunshine, warm weather, fresh air, and a wide range of outdoor activities. Whether you are the type of person who likes to relax and enjoy sunny days or likes more fast-paced...

Long-term care (LTC) planning is a significant financial decision that requires thoughtful consideration and precise planning. This undertaking can be more complex for high-net-worth families due to a more extensive and diverse asset...

Summer is here, and it is the perfect time to consider the health and wellness of your employees. Healthy and happy workers are more productive, use less sick time, and are more likely to influence the workplace positively. So help get...

Retirement seems like a long way off, but it arrives faster than you think. The big question is, are you ready? What exactly does retirement entail? Analysts suggest there are four designated phases of retirement that a person often...

To maintain good physical health, most people must exercise regularly, eat a balanced diet, and keep stress to a minimum. Achieving financial wellness is no different. It requires careful planning, smart decision-making, and consistent...

A 529 plan may offer multiple benefits as part of an estate planning and wealth transfer strategy. It is a tax-advantaged savings plan that encourages saving for future education costs. These plans enable parents to save for their...

Understanding the anticipated changes in tax laws and regulations in 2025 will become increasingly crucial. One area that requires attention is the estate tax sunset at the end of 2025. The estate tax, also known as the inheritance,...

Addressing wealth management comprehensively in today's market environment is essential for individuals and business entities. Given the dynamic nature of global markets and the ever-changing economic landscape, navigating investment...

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. On Financial Professional Day, explore how working with a...

Social Security, established in 1935, provides financial benefits to the elderly, disabled, and disadvantaged groups. However, there are concerns regarding its sustainability. Social Security is particularly concerning among younger...

Suppose an emergency strikes and your family needs to quickly access important financial and personal information. Now, ask yourself—are these documents organized, secure, and easily accessible? Having a system for storing your crucial...

When it comes to planning for retirement, there are a myriad of strategies and options available. One often overlooked method is making after-tax contributions into retirement savings vehicles. This approach to investing after-tax...

Changing policies and regulations periodically reshape the landscape of estate tax laws. In 2025, wealthy individuals must be aware of critical changes impacting their estate planning strategies. This article comprehensively explores...

Inheriting comes with many emotions, from sadness to confusion to perhaps even joy or relief. An inheritance can take various forms, such as cash, properties, stocks, bonds, property, or other assets. The person leaving the inheritance...

Managing income effectively may set you up for long-term career success in healthcare. Whether you're just starting as a resident or building your career as a nurse or doctor, it's essential to have strong financial habits. This guide...

Meeting with a business lender can be both an exciting and anxious time. One way to alleviate some of the stress is to be as prepared as possible for when you sit down to discuss a potential loan. Generally, business loans require...

The world of personal taxation and tax deductions can often be puzzling. While these elements aid in reducing one's tax burden, they may also come with unexpected limitations. These limitations can take taxpayers by surprise, reducing...

Did you know, according to CNBC, more Americans are expected to turn 65 through 2027 than at any other time in history? This rapid population increase of older adults is often called the “Silver or Gray Tsunami,” though many new...

If you’re a real estate investor, developer, or landlord, understand that your financial planning needs are unique. Generally, you must be strategic how you run your business and manage your money. If you are a real estate investor,...

The IRS recently released the 2025 contribution limits for health savings accounts (HSAs), as well as the 2025 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs).

A finance professor explains why President Biden wants to raise the tax on this controversial use of corporate capital. Companies have been buying back their own stock at record levels – something President Joe Biden doesn’t care for....

At first glance, multigenerational living arrangements may seem unusual, but they were once the rule, not the exception. In mid- to late-nineteenth-century America, the majority of elderly parents and grandparents lived with their...

When it comes to financial accounts like the IRA, details are everything. Look past the surface, examine it closer, and you may be surprised that numerous accounts, including your IRAs, contain hidden gems and little-known facts you...

What is investment tax planning for mutual funds? Investment tax planning for mutual funds involves utilizing the tax rules that may help enhance your after-tax return on mutual fund investments. In order to help enhance the return on...

Preparing for retirement may be an exciting and stressful time. While the idea of leaving the workforce and enjoying more leisure time may be appealing, the prospect of no longer receiving a regular paycheck might be intimidating for...

When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on unsustainable debt, and avoid living paycheck to paycheck. But what happens once you’ve implemented this advice and still...

Retirement is often envisioned as a time of relaxation and freedom, a period to enjoy the fruits of years of hard work. However, living a truly "rich" life during these years involves more than just financial security. It's about...

Like many other medical professionals, pharmacists often have much on their plate. Between managing medications, consulting patients, and keeping up with the pharmaceutical industry's ever-changing landscape, they may need more time to...

As you embark upon your medical career as a resident or new attending physician, preparing for financial independence is a top priority. Making the appropriate financial decisions now can set the stage for a professionally and...

The BRICS group, encompassing Brazil, Russia, India, China, and South Africa, has long been a focal point for investors seeking to capitalize on the growth of emerging markets. Originating as a term coined by economist Jim O'Neill in...

Many parents want to provide their children with the best possible help and care, even when they transition into college. However, as the children come of age, there is much more to consider than tuition fees and dorm essentials....

More than 100 million American adults currently care for a parent or other elderly relative in their home. These arrangements are often more by necessity than choice, as paying for outside caregivers or a long-term care facility can cost...

Summer is here, and we are fast approaching wedding season. Then, after a pause, it will be homebuying season; and then, for some, baby season; and then, for some, divorce season. Each of these life stages may not seem to be about...

As a group, physicians are among the highest-earning professionals out there—and this specialized and life-saving career comes with some specific financial needs. Because of this, physicians should seek out a financial professional who...

Losing one's significant other is one of the most stressful of all possible losses, even if you've had some time to emotionally prepare for it. And while it can be tough to do more than put one foot in front of the other, losing a...

Baby Boomers — those born between 1946 and 1964 — will pass on more than $84 trillion in wealth. Over the next few decades, many Boomers may transfer this wealth to their Gen X, millennial, and Gen Z children, perhaps incurring a...

As a physician, you understand your medical specialty inside and out, but at the same time, you also need to be able to handle the financial challenges associated with your industry. That may include juggling a lot of student and...

Facing a layoff from your job can be an unsettling experience, especially in the dynamic and ever-evolving landscape of the technology industry. Financial professionals with years of experience guiding individuals through periods of...

Wealth transfer is more than just a financial transaction; it's an opportunity for families to pass on their values, wisdom, and a legacy of love. Navigating this process requires careful consideration, open communication, and a shared...

Inflation is an unavoidable aspect of the economy that can significantly impact retirees, especially those on a fixed budget. Managing inflation effectively ensures that your purchasing power remains stable and your financial health...

Retirement savings accounts, such as 401(k)s, traditional IRAs, and Roth IRAs, are widely recognized as crucial components of retirement planning. However, the journey to a financially independent retirement continues beyond merely...

In 2024, the landscape of financial independence is more daunting than ever, recalling the pervasive insecurity of the global financial crisis. Today, concerns that began with housing affordability among millennials have expanded,...

Women on the rise, conquering unique, retirement challenges. Explore the growing influence women wield over the economy with this handy infographic.

Much is written about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Some classic financial missteps have been known to plague retirees, too.

Women who share money management duties with their partner tend to take on a lion’s share of the responsibility for the household finances. Yet only 18% of women feel very confident in their ability to fully retire with a comfortable lifest

What workers anticipate in terms of retirement income sources may differ considerably from what retirees actually experience. For many people, retirement income may come from a variety of sources. 

The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, should you? Monthly payments differ substantially depending on when you start receiving benefits.

Insurance exists to help protect you from various forms of wealth destruction. It's not a gratifying expenditure, but it may offer protection against the myriad of potential financial storms that can touch down your life.