Target Date funds have grown in popularity over the last decade especially inside employer benefit plans such as 401Ks. On the surface, they all seem to be exactly the same. First, you pick your fund based on your anticipated retirement date. Then you let the manager handle the rest – they utilize their glide path and make the portfolio more conservative as you approach retirement. While true, behind the scenes there are subtle differences that investors should be aware.
Read MoreSince 2001, individuals over the age of 50 have been allowed to make "catch-up" contributions to their 401(k) plans, IRAs, and Roth IRAs. This provision was designed by Congress to give those nearing retirement the opportunity to boost their savings in tax-advantaged retirement accounts. Now, starting in 2025, new legislation will extend these opportunities even further.
Read MoreSince 2004, much has changed, but one thing has remained constant: our unwavering commitment to helping our clients. As we’ve matured and experienced life’s ups and downs ourselves, we’ve come to truly appreciate the value of the advice Beacon provides and the difference it makes for our clients.
Read MoreMany underestimate their understanding of basic financial matters, leading to a lack of confidence and possibly anxiety. In reality, there is really just one simple “secret formula” that people who are financially successful do—they Pay Themselves First.
Read MoreThe IRS has announced contribution savings limits for retirement savings accounts for 2024. All the maximum contributions to retirement plans have increased by $500. Make sure you let your payroll department know that you want to increase your contributions to these plans.
Read MoreThe SECURE Act 2.0 altered the onset of Required Minimum Distributions (RMDs) from age 72 to age 73. However, the law made no change to the Qualified Charitable Distribution (QCD) rules. So, while a RMD is not required until age 73, a taxpayer over age 70 ½ is allowed to distribute directly from their IRA to their favorite charity and avoid taxation.
Read MoreIf you are over age 70.5, you are eligible to make a qualified charitable distribution (QCD). By doing so, you can benefit your favorite charities, while excluding up to $100,000 annually from your gross income.
Read MoreThere is no doubt that pensions are an extremely important asset and making decisions regarding these plans can be daunting and stressful. This is especially true since pension decisions are irrevocable! This article addresses common questions that should be considered when making decisions about your pension.
Read MoreFind out the maximum contribution limits that can be made to most retirement savings accounts including 401(k) plans, 403(b) plans, traditional and Roth IRAs for 2022.
Read MoreDoes the world feel out of control? There is so much uncertainty in the world and most investors feel powerless when it comes to investing and accumulating assets for long-term financial goals. And it is no wonder: some of the financial, economic and political challenges we are currently experiencing are on a global scale and unprecedented.
Read MoreParents with special needs children can face a unique set of financial challenges. However, like all financial challenges, it is important to take measures early to financially prepare for the future
Read MoreOn this episode of Finance In A Flash, Nick & Chip discuss the varying types of investment accounts and the pros and cons of each. Investment accounts that were discussed include; personal brokerage accounts, Roth IRAs, Traditional IRAs, and 401ks.
Read MoreSmall business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden.
Read MoreWhen it comes to taking account distributions in retirement, which account is best - IRAs, Roth IRAs, Brokerage accounts or 401k plans? Also, are there tax strategies that could be employed now to minimize taxes in the future?
Read MoreWelcome back to Finance In A Flash, this week we bring back our investment expert, Chip Hymiller to discuss Target Date Funds. We have a detailed discussion about Target Date Funds, the pros and cons of having them in your portfolio, and what to consider when choosing this type of investment.
Read MoreHave you decided to retire in 2021? If so, congratulations—it’s a big step and for most, it’s a once in a lifetime decision. Even if you’ve planned ahead, you may still be a little apprehensive about this monumental life transition. Here are a few last minute things to consider or confirm as you embark on this new and wonderful journey.
Read MoreI don’t think any of us realized how many things in our life that we take for granted—that is not until 2020. Boy oh boy, there have been some seismic changes in our world! For the most part, every aspect of daily life has been altered for many households.
Read MoreOn this episode of Finance In A Flash, Nick & Erin discuss pension plans. Not many people have Pensions anymore, but we do see a fair amount in the federal and state retirement system as well as some holdovers from private companies. We are going to go over topics such as Annuity Style vs. Lump-sum pension, Survivor Options as it relates to pensions, and we also discuss leaving pensions to your spouse.
Read MoreWhat do we think about when doing a Retirement projection? Someone walks into our office and says to us"I want to retire" or "I want to prepare for retirement", what do we do from there? In this episode of Finance In A Flash, Erin Campbell joins Nick Faulkner to walks us through this process and discuss the details of how we prepare a retirement plan.
Read MoreOn this episode of Finance In A Flash, Nick & Erin discuss a very important topic in the Financial Planning world: Debt. They discuss a variety of questions such as; What is considered good debt or bad debt? Which type of debt should you pay off first? When you should look at refinancing your home, and much more!
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