Posts tagged financial planning
Understanding the Cost of Medicare and IRMAA Rules

Did you know that your monthly Medicare cost adjusts based on your income?  While most retirees may know this, many pre-retirees do not. It is important for those who are not receiving Medicare benefits yet to understand the rules so that financial planning decisions can be made ahead of time to reduce or avoid the impact of this additional expense.

 

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Do you worry about your finances? You are not alone!

Over the years working with worried clients it has become obvious that going through the financial planning process and reviewing existing plans in the context of a changing financial environment helps alleviate worries.

 

 

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Training Your Mind for a Clearer, More Confident Future

Just like you can train your body to be stronger, you can train your mind to focus in a way that promotes clarity and good habits. This skill isn’t just helpful for managing daily stress—it can also be a game-changer when it comes to financial and investment decisions.

 

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Understanding Differences in the “Flations”

Over the past 3 years, the word “inflation” has dominated the headlines. In the current environment, there seems to be some confusion among investors and consumers regarding this term and what is happening. Therefore, we thought it would be a good idea to go over some of the key “flation” terms and clarify what each means and where we are today.

 

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Financial Planning and the Importance of Discipline

For most, achieving financial success isn’t about picking the right stock, saving to the right account, or even finding the perfect advisory firm. Financial success is most often achieved through discipline, intention, and consistency.

 

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How Do You Compare Target Date Funds?

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.

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Celebrating 20 Years!

Since 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.

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Should You Buy Pet Insurance?

One area that often sparks debates in the financial arena is pet insurance.  Is it a necessary investment, or can you afford to self-insure?  When I got my dog, Penny, I was torn on whether pet insurance would be right for us.  Penny is my first dog and we got her when she was just 8 weeks old. I quickly found out how much of a financial commitment she was going to be once we brought her to our vet for the first time.  Shots, exams, spay… It was adding up quickly. 

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Preparing for Rising Tax Rates

The current tax code is set to expire in 2026.  The article shows what has happened with tax rates since 2016 and what is scheduled to happen going forward until 2030. There are some notable changes beginning in 2026.

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Understanding Qualified Longevity Annuity Contracts (QLACs)

We have received a number of inquiries from clients recently about Qualified Longevity Annuity Contracts (QLACs). As with most types of “financial solutions,” the attractiveness of QLACs is in the eye of the beholder. Let’s take a look under the hood!

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2024 Numbers to Know

The 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.

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Make Maximum Use of Your Most Scarce Resource

I am at the age where I am really beginning to realize how fragile life can be at times. Recently, we learned that former University of North Carolina basketball great, Eric Montross had lost his battle with cancer and died at the young age of 52.

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Confidently Confronting Uncertainty

Does 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.

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