Let’s face it, seniors today are healthier, more active and are likely to have longer lives. So what are the financial implications for retirees who will likely live well into their 90s and possibly their 100s?
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On this episode of Finance In A Flash, Nick & Erin take a deep dive into Roth conversions. They start with the basics by defining what a Roth conversion is and then transition into deeper topics by describing different scenarios on when it makes sense to use this strategy!
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Many people would prefer that their estates avoid the probate process. While the probate process is not overly costly in most states, it is generally considered a hassle to those who have experienced it. The following is a discussion on several alternatives for avoiding probate.
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On this episode of Finance In A Flash, we introduce another member of our staff at Beacon, Erin Campbell. Erin is a principal and a co-founder here at Beacon, who also has her CFP & CPA designations. We discuss the advantages of having a tax professional on your side and the possible pitfalls people may face when doing taxes themselves.
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With the passage of the CARES Act on March 27th, Congress eliminated IRA required minimum distributions (RMDs) for the year. This means that many taxpayers above the age of 72, or anyone who is taking inherited IRA distributions, will likely have quite a change in their taxable income in 2020. So, is it a good year to do a Roth Conversion instead?
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On this episode of Finance In A Flash, we conclude our series titled: Financial Planning Opportunities Amid Market downturns. Throughout the episode, we cover several planning techniques such as Roth Conversions, Refinancing your mortgage, and reevaluating your budget, especially if you are in the distribution phase.
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It is very important to periodically take the time to review your estate plan and make sure your existing documents are still appropriate and continue to meet your needs. This is a task that Beacon reminds clients to address about every other year. So what are those things that need to be reviewed?
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Who would have ever expected a rebound of historic proportions in stocks? However, since March 23rd—the height of pandemic uncertainty—major stock indexes have advanced nearly 40%!
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On this episode of Finance In A Flash, we discuss the negative effects of trying to time the market.
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On this episode of Finance In A Flash we continue our series on Financial Planning Opportunities Amid Market Downturns by covering Tax-Loss Harvesting. We go through the details of Tax-Loss Harvesting and the benefits of using this strategy during times when your investments have losses.
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One of the largest financial concerns for many is the unknown, but potentially devastating cost of long term care. The financial impact of an extended need for long term care can be enormous. But what age is the right age to consider purchasing long term care insurance?
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On this episode of Finance In A Flash, Chip & Nick discuss the benefits of rebalancing your portfolio amid a market downturn. When the stock market declines, so does the stock percentage in your portfolio, meaning you have to buy more stocks to get to your target asset allocation. This can be advantageous in various ways, to which we discuss in this episode!
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As we help clients make long-term financial decisions, we also like to consider the probability of various negative outcomes. While we consider ourselves generally optimistic people, we believe that it is both important and helpful to also think about “worst case scenarios” - those financial uncertainties that have the potential to derail financial goals.
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Eliminating debt is a key factor in accumulating wealth, but is paying off your mortgage as soon as possible the best financial decision?
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Do you know the factors to consider when establishing an emergency savings account? How much cash is it appropriate to keep on hand in short term savings and money markets? Before we address the question, it is important to understand the important role cash plays in an overall financial plan.
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This web presentation discusses the importance of an Investment Policy Statement (IPS) when managing client portfolios.
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We at Beacon Financial Strategies, believe that rebalancing is an integral component of the investment management process. In this presentation, Chip Hymiller, AIF®,CFP® explains the concept of rebalancing and discusses the advantages of implementing a portfolio rebalancing strategy.
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Doesn’t it seem like the stock market should be down more in 2020? This article takes a deeper dive into the numbers and it turns out that when using more diversified definition of “the market,” stocks have taken quite a hit this year.
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2020 is turning out to be quite different from what many of us had planned on back in January. Not only are there changes in our day to day life, there are changes that could impact your financial life and what you had originally planned on doing this year. One of those changes relates to charitable gifting.
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Where is your stimulus payment? Will it be taxed later? Will I have to pay it back if the IRS sends me too much? Beacon answers all your questions concerning the Economic Stimulus payments.
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