Midyear is a great time to pause and assess your financial situation and make any strategic adjustments needed for the rest of the year. Between changes in tax law, updates to retirement accounts and contribution limits, adjustments to Social Security contributions and benefits, and other policy shifts, various developments could directly affect your finances.
As we reach the halfway mark of the year, it's a prime opportunity to assess your financial planning goals and review your investment portfolio. This mid-year check-in is essential for ensuring that you stay on track to meet your financial objectives.
Financial literacy is essential for everyone but can be crucial for wealthy individuals who may have more wealth to lose than others. Navigating the complex financial landscape is no small task, and having the foundation of financial literacy can help.
Strengthening Your Wealth Strategy: Key Approaches for 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 and wealth preservation paths can prove complex.
Today, there are an estimated 14.5 million women-owned businesses in the U.S. This represents approximately 45% of all businesses. A study conducted by Fidelity Investments showed that women are often less prepared for retirement than their male counterparts.
Once you are in your 60s, you are likely to focus less on growing your retirement funds than answering, "When do I retire?" And once you crack open your nest egg, how should you allocate its contents? The answer often lies in a substantial shift in your investment strategy. Here are some ideas for investing in your 60s and beyond.
Do you believe you have to be a financial genius to manage your finances? Financial knowledge may seem like a lot to handle, and you don’t need us to tell you that. But we are here to tell you that financial wellness is much more about simple steps than advanced financial strategies. In fact, when it comes down to it, three steps may take you a long way, which are budgeting, saving, and using credit wisely.
Divorce can significantly change life and has considerable implications on taxes. Tax filing after divorce requires understanding new filing statuses, exemptions, child deductions, alimony, and property settlements, among other things. Here are the steps to help navigate filing taxes the first year after divorce.
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 taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS.
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 “shirtsleeves to shirtsleeves in three generations.” There is an oft-quoted statistic that 70% of wealthy families lose their wealth by the second generation and 90% lose it by the third. At the end of the day, transparency and communication is key when face-to-face with this transfer of responsibility.
