What is financial shape? What does it mean? Being in good financial shape is a lot like being in good physical shape. It generally means you are routinely doing things to improve your current state. It doesn’t mean you have the biggest savings account balance, largest investment portfolio or are an early investor in Uber. It means you are doing the right things, consistently, so you can meet your personal…
Many people are aware of the benefits of a Roth IRA: you put your after-tax money into it, after 20 or 30 years when you retire, you pull all of the money out tax-free. This can be a big benefit when you consider the effect of compounding returns over time. However, not everyone can contribute to a Roth IRA. The reality is the IRS puts limitations on who can contribute…
Finding ways to save money is not an easy exercise. There are ways to make it less painful, such as setting up automatic savings plans. However, if you haven’t done a long-term plan to determine what you are saving for and how much you need to save, then the commitment to maintaining a savings plan is greatly diminished.
We often get questions about the various ways to save and pay for college expenses. Many people are aware of the benefits and availability of 529 plans (either pre-paid tuition plans or college savings plans). However, did you know you can also use Roth IRA funds for educational expenses?? In fact, for purposes of Qualified Higher Education Expenses (QHEE), you can withdraw funds from a Roth IRA prior to the…
Have you ever thought about making a charitable donation but want to give to several different charities? Navigating the paper work for each individual charity and its restrictions on what can be donated can prove to be no small task. What if you could donate to a single fund and then have it gifted out to all of the charities you choose in a streamlined fashion at the time and…
Ever met anyone over the age of 100? Do you plan to live past 100? Most of my life I would have answered no to both of these questions, but more and more as I meet or hear of people living to a ripe old age, I figure what the heck- I guess I will shoot for 101. So, what next? I better plan for my money to last. This…
What follows is an update from Laura Hoexter and Xan Gerson of Helsell Fetterman regarding the American Taxpayer Relief Act of 2012, signed into law on January 2nd, 2013. Helsell Fetterman is a local law firm located in Seattle, WA, whose Estate Planning and Probate group is headed by Laura. Her group maintains expertise in many areas, including estate planning, trust administration, generation skipping transfers, and family business succession planning….
It is around this time of year, starting in October, I sit with my clients to review their long-term financial plans. Planning is tedious, often frustrating, but one of the most important elements to a person’s long-term financial security. Financial security is different for everyone, some want to only plan for retirement, some want to have funds set aside for emergency or a rainy day fund. Others would like to…
Facebook’s IPO reminds everyone of what is possible when it comes to having an idea, taking it to market and being rewarded for the risk of seeing it through. While the IPO hoopla that dominated today’s headlines was welcome relief from the news regarding Greece and Europe, it does little to help long-term investors during these volatile times. To be sure, since the end of the “credit crisis”, volatility in…
