Take a look at the changes that could affect your return. Avoid those unwanted surprises at tax time.Posts by Amanda McFarlane
What Is a Recession?
Volatile stock markets, rising interest rates, and the highest inflation rates in 40 years bring one nagging question to the front of Americans’ minds: Are we in a recession? What Is a Recession? Definitions abound, so let’s discuss what a recession is—simply put, a recession is when the economy starts shrinking and ends when an…
Read MoreThe True Cost of Homeownership
To many, owning a home is the pinnacle of adulthood, responsibility, and success. When you think about purchasing a home, you may tend to only think about it in terms of your down payment and monthly mortgage payment. But to limit your homeownership budget to these two items would be a recipe for disaster because…
Read MoreWhat Is Financial Planning?
According to the CFP® Board, “Financial planning involves look at a client’s entire financial picture and advising them on how to achieve their short- and long-term financial goals.” If this seems broad, well, it is—financial planning covers a vast range of areas with the goal of providing a comprehensive picture of your current situation and…
Read MoreHow a Mega Backdoor Roth Conversion Works
It’s no secret that Roth individual retirement accounts (IRAs) have several major benefits—after-tax contributions to your IRA account offer tax-free growth and distributions later in life, and there are no required minimum distributions at any age. Plus, you can withdrawals amounts equivalent to your Roth contributions penalty- and tax-free for any reason before age 59½,…
Read MoreWhat’s the Difference Between a Traditional and Roth IRA?
Individual retirement accounts (IRAs) are tax-advantaged long-term savings and investment vehicles intended to help carry you through your retirement years. Some IRAs may be available through your employer, but most are intended for you to set up and contribute to on your own outside of your employer’s benefits. The two most common IRAs are a…
Read MoreThe Value of a Financial Professional
Recent research from Northwestern Mutual in its 2021 Planning and Progress Study found that just 38% of survey respondents were working with a financial advisor, though up from 29% pre-pandemic. With the emergence—and prevalence—of robo-advisors, where investing can be done with the click of a button on an app, the common question is, are financial/investment…
Read MoreHow to Roll Over Your 401(k)
Let’s start with what a 401(k) rollover is. When you transfer a balance from a previous existing 401(k), likely from a company you’re no longer employed by or in the process of leaving, to a new or existing 401(k) with your current (new) employer or into an IRA, this is considered a 401(k) rollover. You…
Read MoreFinancial vs. Investment Advisor: What’s the Difference?
Titles do matter—and in the financial services world, so many titles exist that can and do mean very different things for you, the consumer. The terms financial advisor and investment advisor are often used interchangeably, but there are crucial differences between the two. Throw in financial planner, and it can get a whole lot more…
Read MoreBull vs. Bear Markets: What’s the Difference?
In 2021, the U.S. stock market experienced record years, despite the COVID-19 pandemic persisting. The S&P 500 had more than 70 all-time highs—second only to its performance in 1995—and gained 26.9% by years’ end. Similarly, the Dow Jones Industrial Average and Nasdaq had a great year, gaining 18.7% and 21.4%, respectively. Most economists agree that…
Read More4 Options for Your 401(k) When You Leave a Job
So, you’ve left your job…now what? A white paper from Capitalize, a 401(k) rollover fintech company, found that American employees have “forgotten” about or left behind an estimated 24.3 million 401(k) accounts and $1.35 trillion in assets at old jobs. It’s important to decide what to do with your 401(k) when you leave any job.…
Read More