FINANCIAL WEALTH TIPS
Wondering How You Can Implement These Tips in Your Financial Plan? Speak to a Financial Planner Today.
INSIGHTS FROM OUR PROFESSIONALS
A Wealth of Knowledge
What do we mean when we say wealth tips from our team of highly-credentialed professionals? We mean helpful tidbits of information which our team of financial advisors and CERTIFIED FINANCIAL PLANNERS® have gathered based on real-life client experiences and events.
Maximize Retirement Savings with Roth IRAs
Roth IRAs offer valuable benefits for retirement savings. Although contributions aren't tax-deductible, growth and withdrawals in retirement are tax-free, leaving you with more available funds. Roth IRAs also have no required minimum distributions (RMDs), making them useful for estate planning. A Roth conversion early in retirement can also help manage future taxes.
Reduce Capital Gains Tax on Appreciated Assets
If your investments have appreciated, selling them may trigger capital gains taxes, especially for higher earners. To manage this, consider gifting appreciated assets to family in lower tax brackets or donating them to charity. Strategies like tax-loss harvesting can also help offset these gains.
Watch: Divorce & Social Security Benefits Tip
Watch: Should You Have a Roth IRA?
Financial Planning for Your Growing Family
Starting a family is an important milestone, and thoughtful financial planning can help you prepare. Consider life insurance, estate planning, and saving for education. A 529 plan is a popular way to save for college, with recent changes allowing funds to transfer to a Roth IRA later. Planning ahead can offer peace of mind for years to come.
Time Your Social Security for Maximum Benefits
Strategic Social Security timing impacts your monthly payments, with delayed claiming past full retirement age adding up to 32% to your base amount. Each year of delay between full retirement age and 70 increases your monthly benefit by 8%. Your health status, existing savings, and income needs can shape this key retirement choice.
Strategic Giving Through Donor-Advised Funds
A donor-advised fund lets you contribute now for immediate tax benefits while choosing charities to support over time. Your donations can grow tax-free in the account, and the fund handles all administrative work. This approach streamlines giving while maximizing tax advantages.
Balancing Family Care Across Generations
Supporting both aging parents and children requires careful financial planning to protect all generations' needs. Create dedicated funds for caregiving needs while maintaining your own retirement savings. Clear financial boundaries and exploring long-term care options early can help protect your family's financial health.
Watch: Financial Tips When Starting a Family
Time Your Social Security for Maximum Benefits
Strategic Social Security timing impacts your monthly payments, with delayed claiming past full retirement age adding up to 32% to your base amount. Each year of delay between full retirement age and 70 increases your monthly benefit by 8%. Your health status, existing savings, and income needs can shape this key retirement choice.
Strategic Giving Through Donor-Advised Funds
A donor-advised fund lets you contribute now for immediate tax benefits while choosing charities to support over time. Your donations can grow tax-free in the account, and the fund handles all administrative work. This approach streamlines giving while maximizing tax advantages.
Balancing Family Care Across Generations
As a member of the sandwich generation, balancing support for both aging parents and children requires strategic planning for all three generations. Create dedicated funds for caregiving needs while maintaining your own retirement savings. Clear financial boundaries and exploring long-term care options early can help protect your family's financial health.
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