FINANCIAL WEALTH TIPS
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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.
Navigate Medicare Enrollment Without the Costly Mistakes
Turning 65 brings Medicare decisions that impact your retirement budget. Missing deadlines triggers penalty fees that last for years. Enroll during your seven-month window—three months before and after your 65th birthday. Compare Medicare Advantage, prescription drug coverage, and Medigap options. Still working with employer coverage? You may delay enrollment without penalties.
Build Your Financial Safety Net Before You Need It
Life throws curveballs, but an emergency fund keeps your finances stable. Without this cushion, unexpected medical bills or job loss can derail your savings goals and push you into debt. Save 3-6 months of expenses in a separate, high-yield savings account. Self-employed or nearing retirement? Consider 6-12 months instead. This accessible safety net prevents rushed financial decisions and brings lasting peace of mind.
Watch: Divorce & Social Security Benefits Tip
Watch: Should You Have a Roth IRA?
Understanding the Fiduciary Difference
Managing your finances through life's changes can feel overwhelming. A fiduciary advisor is legally required to act in your best interests—a higher standard than many financial professionals. This relationship focuses on investment management, tax planning, estate strategies, and risk management aligned with your specific goals. The fiduciary standard creates a foundation for trusted financial guidance.
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
Watch: Our Investment Management Tips
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.
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.
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MEDICARE CHECKLIST
Download Our Free Medicare Checklist
Medicare decisions overwhelm even careful planners. Missing crucial deadlines can trigger lasting penalties and gaps in coverage. Download our free Medicare Planning Checklist to navigate enrollment with confidence.
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