The mortgage industry has been on a roller coaster ride over the last couple of years. Interest rates for fixed-rate mortgage loans were at historical lows during the beginning of the pandemic in 2020, rising to a 20-year high in late 2022 — and fluctuating ever since.1 Many buyers are finding it difficult [...]
Tax-advantaged retirement accounts such as 401(k) plans and IRAs are intended to promote long-term retirement savings and thus offer preferential tax treatment in return for a commitment to keep savings in the account until at least age 59½. Withdrawals before that age may be subject to a 10% federal income tax penalty on [...]
It's heartbreaking to hear stories of people losing money (even their life savings) as a result of fraud or financial exploitation, especially if they are older and financially vulnerable. In fact, it's quite common. People age 70 and older reported losses of $567 million in 2022.1 You know your parents could be at [...]
To say the economy has been uneven over the past few years is an understatement. Amid these bumpy economic times, why buy life insurance? Here are a few reasons. Protection for Loved Ones Savings that were intended to provide support for you and your family may have taken [...]
Have you thought about how your business would be impacted by the death or disability of you (the owner) or another key employee? It's important that you create a plan to protect your business from such a loss. Explore Life Insurance Strategies Have you calculated the financial impact to your business upon [...]
Retirees face several unique challenges when managing their income, particularly when it comes to taxes. From understanding how taxes relate to Social Security and Medicare to determining when to tap taxable and tax-advantaged accounts, individuals must juggle a complicated mix of factors. Social Security and Medicare People are sometimes surprised to learn [...]
Municipal bonds are issued by public entities such as state and local governments, health systems, universities, and school districts to help finance the building and maintenance of infrastructure projects such as roads, airports, water systems, and facilities. Despite the higher borrowing costs that resulted from the Federal Reserve's inflation-fighting interest-rate hikes, municipalities issued $308 [...]
Tax filing season is here again. If you haven't done so already, you'll want to start pulling things together — that includes getting your hands on a copy of your 2021 tax return and gathering W-2s, 1099s, and deduction records. You'll need these records whether you're preparing your own return or paying someone else [...]
The bulk of Social Security benefits go to retirees, but Social Security is much more than a retirement program. Most Americans are protected by the Old-Age, Survivors, and Disability Insurance (OASDI)program — the official name of Social Security —throughout their lives. At the Beginning of Your Career Your first [...]
The IRS warns that although scams are especially prevalent during tax season, they also take place throughout the year.1 As a result, it's important to always be on the lookout for suspicious activity so that you don't end up becoming the victim of a scam. One of the more common IRS scams involves phishing [...]
