Most of the lessons we have learned as Advisors is how we turn communication into actionable and successful plans to reach your goals. How we utilize resources for your benefit and the process that takes place, provides us with insight on how to best serve you, our clients. Financial Advising is both an Art and a Science.
Fed Chair Powell gave some interesting remarks at yesterdays (3/16/21) meeting. Taking a deep dive into his comments we can glean some pretty important thoughts on monetary policy and the market conditions looking forward.
Eligibility for the $1,400 (per person) stimulus check will be based on your reported income from either your 2019 or 2020 (if filed) tax return. Individuals will be eligible if they have an AGI of $75,000 or less and Married couples with an AGI of $150,000 or less. The income cap is $80,000 and $160,000 respectively. Many people have already received their stimulus payment or will within the coming weeks. You may still use the “Get my payment” tool on IRS.gov to find out specific details regarding your payment.
Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement
By Wade D. Pfau, Ph.D., CFA
Reverse Mortgages are a financing tool that have largely been ignored by retirement and financial planning professionals because of the negative connotation from years past. Dr. Pfau was interested in exploring this untapped resource and how it may fit into a retirement plan in a beneficial way and aren’t inherently a bad idea. The countless hours he spent researching reverse mortgages is apparent.
If you have reached age 70½ and are evaluating charitable giving options, you may consider making a charitable donation directly from your IRA.
Contributions made directly from your IRA to a charity reduce the taxable portion of your IRA distributions and count toward your annual required minimum distribution (RMD).
Under the CARES Act, individuals were eligible to take $100,000 of coronavirus-related distributions from retirement plans. In addition to the distributions being free of penalty there are also accommodations with the IRS for claiming the income as well as repayment of the distributions.
Talking about money with your children does not have to be complicated. The best way to accomplish this is to use day-to-day activities and turn them into learning opportunities.
Younger children often do not understand money and its’ value. This is most apparent when you are giving your child coins. For example, if you give your child the choice between a penny, a dime and a nickel they will almost certainly choose the nickel simply because of the larger size. It is highly important to teach your child value at a young age.
Any conversation about planning for incapacitation or death is uncomfortable for many people, especially if you are having the discussion with your parents. It is important to remember however, that this discussion while uncomfortable will spare you additional stress and pain when you and your family are going through a crisis.
It’s Graduation time!
We all recognize the difficult and unprecedented time that we are in and how that is affecting all our graduates. Whether your loved one is graduating high school or college or finishing up their master’s degree, they are somehow being shortchanged in this rite of passage. We see huge window displays and yard signs and drive by parade’s hoping to honor the work and accomplishments our graduates have achieved.
Starting a family is not a life event that should be taken lightly, especially financially. The price tag for a baby born in 2015 is about $233,000+ from birth to age 17. That is NOT including college! So the questions becomes, how can you manage those costs and still prepare for your own future. Here are a few ideas to help manage your money as you raise your family.
