Is It Smarter to Buy or Rent a Second Home?
Many of our clients have come to us over the years with the same question — should I buy a vacation home or just continue to rent? As financial professionals, our answer is, “It depends.” Potential Advantages of Buying Possible real estate appreciation No rental costs when you vacation there Potential rental income when you’re away Convenience and familiarity Could become your retirement home Potential Disadvantages of Buying Higher upfront and ongoing costs More complex financing requirements Property management responsibilities Ties you to one vacation destination Potential added stress of ownership We caution our clients to consider the pros […]
Spring Into Financial Wellness: Actionable Steps for Financial Literacy Month
April is Financial Literacy Month — a perfect opportunity to reflect on your financial habits and take meaningful steps toward improving your financial well-being. Financial literacy is a lifelong journey of adapting, learning, and growing. Lessons from Tax Season Reflect on your tax return, address gaps in record keeping, and consider how to put any tax refund to good use — building your emergency fund, paying down high-interest debt, or investing for the future. Spring Clean Your Financial House Move your financial life online where possible, use a password manager to secure your accounts, and organize your financial documents […]
10 Things You Can Do Now to Help Simplify Your Estate for Your Heirs
One of the greatest gifts you can give your loved ones is a thoughtful estate strategy. Here are 10 steps to consider. Create a centralized location for documents — including account numbers, passwords, and professional contacts. Update beneficiary designations — a designation overrides your will. Consolidate and properly title accounts — reduces confusion for heirs. Consider a Transfer on Death (TOD) strategy — allows assets to pass without probate. Review and update your will and legal documents — especially after major life changes. Organize digital assets — create a secure record of online accounts and instructions. Communicate your wishes […]
The Evolving Role of Women in Family Finances
March is Women’s History Month. According to a recent survey, 49% of women consider themselves to be the chief financial officer of their households, up from 41% in 2021. Until 1974, a married woman often needed her husband’s permission to open a bank account, apply for a credit card, or sign up for a mortgage. Times have changed — but in today’s economic environment, only 64% of women say they feel financially secure, down from 72% in 2021. The Current Landscape By 2030, women are expected to oversee $34 trillion in the United States, about 38% of all investable […]
Federal Employees Need All Our Love Today!
This has always been a (really) ridiculous “holiday” to me but today seems extra cruel as thousands of federal employees continue to lose their jobs. Just wanted our friends in federal service to know our hearts are with you. We appreciate you. If you’re not a federal employee, you know several — your mail lady, the staff caring for your father at the VA hospital, the person on the other end of the phone helping you with your Social Security or Medicare. Their worlds are in limbo right now. Reach out and let them know how much you appreciate […]
Don’t Leave Money Behind: Finding Your Missing 401(k)s
As of May 2023, there were over 29 million “left-behind or forgotten” 401(k) accounts in the U.S., holding nearly $1.65 trillion in assets. No one wants to leave hard-earned money on the table. How to Find a Lost 401(k) Contact former employers — reach out to HR or benefits departments. Consult the plan administrator — if the employer is no longer in business. Review old financial documents — look for past statements with account numbers. Call the Department of Labor — the EBSA has advisors who help locate retirement accounts. Use online databases — the National Registry of Unclaimed […]
Tax Season Brings a New Wave of Identity Theft Risks
Tax season brings a new wave of identity theft risks. The FTC reported that individuals lost over $10 billion to fraud in 2023 — a 14% increase — with over 2.6 million consumers falling victim. File Early to Protect Yourself The IRS encourages taxpayers to file as early as possible to prevent fraudsters from filing a false return in your name. Common Tactics Used by Fraudsters False Promises of Refunds — Unsolicited calls or messages claiming you qualify for a refund. Aggressive Threats — Threats of arrest, deportation, or legal consequences. Suspicious Links — Emails with links to fraudulent […]
USPS Early Out Announced!
On Jan. 13, 2025, the United States Postal Service and the American Postal Workers Union mutually agreed to a one-time Retirement Incentive, including an “early out” option for eligible employees. The Postal Service will make lump sum incentive payments totaling $15,000 (less applicable taxes and deductions) to eligible full-time career employees who choose optional retirement or retire pursuant to a Voluntary Early Retirement (VER). Part-time employees will be eligible for a prorated amount. Give us a call to schedule a review to determine if you’re eligible or if this option makes sense for you and your family!
Innovative New Year’s Resolutions: Financial and Personal Growth Strategies for 2025
A recent Pew survey found that about a third of Americans kicked off 2025 with at least one resolution — and only 13% have completely given up a month in. Here are some innovative approaches to make your resolutions stick. The “12 Mini-Resolutions” Approach Instead of one overwhelming annual goal, set small goals for each month. For example: January — review your retirement contribution strategy. February — update your beneficiary designations. This breaks down big objectives into manageable monthly tasks. Habit Stacking for Financial Success Habit stacking links new habits to existing ones. A financial habit stack might look […]
10 Facts You May Not Know About Social Security
Social Security is often misunderstood, but it plays a crucial role in most clients’ overall financial strategy. It’s more than retirement — Social Security also covers disability and death benefits, protecting roughly 96% of workers aged 20-49. Delayed claiming increases benefits — Each year past full retirement age (FRA) that you delay adds 8% to your benefit, up to age 70. Benefits are adjusted for inflation — The annual Cost-of-Living Adjustment (COLA) was 2.5% for 2025. Benefits may be taxable — Up to 85% of your benefit may be subject to federal income tax depending on your income. Spousal […]