2018 is coming to a close. While it is certainly a lot of fun to think about holiday parties, gifts, and time with family, it is also very important to remember to get your finances in shape for 2019 and beyond. Use this handy end of year checklist to prepare a financially successful 2019. Review your retirement plan contributions. If you’re able and haven’t maxed out your 401(k), now is the time to make an additional contribution. If you’ve maxed out your 401(k) and qualify for a Roth IRA, now is the time to start or max out that account. Contribution limits for a 401(k) in 2018 are $18,500 ..read more

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is an economic relief bill that is pumping $2.2 trillion into the economy to counter act the affects the pandemic has had on our economy. The intent is to help individuals and businesses who have economic hardships due to the virus. There are three main ways the CARES act could give you and your family economic relief. You May Receive a Stimulus Check Approximately $300 billion will be distributed to citizens through checks of up to $1,200. How much you will receive depends on your Adjusted Gross Income (AGI) from 2019. If you did ..read more

This crisis has hit everyone hard. Fortunately, we live in an advanced society where we can connect online to continue working and studying, and even keep up a social life. While things are far from ideal, we will get through it. Here are five tips for getting through this hard time with your sanity intact. 1. Turn Panic into Purpose Fear tends to paralyze us and improves nothing.  In fact, it leads to making bad decisions at the time we need to be making good decisions for ourselves, our loved ones, and those who live around us.  Purpose leads to action, action leads to results and ..read more

What is the SECURE Act? The SECURE Act was put into action on January 1st, 2020. SECURE stands for ‘Setting Every Community Up for Retirement Enhancement’. One of the main goals of this act is to encourage more employers to set up retirement plans and encourage more employees to participate, so that Americans are more prepared for their retirement. Let’s break it down into the important changes: Benefits for long-term part-time workers Because of requirements for how many hours an employee must work in a year, most part-time workers were not able to participate in their employer’s retirement ..read more

Your 401(k) is probably a big chunk of your retirement savings, so it’s important to weigh all your options and pick the one that makes sense. For the most part, your first option is to rollover your 401(k) savings into an IRA; this gives you maximum control of your money while offering more investments choices than you would typically find within a qualified retirement plan. One of the main differences between an IRA and a 401(k) is that with a 401(k), the employer chooses the investment options and establishes the rules, which typically vary from plan to plan. With an IRA, you’re in charge ..read more

According to a recent study, nearly 60% of Americans feel they have not done enough financial planning and 34% have done nothing at all. I have been in the financial planning profession for 30 years, and I am not surprised. It seems to me that very few people have done a thorough job planning for their financial future. Even if you are the exception, and have done extensive financial planning, changing life situations can play havoc on your plan. What happens if a job changes, or a loved one passes away, or if you are diagnosed with Parkinson disease? How can this impact your long-term plans ..read more

Whether you’re looking forward to your last day of work or absolutely love what you do and aren’t in any hurry to retire, your 60s is a critical time to be thinking about retirement and financial freedom in concrete terms. Hopefully, you’ve been saving for retirement for many years. If not, you can certainly begin building your retirement savings, but it is very likely you will have to adjust your retirement date and your expectations for your future lifestyle. Either way, your 60s are a time to focus on your retirement game plan. Take a detailed inventory of your anticipated retirement situa ..read more

According to the Transamerica Center for Retirement Studies, only 1 in 10 people in their 40s are “very” confident that they will be able to fully retire with a comfortable lifestyle. Although this statistic may seem sobering, it is important to remember that investors in their 40s are approximately halfway between their high school graduation date and their retirement date. Think back to your high school graduation. Does it seem like a long time ago? Remember, you have that much time ahead of you before retirement. There is no reason to lose hope. A comfortable retirement is possible. By focu ..read more

Most financial advisors are good people with good intentions. However, financial advisors are human and are subject to biases and influences just like any other person. Understanding how your financial advisor is compensated can help you evaluate the objectivity of his or her advice. We believe the best way to avoid biases and ensure our advice is always in our clients’ best interest is to service our clients using a fee-only advising model. We were one of the first fee-only financial planners in Milwaukee and have been members of the National Association of Personal Financial Advisors (NAPFA ..read more

And How You Can Avoid Them Can you pay less tax? As you file your tax return for 2022, the last thing you want to think about is next year’s tax return. However, it's never too early to start tax planning. Even if you have a handle on your finances, there’s a good chance you don’t know about all your options to make sure you are making the wisest decisions regarding your tax planning. We’re here to answer your tax planning questions. At Financial Strategies Inc. (FSI), we want to help you pay taxes strategically– so you are paying less, saving more, investing wisely, and giving to charities in ..read more