Have You Ever Heard of a Legacy Contact? Jessica Hultberg, CFP®Apr 30, 2024 | 9 min read Did you know the only way to access a deceased person’s iPhone (legally) is through a court order or other legal documentation? Both of these options sound time-consuming and stressful, but is there another option? Yes! One option is to assign a Legacy Contact to your mobile phone. This feature allows you to specify who can access your information after you pass away. This can include access to messages, notes, photos, files, apps you have downloaded, and more. If you are assigned as the Legac ..read more

Reminder: The Stock Market Goes Down Sometimes Mark BeaverApr 19, 2024 | 8 min read If you ask almost any longtime investor if the stock market can be volatile, they would say, “Yes.” They may also tell you to “Ignore short-term market fluctuations” and “stay focused on the long term.” Good advice. But that is the logical part of their brains talking. Unfortunately, we don’t always act using the logical parts of our brains. This can be true when markets get rough, like in 2022, 2020 or 2008. Our emotions tell us to sell, often at the wrong time. This can also be true when markets ..read more

What is the Bank Paying YOU? Andy Keeler, CFP®Feb 23, 2024 | 9 min read What is the bank paying you on your savings? Most people realize that it’s usually not a lot. But there is some comfort in having a stash at the brick-and-mortar bank up the street. As you know, the Federal Reserve aggressively raised interest rates starting in 2022. Most folks don’t necessarily think any more about it. But this affects you more than you might think. It may also depend on how your brain works. My brain often thinks in terms of percentage points, but it responds to dollars. Let me give you an e ..read more

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The Home Downsizing Dilemma Andy Keeler, CFP®Nov 6, 2023 | 6 min read The topic of selling the home that you raised a family in is inevitably one that comes up at your monthly euchre party. There are many different aspects to consider when evaluating the possibility of selling your home and purchasing something more conducive to your current lifestyle needs. In today’s climate of high—and rising—housing costs, many find it difficult to reconcile spending more for less space. It’s important to understand why this is the case, and also try to understand what the future holds for ..read more

Recent updates to Inherited IRA Required Minimum Distributions Abigail RoseSep 13, 2023 | 3 min read If you inherited an Individual Retirement Account (IRA) from someone other than your spouse within the past few years, you may be wondering what the rules are for Required Minimum Distributions (RMDs). Previously, the old rules allowed those who inherited these accounts to take an RMD based on their life expectancy. Meaning, if you inherited this account in your 50s, you could spread this income (and the tax on this income) over 30-40 years.   When the SECURE Act was pass ..read more

Rolling a 529 into a Roth IRA Jessica Hultberg, CFP®Nov 20, 2023 | 4 min read Saving for your kid’s college can be a daunting task. In recent years, 529 savings plans have become a popular tool for saving for college in a tax-efficient way. One concern, however, is you may not be sure how much to save into a 529 because you don’t want to end up with unused money in those accounts if your child doesn’t use all the funds, gets a scholarship or maybe doesn’t end up going to college at all. A new tax law that was passed in 2022 called the SECURE 2.0 Act provides some new flexibility ..read more

Social Security and Medicare Premium Changes for 2024 Abigail RoseOct 20, 2023 | 3 min read Social Security Benefits Increasing by 3.2% This week, the Social Security Administration announced a 3.2% cost of living adjustment for Social Security benefits1. Although a lower increase than the previous two cost-of-living adjustments, 5.9% in 2022 and 8.7% in 20232, the adjustment is higher than the 20-year average of 2.6%. This increase will go into effect beginning with the January 2024 payment. Using the average monthly Social Security benefit of $1,848, the increase will add an addi ..read more

Is Your Bank Paying You Enough? Mark BeaverOct 11, 2022 | 3 min read In 2021, there was very little conversation about interest rates – other than everyone refinancing their mortgages at all-time lows. Fast forward to today and we have the Fed raising interest rates, mortgage rates hovering between 6 and 7% and interest rates and inflation occupying the majority of headlines. With the significant changes in rates this year, one would think that this would be reflected in the interest rate your bank pays you in your savings account. But, with many of the large national banks, t ..read more

Social Security Up, Medicare Premiums Down Mark BeaverOct 11, 2022 | 3 min read In a year of mostly bad news, there is some good news for retirees – They can expect higher Social Security income and lower Medicare premiums. Social Security set to increase by 8.7% The Social Security Administration recently announced that benefits will see an 8.7% cost-of-living adjustment (COLA) for next year.1 This is significantly more than we’ve seen in recent years and is the largest increase since 1981.2 For someone receiving $2,000 a month in benefits, this will be an increase of $174 pe ..read more