Whether we’re ready our not, tax season is upon us! You’ve likely been getting all kinds of documents you might need to file your 2023 tax return. If you use tax-filing software or even work with a tax professional, a tax-prep checklist can help you stay organized and save time as you get ready to file. Get a copy of your 2023 tax return checklist below: What Documents Do I Need for My 2023 Tax Return? Get your Cove Checklist: What Documents Do I Need for My 2023 Tax Return? Get Your Checklist For all the nerdy details, below is a summary of the most common tax documents and informati ..read more

  Tax brackets and contribution limits to certain accounts changed for 2024 which could impact your financial plan and tax situation. Click Here to get your 2024 Tax Guide A few notable highlights include: 401(k) and 403(b) contribution limits increased: $23,000 personal contribution (up from $22,500 in 2023) $7,500 age 50+ catch-up contribution remains the same $3,000 additional 403(b) catch-up contribution after 15+ years of service Traditional and Roth IRA contribution limits increased: $7,000 contribution (up from $6,500 in 2023) $1,000 age 50+ catch-up contribution ..read more

  You’ve climbed to the top of the retirement mountain by saving over many years. You’re looking out at the beautiful view and the opportunities that await during your free time after retiring. How do you start climbing down this retirement mountain? Do you have the supplies, food and gear (money) to safely make the descent (live off your assets)? A Fee-Only Financial Planner can Support you with Your Retirement Plan Planning for retirement is challenging, and the cost of getting things wrong is quite high. Important retirement topics like taxes, investments, cash flow, estate planning a ..read more

  How much money do people in retirement actually spend each year? Or better asked, how much do they withdraw from their investments to recreate their paychecks after they stop working? The answer to this question can help pre-retirees think about how much they actually need to save to prepare for their own retirement. You might need to save less for retirement than you think. A lot of people I speak with who are thinking about retiring soon don’t know if they’ve saved enough. Specifically, they are unsure about how much money they will need to live off of and whether or not their invest ..read more

  I have spoken with many folks who are ultimately concerned about outliving their money in retirement. Many investors are afraid of needing to return to work later in life because they either haven’t saved enough or may become accustomed to spending beyond their means. Most folks will have a very successful retirement by covering their living expenses through guaranteed income sources like Social Security and pension plans in addition to making reasonable, sustainable withdrawals from their retirement accounts, including 401(k)s and IRAs, for example. Some investors fear they may not ha ..read more

  On June 30, the Supreme Court struck down Biden’s initial plan for student-debt forgiveness. The administration’s original plan would have eliminated up to $10,000 in student debt ($20,000 for Pell Grant recipients) among eligible borrowers. While the Biden administration is working on a workaround plan, I think it’s wise to assume that student debt will not be forgiven in the near future. What happens now? Borrowers are scheduled to resume student-debt payments in October. Interest will begin accruing in September. There will be a 12-month “on-ramp” following the payment resumption du ..read more

  Last week, Congress raised the debt ceiling…for the 79th time since 1960. As part of the agreed upon deal among both sides of the aisle, the pause in student-loan payments is coming to an end. Beginning August 30, borrowers must begin making payments towards their federal student loans after over three years of forbearance following the pandemic onset. Some borrowers are holding out hope for the debt relief program, a plan by the Biden administration to eliminate $10,000 in federal student-loan debt ($20,000 if you received Pell Grants) for qualified buyers. The Supreme Court is expect ..read more

  The interest rate offered on Series I Savings Bonds dropped to 4.30% from 6.89% as inflation settles down. The new interest rate will be offered through October 2023, before the next, six-month rate adjustment. Inflation has fallen in recent months, and many were expecting the rate on Series I Bonds to actually drop below 3% in May. The interest rate offered on these bonds is tied to inflation. As the Consumer Price Index (CPI) has declined, so to has the interest rate offered on I Bonds. Should you sell your Series I Bonds? As interest rates have climbed, the rates offered on high-yie ..read more

  Are you still earning 0.23% in your checking and savings accounts? You might be missing out on a few percentage points of interest each year. High-Yield Savings Accounts offer around 4% annual percentage yield (APY) each year, while Money-Market Funds are paying just over 4% in interest. Consider ditching your checking and savings accounts for a higher-interest account to keep better pace with inflation with your cash reserve. Interest-Rate Changes One silver lining of the Federal Reserve raising interest rates recently involves higher interest rates being offered by banks and money-ma ..read more

  Tax season is in full swing! You’ve probably been receiving all kinds of documents you might need to file your 2022 tax return. Whether you use tax-filing software or work with a CPA, a tax prep checklist can help you stay organized and save time as you get ready to file. Below is a summary of the most common tax documents and information you’ll need. What do I Need to File? Your personal information Your personal info tells the IRS and state who is filing the return and where to contact you and send your tax refund (if eligible). Remember, you will also need this information for your ..read more