When planning your retirement, it’s not uncommon to get so bogged down in the minutiae of the numbers and assumptions that it is easy to forget you have certain forces at work for you. Albert Einstein called compound interest “the most powerful force in the universe.” While compounding interest is not nearly as difficult to understand as quantum physics, its magic has far greater application to your everyday life and is the key to your financial future.   The Magic Behind Compounding We are all told early on that making regular contributions to your retirement plan is essential for a s ..read more

Many of your have heard of the popular 529 savings plans that custodians can set up to fund their child or grandchild’s college education. Earlier this year, you likely also heard about the SECURE 2.0 Act which brought down some of the biggest changes to retirement and savings plans in recent years. But what does college planning have to do with retirement planning and how could the new legislation make 529s even more attractive than they were before?   Understanding the SECURE Act 2.0 and 529s   For those unfamiliar with the jargon, let’s get the basics out of the way. The SECURE ..read more

The best any expert can say about the stock market right now is that future returns will be uncertain, and volatility may be the new normal. Although there are slivers of light shining on some parts of the economy, many storm clouds darken the near to intermediate-term outlook on the stock market.   Make no mistake; this is not a gloom and doom stock forecast. Quite the contrary, investors should maintain a cautious optimism and remain invested in the stock market, albeit fully hedged against uncertainty and volatility.   One of the best strategies for accomplishing this is investi ..read more

Vacation travel is on the rise, but so are travel costs. Increasing demand is driving up gas prices, hotel, and airline costs, making planning the perfect vacation challenging for most people. However, with some thoughtful planning using these cost-saving tips, you can stretch your travel bucks a lot further on a memorable vacation.   Set a Strict Budget   Don’t start booking travel until you determine how much you can afford to spend on your vacation. Allocate specific amounts for accommodations, transportation, food, activities, and souvenirs. It helps to get a baseline understa ..read more

For many Americans, taxes are an essential consideration in their financial planning. As they should be! Because the tax code changes frequently, it’s critical to pay close attention to how they could impact your bottom line. ­­­­­­­­­   Although Congress hasn’t passed any new tax legislation in the last few years, tax law changes could still affect many taxpayers. For example, the passage of the Inflation Reduction Act and the SECURE 2.0 Act in 2022 introduced a number of new tax provisions—some of which we are just now seeing come into play.   For starters, under the current ..read more

“Am I on track to meeting my retirement goal?” That’s a burning question for many Americans, especially those whose retirement date is coming into view. For those nearing age 55, considered to be the start of the final glide path to retirement, it’s a critical milestone that could determine what, if any, steps need to be taken to get or stay on track to achieving their retirement goal.    Financial planners often suggest that by age 55, you should have saved a substantial portion of your nest egg to ensure a comfortable retirement. However, in practice, there is no one-size-fits-al ..read more

For most businesses, one of the overarching objectives is to increase profits, which can lead to business growth—and more profits. That invariably requires strategies to increase revenues, lower costs, or both. For many businesses, growth strategies tend to focus on adding more customers to generate new sales. However, if profitability is the core objective, that may not be the best strategy. Let’s dive into some ways you can increase revenue in your business without necessarily bringing in new business.   Retaining and Pleasing Existing Customers Far More Profitable than Acquiring New ..read more

As of 2022, there were $8.4 trillion in sustainable investing assets. Investors from all walks of life leverage sustainable investments as part of their wealth management plan. If you’re someone whose life decisions are often driven by how your choices impact the environment, your community, and society as a whole, it’s time to look into ESG investments. Environmental, social, and governance (ESG) investments consider how the companies you invest in help safeguard the environment and community—helping you earn money and build a more ethical portfolio. Plus, a company’s commitment to environm ..read more

Back in the day, $1 million dollars used to sound like enough to retire on. In fact, over time, this number became a popularized ideal in mainstream culture as the target number to hit.  While targeting $1 million to retire comfortably might sound like enough for some folks who have a healthy social security benefit or pension plan, chances are you’ll need more than $1 million to maintain or enhance your lifestyle. Many factors determine just how far that $1 million could get you in retirement, so let’s break it down.   Where You Live  The cost of living in each state has a ..read more

Many of your have heard of the popular 529 savings plans that custodians can set up to fund their child or grandchild’s college education. Earlier this year, you likely also heard about the SECURE 2.0 Act which brought down some of the biggest changes to retirement and savings plans in recent years. But what does college planning have to do with retirement planning and how could the new legislation make 529s even more attractive than they were before?   Breaking Down the Benefits of SECURE 2.0 to 529s   But what does the SECURE Act 2.0 have to do with these 529s, you ask? Well, it ..read more