A Financial Plan is a look at your current financial health and a map to help you reach your goals. It looks at income, expenses, assets, and debt. If you keep all four of these in balance, you should have enough money to invest in a way that matches your risk tolerance. A well-designed plan puts you on track to reach your goals.
Health Savings Accounts (HSA’s) are not a new thing, but many people still are not that familiar with how they work. Flex Spending Accounts (FSA’s) are still around and there is still confusion between the two because they do have similarities. One of the biggest differences between the two types of accounts is that the HSA does not have to be used by a specific time. (With FSA’s you have specific time to use the money for medical expenses or you lose it).
As you may know, the Secure Act put an end to the Stretch IRA. The stretch IRA is the ability to stretch the IRA distributions over the beneficiaries’ lifetime. Let us look at the new rules to see how this may impact your current situation.
Typically, all retirement accounts have named beneficiaries and do not go through your will. That being said, you do have to name the beneficiaries. If you do not have named beneficiaries, then most likely, the account will pass by your will. If you do not have a will—then the state you live in dictates what happens.
There are pros and cons to leaving your 401k plan with your previous employer that should be evaluated before any moves are made. This is not an exhaustive list, just some main points to get you thinking about things that are involved.
There has been a lot of talk in the media recently about ROTH IRA’s, Backdoor ROTH IRA’s, and Mega Backdoor ROTH IRA’s? The biggest reason for this is because we are in such a low tax environment. Do we know what the tax landscape will look like when we need the money? No, but we do know that now we are dealing with low rates, and we can choose to pay these low rates and deal with what we do know.
You’ve probably heard of fee-only financial advisors. But what does this mean? When you invest with a fee only advisor, you can be confident that your best interests are their priority because there’s no incentive to push products or services just to make money.
With so many devices connecting to your home wifi and all the “smart” devices that are coming out, you’re more exposed than ever. This post will teach you how to keep your home network secure.
This digital world has brought us all kinds of conveniences to our lives. Like all things, it does come with some obstacles such as cybersecurity. I was at a conference a few years ago and attended a Cybersecurity session because I saw that they were discussing the dark web and I was quite curious. In this session, I found out that in other countries hackers go to a place of work and have normal 9-5 jobs where they go there to hack and do illegal things. This blew my mind. So, the next time you get a spam call, just think that they are probably sitting at their day job!