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As a young person, you imagine you have all the time in the world to save for retirement. You live in the present with the future a mere blip out on the horizon. But time has a way of flying by, and you realize that maybe you are not...

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount...

Capital gains taxes is a hot topic for anyone who is involved in investing and even for people who aren’t as it could potentially impact various aspects of day-to-day life, such as the jobs market. Generally, an investor will buy an...

Tax planning might be complex, but it's also essential—especially for wealthy families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. And even in the short term,...

The federal income tax filing deadline isn’t until April. However, the start of tax season is nearly upon us. Here are some tips for navigating the tax filing process to help lessen some of the stress you may feel as Tax Day arrives.·...

Life today is expensive, and contributing to a retirement plan is more beneficial than ever. Often, the IRS raises contribution limits annually, such as the contribution limit for 401(k)s increasing to $23,500 for 2025 from $23,000 in...

Choosing and regularly reviewing your beneficiaries and asset distribution plan is critical for ensuring everything goes according to your wishes. This includes structuring your plan around cost-effective measures such as tax benefits...

Wills and Trusts are both very common tools used in estate planning; however, they each have different functions. Generally, a will helps individuals with simpler estates, with minor children, and a more straightforward approach when...

A lesser-known estate planning strategy involves incorporating insurance into your estate plan. Including insurance in your estate plan is a way to provide your loved ones with a means of support and a way to safeguard assets from...

There are many factors to consider when creating a comprehensive estate plan. Forgetting or leaving out certain assets could potentially create time-consuming delays, financial complications, and family disputes. In some cases, dormant...

Maintaining generational wealth involves intentional financial planning, with parents or grandparents passing their wealth to loved ones after they die. But entrusting family members with receiving an inheritance is more than just...

Wealth transfer is more than just a financial transaction; it's an opportunity for families to pass on their values, wisdom, and a legacy of love. Navigating this process requires careful consideration, open communication, and a shared...

At what age should you start discussing inheritance with your children? Estate planning and inheritance, while complex topics, should be an ongoing discussion with your family. Even in their late teens, twenties, and thirties, children...

Passing down an inheritance can be a life-changing event and navigating the transfer of a significant amount of money and assets can pose certain challenges. Historically, inheritances don’t last. This is so common, it is described as...

Many children will receive an inheritance after their parents pass on. In some cases, this may include significant assets. If you currently are or may become one of those individuals, it is critical to figure out how you plan to manage...

Every year, the holiday season inspires a beautiful wave of generosity. Donations surge. Volunteer sign-ups spike. People go out of their way to support those in need or brighten someone’s day. But what if that spirit of giving didn’t...

In times of economic uncertainty, it’s easy to let financial stress overshadow everything else. And sadly, the holiday season isn't exempt from this. But here’s a little insight you might overlook: Holiday cheer might be a rewarding...

The average family spends an extra $1,000 or more during the holiday season. From gifts and travel to dinners, shows, and decorations, each purchase adds up.1 How might you take full advantage of holiday cheer while avoiding the...

For many small businesses, the holiday season is the busiest and most profitable time of year. That's how “Black Friday” got its name; it often marked the first time businesses' books were finally "in the black" (showing profits) for...

One of the more difficult conversations for family members to have is talking about estate planning. There are several reasons for this, including the reality of our own mortality and that of our loved ones. In some families, it is an...

How compound interest works Compound interest is the interest you earn on interest. You deposit an initial investment at a particular rate of return that could vary each year. A basic example would be if you invested $10,000 at an 8%...

Estate planning is critical for efficiently transferring your money, property, and assets to your beneficiaries after you die. The reason people choose an estate plan is that it avoids probate. One thing to keep in mind about your...

1. Create a living trust The way a living trust can avoid probate is by legally owning the assets that then get distributed to beneficiaries according to the terms of the trust, thereby bypassing the court-supervised probate process....

As the leaves begin to fall and the year winds down, autumn offers more than pumpkin spice and cozy sweaters. It’s also a good time to clean up your finances. Just like spring cleaning helps freshen your home, fall financial cleaning...

Inflation is an unavoidable aspect of the economy that can significantly impact retirees, especially those on a fixed budget. Managing inflation effectively ensures that your purchasing power remains stable and your financial health...

Wealth transfer is more than just a financial transaction; it's an opportunity for families to pass on their values, wisdom, and a legacy of love. Navigating this process requires careful consideration, open communication, and a shared...

Wealth and estate planning are vital for all individuals but are particularly essential for high-net-worth (HNW) individuals in the sandwich generation. "Sandwich generation" refers to individuals caring for their aging parents and...

When was the last time you took steps to optimize your 401k? If it has been a while, you are not alone. Research indicates that only one in three Americans utilize employer-sponsored 401k retirement accounts; even those contributing...

In general Perhaps you are self-employed or own a small business. Or, you may be directly involved in running a corporation or a tax-exempt organization. In any of these cases, you generally have the option of establishing a retirement...

What is planning for business expansion? A growing firm often finds it necessary to expand the level of its operations. To accomplish this, the firm might acquire additional fixed assets, such as property, a plant, and equipment. Often...

If you’re looking for a simple way to grow your savings faster, without taking on much risk, a high-yield savings account (HYSA) is something worth considering. These accounts may earn more interest than typical savings accounts. This...

Understanding the anticipated changes in tax laws and regulations in 2025 will become increasingly crucial. One area that requires attention is the estate tax sunset at the end of 2025. The estate tax, also known as the inheritance,...

529 plans are a tool for those looking to save for college for their children, grandchildren, or any family member. While most people know that they are one of the most popular saving methods for college, many myths surrounding these...

Veterans and those on active-duty face unique financial planning challenges Memorial Day is an important holiday observed in the United States to honor and remember the men and women who have died while serving in the country's armed...

Retirement seems like a long way off, but it arrives faster than you think. The big question is, are you ready? What exactly does retirement entail? Analysts suggest there are four designated phases of retirement that a person often...

Most American workers who earn wage income and pay Social Security taxes via withholding receive Social Security benefits at some point in retirement. While the Social Security Administration has tried to make the process easier to...

Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment. Deciding when to file for your Social Security payments is...

When it comes to planning for retirement, there are a myriad of strategies and options available. One often overlooked method is making after-tax contributions into retirement savings vehicles. This approach to investing after-tax...

Retirement is a chapter of life that, for some, may signal leisure, freedom, and working by choice, not necessity. However, this phase usually requires retirement income from retirement savings withdrawals. Different retirement account...

Market uncertainty occurs when investors find it challenging to analyze current and future market conditions due to market volatility. Various factors, such as inflation, central bank policy changes, interest rate fluctuation, investor...

In March 2024, the National Association of Realtors (NAR) reached a landmark $418 million settlement after losing an antitrust lawsuit filed by a group of home sellers. As many as 50 million people who paid commissions on homes sold in...

There are often red flags you may notice that indicate your parents have reached a point where they need help with their finances. At first, your parents might be resistant to this, believing they can still manage their financial lives...

2025 Key Numbers for Health Savings Accounts 2025 Key Numbers for Health Savings Accounts | OWG, Elkhorn, Wisconsin The IRS recently released the 2025 contribution limits for health savings accounts (HSAs), as well as the 2025 minimum...

Small businesses have new reasons to consider the value of financial planning in working towards their business goals. Many owners are "bandonneurs" (a French word for "jack of all trades") who may successfully wear many hats, but...

One of the most important decisions we make in our lives is how we plan to manage our money. Some people feel confident enough to tackle it themselves. However, investment advisory firm, The Vanguard Group, found that people who take...

If you're a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial "power couple" can help you both achieve your goals sooner. Because money disputes are one of the...

Retirement savings accounts, such as 401(k)s, traditional IRAs, and Roth IRAs, are widely recognized as crucial components of retirement planning. However, the journey to a financially independent retirement continues beyond merely...

HOW MUCH TO SAVE FOR RETIREMENT Tracking your progress toward any goal has never been easier, thanks to the plethora of apps available today. You can monitor your steps, track packages, manage your diet, and even keep tabs on your...

Vacation travelers, get ready for some exciting news! If you're planning a trip abroad, this year might be one of the best times to do so. The U.S. dollar is experiencing a remarkable surge, strengthening against nearly every major...

Strategies for Navigating Market Volatility with Confidence In the unpredictable world of investing, the “fear curve” is an all-too-familiar emotional roller coaster that leads many investors to make decisions that ultimately harm...

There is one thing that we will most likely all do one day: regardless of your status in society, position at work, or whether you are tall or short, you may pass down assets to loved ones. When that day arrives, an estate plan is...

Market turbulence is a challenge, but also an opportunity if faced head-on In times of economic upheaval, the natural reaction for many investors is to react with fear and anxiety. Market volatility can unsettle the most seasoned of...

In today’s world, many nearing retirement are not solely interested in investing for wealth accumulation for their own benefit, but investing in companies that share specific environmental, social, and governance values working to...

Navigating Modern Investment Trends, Embracing Growth Investing & the Power of Early Retirement Planning In the dynamic landscape of today's investment world, Gen Z is making waves by leaning heavily into both traditional and...

Employers can enhance fiduciary governance and protect plan participants Managing a 401(k) plan comes with significant responsibilities and potential liabilities for employers who serve as plan fiduciaries. Fiduciaries are held to high...

Clearing Up Common Misconceptions The primary cause of inflation is an increase in the money supply. It is generally measured in one of two ways: by analyzing the consumer price index (CPI) calculated by the Bureau of Labor Statistics...

Tax benefits, flexible contribution options and potential investment growth For many families, there’s a sense of excitement and anticipation that fills the air as high school seniors prepare to embark on their next journey: college....

Tax planning is a crucial component of personal finance and a vital component of your overall financial planning. Failing to consider tax planning could result in missed opportunities for tax savings and other tax opportunities. When...

A college education can set you up for a lifetime – though it can come with a hefty price tag: Some unfortunate students have gotten both a mountain of debt and an education that falls far short of their expectations. Across the nation...

Fostering trust, accountability and financial confidence for plan participants In the realm of retirement planning, mutual funds stand as fundamental investment vehicles within 401(k) plans, offering participants access to diversified...

Whether you want to learn to trade like a Jedi or gain the wisdom of Master Yoda, countless investing lessons may be gleaned from the Star Wars universe. In honor of May the 4th, also known as Star Wars Day, 1 celebrate with these four...

Dealing with a Shortfall When you determine your retirement income needs, you make your projections based on the type of lifestyle you plan to have and the desired timing of your retirement. However, you may find that reality is not in...

Strategies to Keep in Mind Retirement planning is a complex process requiring as much support and time as possible to reach the desired end. Retirement planning at all ages is important – the more time put into the process, the less...

If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year....

What Investors Should Know Whether you manage a trust for someone else, are the beneficiary of a trust, or are thinking of creating a trust, you probably have some questions about the "best practices" of trust management. A...

Long known as a day for pranks, the April Fool's holiday has a few possible origins1 and has been celebrated in many countries for centuries. The holiday is typically marked by the delivery of practical jokes, at the end of which the...

Understanding the implications of CPI and PPI is crucial for investors In the ever-evolving world of finance, staying abreast of economic indicators is crucial for investors looking to make informed decisions. One such key indicator is...

A nuanced understanding of sector and industry dynamics is invaluable As the rollercoaster of financial markets in 2023 came to a close, certain stocks stood out for all the wrong reasons. Among them were five notable names: Moderna,...

While women are sometimes considered to be more reluctant to invest than their male counterparts, when they do invest, they tend to outperform males and often get a greater overall return. Interestingly, this initial perceived...

When filing your income taxes, each taxpayer is different. Some prefer reducing the taxes they owe and getting the most significant possible refund, while others work to keep the taxes they pay as low as legally required. The IRS...

In the U.S., women control a third of household assets. But by 2030, U.S. women are expected to control much of the assets that the baby boomer generation will pass to heirs, roughly 30 trillion in assets. High-earning women have...

Starting a new business is no small feat. It involves several of steps, from the early planning stages to filling out the necessary legal documents. Here are 10 steps to consider when starting a new business. 1. Create a business...

The holiday season is a wonderful time for relaxing and having fun with family and friends, but it can also add a lot of extra stress to an already tight budget. Perhaps you spent more than you originally planned, or maybe you...

Managing your tax liability can literally save you thousands of dollars Tax season can be a stressful time for many people, especially if you're not fully prepared. However, with some advance planning and preparation, you can take...

With the cost of college expensive for many, receiving a tax break from the IRS for college-related expenses may be appealing. 529 Plans and Coverdell Education Savings Accounts (ESAs) offer tax-advantaged withdrawals when used for...

The cold weather brings challenges and risks for anyone but especially for older adults, whose age, limited mobility, and health problems make them more susceptible to illnesses and accidents. That’s why it’s essential to...

While the winter holidays are not a "make or break" situation for the U.S. economy, this year's holiday spending may provide clues to consumer behavior in the new year. Consumer spending accounts for about two-thirds of U.S. gross...

The Christmas season is an excellent time of the year to review your financial planning strategy. Our finances are top of mind as most of us are monitoring our spending as the holiday and new year approaches. We can look back over the...

With the increasing amount of personal information shared and stored online, it’s crucial to take proactive steps to protect yourself. Here are a few essential tips to help you safeguard your sensitive data and maintain your...

For many people, the holiday season is when you enjoy family and friends and give a little back to those in need. Charitable giving is its highest during the holiday months. While many legitimate charities are out there looking for...

During the monthlong celebration of No-Shave November, participants bring awareness to cancer research and treatment by forgoing their regular shaving and trimming for 30 days. Some patients undergoing chemotherapy may lose their hair....

Many of you already have estate documents, probably executed many years ago. You need an estate attorney to look over your documents every 10 years or so. Here are a dozen points to review. Do you have a will and powers of attorney for...

Why most investors are not at all positive during a bull run – and miss out In the world of investing, there are few phrases as exhilarating as "bull market". These words conjure images of an economy burgeoning with opportunity,...

In these uncertain times, the value of objective financial guidance cannot be overestimated, and the importance of the financial profession has never been more apparent. Regulatory changes initiated well before any of us had even heard...

With so many contradicting recommendations and myths, it can be difficult to decipher breast cancer facts from fiction. However, there are plenty of agreed-upon risk factors, as well as best practices for testing, that are essential to...

Financial literacy is crucial, not only for adults but for everyone in the family. When you have a good foundation of financial literacy, you will have a greater understanding of money and prepare yourself for a brighter financial...

Food banks, nonprofits that collect and distribute food to hunger relief organizations, have played an essential role in the distribution of emergency food relief throughout the United States for more than 50 years. They have been more...

Smart self-care does not just mean spa days and movie nights: there are other therapeutic ways to reduce your mental and physical stresses, including how you manage your money. If your goal is to create healthier habits...

As retirement approaches, many older adults consider downsizing their home as a way to simplify their lives, reduce expenses, and focus on what truly matters.

There are two things Americans have always looked forward to:  going to the ballpark for the big game and retiring after a fulfilling career. Interestingly, baseball and retirement planning have several aspects in common. Taking...

Six Keys to More Successful Investing A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss...

On June 8, 2023, the S&P 500 index closed at 4,293.93, just over 20% higher than its lowest recent closing value of 3,577.03 reached on October 12, 2022.1 According to a common definition of market cycles, this indicated that the...

Do you know the answer if your financial professional asks you what type of investor you are? While itmay be challenging to classify yourself off the top of your head, knowing what type of investor you aremight help you avoid making...

As a business owner, prudent financial management can help ensure your business remains healthy andstable. But what does good business financial management look like in practice? Here are four tips thatmay benefit business owners while...