Dina Megretskaia and Victoria Tejeda explore how these tax-advantaged accounts can help you save and invest for a child’s future educational needs. Much like your 401(k) plan at work, 529 plans offer a set list of investments and the assets inside can grow tax free.
“Significant life events such as changing jobs, having children, getting married or divorced, illness, or death can and often do change a person’s financial goals. These events don’t always necessitate changes to a client’s portfolio, but they do prompt a discussion about their impact on the financial plan.”
Congratulations! You have four years of tuition, room and board stashed away in your 529 plan, and your child hasn’t even graduated from high school yet. Now you can breathe easily, right? Well … maybe, maybe not.
Trusts are bounded solely by your imagination and tax law. There is a tremendous amount of truth to that statement as trusts can be designed to do almost anything.
Like every parent, you want your children to become happy, self-sufficient adults.
Many of us are given the opportunity to contribute to our retirement savings plans through our employers’ 401(k), 403(b) or other plans. Hopefully, you are taking full advantage of this benefit.
According to the Kaiser Family Foundation, in 2023, 29% of employees nationwide were enrolled in High Deductible Health Plans (HDHP) through their employers. Let’s examine how we can best utilize the Health Savings Account (HSA) that accompanies these plans.
The call came out of the blue that afternoon, with terror and tears coming through from my mother. “Your father says we don’t have money to spend and I need to return everything I bought for the last two weeks!” Sigh. This was not an unusual call.
As financial planners we are often asked, “Will I be OK in retirement?” Before we even look at a client’s assets and expenses to answer that question, we ask them one ourselves, “What do you want your retirement to look like?”
You and your new spouse have just celebrated what will be one of the most special days of your lives – your wedding. You return home together after the celebration and walk in the door to find a not-so-romantic surprise awaiting you – your first bill as a married couple. Now what?
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