Our Thinking
What should I do with my raise?
Congratulations on your raise! (Or cheers to your optimism!) Most advice on raises sounds something like this: Calculate your new budget Payoff debt Add to your emergency fund Increase your retirement contributions Do something for yourself This is solid advice if...
Making the Most of Open Enrollment
Open Enrollment for employee benefits is coming soon for most companies. It’s the perfect opportunity to review your insurance choices, investment elections, and other potential benefits. These choices can mean the difference in a few thousand dollars this year, and...
Will Build Back Better Bring Unwelcome Changes to IRAs?
IRAs were created in 1974 under the ERISA legislation. This established minimum standards for company pension plans. The legislation was a way for individuals not covered by those company plans to access tax-advantaged retirement savings. The rules have changed over...
5 Tax Considerations for Retirement
When planning for expenses in retirement, it’s easy to begin thinking about travel and vacations while overlooking one significant expense: taxes. In Nationwide’s 2021 Retirement Income Survey, 41% of retirees surveyed reported wishing they had been better prepared...
Tax Credits vs. Deductions
Both tax credits and deductions reduce your tax bill. Deductions reduce your income, which in turn reduces your taxes. Credits directly reduce the taxes that you owe. Understanding the differences between them can help you make sure you’re paying the least amount of...
Leaving a Legacy with a Charitable Remainder Trust
Planning for a time when you’re no longer around is hard. The most important thing is being able to continue to protect the people you love. Beyond that, a growing number of people are interested in leaving a philanthropic legacy. According to a recent survey, the top...
Backdoor Roth IRA – A Tactic for those with High Income
The Roth IRA isn’t usually associated with high earners because of income contribution limits. There is a multi-step strategy that can be used to get money in a Roth. A Traditional IRA can be converted to a Roth IRA even for those who exceed the Roth contribution...
Donor-Advised Funds: Strategically Giving to Charity
Donor-advised funds have been around for decades. Over the last several years, they’ve become popular vehicles for charitable giving. They offer immediate tax benefits as the assets contributed to the donor-advised fund convey an immediate tax deduction in the year...
Three Questions for a Stronger Relationship with Money
We, even introverts like me, are naturally social creatures. Relationships are essential to our everyday lives. They can drive our career, be the source of fond memories, and can even help us live longer.1 There’s one relationship that impacts almost every facet of...
Teaching Your Kids to be Money-Wise
It’s not about how much money you have to pass on to your kids – it’s about teaching them to be money-wise. Sound financial knowledge can help them make smart financial decisions now, and in the future. There are key concepts and topics that create a foundation they...