Blog

A will is an important document most people don’t want to think about, but it’s crucial to have in place to protect your assets and ensure your loved ones receive what you want them to.It can be wise to have a lawyer write...

Small businesses may often find themselves struggling, and there are many situations in which business owners may find themselves weathering a storm and hoping to make it through. While the strength and fortitude of those who run small...

Most people hate the thought of reading a life insurance policy (or any insurance policy, for that matter). However, if you can find the time and muster the patience, it's probably a good idea to read through your policy. If you do,...

Medicare Will Not Cover All Health Care Costs

Steven Barrett, CRPC™

Wednesday, April 26, 2023

There are out-of-pockets, limitations and gaps that Medicare doesn’t cover Medicare is a federal health insurance program for individuals aged 65 or older and certain younger people with disabilities.And despite being a widely...

From Riches To Rags In Three Generations: Managing Generational Wealth Checklist

Steven Barrett, CRPC™

Thursday, April 20, 2023

When discussing multigenerational wealth it is common to come across proverbs that acknowledge the fact that generational wealth typically won’t make it past the third generation. In the United States the saying goes, “from...

Minimizing Taxation of Your Social Security Retirement Benefit

Steven Barrett, CRPC™

Wednesday, April 12, 2023

Your Social Security retirement benefit may be taxableDid you know that you might have to pay federal income tax on your Social Security retirement benefit? If the only income you had during the year was Social Security income, then...

Stocks and Bonds Before and After Taxes

Steven Barrett, CRPC™

Wednesday, March 22, 2023

Managing Investment Returns with Tax-Efficient Strategies Investing in U.S. stocks and bonds is a popular way for individuals and institutions to grow their wealth and generate income. However, it is important to consider the impact of...

Spring Clean Your Finances

Steven Barrett, CRPC™

Sunday, March 19, 2023

As temperatures warm up, trees begin budding, and the days get longer, you probably throw open your windows and think about spring cleaning your home. As you tackle washing windows, cleaning carpets, and sorting out the garage,...

Financial Mistakes to Avoid in 2023

Steven Barrett, CRPC™

Wednesday, March 15, 2023

Could you be losing money because of simple monetary mistakes? Avoid these money-wasting habits in 2023 to have more cash when you need it—or save it for a rainy day. Failing to budgetConventional wisdom says to follow the...

All About Credit Scores

Steven Barrett, CRPC™

Tuesday, March 7, 2023

Every consumer is entitled to a free credit report every 12 months from each of the three major credit reporting agencies:ExperianTransUnionEquifaxBesides the annual report, you may be entitled to an additional free report under...

A Beginner’s Guide to Investing

Steven Barrett, CRPC™

Thursday, February 23, 2023

When you start to consider if investing is an appropriate option for you, you may have questions. You might want to ask:How do I invest money, and where?How much money will I need?What are some common strategies for someone that has...

Wealth Due to Inheritance

Steven Barrett, CRPC™

Thursday, February 16, 2023

What is it?IntroductionIf you're the beneficiary of a large inheritance, you may find yourself suddenly wealthy. Even if you expected the inheritance, you may be surprised by the size of the bequest or the diverse assets you've...

The Facts of LIFE (Living Independently For Elders): Financial Planning and Senior Independence

Steven Barrett, CRPC™

Thursday, February 9, 2023

Navigating elder care and elder care finances in the U.S. can be a challenge even for the most well-prepared households. So what, exactly, is involved in senior financial planning? What steps can you take now to help you be prepared...

Independent and Thriving: What to Consider In Your Later Years

Steven Barrett, CRPC™

Friday, February 3, 2023

While you never know your needs as you age, the first step is thinking about your financial situation and health today so you can plan for your later years. With a one in four chance of making it to our 90th birthday, being independent...

What would you do if you didn't have a single monthly payment each month on debt? No car, credit card bills, student loans, or even a house payment! Living a debt-free life with no monthly payments is possible for everyone, regardless...

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth....

When you own a business, you get to deduct business expenses from your business income. This general rule applies, subject to certain limitations, whether you are a sole proprietor with employees or a self-employed freelancer...

Just as it is important to be physically and mentally fit, it is also important to be fiscally fit. Fiscal fitness is not only about how much money you earn or the balance in your savings or retirement accounts. Instead, it is...

What if you focused on your system instead of just your goals? Setting goals for a new year can feel overwhelming.  We all know that resolutions don’t last, but we also feel the energy that comes with a new year of...

As inflation soars, you can now save a lot more for your retirement On October 21st, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up...

Start preparing for the upcoming tax season by reviewing Key Numbers 2023 which provides tax reference numbers at a glance.

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December...

As a female entrepreneur, you may face different challenges than your male counterparts. For example, women were disproportionately affected by the COVID pandemic. 1 They also tend to earn less than their male peers—largely in...

What is it?Caring for your aging parents is something you hope you can handle when the time comes, but something you probably hope you never have to do. Caring for your aging parents means helping them plan for the future, and this can...

What are appropriate checklists for year-end tax planning?Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...

Those turning 65 this year have a 7 in 10 chance of needing long-term care (LTC) at some point.1 With the cost of a private room in a nursing home now topping $100,000 per year, the thought of paying this — or for a loved...

In addition to visiting the SBA cybersecurity website, business owners might want to review "Protecting Personal Information: A Guide for Business" and "Start with Security: A Guide for Business," both available on the FTC...

The terms Medicare and Medicaid are similar sounding names; however, these programs serve very different needs. Medicare is a health insurance benefit program for those aged 65 and older and others with certain disabilities. Medicare...

With the average price for private college tuition and fees hitting $43,750 for the 2021-2022 school year and public college attendees paying more than $28,000 per year, many parents are nervously anticipating what will happen after...

This is a general overview of Medicare coverage. For more information, visit medicare.gov.You can also get free, personalized help from a trained counselor by contacting your State Health Insurance Assistance Program (SHIP). Your...

It’s never too early to think about how and where you want to live when you’re older.How far in advance do you plan vacations? A month at the very least, right? You’ve booked the flights and hotels, taken time off of...

Your need for life insurance changes as your life changes. When you're young, you typically have less need for life insurance, but that changes as you take on more responsibility and your family grows. Then, as your responsibilities...

It's important to have a clear understanding of your overall financial position. As a woman, you have financial needs that are unique to your situation in life. Perhaps you would like to buy your first home. Maybe you need to...

You may have envisioned retirement as a second childhood—a time to relax, enjoy yourself, and devote your time to your favorite hobbies. Unfortunately, worry-free retirement is not the reality for some. Challenges from stock...

If you're living paycheck-to-paycheck or stuck in a job you don't love just to pay the bills, it can be easy to feel as though you're financially trapped. But financial freedom doesn't need to be elusive—with some focused and...

Economies and markets are cyclical. They may include periods of wealth creation and times of bursting bubbles that bankrupt companies in a major downturn."Boom and bust" cycles may last anywhere from a few months to a few years or...

With a few simple actions, you can ensure your estate planning is effective.Whether your estate plan is simple or complex, there are many details, which are often overlooked, that can undermine your plan’s effectiveness. Are you...

Last week was epic for market-watchers. A Federal Reserve (Fed) rate hike, a much-anticipated gross domestic product (GDP) report, and the busiest week of earnings season got most of the headlines. There was even a surprise out of...

A huge challenge is planning for your retirement savings to outpace inflation Some of us may remember the “good old days,” when gasoline prices were as low as 25¢ per gallon. Others may recall when a can of soda cost...

About 61 million adults in the U.S. live with a disability. Many of these disabilities are serious enough to impact a person’s daily life.1 There may be financial benefits available to those whose disabilities leave them unable...

Planning for retirement can seem premature when you have only been in the workforce for a decade or so. But as the oldest Millennials begin to hit middle age, retirement suddenly does not seem so far away. From record-busting market...

A life insurance policy is part of financial planning. Life insurance is there to help ease the financial trauma that comes with the loss of a spouse, parent, or partner. As you encounter different events in your life, you may need to...

Even though housing prices throughout much of the U.S. are at or near all-time highs, there are still many distinct financial advantages to owning a home.1 From tax benefits to capital gains exclusions and guaranteed rates of return,...

What constitutes a gift to charity?A gift to charity is simply a gratuitous transfer of property to a charitable organization. The key is that your gift must be some kind of property--your time or personal services do not count. There...

College is expensive for many people. The average tuition and fees at a college or university for the 2019 to 2020 academic year at a four-year institution was $9,4001. This may include the cost of tuition, books, and housing. For some...

Even though housing prices throughout much of the U.S. are at or near all-time highs, there are still many distinct financial advantages to owning a home. 1 From tax benefits to capital gains exclusions and guaranteed rates of return,...

As a small-business owner, you may be looking for the next big thing—an investment that might double your profits within the next year or allow you to maintain your income while working just a few hours a week. However, business...

2022 has been a challenging year for investors so far. The S&P 500 Index just had one of its worst Aprils in decades, and May is off to a rocky start. Bond investors have not fared much better as rising interest rates have pushed down...

What is it? As a current member or veteran of the U.S. armed forces, you may be entitled to a number of military benefits. The term benefits, as used here, includes military pay as well as other programs set up to improve the lives of...

As you consider the wide range of life insurance coverage available, you may wonder what type really fits your needs now, and what will suit your needs in the future. A good, first step is to ask yourself why you are buying insurance,...

Thoughts from a financial professional When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and...

Social Security benefits are a major source of retirement income for most people. Your Social Security retirement benefit is based on the number of years you've been working and the amount you've earned. When you begin taking Social...

A medida que más y más consumidores buscan información financiera en Internet, sin querer pueden exponerse a ser “rastreados” por ciertas compañías e individuos. Las personas que visitan los sitios...

April brings more than possible rain showers. It also marks Financial Literacy Month in the U.S. Whether you’re interested in a quick refresher or seeking to learn something new, it may be worth the effort to brush up on some...

The federal government's response to the COVID-19 pandemic continues to impact individual income tax returns, from the suspension of federal student loan interest to expanded child tax credits. For many taxpayers, this may mean your...

Credit card debt is a major problem in the United States. According to the Bureau of Consumer Financial Protection, over 175 million Americans have at least one credit card. In addition, the Federal Reserve Bank of New York estimates...

Buenas noticias para los ahorristas de cuentas de retiro: El monto máximo de contribución para una cuenta IRA tradicional continúa siendo el mismo del año pasado. De hecho, la última vez que se aumentó el...

Good news for retirement savers: The maximum amount that can be contributed to a traditional IRA remains the same as it was last year. In fact, the last time the limit was increased by $500 was in 2019 and that was the first increase...

As more and more consumers search for financial information on the Internet, they may inadvertently leave themselves open to being “tracked” by certain companies and individuals. Visitors to financial websites have created...

The green shoots are hard to see right now as spring approaches, clouded by war in Ukraine. Democracy is under attack and innocent lives are tragically being lost. But while we keep one eye on overseas developments, the other remains...

Stocks have gotten off to a very rocky start in 2022, with the potential for Federal Reserve rate hikes coming and the geopolitical worries over Russia and Ukraine only adding to the uncertainty. We don’t want to minimize the...

A traditional IRA offers a great way to shield income from taxation while boosting your retirement accounts. Meanwhile, a Roth IRA can let you pay tomorrow's taxes today. But how can workers who are eligible to contribute to either...

Are you thinking about home health care as a solution to providing help with daily activities such as bathing, meal preparation, and housekeeping? Many older individuals benefit from receiving assistance in the comfort of their own...

February marks Black History Month and is a time to celebrate and acknowledge the achievements of African Americans as well as the crucial role they played throughout U.S. history. What started as a small week-long celebration decades...

Looking for longer-term market trends that might shape the next few years. Let’s be honest for a second: the DJIA, the S&P 500, NASDAQ, and the Russell 2000 all delivered one of the most surprising years in recent history.

The Internal Revenue Service (IRS) is helping families, teens and senior citizens learn about the continued importance of protecting personal information in helping fight identity theft and tax fraud.“The IRS is asking parents,...

You can use a variety of strategies to pay off debt, many of which can cut not only the amount of time it will take to pay off the debt but also the total interest paid. But like many people, you may be torn between paying off debt and...

While most people find the notion of creating a budget about as appealing as cleaning out closets, most would agree that the result—a well-crafted and useful budget—is worth the work.

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key...

For some, it’s easy to put personal finances on the back burner during the last few months of the year. However, before the year comes to an end, it’s essential to review your finances.

Is that investment an innovation or an improvement on an existing product? As Christmas sales loom, we face an endless array of sparkly, shiny and occasionally innovative items. As an investor, you run into a similar phenomenon that...

The past two years presented many small-business owners with unprecedented challenges. This year’s tax planning preparations include necessary measures for small-business owners to satisfy existing, new and modified tax laws that...

Over the past year, the real estate market has been marked by unpredictability and, at times, overheated competition. This has resulted in some buyers bowing out after one too many disappointments while other potential buyers put off...

Many of us grew up in a world where it was customary to be friendly, courteous, and trusting. Unfortunately, assumptions concerning these standards of conduct can sometimes get us into trouble. Con artists offering a variety of...

How can you cover the costs of future care for you and your loved ones? Individuals who have worked hard and built up assets over the course of their careers may be particularly concerned that their savings could be affected by a...

If you're part of the one in three Americans who are uninsured or don't have access to an employer-sponsored healthcare plan, the Affordable Care Act (ACA) may be able to help. The ACA allows you to buy health insurance on a public...

It’s tempting to give up on data security altogether, with all the billions of pieces of personal data – Social Security numbers, credit cards, home addresses, phone numbers, passwords and much more – breached and...

Have you every wondered how estate planning might fit into your overall, future plans? Even if you are just starting to build your estate and do not need complex estate planning, here’s a quick look at some steps you should...

Like dieting, budgeting your expenses can benefit from long-term commitment. However, human nature leads many of us to become frustrated when we can’t immediately have the things we need or want. As a result, the best-laid...

One constant in life is change. During the past year and a half, we have experienced more change than any of us bargained for. Change is disruptive—but also brings opportunities. For investors right now, there is no shortage of...

A lot of trends in the health and wellness space leave you scratching your head, saying “Huh?” but there are some that are worth a deep dive. Bone broth Not everyone wants soup made with heavy cream, meat, and veggies,...

One of the most important pieces of the college financing puzzle is the Free Application for Federal Student Aid (FAFSA). Without the FAFSA, a college student is unlikely to be able to apply for or receive certain types of federal...

Fall is in full swing, and for most families, so is a return to the school year routine. But for some kids, adjusting back to this schedule can be stressful—and can take a little longer than you’d like to find balance. But...

When it comes to planning for retirement, it's easy to get overwhelmed. Putting together a financial strategy can be complicated at any time of life, with changing regulations, ups and downs in the market, and disagreements –...

The golden rule of financial planning: if you can plan it, you can pursue it Over the past July 4th, we celebrated our country’s history of declaring independence and guaranteeing basic human freedoms. But true freedom includes...

As your life changes, your financial needs often change, as well. Regardless of whether you are just starting out in life, are in mid-career, or are at the peak of your earning years, life insurance can help you achieve a variety of...

Housing is rarely the best use of your money from an investment viewpoint Despite continued low mortgage rates and tales of bidding wars, multiple offers and all-cash closings above asking-price, would-be-home-purchasers should...

Your financial professional can help ensure you leave your estate in the best possible way Families inherit money and sometimes make the right moves investing and spending. Inheritances can also ignite disruption, divorce and a host of...

While making money off investments is often a major goal, the new generation of investors is also focusing on where they put their money in the hopes that their investments will do more for the greater good. [1] The move toward...

Six months and counting. That is the current monthly winning streak for the S&P 500 Index. To take that a step further, this key equity benchmark has posted gains in 13 of the last 16 months—dating back to the March 2020 low....

The student loan landscape has changed dramatically since the beginning of the COVID-19 pandemic. From the suspension of interest payments on federal student loans to tax incentives for employers who pay their employees' student loans,...

Why do most avoid this important investment? Why do so many of us not use our vacation days? Salespeople talk about “leaving money on the table.” Well, employees leave vacation on the table. And the cost to us is...

Bill and Melinda Gates and Settling $140 Billion estate Attorneys say that if both you and your ex-spouse feel like you came out of your divorce thinking you gave up a lot, your settlement was probably fair. Maybe, but often your...

Teaching children about financial wellness should start at an early age. Learning how making money, saving, and spending is related and the first step in teaching your child how to understand the value of money. Children learn from...

Fear-of-missing-out is a very real emotion – but it can derail your portfolio Every day we’re bombarded with reports of what’s hot and what’s not – fueling a fear-of-missing-out (FOMO) on some great...

LPL Research Midyear Outlook 2021: Picking Up Speed is designed to help you navigate the risks and opportunities over the rest of 2021 and beyond. While the speed can be exhilarating as economic growth accelerates, it can also be...

If 2020 made you fantasize about a trip as soon as travel restrictions were lifted—and you’re still waiting—you aren’t alone. Although 2021 was poised to be a comeback year, it is shaping up to be another summer...

Insurance should be part of everyone’s plan – and it should evolve too Young adults starting out in life, especially newlyweds, need insurance. But what kind? As a start, a good term life policy likely is a smart move....

Market risk is something all investors may worry about, but those close to retirement have limited time to recover from market loss. If you are within ten years of retirement, now is a critical time for your portfolio to continue to...

It is human nature to seek advice when things aren't going well or when an unforeseen event occurs. Often, people seek financial advice from a professional only when the stock market and their investments are experiencing turbulent...

Definition of Savvy: having or showing perception, comprehension, or shrewdness, especially in practical matters. Money Savvy: smart with money, money-wise, financially astute, shrewd. If you started saving for retirement at an early...

As we move into June, a path to normalcy is coming quickly with stadiums allowing full capacity, restaurants filling up, and summer vacations in full swing. Meanwhile, the U.S. economy continues to recover remarkably quickly and the...

For many Americans, the home is the single biggest purchase made during their lifetime.[1] As a result, it's important to do everything possible to keep it in good condition. Even moderate or short-term neglect can be dangerous, as...

Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually begin your retirement, you’ll benefit from planning your post-work life as early as possible. According to Gallup, the...

Grandparents can often find themselves in a better financial position to save for their grandchildren's education than their own children are. The parents of prospective students may still be contending with competing priorities like...

In an effort to save money, the Social Security Administration (SSA) stopped mailing annual statements nearly a decade ago. The yearly statements were helpful, as they helped workers estimate their Social Security benefits. Despite...

If you're a small business owner, many of the best practices employed by individual investors are also available to you (of course!), but you also have some additional options and factors to weigh while creating your investment plans....

As your retirement draws closer, you will probably start to have lots of questions such as: How much Social Security will I receive? When should I retire? How will I know when to retire? Do I have enough saved? What will I need to do...

Professionals who have worked hard and built up assets over the course of their careers may be particularly concerned that their savings could be affected by a long term care event. As the costs associated with long term care continue...

When saving for retirement, it often makes sense to contribute to employer-sponsored retirement plans to take advantage of any available employer match opportunities. However, not everyone has access to an employer-sponsored plan. Even...

If you're like many Americans, you may have a few dents and dings on your credit report. As of 2020, around one in five adults has either a "fair" or "poor" credit score, which can impact their ability to qualify for a loan, rent an...

If you're like many Americans, you may have a few dents and dings on your credit report. As of 2020, around one in five adults has either a "fair" or "poor" credit score, which can impact their ability to qualify for a loan, rent an...

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time...

When you're first starting out with your own business, you're likely to be focused more on staying afloat than on contingency planning. But as your family business expands and grows, it's important to ensure that this is done in a...