It may seem too early in the year, but it’s time to think about vacation planning. In our house, we tend to plan our vacations way in advance, sometimes, up to a year in advance. Not everyone has that luxury, but with advance planning and some strategy, you can make your vacation a true getaway, and a financial success. When planning your next vacation, consider these tips to make the most of your travel budget. By scoring great deals on airfare, cruises, and train travel, you can enjoy a memorable trip without breaking the bank.

How much do I need to retire? This is a perennial question I get asked, and it’s a loaded question. It’s a valid question, and it is definitely a number you should noodle over. However, there are a lot of variables that will greatly affect this number. There are several factors to consider when trying to figure out this goal. How much you need to retire, will be completely different from someone else. Let’s dive in!

Have you heard of Frugal February? Well, Frugal February is a challenge that encourages individuals to save more money by adopting a more frugal lifestyle for the entire month. By making small changes in daily habits and spending patterns, participants can significantly increase their savings. Once you have one month under your belt, it’s easy to expand this frugality and apply your new skill all year.

This is the time of year that many folks come into a mini-windfall of cash. If you are one of those folks, and you complain about not being able to save money, fund an IRA, add to investments, or pay down debt, this is a golden opportunity. That mini-windfall is a potential tax refund. Instead of envisioning all of the lovely, disposable, quickly forgotten things you could buy with your refund, consider buying some financial peace of mind. Here are three things to do with this windfall that would be financially beneficial.

Can you believe it’s already time to prepare and file taxes? Tax preparation can be a daunting task, but with proper organization and preparation, it can be made much easier. When it comes to tax prep for the year 2023, there are a few key steps to keep in mind. Read on for steps you can take to make this year’s filing easier and less stressful.

With the New Year it’s time for a debt review. You may have lingering holiday debt that needs to be addressed, or debt you’ve put on the back burner. Either way, it’s time to address your debt. When it comes to reducing debt, two popular strategies that often come up are the avalanche and snowball methods. Both approaches aim to help individuals eliminate their debts, but they differ in their approach and priorities. Avalanche generally saves you the most over time in hard dollars, while snowball can help clear small debts faster for a winning feeling.

It’s important to know that each year in the fourth quarter we usually get new financial thresholds and limits from the IRS for various retirement plans, annuities, filing credits, Medicare surcharges, and a whole lot of other vital numbers for the coming year. Many of us tend to fixate on the amount of our 401(k) annual contribution limit and don’t realize that this number changes from year-to-year.

Happy 2024! Our first post of the year discusses goals, or a.k.a., New Year’s resolutions. Setting goals is an essential practice that helps individuals and businesses strive for success and personal growth. The start of a new year is a perfect time to reflect on aspirations and set meaningful goals for the coming months. It’s all the rage every January, but you can set new goals and reflect on your progress and aspirations at any time.

As we bid farewell to 2023, it's important to reflect on the year that has passed and take stock of our personal situation and not just the economy's performance. In 2023 we witnessed various economic trends and developments, which have had a significant impact on businesses and individuals alike. The summer months put us on alert for a potential down year in the markets. However, as of this writing, it looks like all the major indices will end the year on a positive note. That said, we never know until the final closing bell on the last trading day of the year.

Issues around financial decisions and money stress can be a significant barrier to seeking and receiving necessary financial help. This stress can create a cycle of anxiety and uncertainty that prevents individuals from taking proactive steps towards their financial well-being. However, engaging in the financial planning processes and talking about the issues can go a long way to help achieve positive outcomes and can help alleviate this stress.

The holiday season is often associated with joy and celebration, but it can also bring about stress and anxiety. However, there are several strategies you can employ to keep holiday stress under control and ensure a more enjoyable and relaxing experience. It’s good for your health, and your finances!

The retirement crisis in America is a pressing issue that is impacting Generation X, also known as the sandwich generation, and causing much angst among this group. This generation, born between the early 1960s and late 1970s, finds themselves caught between the financial pressures of supporting their aging parents and providing for their own families. Let’s take a look at some of the issues Gen X is facing, and what their retirement just may look like.

The IRS recently provided tax inflation adjustments for 2024 income, and various limit increases for IRA and 401(k) plans. Basically, your standard tax deduction has increased, as well as the contribution amounts for retirement plans and IRAs. This means you can save more for retirement and potentially reduce the amount of tax owed on income.

A friendly reminder as we approach the end of the year to be aware of some key items for financial planning. Some have hard deadlines like December 31, or more realistically, December 29 this year. December 29 is really the last business day of the year for 2023. Don’t wait until the last week of December to start these items if they are applicable to you. Many professionals are overwhelmed at this time of year, people are on vacation, and some firms are not fully staffed, or are not taking on client requests. So, start early!

In decades past, it was the most common method of payment – cash only. These days, going cash only is relatively unheard of, and impossible with some merchants. However, going cash only has both pros and cons. It is often touted as a great way to get in touch with your cash flow and for good reason. So let’s take a look at the pros and cons of going cash only.

California Proposition 19 is a significant piece of legislation that impacts real property transfers and has tax implications within the state. Originally passed by California voters in November 2020, the new law took effect February 16, 2021.  This proposition introduced changes to the existing laws regarding the transfer of real property and the associated tax consequences. Even though the law has been around for a while, many are still confused by its intent.

Last week was National Estate Planning Awareness Week but any time is the right time to get started on your estate plan. Estate planning is still a topic that needs addressed considering only about 33% of Americans have any estate planning in place, according to LegalZoom. Having a basic estate plan is crucial for individuals who want to ensure their wishes are carried out and their loved ones are protected in the event of incapacity or death. An estate plan consists of several key components, including powers of attorney, healthcare directives, living wills, and living trusts. Let’s take a quick look at each of these basic components.

Even though we have seen advances in AI and robo advising, it seems human advisors are still in demand and add value.  Whether for home repairs or financial planning many folks these days feel they can go it alone. When it comes to your finances and planning your future, is that really the best choice? Sure, you can search the Internet and find a few retirement calculators and even articles on saving, investing and “Top 5” lists. But, is that information even relevant to your personal situation? How do you know if what you found fits into your financial plan or is even appropriate to your situation? What if you make a move only to learn later that your decision cannot be undone without costly consequences? An on-going relationship with your adviser can be invaluable.

With the chaos in our nation’s capital showing no signs of ending soon, this could be your opportunity to score in some areas of fixed income. With Washington spending in question for the new fiscal year, and given that 2024 is an election year, there’s good reason to think that spending cuts are not really on the table. In fact, it’s very likely we will be facing either a continuing resolution or a shutdown in November just in time for Thanksgiving week.

Investors seem to love data – good, bad, and ugly. Many investors are moved by data depending on their own goals. For most of us, we tend to focus on the macro picture (as we should). Day traders and those trying to beat the market read more into the daily headlines. For those of us planning for life transitions, big goals, and even retirement, staying focused on our plan and our time in the market is key.