End-of-the-Year Money Moves in 2022
Even if your 2022 has been relatively uneventful, the end of the year is still an excellent time to get cracking and see where you can manage your overall personal finances.
Even if your 2022 has been relatively uneventful, the end of the year is still an excellent time to get cracking and see where you can manage your overall personal finances.
Whatever your reason for giving this year, it’s important to know how your charitable contributions can impact your financial plan. In fact, being strategic and intentional with your charitable contributions can create tax benefits for both you and your chosen charity.
Many companies offer employer-issued stock as a benefit, in addition to other compensation and benefits. But what happens if you leave a job that offered you employer-issued stock or if you experience another triggering life event (such as turning 59½)? That's where net unrealized appreciation (NUA) strategies come in. There are a few favorable rules to help you determine what to do with those company stocks to potentially minimize your tax bill.
The IRS has released the 2023 inflation-adjusted contribution limits into retirement plans along with phase-out ranges.
Compound interest has been dubbed the "eighth wonder of the world." Benjamin Franklin held a similar fascination with compound interest, using it to create endowments for the cities of Boston and Philadelphia that are still paying out. What is it about compound interest that drew the attention of these geniuses, and what separates it from other forms of interest?
When considering your retirement strategy, how much thought do you give to how long you might live? It can be an uncomfortable reality to consider, but this shouldn't dissuade you from giving it some serious thought.
Many people know that they're eligible for Social Security benefits, but did you know that there's also a provision to provide for spouses, regardless of whether they've contributed to the program? You might also be eligible to claim spousal benefits if you're widowed and, in some cases, even if you're divorced.
Have you ever set a financial goal for yourself with the best of intentions, only to find yourself derailed after a few months? If so, you're not alone. Just look at how many people start the New Year off with a brand new gym membership, only to stop going after a few months. Let's get back to the basics of financial goal setting so you can set yourself up for success.
When it comes to life insurance, there are many choices: Whole life. Variable universal life. Term. What do these descriptions really mean? All life insurance policies have two things in common: They guarantee that they will pay a death benefit to a designated beneficiary after a policyholder dies (although the guarantee may be waived if the death is a suicide occurring within two years of the policy purchase). All require recurring payments (premiums) to keep the policy in force. Beyond those basics, the differences begin.
"Will I outlive my retirement money?" This is one of the top fears for people who are starting to prepare for their retirement years. Determining how much money you need in retirement is a process. It shouldn't be a number that you pull out of thin air.
I think most people do a good job of forecasting or predicting what could happen in the future, except for the true surprises. The biggest risk really to many is what you don't see coming. If you don't know to prepare for it, how would you deal with the damage that is amplified when it hits you?
On behalf of your patients, Thank You. In a world where medicine is prescribed before learning about the person, you bring the human and natural side back to practicing medicine.