Estate Planning Awareness Month
October is Estate Planning Awareness Month, which serves as an important reminder for all of us to take time to review our estate plans or create one if we haven’t already. Estate planning is not just for the wealthy or elderly – it’s important for everyone to have a plan in place to protect your […]
Commentary from Fed Meeting (September, 2023)
Each month, the Federal Open Market Committee (FOMC) issues its position on the current economic conditions and outlook on future forecasts and projections. The main areas of focus are inflation, unemployment and interest rates. Here are a few takeaways from Chairman Jerome Powell’s press conference: As predicted, the FOMC voted to hold the federal […]
SAVE – Student Loan Repayment Program
With over 28 million borrowers of Federal student loans resuming payments following a multi-year hiatus, the Biden-Harris Administration released a new income-driven repayment (IDR) plan. Known as the Saving on a Valuable Education (SAVE) plan, this IDR approach calculates monthly payments according to a borrower’s income and family size, ultimately forgiving any outstanding balances after […]
IRS Delays Roth Catch-Up Requirement for High Income Earners
There was some good news from the IRS recently for high-income earners making catch-up contributions to their employer-sponsored retirement plans. The IRS recently issued a notice that they will be postponing one of the new rule changes under Secure 2.0 Act. If you recall, the Act was going to require high-income earners (individuals making over $145,000/year) over […]
Another IRS Rule Change For RMDs!
The original SECURE Act enacted back in 2019 made two notable changes (among many) for those who owned retirement accounts. The first major change increased the age at which account owners must begin taking Required Minimum Distributions (RMDs) from their tax-deferred retirement accounts from age 70 ½ to 72. The second major change addressed how […]
EVs and Tax Credits
When deciding what electric vehicle to purchase, tax credit eligibility can be a big factor. All-electric, plug-in hybrid, and fuel cell electric vehicles purchased new, in 2023 or after, may be eligible for a federal tax credit. However, there are various qualifications for both the buyer and the manufacturer that must be met in order […]
NYSaves 529 Direct Plan – Target Enrollment Portfolios
For those saving in the NYSaves 529 Direct Plan, you’ve likely received an email by now announcing the transition from Age-Based Portfolios to Target Enrollment Portfolios happening July 28th, 2023. If you’re currently using a custom allocation from the investment options within the plan, this change will not impact your account. However, if you are […]
How to Capitalize on High-Interest Rates
Recent periods of high inflation have led to an increase in interest rates to levels not seen in well over a decade. During times like these, it’s important to continue to stay diligent and avoid leaving money on the sidelines earning low returns that are outpaced by inflation and losing purchasing power. With interest rates […]
Staying In Your Seat
Emotional decision-making fueled by fear or greed can cloud our judgment and lead to irrational investment choices. Reacting to short-term market fluctuations or making impulsive trades based on attention-seeking headlines often leads to poor investment performance. By staying in your seat and focusing on your long-term investment strategy, you can mitigate the influence of emotions. […]
Tax Time – What to do with your refund?
Receiving a tax refund can be a great way to boost your savings, pay down debt, or invest in your future. But once you have that money in your pocket, where should you put it? Here are some of the best places to save a tax refund. Emergency fund An emergency fund is a crucial […]