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Social Security is a vital component of retirement income for many. This government program provides monthly benefits and is funded primarily through payroll taxes. Understanding Social Security benefits and taxation is essential to...

Determining how your income impacts Social Security (SS) taxes is important for tax planning. Factors that determine how much pay SS tax you pay, depending on your circumstances, include: If you have income from working in retirement....

Capital gains taxes is a hot topic for anyone who is involved in investing and even for people who aren’t as it could potentially impact various aspects of day-to-day life, such as the jobs market. Generally, an investor will buy an...

Tax planning might be complex, but it's also essential—especially for wealthy families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. And even in the short term,...

Net investment income tax (NIIT), also affectionately known as the ‘You-Make-A-Lot-of-Money Tax,’ involves the net investment income of individuals, estates, and trusts. According to the Wall Street Journal, more Americans than ever...

Many are interested in the impact of future tax legislation on Trusts. As we look ahead to 2026, it is crucial to understand how the evolving tax landscape may impact the administration, structuring, and distribution of Trusts. Several...

Americans work hard. We grind, day in and day out, developing our skills and maturing within our chosen careers. In a world of unpredictable inflation and soaring cost of living expenses, we know all too well that nothing in life is...

The federal income tax filing deadline isn’t until April. However, the start of tax season is nearly upon us. Here are some tips for navigating the tax filing process to help lessen some of the stress you may feel as Tax Day arrives....

The 2025 tax season is approaching, so be prepared for any changes that could affect your return. As credits, deductions, and tax laws change frequently, it pays to plan ahead to get all the tax breaks you deserve and take advantage of...

While the Internal Revenue Service may not be your favorite federal agency, criminals posing as IRS representatives are unquestionably the much bigger problem. Here’s what to know to protect yourself. Scammers set increasingly...

One crucial aspect of managing your finances includes understanding how to use credit and credit cards wisely. Below, we'll explore some effective credit strategies.Understand Your Credit ScoreYour credit score is a crucial metric...

Whether you use it for the convenience of paying bills or for safer online shopping, there is a good chance that you have at least one or two credit cards in your wallet. Credit cards are often associated with potentially negative...

Financial wellness is a state of being when one is in control of their finances, can cover expenses, and save for future goals. Consider financial wellness as your relationship with money; it can be either healthy or unhealthy....

Do you believe you have to be a financial genius to manage your finances? Financial knowledge may seem like a lot to handle, and you don’t need us to tell you that. But we are here to tell you that financial wellness is much more about...

Do you want to get on top of your finances this year? Are you looking for ways to improve your fiscal health? Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an...

Planning for long-term care (LTC) is essential to your retirement planning. If you anticipate having Medicare, you must understand that it only covers a limited number of LTC services. Therefore, you must uncover other strategies to...

Healthcare is one of the more difficult areas to navigate as you get closer to retirement. With so much focus on saving enough for retirement and ensuring that your investments will keep up with inflation, many people fail to square...

As the year comes to a close, there are some important deadlines that you shouldn’t ignore. These deadlines affect your taxes, savings, and, perhaps, your financial future. Here’s a simple guide to help you stay on track before this...

At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved,...

Before the year ends, it’s important to review your finances with a financial professional. Here’s a simple checklist of nine things to double-check to make sure you’re in good shape for the new year.

Year-end financial planning can help you assess your family’s financial situation, identify areas for improvement, and set achievable goals for the future.

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.

Every year, the holiday season sneaks up on us and, before we get to turn around, it’s over. This frenzied time of year is filled with shopping excursions and office parties, and it’s easy to let financial planning slip through the cracks.

If you're thinking about working in retirement, you must consider a few things before making your decision. As you get older, the question of when to collect Social Security retirement benefits and how your monthly payment may be...

If you're avoiding looking at your 401(k) balance during periods of market volatility, you're not alone. While the S&P 500 has historically produced an average annual return of 11%, recent market downturns may be impacting your...

Retirement seems like a long way off, but it arrives faster than you think. The big question is, are you ready? What exactly does retirement entail? Analysts suggest there are four designated phases of retirement that a person often...

Managing retirement strategies and creating goals can help you stay focused and consistent in your financial efforts. It creates a sense of achievement while you make progress toward the pursuit of a fulfilling retirement and financial...

As a young person, you imagine you have all the time in the world to save for retirement. You live in the present with the future a mere blip out on the horizon. But time has a way of flying by, and you realize that maybe you are not...

Did you buy a new pink dress to watch the Barbie movie, only to never wear it again? An Oura ring because your favorite TikTok influencer had it? A new pair of baggy jeans because ‘90s fashion is making a comeback?

As climate patterns change and weather-related disasters become more frequent, purchasing a flood insurance policy or adding a rider to an existing policy has become a vital asset protection strategy.

With increasing global seismic activity, earthquake insurance coverage is essential for those residing in earthquake-prone regions. It helps buffer the risk of financial loss resulting from an earthquake.

Fire insurance is a crucial component of property preservation that helps safeguard against the risk of fire damage to property.

Over the past few years, homeowners in states like California and Florida received terrible news—insurers are leaving.

A critical part of financial planning that is often overlooked is insurance. Having various insurance policies will provide different benefits to your financial plan, ranging from protection to tax breaks.

If you’re nearing age 65 or already enrolled in Medicare, it’s important to stay up to date on how the program is evolving. Every year brings small changes, and 2025 is no different.

Insurance is designed to provide coverage for some of life's biggest disasters—fire, floods, car crashes, disability, and death.

Back-to-school season is always a busy time, but in 2025, it comes with a bigger-than-normal price tag. Between inflation, tariffs, and general economic uncertainty, everything from pencils to laptops may cost more this year.

After a natural disaster, you're probably focused on recovery efforts, including repairing your home, replacing belongings, and returning things to as close to normal as possible.

Whether you like it or not, work is essential to life. Since work is such an important part of your life, it is easy to become consumed by it and forget about other important things, such as your family and friends, which makes...

When you think of your financial wellness, you are likely not considering how it may affect your social life or vice versa.

In today's economic environment, where market volatility and inflation are often unpredictable and inevitable, investing can sometimes feel like a rollercoaster.

Working towards financial independence can often be a lifelong process. But for many, financial freedom may come far sooner—and include some fun along the way.

Summer is here, and it could be time to hit the road on a new adventure. If you’re on a tight budget, you don’t have to give up your summer vacation dreams.

If you are a dog owner, your pet may be your loyal friend and constant companion. However, if you are a homeowner, you should be aware that your dog could cause a few issues with your insurance coverage.

A study found that more than 20% of reusable water bottles sampled contained coliform bacteria, or fecal matter. Here’s the best way to clean your water bottle and avoid harmful germs.

Although many things have changed in the financial world over the past 20 years, some nuggets of financial advice are timeless. Here are a few tips that have remained constant for several generations.

Periodically, companies will report massive data breaches, some impacting billions of records that contain personal information such as names, addresses, and Social Security numbers.

Shopping for life insurance policy doesn’t have to be confusing and overwhelming. If you take some time to understand the basics and how it works, you can better determine the coverage that may be beneficial for you and your family’s needs.

Many are interested in the impact of future tax legislation on Trusts. As we look ahead to 2025, it is crucial to understand how the evolving tax landscape may impact the administration, structuring, and distribution of Trusts.

Artificial intelligence (AI) is rapidly becoming a fixture in many industries. For life insurance users, AI helps to target online advertising and helps customers learn more about what policy might work for them.

Life insurance and annuities are essential financial planning tools for providing future independence. However, depending on the individual's goals, each may be part of a comprehensive financial plan.

As we look ahead to the life insurance landscape, numerous changes are taking place that seek to benefit consumers.

Social Security is a vital component of retirement income for many. This government program provides monthly benefits and is funded primarily through payroll taxes.

Most people know that once they approach retirement age, their reward for years of work comes from Social Security payments they put money towards during their employment.

Social Security, established in 1935, provides financial benefits to the elderly, disabled, and disadvantaged groups. However, there are concerns regarding its sustainability.

In a welcome development for millions of Americans relying on Social Security, the Social Security Administration has recently announced a substantial increase in retirement and disability benefits.

Each year when tax season rolls around, it comes with the burden of figuring out how to file your taxes correctly.

Spring is a time of renewal and rejuvenation, as the world awakens from its winter slumber and new life begins to bloom. As the saying goes, "April showers bring May flowers", and this sentiment can also apply to your financial life.

On Saint Patrick’s Day, towns hold festive parades, people head to restaurants to dine on Irish fare, children pinch each other if they don’t wear green, and everything from beers to milkshakes turn the color of shamrocks.

Having a good credit score doesn't just get you the best interest rates. It can also reduce your auto insurance premiums, allow you to avoid security deposits, and in some cases, even help you get hired.

You may have thought your digital identity was safe and not a likely target of a cybercriminal until one day, the bank calls wondering if purchases made at a store that you have never been to, 2,000 miles away, were made by you.

Your time is important. For some people, time is as important as money. While most people are concerned about spending their money wisely, few consider spending their time wisely.

In the world of investing, risk and reward go hand-in-hand. To help manage risk and reward, investors often utilize a portfolio diversification strategy that strives to mitigate risk while working toward accumulation across asset classes.

The 2024 tax season is approaching, so be prepared for any changes that could affect your return. As credits, deductions, and tax laws change frequently, it pays to plan ahead to get all the tax breaks you deserve...

Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an incremental approach. Do you want to get on top of your finances this year?

If you are someone who makes New Year's financial resolutions and often doesn't keep them, behavioral economics can help. Behavioral economics studies psychology as it relates to economic decision-making.

When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on unsustainable debt, and avoid living paycheck to paycheck.

Whether you are just entering your golden years or are already several years in, setting goals to stay on track and maintain your health, happiness, and finances is essential.

Spring cleaning doesn’t have to be a dreaded time of year. If you’ve added decluttering to your list of spring cleaning tasks, this seven-day challenge will get your home tidy and organized in no time—and with little to no added stress.

The holidays are a season of giving, rejoicing, and celebrating. And sometimes, being joyous means having to spend some money. If you feel the pinch when the season ends, don’t worry!

Travel isn’t just for the rich. With a little creative thinking and some clever planning, you could have a great adventure while saving money at the same time.

When inflation is high, holiday traditions like decorations, family gatherings, and gift-giving may feel like burdens. Rising prices may leave you wondering how to maintain your spirit without breaking the bank.

Signing up for Medicare is essential to help provide you with the coverage you need as you age. But if you miss the deadlines, you could risk a lifetime of penalties. Here is what you stand to lose if you incur Medicare late penalties.

Your credit and Social Security number are two of the most important pieces of personal information that you have when it comes to safeguarding your finances and even your identity.

Black Friday and Cyber Monday are great times to find amazing deals, but they’re also a prime time for scammers. While you’re hunting for bargains, stay alert to avoid getting caught in a scam.

Charitable contributions are personally rewarding and also have the potential to be tax-saving opportunities. A donation is a gift, such as cash or property, that is given to a non-profit organization to help them in pursuit of their goals.

Every year, the holiday season sneaks up on us and, before we get to turn around, it’s over. Here are some tips for timely year-end planning that may make a big difference.

As you approach retirement, fully stepping away from work might seem less appealing than it did a decade or two ago. Instead many people embrace semi-retirement to balance the need for continued income with the desire for more leisure time.

Cybersecurity is more important than ever as we continuously move toward more automated environments in a highly connected society. As more technologies develop, perpetrators keep exploring new tactics to exploit others.

Between work commitments, children’s schedules, and fall cleaning, how much time is left in our busy days to think about financial planning? Many of us choose to delay thinking about our finances until later or to manage them on our own.

Planning for long-term care (LTC) is essential to your retirement planning. If you anticipate having Medicare, you must understand that it only covers a limited number of LTC services.

Fall is a magical time of the year throughout much of the country. This season of cider sweaters is also a great time to sit down and give your finances a comprehensive review.

The 401(k) plan is an excellent way for HENRYs, high earners not rich yet, to save for retirement. Hitting the maximum contribution limit is a goal many work toward to reap the benefits of this tax-deferred saving strategy fully.

Medicare is complex with many different moving parts involved. It's always beneficial to gain a solid understanding of your options. Here are five tips to help you prepare so you do not get caught off guard by the nuances of Medicare.

Shopping for a life insurance policy doesn’t have to be confusing and overwhelming. If you take some time to understand how it works, you can better determine the coverage that may be beneficial for you and your family’s needs.

Weekly Market Insights: Mixed Signals, Choppy Week

Ron Schmidt, CFP®

Wednesday, April 28, 2021

The crosscurrents of strong corporate earnings, rising global cases of COVID-19, and the specter of higher capital gains taxes led to a choppy week of trading that left stock prices slightly lower for the week.The Dow Jones Industrial...