Recently, the Silicon Valley Bank (SVB) failed without much warning in a matter of days leaving many bank depositors across the country wondering if their deposits were safe. The good news is that SVB was a member of the Federal Deposit Insurance Corporation (FDIC), which means that deposits of up to $250,000 are protected. However, […]
Filing your taxes can be daunting, but it can also be an opportunity to save money if you know where to look. If you are 65 years old or older, it’s important to focus on certain tax areas that can help you reduce your future income tax liability and Medicare expenses. Here are some tax […]
For years, monitoring your cash and cash equivalent accounts was not worth your time as they yielded close to 0% interest. However, the conversation around cash has changed drastically since 2022, and it now pays to understand the difference between checking, savings/money market accounts (MMA), and money market mutual funds (MMF). A few easy adjustments […]
If you stop to think about the most important things in your life, it’s likely that family, health, and having a sense of purpose rise to the top of your list. Naturally, money is also an important factor that adds to our quality of life—and it’s not to be overlooked. Financial stability can provide the […]
Just one year ago, research from the Federal Reserve indicated that a record 68% of households had the cash to cover an emergency expense of $400. Fast forward to today, and a new study by Suze Orman suggests that statistic has reversed…2/3’s of households could not cover an unexpected $400 expense. What gives? Inflation and […]
It is estimated that millions of taxpayers will miss out on the Earned Income Tax Credit (EICT) in 2022, worth up to $6,935. Over 30 million workers in 2022 are eligible for the tax credit worth over $60 billion. Estimates indicate that up to 20% of eligible taxpayers are not aware of this tax credit. […]
In a previous article, we discussed Alabama’s CollegCounts 529 Fund and how the recently passed Secure Act 2.0 offers greater flexibility to account owners in allocating education funds. Let’s now focus on a recent change that allows a portion of unused 529 account assets to be rolled over to a Roth IRA for account beneficiaries. […]
One of the primary concerns for most, after saving for retirement, is education planning. Well, great news! The recently passed Secure Act 2.0 gives savers greater flexibility regarding how they allocate funds accumulated in 529 plans. We’ll review updates to Alabama’s CollegeCounts 529 Fund this week and follow up next week on increased options related […]
Three years ago, the original Secure Act moved the Required Minimum Distribution (RMD) age from qualified pre-tax retirement accounts such as IRAs, 401(k)’s, 403(b)’s, etc., from age 70.5 to age 72. The Secure Act 2.0 passed Congress at the end of 2022 and has made further changes related to pre-tax retirement accounts, qualified charitable distributions […]
By The Welch Group Retirement planning can be an overwhelming process, and understanding Social Security can be a big part of that. Thankfully, there are resources to help you comprehend what Social Security is and how it fits into your retirement plan. Social Security benefits can be an important part of your post-retirement income, so […]