Social Security Retirement Income has evolved into the foundation of retirement planning for most workers, representing most of the retirement income, on average, for older Americans. Remember that Social Security Retirement Income is subject to cost-of-living increases, making it a very valuable income source for your retirement. This means making the right decision about when […]
Time is fast running out, but you may still be able to score a tax break for 2022 with an Traditional IRA contribution. Here’s what you need to know: For 2022, your maximum contribution limit is $6,000; plus an additional $1,000 if you were age 50 or older in 2022. Eligible couples could save $3,500 […]
The recent rise in “risk-free” short-term interest rates has many people reconsidering the risk vs. reward dynamic relative to the stock market. While the increase in yields is welcomed relief compared to the historically low interest rates of the past 15 years, it is important for investors not to lose sight of the primary purpose […]
Designing an investment portfolio can be a complex process at any age. It requires consideration of various variables such as risk tolerance, time horizon, and financial goals; however, there is one rule that always holds true for investors: **Rule** Never put yourself in a position where you MUST sell assets when they are down to […]
One of my tennis buddies relayed a story where hackers had stolen virtually all his private information necessary to open accounts in his name. They proceeded to open bank accounts and credit card accounts across the country. It was a widespread scam attempt. Fortunately, he caught it before losing any money. Scammers constantly evolve tactics […]
By The Welch Group Banks play a vital role in the economy, providing individuals and businesses with access to cash, credit, and other financial services. Despite their importance, however, banks can fail. And when they do, the effects often cause panic in the wider economic environment. This past week, two major players in the banking […]
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 […]