Now that we’ve started the new year, this is a great time to take a fresh look at your financial picture and update things that may be stale or outdated. To help you do that, here are eight ways to improve your financial health in 2017.
Given the time of year, you may well be in the midst of gathering data for your 2013 tax return. As you embark on this project, you should be aware of a few new taxes you may have to pay. While I can’t cover everything, here are some of the bigger changes you might encounter.
(The changes outlined in this article were implemented in 2012 with the passage of the American Taxpayer Relief Tax Act (ATRA) of 2012, or with the Affordable Care Act).
As full time financial planners, our Wealth Managers spend a lot of time getting to know the daily struggles and triumphs of their clients, and have picked up a number of helpful life lessons along the way.
Here are our top seven:
Generally, there are four ways to save for college:
- UTMA (Uniformed Transfer to Minors Act) or UGMA (Uniformed Gift to Minors Act) accounts
- Pre-paid tuition plans
- College savings plans
- Coverdell Education Savings Accounts (ESAs)
As my clients, friends, and colleagues know, I love to travel. While my vacations have not (unfortunately) been tax-deductible, they have been memorable experiences that will stay with me forever. For that reason, I often encourage my clients to take vacations; after all, we don’t know when our health will change and we’ll no longer even be able to travel. You don’t want to be one of those people who will someday look back with regret on the things you didn’t do.
If you are a Baby Boomer – born between 1946 and 1964 – you are either retired or preparing for retirement. Whichever is the case, the new year presents a great opportunity to give yourself a quick financial check-up.
The 2012 election is over, and Americans find themselves in an unsure financial environment. The country is heading toward a “fiscal cliff” — a series of significant tax increases and automatic spending cuts that will be triggered at the end of the year. Congress and the President are negotiating a compromise solution to prevent that, but no one knows what it will involve, or if they’ll be successful at all.
On July 29, 2011, my father died in a single car accident, leaving my 73 year old mother — and his children and grandchildren — behind. While my mother has a great network of friends, this is a time of change and transition for her. She must get used to cooking for one, being alone in the house, and managing what used to be done by two (while my father was not all that helpful, he did do some things). Fortunately for her, she was already handling the household affairs, so she has a good understanding of the domestic finances. Not everyone is so lucky.