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2024 Tax Law Changes
As you make your plans for the coming year, it’s important to take note of the changes in contribution limits and other tax changes in 2024. The information that follows was gathered from the IRS and other relevant government agencies. Social Security Social Security payments will increase 3.2% in 2024. 401(k) I view 401(k) plans […]
Are You a Consumer or an Owner?
The difference between a consumer and an owner is probably fairly intuitive, but let’s use one example just to compare them. If you purchase stock in a company, you’re an owner. If you purchase that company’s products, you’re a consumer. Naturally, everyone is both a consumer and an owner. However, when it comes to building […]
Federal Deposit Insurance Corporation
Silicon Valley Bank (SVB) and Signature Bank are the two U.S. banks that failed in the last few weeks. Were the depositors at risk? Normally, if deposits were $250,000 or less per depositor, per insured bank, an independent government agency called the Federal Deposit Insurance Corporation ensures that depositors will promptly get all of their […]
Inflation & Higher Interest Rates
As you know, inflation has been generally on the rise. Inflation simply means an increase in what we have to pay for goods and services. We feel it at the gas pump, in the grocery store and when we try to finance a major purchase like a new home. The rate of inflation was at […]
2021 Tax Law Changes
Well, it’s finally a new year. I know we’re all hoping it will be better than 2020! As you make your plans for 2021, one of the things to take note of is the change in contribution limits and other tax changes. 401(k)Let’s start with 401(k) contributions, since that’s a retirement fund that I view […]
The Value of a Financial Advisor
We’ve talked before about the value of a financial planner, but the current pandemic has brought certain aspects of this value into sharper focus. One could construct a laundry list of reasons a financial planner can be an important partner, but I really liked a recent Vanguard study that organized these benefits into three categories: […]
Financial Navigation During the Pandemic
The coronavirus pandemic continues and certainly will do so through at least the end of the year. While this is an unprecedented period for almost all of us, there are some well-known things we can do to successfully navigate our way through it. I’ve summarized a few of them below. Watch Cash Flow. This is […]
Using the Pandemic as a Catalyst for Financial Change
As I write this article, Colorado is transitioning from stay-at-home to safer-at-home rules. We’ve had almost 24,000 coronavirus cases and over 1,300 coronavirus deaths, our unemployment rate is currently about 11.3% and our older citizens or those with health risks are still advised to stay at home. So, while we’re trying to find the right […]
2020 RMD Waived
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act), required minimum distributions (RMDs) from IRA, 401(k), 403(b) and other qualified retirement plans are waived for 2020. If you don’t need the cash this year, this law will allow you to avoid withdrawing funds when the market is down substantially. […]
Coronavirus
We’re sure all of our readers are very familiar with the coronavirus pandemic that the world is experiencing. You’ve been told to wash your hands, don’t touch your face, practice social distancing (or in some cases, isolation) and so forth. As we write this article, Larimer County has 101 confirmed cases (61 of which are […]