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While the holiday season is ideally a time for family and friends, it is also a good time to review tax strategies for the current as well as the coming year. Tax planning includes possibilities such as tax-loss harvesting, choices of investment vehicles, order withdrawal optimization, and many others. Given the complexity of these considerations, it’s important to work with a trusted financial professional to best understand each approach and its implications. It’s also important to understand the economic climate’s effect on taxes, especially the impact of inflation. What should investors know as they plan for 2024?
For many individuals, financial planning extends beyond managing their investments with the goal of a comfortable retirement in mind. It can also include the desire to make a positive impact through charitable giving. Charitable Gift Annuities (CGAs) have long been a popular way for individuals to address both their retirement goals as well as their philanthropic interests.
For long-term investors, knowing the difference between what can and cannot be controlled is the key to both financial success and peace of mind. While all investors would like to believe they can predict the direction of the market, experience teaches us that this is difficult to do.
Contributing to your grandchildren’s college savings is a wonderful idea. You can reduce worry and financial stress for your own children during their peak career years, enabling them to save more effectively for their own retirement. You can lower the likelihood that student debt will be a burden on the family. And your gifts may even be part of a smart estate plan.
Celebrating as a family member graduates from high school and attends college is the culmination of years of hard work and a joyous event. Paying for college, however, remains a significant source of stress for many households.
If you’re just starting out, financial advice is easy to find. Fast forward to nearing 60 and thinking about wrapping up your career, and suddenly just about every financial pitch you’ll hear screams “retirement.”
