Financial Planning

The start of the year is the perfect time to prioritize both personal and financial well-being. While physical health often takes center stage in New Year’s resolutions, financial fitness deserves equal attention

Tax-related identity theft is a growing issue that has the potential to wreak havoc on your ability to grow and retain wealth over the course of your life. It happens when scammers use your personal information—such as your Social Security number—to file fraudulent tax returns and claim refunds in your name.

In times of market uncertainty, many investors seek the safety of cash. This has certainly been true over the past several years as markets have fluctuated dramatically due to the pandemic, geopolitical events, Fed rate hikes, inflation, gridlock in Washington, technology trends, and more. More recently, the possibility of worse-than-expected inflation and a delay of the anticipated Fed rate cut have led to renewed investor concerns. At the same time, interest rates on cash are at their highest levels in decades, making it appear that there are attractive “risk-free” returns. How should investors today really think about cash?

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.