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Hindsight Is 2020: What Will You Do Differently This Year?
December 18, 2019
According to a recent survey, 76% of Americans reported having at least one financial regret. Over half of this group said it had to do with savings: 27% didn’t start saving for retirement soon enough, 19% didn’t contribute enough to an emergency fund, and 10% wish they had saved more for college.1 The saving conundrum…
Key Retirement and Tax Numbers for 2020
December 18, 2019
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2020. Employer retirement plans Employees who participate in 401(k), 403(b), and most 457 plans can defer up to $19,500 in compensation…
Socially Responsible Investing: Aligning Your Money with Your Values
December 18, 2019
Sustainable, responsible, and impact (SRI) investing (also called socially responsible investing) has been around for a long time, but growing interest has moved it into the mainstream. U.S. SRI assets reached $12 trillion in 2018, 38% more than in 2016. SRI investments now account for about one-fourth of all professionally managed U.S. assets.1 Surveys suggest…
Qualified Charitable Distributions: Using Your IRA to Give from the Heart
November 25, 2019
The Tax Cuts and Jobs Act roughly doubled the standard deduction ($12,200 for single filers and $24,400 for married taxpayers filing jointly in 2019) and indexed it for inflation through 2025. As a result, far fewer taxpayers will itemize deductions on their tax returns, and some people may be disappointed that they no longer benefit…
Estate Planning: Consider the Tax Basis of Gifted or Inherited Property
November 25, 2019
Tax basis can be important when deciding whether to make gifts now or transfer property at your death. This is because the tax basis of the person receiving the property depends on whether the transfer is by gift or at death. This, in turn, affects the amount of taxable gain subject to income tax when…
For College Savings, 529 Plans Are Hard to Beat
November 25, 2019
Raising kids is hard enough, so why not make things easier for yourself when it comes to saving for college? Ideally, you want a savings vehicle that doesn’t impose arbitrary income limits on eligibility; lets you contribute a little or a lot, depending on what else happens to be going on financially in your life…
Symphony Sponsors the Pamela Trokanski Dance Theatre’s 2019–2020 Season
October 28, 2019
Symphony Financial Planning is proud to announce its support for the full season of the Pamela Trokanski Dance Theatre. The post-modern, contemporary dance company has four performances planned for its 35th season. Their fall concert, Right Here, Right Now, will open Sunday, November 3, and run the following Friday and Saturday, November 8 and 9….
Five Times in Your Life When You Might Need Help with Your Finances
October 28, 2019
As you move through different stages of life, you will face new and unique financial situations. Did you just get engaged? Perhaps you are wondering how you and your partner are going to manage your money together. Do you have children? Maybe you are looking for ways to pay for their college education. When you…
Life Insurance with Long-Term Care Benefits
October 28, 2019
If you are concerned about the high costs of long-term care but don’t want to purchase traditional long-term care (LTC) insurance, you might consider two strategies that combine permanent life insurance coverage with long-term care benefits. Keep in mind that any payouts for covered LTC expenses reduce (and are usually limited to) the life insurance…
Three Regrets of Retirees
October 28, 2019
A recent survey found that more than half of retirees have retirement planning regrets. Unfortunately, many of these retirees had to cut back on their lifestyles to compensate for financial shortfalls.1 Considering their most common regrets may help you avoid making the same mistakes. Not saving enough More than one-third of retirees wish they had…