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Center for Financial Planning, Inc. - Economy
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Rules of Thumb and the Current Bond Market — Center for Financial Planning, Inc.
In a recent Bloomberg interview, famed investor Stanley Druckenmiller shared a rule of thumb that I've heard many times over the years: a good estimate for the 10-year treasury yield is nominal GDP growth (real GDP + inflation). I'm not here to tell you Stanley Druckenmiller doesn't know
The Fed Just Cut Rates (Again) - Do CDs and Treasuries Still Make Sense? — Center for Financial Planning, Inc.
The Federal Reserve’s recent decision to continue cutting interest rates has left many investors wondering about their next moves and how to adjust their portfolios. Safe investment options like Certificates of Deposit (CDs) and U.S. Treasuries remain viable options for conservative investors seekin
Proactive Longevity Planning: Preparing Caregivers & Futures — Center for Financial Planning, Inc.
According to the Family Caregiver Alliance, more than 1 in 6 Americans work full-time or part-time and assist with caring for an elderly or disabled family member, relative, or friend. 70% of working caregivers suffer work-related difficulties due to their dual roles. Many caregivers feel they have
GivingTuesday: A 2024 Reminder — Center for Financial Planning, Inc.
As we approach another season of gratitude, it's a reminder that each act of kindness can make a meaningful difference, no matter how small. Since its inception in 2012, GivingTuesday has grown into a worldwide movement, inspiring millions to contribute time, resources, and compassion to strengthen
Three Financial Planning Questions for Small Business Owners — Center for Financial Planning, Inc.
One of the most rewarding types of clients we have the honor of working with are business owners. These folks have built their companies from the ground up across a wide variety of industries or worked their way up through the ranks to now serve at their company’s helm. They are masters of their fie
Are You and Your Partner on the Same Retirement Page? — Center for Financial Planning, Inc.
Retirement and Longevity Many couples don't agree on when, where, or how they'll spend their golden years. When Fidelity Investments asked couples how much they need to have saved to maintain their current lifestyle in retirement, 52% said they didn't know. Over half the survey respondents – 5
The Widow’s Penalty: Lower Income, Higher Taxes — Center for Financial Planning, Inc.
A newly widowed example client, whom we'll call "Judy," receives communication from Medicare that her Part B and D premiums are significantly increasing from the prior year. To make matters worse, she also notices that she's now in a much higher tax bracket when filing her most recent ta
Financially Preparing to Become a Pet Parent — Center for Financial Planning, Inc.
Typically, we celebrate National Pet Month in May and Pet Appreciation Week in the first week of June. Year-round, we acknowledge the love, joy, and companionship our furry, feathered, or shelled friends bring into our lives. We reflect on the importance of responsible pet ownership and acknowledge
You've inherited an IRA – Now What? — Center for Financial Planning, Inc.
Receiving an inheritance can be confusing and filled with mixed emotions. However, when inheriting a traditional IRA, the confusion can be compounded by the multitude of rules, regulations, and tax implications surrounding these accounts. How you manage the account in the future can depend on severa
When is the Right Time for a Family Meeting? — Center for Financial Planning, Inc.
In the context of our financial planning work with clients, family meetings can be scheduled for many different reasons. These meetings are often scheduled because something has changed, and the family needs to discuss a family transition or crisis. However, family meetings, like most planning, are
Social Security Cost of Living Adjustment for 2025 and other Social Security Tax Updates! — Center for Financial Planning, Inc.
It was recently announced that the 2025 Cost of Living Adjustment for those receiving Social Security will be 2.5%. This amount reflects a steady decline from the 8.7% increase received in 2023 and the 3.2% received in 2024. The Cost of Living increase is calculated based on data from the Consumer P
Q3 2024 Investment Commentary — Center for Financial Planning, Inc.
This year has been off to a solid start as the melt-up continues. Even during what is usually the worst performing month on average, September, markets rallied. Mega-cap US tech stocks have remained a standout this year again and have driven much of the returns for the S&P
The Center Ranked #1 Award-Winning Workplace — Center for Financial Planning, Inc.
At The Center, we focus heavily on workplace culture to make our firm a wonderful place to work. We think happy employees translate into a better experience for our clients, and an award-winning workplace also allows us to attract top talent to our firm. In November, InvestmentNews named us t
The Top 5 Tips for Managing Beneficiary Selections — Center for Financial Planning, Inc.
Checking your beneficiary designations each year on your investment accounts is always a wise move. Our team does this before each planning meeting with our clients, and I can't tell you how many times this has prompted an individual or family to make a change. As tax law has continued to evolve and
Unlocking Future Success: The Center for Financial Planning’s Internship Program — Center for Financial Planning, Inc.
In the fast-paced world of finance, theoretical knowledge is only one piece of the puzzle. True mastery comes from hands-on experience, which is why the Center for Financial Planning's internship program is a transformative opportunity for aspiring financial professionals. This program offers more t
From Overwhelmed to Empowered: A Widow's Journey to Financial Well-Being — Center for Financial Planning, Inc.
Bonnie's Story Bonnie and Carl had what they considered a very traditional marriage, with well-defined and balanced family roles. Carl was a corporate executive, so it seemed logical that he would manage all the family finances. Bonnie oversaw the running of the household, including maintenance, m
Can You Move Required Distributions from Your Tax-Deferred Retirement Plan or IRA to Your Roth IRA? — Center for Financial Planning, Inc.
Required Minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year. You generally must start taking withdrawals from your Traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 72 (73 if you reach age 72 after Decemb
Beyond the 4% Rule: Five Strategies to Ensure Your Retirement Income Lasts a Lifetime — Center for Financial Planning, Inc.
In a prior article , I focused on the popular 4% rule and discussed safe portfolio distribution rates over the course of retirement. While the percentage you are drawing from your portfolio is undoubtedly very important, other factors should also be taken into considerat
Wire Transfer Delays — Center for Financial Planning, Inc.
Clients occasionally request a wire transfer from their Raymond James account. We're delighted to assist, but we want you to be informed about the possibility of an industry-wide delay in the process. While most wire transfers occur promptly on the same day requested, a few are delayed. Who is im
Planning Ahead for Later Retirement Living — Center for Financial Planning, Inc.
Clients often find their adventurous side once they retire. It is not uncommon for them to find themselves living in a different part of the country (or the world) from their family for at least part of the year to enjoy the benefits of a warmer climate and a more active lifestyle with others who sh
Will Social Security Run Out in The Next 10 Years? — Center for Financial Planning, Inc.
No, social security won't run out, at least not entirely. As a result of changes to Social Security enacted in 1983, benefits are expected to be payable in full until 2037. When these reserves are used up, continuing tax revenues are expected to pay 76% of scheduled benefits. What is causing the fin
Mutual Funds vs. ETFs – What’s the Difference? — Center for Financial Planning, Inc.
At the highest level…not much! Mutual funds and Exchange Traded Funds are two common types of investments that group individual securities together into a neat package to make it easier for us investors to build our ideal portfolios. The difference between mutual funds and ETFs shows up more when
Is the 4% Rule Dead? — Center for Financial Planning, Inc.
In 1994, financial adviser and academic William Bengen published one of the most popular and widely cited research papers titled: "Determining Withdrawal Rates Using Historical Data," published in the Journal of Financial Planning. Through extensive research, Bengen found that retirees cou
Don’t Be a Victim! Financial Abuse of Seniors – How to Spot Scams & Protect Yourself — Center for Financial Planning, Inc.
As a financial adviser in an almost 40-year-long practice, I work very hard to keep my aging client base educated on anything that might be a risk to them or their financial plan. Financial exploitation, including current fraud and scams, rises to the top of this list when it comes to the older adul
Q2 2024 Investment Commentary — Center for Financial Planning, Inc.
When the circumstances change, our perspective evolves. This anthem of the past year highlights the importance of adaptability and openness to new information. But as much as things have changed this year, much has stayed the same. Megacap tech stocks are still driving the
ATTENTION: Important Information for Owners of Corporations, LLC’s, and other Business Entities — Center for Financial Planning, Inc.
Corporate Transparency Act (CTA) - Report beneficial ownership information to FinCEN by January 1, 2025 Why was this reporting requirement imposed? The CTA is mainly an anti-money laundering law and was enacted by Congress to protect national interests and better enable efforts to counter illega
Managing Finances for an Aging Parent — Center for Financial Planning, Inc.
Being a child of an aging parent can often come with some unexpected responsibilities. As the people in our lives start to get older, an unfortunate reality is that they may need some help with managing their money. Whether making decisions on behalf of a parent, helping organize and consolidate acc
Beat the Squeeze: ACA Income Planning for Pre-Medicare Retirees — Center for Financial Planning, Inc.
Are you currently retired or planning on retiring before Medicare begins at age 65? If so, congratulations! If you have the ability to retire in your early 60s, chances are that you’ve saved aggressively over the years and have prepared well for retirement. In our experience, the
Leaving a Spirit Legacy — Center for Financial Planning, Inc.
In the normal course of our financial planning reviews and strategy sessions with clients, we review estate planning and the documents that clients should have in place. This ensures that they have protected themselves and their families legally and that their wishes can be carried out during their
The Center to Observe Upcoming Juneteenth Holiday — Center for Financial Planning, Inc.
This year, Juneteenth will be observed on Wednesday, June 19th. The Center, Raymond James, and public trading markets, including NYSE, NASDAQ, Chicago Stock Exchange and bond, unit investment trust, options and mutual fund markets will all be closed in observance. Juneteenth (which stands for “Jun
Should I Participate in a Deferred Compensation Plan? — Center for Financial Planning, Inc.
Many executive compensation packages offer types of deferred compensation plans. If you have one available, it can be a powerful tool to accumulate additional retirement savings. But is it right for you? While this can be an effective way to reduce current income and build another savings
The Asset Allocation That Is Right For YOU — Center for Financial Planning, Inc.
The Center’s investment committee meets every month, and one of the most regularly discussed topics is the “Strategic Allocation” of our portfolios. The Strategic Allocation is what proportion of our portfolios should, at the highest level, be invested in stocks versus bonds. Then, beyond that, what
Facing the Challenges of Only Child Caregivers — Center for Financial Planning, Inc.
According to AARP, one in five adults (equating to more than fifty million Americans), is providing unpaid health care or support to a loved one, such as an aging parent or a spouse with an illness or disability. Increasingly, there are more only-child caregivers attempting to provide care for aging
The Shortened Trade Settlement Cycle — Center for Financial Planning, Inc.
In the ever-evolving landscape of financial markets, efficiency is the name of the game. Every advancement that streamlines processes not only saves time and resources but also enhances market dynamics. One significant recent development is the shortened trade settlement cycle. In the past, trade s
Does It Make Sense to Pay Off Your Mortgage Early? — Center for Financial Planning, Inc.
Owning a home outright is a dream that many Americans share. Having a mortgage can be a huge burden, and paying it off may be the first item on your financial to-do list. But competing with the desire to own your home free and clear is your need to invest for retirement, your child's college educati
The Center Participates in Money Smart Week! — Center for Financial Planning, Inc.
This year, Money Smart Week was observed in April (the 15th to the 21st)! In honor of this campaign, The Center was delighted to co-sponsor the Michigan Council on Economic Education's 2024 Personal Finance Challenge on April 15th. The event is an exciting competition between local
Can I Avoid IRMAA Surcharges on Medicare Part B and Part D? — Center for Financial Planning, Inc.
In 2023, Medicare Part B premiums for 95% of Americans will be $164.90/mo. However, the other 5% will have to face what’s known as the Income Related Monthly Adjustment Amount or IRMAA and pay higher Part B and D premiums. Each year, the chart below is updated, and in most cases, premiums increase g
Q1 2024 Investment Commentary — Center for Financial Planning, Inc.
As the 4-year anniversary of the Covid stock market correction came and went last month, markets have given historians and economists much to reflect on. Since the consumer is the major driver of the U.S. economy, the aftereffects of the COVID-19 pandemic stay-at-home policies and the economic reope