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Center for Financial Planning, Inc. - Economy
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Center Clients Donate over $1.3 Million in Tax-Savvy QCD’s in 2024! — Center for Financial Planning, Inc.
We are proud to announce that The Center assisted clients in donating over $1,350,000 to charities using the Qualified Charitable Distribution (QCD) strategy in 2024! The QCD strategy allows clients with assets in an IRA account and who are over age 70.5 to donate funds directly from their retireme
The Problem with Having Excess to Spend in Your Retirement Plan — Center for Financial Planning, Inc.
You spent your entire working life saving for your future retirement. You may have sacrificed things you wanted or wanted to do, at times, to make sure that you were saving enough for your future financial security. And now that you are retired, you may find that you saved so well that you have more
1099 Details for Tax Season — Center for Financial Planning, Inc.
Tax season is in full swing (everyone’s favorite time of year, right?!), and 1099s are in the process of being developed and distributed by investment broker-dealers and custodians. The two most common accounts clients own are retirement accounts (Roth IRAs, Traditional IRAs, SEP-IRAs, etc.) or afte
If You’re a Single Woman, These Are the Top 5 Things to Plan for Prior to Retirement! — Center for Financial Planning, Inc.
Retirement planning comes with its own unique set of opportunities and challenges. When you're a single woman, deciding to retire and the many subsequent decisions surrounding that life change can feel like it presents even more anxiety. Focusing on a few key areas to optimize your
Are You a Fiduciary? What Are Your Fees? How Does It Work? — Center for Financial Planning, Inc.
Fiduciary vs. Financial Advisor There is often confusion surrounding the differences between financial advisors and fiduciaries. While anyone who gives financial advice may call themselves a financial advisor, what separates fiduciaries is their legal and ethical responsibility to act in the best
Important Information for Tax Season 2024 — Center for Financial Planning, Inc.
As we prepare for tax season, we want to keep you apprised of when you can expect to receive your tax documentation from Raymond James. 2024 Form 1099 Mailing Schedule January 31 – Mailing of Form 1099-Q and Retirement Tax Packages. February 15 – Mailing of original Form 1099s. February
Managing Financial Decisions after a Traumatic Event — Center for Financial Planning, Inc.
Life happens…someone we love passes away, we are diagnosed with a life-threatening illness, we are involved in a horrible automobile accident that totals our vehicle and makes us scared for our lives. And then, to add to the stress, we need to make a significant financial decision. How can we do tha
Past Performance Is No Guarantee of Future Results! — Center for Financial Planning, Inc.
Over the past year, the S&P 500 has had a fantastic run and was up 38% (10/31/23 to 10/31/24). Does that mean we should expect lower returns in the next 12 months? Absolutely not, at least not for that reason.
Q4 2024 Investment Commentary — Center for Financial Planning, Inc.
Think back to one year ago. It's January 2024. So far, the economy had avoided the recession everyone thought was coming. The S&P 500 just wrapped up a +26% year. Bonds provided some positive performance. Inflation was coming down, unemployment was still at historic lows, and the mood could
Three Financial Planning To-Dos for New Parents — Center for Financial Planning, Inc.
If you’ve recently become a new parent, maybe your first thoughts when meeting your new child were like mine: feelings of overwhelming joy and gratitude, but also immense responsibility for this new life. Not only do you need to feed, clothe, and shelter this child, but you are also responsible for
2025 Retirement Account Contribution and Eligibility Limits Increases — Center for Financial Planning, Inc.
The IRS has recently announced the annual contribution limits for retirement plans and IRA accounts in 2025. And while the increases to most of the limits are modest, there are some notable increases. In particular, the legislation Setting Every Community Up for Retirement Act of 2022 (SECURE Act 2.
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