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Center for Financial Planning, Inc. - Economy
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The Power of Working Longer — Center for Financial Planning, Inc.
Saving 1% more towards retirement for the final 10 years of one’s career has the same impact as working one month longer. Yes, you heard that correctly. Saving 15% in your 401k instead of 14% for the 10 years leading up to retirement has the same impact as delaying retirement by only 30 days! Hard t
How to Measure Your Financial Health Before Retirement — Center for Financial Planning, Inc.
Retirement can be one of life's most exciting milestones, but achieving it successfully requires careful planning and preparation. Whether you're a few years away from retirement, just starting to think about it, or already have a determined retirement date approaching, it's essential to ev
What Financial Planning Really Means for You and Your Family — Center for Financial Planning, Inc.
Let me start by telling you what financial planning is not. Financial Planning is not one-size-fits-all. It’s not only for the wealthy. It’s not a one-and-done exercise. And it’s certainly not just about creating a budget or calculating your net worth. Comprehensive financial planning is deeply ho
Helping Aging Parents: Financial Planning for Longevity — Center for Financial Planning, Inc.
More of us are living in a new reality. One in which we are working and caring for our own families while simultaneously facing the needs of aging parents. It is not uncommon that our older adult parents have simply "fallen" into their retirement without a real plan. Many became retirement
Social Security Taxation — Center for Financial Planning, Inc.
In my experience, there is typically a high level of confusion when it comes to understanding how Social Security benefits are taxed (consumers AND many financial advisors!). Understanding how other forms of income interact with Social Security is imperative when constructing a tax-efficient retirem
Q1 2025 Investment Commentary: Diversification Results in Smoother Ride than Headlines Portray — Center for Financial Planning, Inc.
The past few months have been a whirlwind—new leadership in Washington, escalating trade tensions, geopolitical conflicts, and market swings have dominated headlines. Even the Federal Reserve noted heightened 'uncertainty' after holding the Fed Funds Rate steady, and that might be an understatement.
Social Security Fraud Prevention — Center for Financial Planning, Inc.
The Social Security Administration (SSA) has a zero tolerance for fraud, and it works diligently at the national, regional, and local levels to combat fraud that undermines its mission to serve the American Public. To accomplish this goal, the SSA works with the Office of Inspector General (OIG), wh
Exploring the Mega Backdoor Roth: Is It The Right Strategy For You? — Center for Financial Planning, Inc.
As financial planning professionals, we often seek advanced strategies to maximize clients’ retirement savings. One such strategy that has gained considerable attention is the Mega Backdoor Roth IRA. But is this complex approach suitable for everyone? In this blog, we’ll explore what the Mega Backdo
What to Expect Every Day in the Stock Market — Center for Financial Planning, Inc.
I’ve written about expectations before, but I wanted to revisit the topic after a volatile day in the stock market this past January. There was a headline that shook up the tech space, and when you opened a financial news website or turned on your TV – the headlines and reactions made it seem li
Highlighting a Center Service Value — Center for Financial Planning, Inc.
Here at The Center, we focus a lot on our Values! Most commonly, you’ll hear us talking about the Core Values that are near and dear to us as a company. You’re probably already familiar with those if you’ve seen our CENTER acronym, which we use to easily remember them. C ommitment to the
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