Reducing junk! Here are actionable steps to reduce risk with opt-outs and Do Not Call Registries
This month retired FBI Special Agent Jeff Lanza talked with us about how to stay save from identity theft and cybercrime. Here is a five (5) page summary of specific actionable steps for you to take now and things to be aware of.
What are the 2021 tax rates? What is the max I can contribute to my 401(k), 403(b), 457 or my Health Savings account plans in 2020? To find the answer and other financial planning related numbers read our chart.
What steps can I take to help prevent identify theft? How can I protect my credit from fraud and scamming? This article provides some guidance to these and other critical issues.
Selected Provisions of Secure Act of 2019 Required Minimum Distribution (RMD) to begin at 72 The age at which RMDs being has been increased from age 70 ½ to age 72. This will apply to those who will turn 70 ½ in 2020 or later. If you are already taking RMDs you must continue to do so. The act does not change the age (70 ½) at which you can make a Qualified Charitable Distribution...
by Philip Lee, CFP® For my birthday, I think about the financial implications but will also enjoy time with my family and friends. The table below provides a framework of financial planning considerations or requirements as we all age: 18th Birthday 18 year-olds are now adults who can enter into contracts, make their own health care decisions and are afforded levels of privacy to which we may not be accustomed. As adults, basic documents take...
by Philip Lee, CFP ® Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits: Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2020? A: The elective deferral amounts are $19,500 and if you are 50 years old or older you can defer an additional $6,500 for a total...
We often recommend and have clients doing a Backdoor Roth IRA contribution as part of their retirement planning. While our clients usually engage a CPA to prepare their taxes some prepare their own. If you are a turbo tax user this link may be helpful on how to handle the conversion for the federal return. https://thefinancebuff.com/how-to-report-backdoor-roth-in-turbotax.html Please note this does not constitute tax advice.
by Philip Lee, CFP ® Here are some Frequently Asked Questions I get for those thinking about their finances. Of course, there is more to financial planning and investment advisory services than these limits: Q: What is the max I can contribute to my 401(k), 403(b), 457 plans in 2019? A: The elective deferral amounts are $19,000 and if you are 50 years old or older you can defer an additional $6,000 for a total...
by Philip Lee, CFP® Travel Insurance: Do I need it? I enjoy traveling as do many of our clients. While we may tend to focus on the travel costs, plans – where to go, what to see and who to visit we often do not think about financial issues such as insurance. The two most common travel related insurance matters are: Emergency medical evacuation/foreign healthcare and Renting vehicles abroad. Emergency Medical Evacuation/International Health I recommend...
by Philip Lee, CFP® Credit Monitoring Options • Request Credit Report To request your free credit reports, visit the central source for free on-line credit reporting at www.annualcreditreport.com. From that site, you can view a copy of your credit report from one or all of the bureaus. Or call toll-free (877) FACT-ACT to request your free annual disclosure from the agencies. Get a free copy of your credit report every 12 months from each credit...
College Transitions By Philip Lee, CFP® Julia, our daughter, started classes this week at Champlain College. Wow, does time fly by so I'm re-sharing my post -- these critical documents for the college bound is truly top of mind. She is 18-years old "on her own" as a freshman and these are critical documents to have "just in case". Some of these documents apply to non-students too! Students may be worried about making new friends...
