In an age where financial independence is more crucial than ever, introducing children to the concept of saving and investing at a young age can pave the way for their long-term success. One of the best avenues for fostering this independence is through the establishment of a Roth Individual Retirement Account (IRA) for your child.
Personal
As we approach 2025, a sense of urgency is sweeping through the financial advisory community. The impending expiration of significant tax provisions established under the Tax Cuts and Jobs Act (TCJA) of 2017 poses a potential challenge for taxpayers across the spectrum. These temporary changes, which include lowered federal income tax rates, increased standard deductions,
The Social Security system is an essential component of retirement planning for millions of Americans. As we look ahead to 2025, several changes in the framework governing Social Security could have significant ramifications for various income groups, particularly retirees and high-earners. A comprehensive understanding of these changes is necessary for monitoring future financial health, especially
The recent announcement from the Social Security Administration (SSA) regarding the cost-of-living adjustment (COLA) of 2.5% for 2025 has sparked discussions across financial and social spectrums. This figure marks a significant moment in a series of adjustments aimed at ensuring that Social Security benefits adequately reflect changes in the economy, particularly inflation. However, the 2.5%
As we approach the end of the year, Social Security beneficiaries are gearing up for the announcement of the annual cost-of-living adjustment (COLA) for 2025. While there has been some anticipation regarding this adjustment, experts suggest that many recipients may face disappointment due to projections indicating a modest increase in benefits, potentially the smallest adjustment
Filing taxes can be a daunting task for many individuals, and the timeline for submission can often add to the stress. With millions of taxpayers seeking relief through extensions, understanding the implications, deadlines, and strategies for tax filing can lead to a more manageable experience. In this article, we explore the recent landscape of tax
The rise of digital currencies has brought with it a multitude of opportunities for both investors and, unfortunately, fraudsters. As cryptocurrencies like Bitcoin and Ethereum become more mainstream, so too do the scams associated with them. A particularly alarming trend is emerging: scams that capitalize on online relationships, especially those forged through social media and
In the American social landscape, few subjects instigate more discomfort than finances. Recent surveys indicate that many individuals would sooner divulge their political affiliations than discuss their financial status. A study conducted by U.S. Bank, which surveyed 3,500 participants, revealed that discussions about money can often feel nearly as uncomfortable as talking about intimate subjects.
The upcoming November election has sparked conversations across the United States, not just about electoral choices but also about how these choices might influence personal financial decisions. A significant number of Americans find themselves in a holding pattern regarding financial matters, as they await the election results. A recent survey conducted by the CFP Board
With the conclusion of the one-year grace period for student loan borrowers who missed payments, a significant transition has begun for millions of Americans. This “on ramp” was designed to offer a temporary reprieve, allowing individuals to reintegrate student loan payments into their personal budgets without the immediate threat of credit damage. Although borrowers could