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The Federal Reserve’s rapid series of interest rate hikes throughout 2022 and 2023 — initiated in an effort to bring down red-hot inflation — rippled throughout financial markets and the broader economy. People pay attention to the “Fed” to see where interest rates are headed, but also for its economic analysis and forecasting. Members of […]

You’re probably aware that a 10% penalty tax generally applies to distributions from qualified retirement plan accounts prior to age 59½, unless an exception applies; however, you may not be aware of the exception that allows retirement account holders to access their savings at any age, penalty-free.1 Specifically, this exception allows distributions through a series of […]

With wildfires in Maui, Hurricane Idalia in Florida, and the heat wave that blanketed the South, Midwest, and Great Plains, 2023 was a record-setting year for extreme weather in the United States. In fact, last year the U.S. saw more weather and climate-related disasters that cost over $1 billion than ever before. 1 As a result […]

Couples who have opposite philosophies regarding saving and spending often have trouble finding common ground, and money arguments frequently erupt. But you can learn to work with — and even appreciate — your financial differences. Money habits run deep If you’re a saver, you prioritize having money in the bank and investing in your future. […]

Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2024. Estate, gift, and generation-skipping transfer tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2024 is […]

Estate planning is the process of managing and preserving your assets while you are alive, and conserving and controlling their distribution after your death. There are four key estate planning documents almost everyone should have regardless of age, health, or wealth. They are: a durable power of attorney, advance medical directive(s), a will, and a […]

The start of a new year is typically a time when people resolve to implement or recommit themselves to a personal financial goal. This year, why not consider opening a 529 plan account, or increasing your contributions to an existing account, to enhance your child’s or grandchild’s financial future? 529 plans are the most flexible […]

Academic researchers have been exploring how investors’ personalities might affect their financial decisions and wealth outcomes. In one study, three finance professors (Dr. Zhengyang Jiang from Northwestern University’s Kellogg School of Management, Cameron Peng from the London School of Economics, and Hongjun Yan from DePaul University’s Driehaus College of Business) surveyed more than 3,000 members […]

As you plan for retirement, you might not give credit a second thought, especially if your plan includes paying off your mortgage and other debts, and relying more on cash than credit. But retirement could last many years, and your need for credit doesn’t necessarily disappear on your last day of work. At some point […]

According to an October 2023 survey, higher interest rates impacted more than half of small businesses, and over 20% reported that higher rates and tighter lending standards influenced their hiring decisions.1 Small businesses paid an average rate of 9.1% for short-term loans in October 2023, the highest rate since 2006, and nearly twice as much […]