Throughout the year, markets move up and down. Some years, the swings can be drastic. It’s important to review your allocation to ensure that your risk level is still appropriate for your goals and time horizon. It’s typically a best practice to rebalance your portfolio at least annually. While it’s important to keep your allocation…

There are ultimately four things that we can do with the money we’ve been given: Give, Live, Owe, Grow. We can give it away, use it to live on, owe debt or taxes, and grow (or save) it. In order to take steps forward financially, it’s important to first understand where your cash flow is…

The end of the year is a great time to review your beneficiaries and estate planning documents. It’s easy to forget about these designations throughout the year, especially when a major life event happens. Helping the next steward to be prepared is one of the most important financial gifts we can give. It’s important to…

The holiday season is a perfect opportunity to plan your and maximize your charitable contributions. Many organizations have a year-end campaign to raise funds, and it’s always meaningful to be generous around the holidays. Make sure to keep track of your contributions to help when it comes time to file your income tax return in…

For any tax-deferred retirement account (such as a Traditional IRA, 401(k), or 403(b)), the IRS requires account holders to take an annual distribution once they reach age 73. The formula for determining the amount of the distribution is based on the account holder’s age and account balance at the end of the previous year. Since…

Last month on Money Mindset, we discussed implementing an FSA or HSA plan if your insurance plan allows it. Just as a reminder, these accounts allow for tax-deductible contributions, and the funds can be taken out tax-free if they are used for qualified medical expenses. For an FSA (flexible spending account) funds are lost if…

One of the most important facets of managing year-end finances is to be a smart holiday shopper. First and foremost, make sure to set some parameters and operate from a spending plan. Make sure to track your purchases along the way so that you stay within the budget you set for your household. Finally, make…

In addition to employer-sponsored retirement plans and group health insurance, life insurance and long-term disability insurance (LTDI) are typically needed by most employees. Life Insurance As a general rule-of-thumb, an individual needs life insurance if another person is financially dependent on them. There are many different types of life insurance, but most employer plans offer…

When it comes to retirement accounts, there are two basic types – Pre-tax (also known as Traditional) and Roth. It can be confusing and overwhelming to select the right choice. To start, let’s simply break down the difference between the two. Pre-tax (Traditional) Pre-tax retirement accounts allow participants to contribute to the accounts on a…