Wealth Management For Individuals, Companies, and Sports and Entertainment
Tune into “Prosperwell with Nicole” as we examine the path to true happiness. Nicole discusses a variety of topics monthly from saving for retirement to crossing items off your Live It List. If you have a topic you would like to hear about or would like to be a guest on our podcast, please contact us.
An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you should also consider investing in an IRA. What types of IRAs are available? The two major types of IRAs are traditional IRAs and Roth IRAs. Both allow you to contribute as much as $5,500 in 2017 (unchanged from 2016)….
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Your life insurance needs change as your life changes. When you are young, you may not have a need for life insurance. However, as you take on more responsibility and your family grows, your life insurance needs increase. Your needs may then decrease after your children are grown. You should periodically review your needs to ensure that your life insurance coverage adequately reflects your life situation. Estimating your life insurance need There are a couple of simple methods that you…
Continue reading How Much Life Insurance Do You Need?
So you’re going to have or adopt a baby. Congratulations! Parenthood may be one of the most rewarding experiences you’ll ever have. As you prepare for life with your baby, here are a few things you should think about. Reassess your budget You’ll have to buy a lot of things before (or soon after) your baby arrives. Buying a new crib, stroller, car seat, and other items you’ll need could cost you well over $1,000. But if you do your…
Continue reading And Baby Makes Three
As the parent of a child with special needs, you face many of the same challenges that any parent faces. But you’ll have to cope with some unique financial, medical, educational, and legal issues as well. Where do you start? Getting reliable information and support is important when you have a child with special needs. Start by talking to: Your obstetrician, pediatrician, and primary physician Social workers familiar with federal, state, and community resources Mental health professionals (e.g., psychologists and…
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If you are in a long-term, committed relationship, you have many of the same financial concerns as married couples. However, you lack many of the legal protections and advantages that married couples enjoy. Here are some tips that can help you and your partner stay on the road to financial security. Talk about your finances One of the first financial decisions you’ll have to make as an unmarried couple is whether you should handle your finances separately or together. Sit…
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At some point in your life, you’ll probably be faced with the question of whether you need life insurance. Life insurance is a way to protect your loved ones financially after you die and your income stops. The answer to whether you need life insurance depends on your personal and financial circumstances. Should you buy life insurance? You should probably consider buying life insurance if any one of the following is true: You are married and your spouse depends on…
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Even in a seller’s market, selling a home can be a difficult task. As a result, you’ll want to do your homework ahead of time to ensure that you will be able to sell your home quickly and at the best possible price. Timing is everything You can’t always choose when to put your home on the market. You might need to buy another home to make room for a new baby that’s on the way. Or, perhaps your employer…
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Marriage affects your finances in many ways, including your ability to build wealth, plan for retirement, plan your estate, and capitalize on tax and insurance-related benefits. There are, however, two important caveats. First, same-sex marriages are recognized for federal income and estate tax reporting purposes. However, each state determines its own rules for state taxes, inheritance rights, and probate, so the legal standing of same-sex couples in financial planning issues may still vary from state to state. Second, a prenuptial…
Continue reading I'm Getting Married. How Could Marriage Potentially Affect My Finances?
If you are opening an IRA for the first time or need a refresher course on the specifics of IRA ownership, here are some facts for your consideration. Contribution limits. In general, the most you can contribute to an IRA for 2017 is $5,500. If you are age 50 or older, you can make an additional “catch-up” contribution of $1,000, which brings the maximum annual contribution to $6,500 Eligibility. One potential area of confusion around IRAs concerns an individual’s eligibility…
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