Prior to year-end, Congress has done one final sweep of the tax laws. Many popular provisions have been extended through the end of 2014. Double check to see if these provisions would be advantageous for you or your family members.
The holiday season is a great time to begin thinking about what you'd like to change, improve or do more of before we ring in a new year. The starting point of any goal is getting your mind in the right space. This is part of our financial planning process, called the Planning for LIFE Experience™. If you have a few days off from your day-to-day responsibilities, take the extra time to evaluate your objectives and what you want to do differently in the new year.
Historically, the end of the year and holiday season has garnered the most financial support for charitable causes. Whether for the tax breaks or for the kindness of giving, this is usually the time of year for charitable donations. Your financial plan may even include philanthropy as an ultimate goal. Before setting up the plan, it's helpful to understand the financial impact of your gifts.
All over the country, the debate around the necessity of a college degree is a 'hot topic.' Many students are graduating with tens of thousands in debt and with lower job prospects than expected, many ask 'why take on the debt?' Should I take the risk? We certainly hear the concern from our clients about their children's education and how it fits into their financial plan.
If offered, contributions to employee sponsored retirement plans can be a huge advantage to meeting your retirement goals. In our financial planning process, the Planning for LIFE experience™, we encourage our clients to maximize their savings in these accounts. An employer match essentially allows you to be paid over 100%, it's a great opportunity!