Do I Pay Off My Mortgage or Invest? By: Stacey Nickens Perhaps you came into an inheritance or a bonus recently. Perhaps you have extra money sitting in your bank savings account. Either way, with extra cash on hand, you may ask yourself: Should I use this money to pay off my mortgage, or [...]
15 Financial Goals for 2022 By: Stacey Nickens As 2022 dawned, the Elm3 team was enjoying time with family, preparing for tax season, and setting our individual financial goals. Writing down your goals is immensely helpful in driving success; however, only about a third of people write down their aspirations, according to Schwab’s Modern Wealth [...]
Choosing the "Best Fit" Pension Plan for You By: Stacey Nickens American Express was the first company to offer pensions to their long-term employees. Beginning in 1875, employees who served the company for more than 20 years had access to half of their annual salary upon retirement. While pensions expanded in popularity during the [...]
Your Guide to the Medicare Surtax By: Stacey Nickens Upper-income taxpayers should be aware of an additional tax that could increase their bill come April 15. Certain taxpayers are subject to a 3.8% "Medicare" surtax on their net investment income. Single filers with modified adjusted gross incomes (AGIs) above $200,000 and joint filers with [...]
Protect Yourself From These 5 Holiday Scams By: Stacey Nickens 'Twas the month before Christmas, and all through the land, every mom and dad was buying all the toys that the stores had on hand. When on their credit card statement there arose such a clatter, they had to call American Express to see [...]
Gifting Cash To Reduce Your Estate Taxes By: Stacey Nickens The giving season is upon us, and you may be sifting through magazines, trying to figure out what to give your relatives. Instead of buying your grandson his fifth pair of headphones, those with highly-valued estates might consider giving cash this holiday season. Doing [...]
The holidays can be both busy and expensive. With that in mind, it can be helpful to get your finances in order before you get wrapped up in gift buying and pie making. Use the next few weeks to lower your tax bill, save for retirement, and plan for your future health needs. 1. [...]
IRS Releases 2022 Retirement Account Contribution and Contribution Deduction Limits By: Margaret Nickens The IRS released the 2022 contribution limits and deduction income limits for IRAs, 401(k)s, and other retirement accounts. While there's some disappointing news in the batch, there's definitely some increases to celebrate. The Bad News The IRS is not increasing contribution [...]
Goals-Based Savings Can Help You Withstand Market Volatility By: Stacey Nickens Financial planners and investment advisors have traditionally advocated for a bucket-approach to savings. With the bucket approach, you segment your savings by time until withdrawal. A goals-based approach to saving is a twist on this method. Rather than segmenting your savings by time [...]
Social Security Will Increase Significantly in 2022 By: Stacey Nickens Retirees will see a large increase in their Social Security benefits in 2022. Last week, the Social Security Administration announced that the cost-of-living adjustment will be 5.9% in the upcoming year. However, seniors should keep in mind that benefits are increasing because inflation is [...]
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