Whether by volunteering their time or by making charitable contributions to their favorite organizations, many people start to think about helping others around the holidays. If you are looking to give financially, here are a few strategies you can implement to reduce your taxes.
Open enrollment is the time of the year when most employers allow employees to make changes to their workplace benefits. It can be overwhelming when your employer gives you what may seem like thousands of options with limited time to pick the "best" option, whatever that means. Instead of feeling anxious about all of your choices, focus on the big decisions you need to make and work through them one by one.
When you hear that a firm offers “comprehensive financial planning” what exactly does that mean? You likely know that a financial advisor can tell you how much you should be saving for retirement and how best to pay down your debt. You probably know that your advisor will manage your investment accounts and help you decide when to claim Social Security. But do you know how much else a financial advisor can truly help with? Here is a quick overview of some questions you may want to ask your financial advisor.
In my last blog post, I explained the basics of the different types of retirement savings accounts. You may understand your choices, but which type of account is best for you to contribute to? Should you choose Roth or Traditional contributions? How much should you contribute? Which investments should you choose? It’s impossible for anyone to give you all of the right answers to your questions without knowing your specific situation, but here I'll outline some of the most common questions I’ve heard and some things to think about to help you arrive at the best answer for you.