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An Introduction to Estate Planning for the Sandwich Generation
For members of the “Sandwich Generation”—those currently in their 40s and 50s who are caring for children and their parents who are over 65 years old—estate planning may seem like a low priority. After all, when you’re juggling multiple caregiving responsibilities daily, sitting down to draft a will is easy to put off. However, estate planning can be crucial to protecting your assets and providing for your children or other loved ones after you are gone. Here are some tips for Sandwich Generation members to begin their estate planning process. Tip 1. Choose a Will or Trust There are key ...
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A Business Owner’s Guide to Employee Retirement Savings Plans
Business owners hold the key to their employees’ well-being, and a critical part of that involves understanding the basics of employee retirement plans. Establishing an effective retirement plan can help prepare employees for financial independence and attract and retain the best talent in the industry. Understanding retirement savings plans A retirement plan refers to a financial arrangement designed to replace employment income upon retirement. Financial professionals, insurance companies, the government, and other institutions, such as employer associations or trade unions, can set up these plans. Retirement plans come in various formats, including defined benefit, defined contribution, and hybrid plans. Defined ...
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The Importance of a Mid-Year Financial Review
As we reach the halfway mark of the year, it’s a prime opportunity to assess your financial planning goals and review your investment portfolio. This mid-year check-in is essential for ensuring that you stay on track to meet your financial objectives. The economic landscape can shift significantly within a few months, affecting various asset classes differently. Therefore, reassessing your portfolio allows you to make necessary adjustments in response to market dynamics, such as recent all-time highs. Diversification: Spreading Risk One of the fundamental principles of sound investment strategy is diversification. Diversification involves spreading investments across different asset classes to mitigate ...
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401(k) Options for Small Business Owners
Regardless of the business’s size, small business owners have 401(k) retirement savings plan options that may be suitable for their situation. Business owners must plan for retirement by utilizing retirement savings vehicles that may provide them with common IRS tax savings incentives when funding specific 401(k) options. A business owner can open several retirement savings plan types if they’re the only employee or have anywhere from two to 100 employees.[i] As you work with your financial and tax professionals to determine which is appropriate for your small business, we outline what to know about each: Solo 401(k)- A solo 401(k) ...
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