What is financial fitness? Simply put, financial fitness describes your overall financial well-being, akin to how physical fitness pertains to your physical health. So, what does it mean to be financially fit? It’s not just about wealth or investing; it’s about having the knowledge, skills, and tools to make confident financial decisions. A financially fit person understands their money, manages it wisely, and feels empowered to reach their financial goals. Money should be a tool...
The new administration wasted no time making moves during its first week, with a whirlwind of executive orders and policy discussions—including tariffs, deregulation, and inflation measures. With so much in flux, let's break down what this could mean for the markets and your investments. Tariffs: A New Round of Trade Tensions? Tariffs are back in the spotlight, with new levies on China (10%) and Mexico/Canada (25%) potentially taking effect as soon as February 1st. While...
With Tax Day approaching, it’s the perfect time to ensure you’re taking full advantage of your tax-advantaged savings options for 2024. Here are two important options to keep in mind: 1. Maximize Your IRA Contributions Did you know you can still contribute to your 2024 individual retirement account (IRA) until April 15, 2025? It’s a fantastic opportunity to boost your retirement savings while potentially enjoying a tax deduction. Be sure to check the annual contribution...
Happy New Year! As we dive into 2025, it’s a perfect moment to take a step back and assess your financial health—especially since January kicks off Financial Wellness Month. Whether you're aiming to build more wealth, reduce your tax bill, or prepare for the future, now is the time to make moves that will set you up for financial success. Here are five essential tips and updates you should know to optimize your finances in...
The Internal Revenue Service has released inflation adjustments for Health Savings Accounts (HSAs) in connection with high-deductible health plans (HDHPs) for 2025. These changes could impact how much you’re able to contribute to your HSA next year, offering more flexibility as you plan for medical expenses. Key Contribution Limits for 2025 For 2025, the IRS has raised the annual contribution limits for HSAs: Individual coverage: Up to $4,300 (a $150 increase from 2024) Family coverage...
A Health Savings Account (HSA) is more than just a savings tool—it’s a smart, tax-advantaged way to help you manage your healthcare costs. Whether you're looking to save for current medical expenses or plan for the future, an HSA can play a key role in your financial strategy. Let's break down the three phases of using an HSA to maximize its potential. Phase 1: Contributing to Your HSA When you’re healthy and working, contributing to...
As we approach the end of 2024, it's the perfect time to take a step back and assess your financial situation. With the new year around the corner, now is the time to make sure you're on track to reach your financial goals—and maybe even give your financial plan a year-end boost. To help you close out the year on a strong financial note, here’s a checklist of important actions to consider: 1. Maximize Your...
Do you remember a time when a gallon of gas cost 63 cents? For some, it’s a nostalgic memory from 1978, while for others, it may seem like a distant dream. Fast forward to today, and rising prices are becoming a familiar concern for many. When the costs of goods and services increase, inflation often plays a role, creating challenges for savers and those on fixed incomes as their purchasing power shrinks. The good news...
As we celebrate National Financial Planning Month this October, we thought it would be beneficial to highlight six simple yet significant steps to strengthen your financial security: Harness the Power of Compound Interest Did you know that even small contributions can lead to significant wealth over time? For example, by investing just $50 a month for 40 years at a 10% annual return, you could amass around $265,000! That means your initial investment of $24,000...
Open enrollment for Medicare is just around the corner (Oct 15 – Dec 7), and now’s the perfect time to explore your options! Whether you’re a first-time enrollee or reviewing your current coverage, understanding Medicare basics is essential for choosing a plan that fits both your health needs and budget. What is Medicare and Who Can Enroll? Medicare is a national health insurance program primarily for individuals aged 65 and older, as well as younger...
As the 2024 election draws near, it's natural to feel uneasy about how the outcome might affect your finances. However, don’t let sensational headlines sway your investment decisions. Politicians may come and go, but the markets keep moving. History shows that staying invested pays off, even amid election-year jitters. Here are three reasons why keeping your investments steady is the smart move. 1. Party Affiliation Doesn’t Define Market Success Does it matter which party occupies...
Over the past few years, interest rates and market yields have risen significantly. Unfortunately, many banks and credit unions have not adjusted their checking and savings account rates to reflect these increases. We recognize the importance of keeping liquid cash for needs such as emergency funds or down payments, but you might find the returns on your current accounts disappointing. Fortunately, there are ways to earn higher interest on your cash while keeping it easily...
