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Why Health Savings Accounts are Appealing for High-Income Earners

When Used Correctly, HSAs Can Be the Ultimate Tax Savings Strategy

27 January 2021

Why Health Savings Accounts are Appealing for High-Income Earners

One of the keys to wealth building is protecting as much of your income as possible, making it crucial for high-income earners to develop a smart tax savings strategy. Health Savings Accounts (HSAs) are a great tool to help you accomplish this goal, yet they are often overlooked or misunderstood. When you do take advantage of an HSA – and you use it correctly – it provides an easy annual income tax deduction, but it can also create dedicated, tax-free savings for your healthcare needs in retirement.

Think of your retirement savings (IRAs and 401(k) as going to pay for other retirement expenses such as food, shelter, and clothes, and you can see that you need to jump-start saving in your HSA for your health care costs (including Medicare premiums) in retirement.  Moreover, an HSA is a savings account with a unique triple tax benefit. All contributions are tax-free, their growth within the account is tax-free, and qualified withdrawals (that is, ones that are used to cover qualified medical expenses) are tax-free, too.

Though this may sound promising, one-size-fits-all investment strategies don’t exist. Would an HSA make good financial sense for you? Read on to find out.

Five Reasons Retirement Planning is Different for Women

Current Gender Norms Mean Stakes Are Higher for Women, but these Challenges Don’t Have to Sideline Your Retirement Planning

27 January 2021

Five Reasons Retirement Planning is Different for Women

Financial professionals will tell you that every retirement plan is different when it comes to retirement planning because every retiree is unique. However, that isn’t exactly true since many married couples create and depend on just one retirement plan for both of them. Though this might seem like common sense at first glance, couples should be sure that their shared retirement plan represents their very different retirement needs and realities.

Unfortunately, even in these modern times, women are still more likely to take a backseat when it comes to planning for their financial futures. This is true even though women are more likely to live longer than their male spouses, meaning that they have more riding on the retirement plan’s longevity. Of course, this isn’t the only challenge that makes a woman’s participation in financial planning a must.

Read on for five reasons retirement planning is different for women and, therefore, why they should be active participants in planning their retirement finances.

Maximize Opportunities When You Are A High-Net-Worth Individual

You've Built Your Wealth; Now You Need to Manage It

27 January 2021

Maximize Opportunities When You Are A High-Net-Worth Individual

If you’re a high net worth individual, chances are you have worked very hard to amass your wealth. Now, it’s vital to work equally as hard to manage that wealth to continue to benefit you and your family. That means paying close attention to your unique circumstances and being thoughtful and diligent about your high-net-worth financial planning.

New Year, New You: Financial Resolutions for 2021

See Your Resolutions Through with These Resolution Guidelines

15 January 2021

New Year, New You: Financial Resolutions for 2021

New Year’s Day always seems to bring an air of magic along with it. It’s a new beginning, an opportunity to wipe your slate clean, make big changes, and start fresh. That’s what new year's resolutions are all about. Perhaps you want to work out more or spend less time watching tv and more time reading, or pursue that hobby you’ve always been interested in but never made the time for. Whatever your new year's resolutions are, the magic isn’t in making of the resolution itself, but in sticking to it.

One resolution that you hear often is financial health, and the new year is the perfect chance for people to finally change their money habits and gain a more robust understanding of their personal finances. Financial fitness can be a difficult resolution to stick to and achieve, but these five resolutions can help you increase your financial health today and throughout 2021.

Under Pressure: Sandwich Generation Moms Face More Stress than Others

Moms Caring for Children and Aging Parents Can Use These Tips to De-Stress

21 December 2020

Under Pressure: Sandwich Generation Moms Face More Stress than Others

Caring for children can quickly leave you feeling overextended, and caring for aging parents can, too. When you’re doing both at the same time, however, it can be challenging to manage the stress. This internal battle is waged every day by mothers in the “sandwich generation.” These are women aged 35-54 who are balancing the needs of both growing children and aging parents. It’s a demanding, delicate act and it’s causing sandwich generation mothers to face levels of stress far greater than others, including financial stress. After all, when you’re trying to save for college, fund your own retirement savings, and care for your parents’ growing needs all at once, your paychecks can easily be stretched to an uncomfortable degree. If you find yourself in this situation, read on for tips to help you cope with the pressure.

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