Posted: 9/13/2024 Health Care Costs in Retirement: What High-Net-Worth Individuals Should Know You are successful and want to preserve what you have built as you embark on your retirement. While you may have a robust investment portfolio and a clear vision for what the next phase of life looks like, it’s difficult to plan for…
Beyond Your Finances, Retirement
Posted: 05/17/2024 What does it mean to live a rich life? You will likely get a different answer from every person you ask. After all, being “rich” means different things to different people. At PDS Planning, we believe true wealth isn’t just about amassing money. It’s about personal growth, nurturing relationships, staying healthy, and making…
By: Kyle Euton Posted: 3/25/2024 Whether or not you have ever been fortunate enough to be a stock award holder for your company, you’ve likely seen headlines about executives who have. Those from Fortune 500 companies who have sold an enormous quantity of shares or received a large compensation package that included stock options. So, what…
Contribution limits have been released for 2024. Make sure you update your contributions accordingly if you intend to reach the maximum by the end of the year. RETIREMENT 401(k)/403(b)/457(b): $23,000 (+500) Annual catch-up (age 50+): $7,500 (+/-0) Traditional & Roth IRAs: $7,000 (+500) Annual catch-up (age 50+): $1,000 (+/-0) Income phaseout limits to contribute directly…
Beyond Your Finances, Estate & Legacy, Retirement, Taxes
Don’t Put Off Tomorrow What You Can Do Today – Benjamin Franklin Tax season is behind us, markets are up and summer is in full swing! It’s hard to believe we’re nearly halfway through the year, but as you drive towards the beach or that mountain getaway, it’s also a great time to take stock…
Breaking up is hard to do. The unfortunate truth is sometimes relationships just don’t work. This also applies to financial advisors. You likely entered the relationship with your financial advisor with high hopes of increasing wealth and creating financial stability. However, clients often begin to realize their own expectations and those expectations set by their…
Beyond Your Finances, Education Planning, Estate & Legacy, Market Commentary, Retirement, Taxes
Year-End Financial Checklist Looking at your year-end financial checklist now allows you and your financial advisor time to review and assess the progress made on goals set at the start of the year, while still having time before the end of the year to make adjustments if needed. With this timeline in mind, here are…
Why You REALLY Need a Financial Advisor A financial advisor’s mission is to close the gap between where you are financially and where you’d like to be. Whether you need an advisor or to what extent depends on a variety of factors, including the complexity of your finances, how comfortable you are managing your own…
Fiduciary – it’s a term everyone is using these days. But what is it? What does it mean? Prospective clients say they want a fiduciary advisor, but oftentimes do not fully understand what it means. And about the word “advisors”, we’re throwing the term around every chance we get, almost as frequently as we talk…
Investment Planning, Retirement, Risk Management
Open Enrollment is Here! Is an HSA Right for You? Choosing a health plan to ensure adequate health coverage can be one of the most important decisions made all year. One option becoming more popular is the Health Savings Accounts. A Health Savings Account (HSA) is a tax advantaged account available to any persons with…
Estate & Legacy, Retirement, Taxes
Inherited IRAs – Your Must-Know Basics You’ve inherited an IRA. What happens now? Are you the son, daughter, brother, sister, niece, nephew, friend, that has inherited an Individual Retirement Account (IRA) from someone (basically, anyone but your spouse)? If you answered yes to this question, then you are subject to Required Minimum Distribution (RMD) rules…
As I get used to the new (temporary) normal, working from home each day, I’ve had the morning news shows running in the background and find myself each day stopping my work during the segment where they have a doctor on who is answering write-in questions from viewers. I’m paying attention because in many…
I’ve been officially retired for more than two years. During that time, I have been asked numerous times about when to take Social Security retirement benefits. My general response is that it pays to delay receipt of benefits to age 70. After that, there is no incentive to delay other than potential income taxes.…
Estate & Legacy, Retirement, Taxes
A recent post from Jamie on his WealthAdviceMadeSimple blog regarding the SECURE Act. Setting Every Community Up For Retirement Enhancement (SECURE) Act was recently signed into law by President Trump in December and offers a meaningful impact for retirement legislation. A more extensive overview of the law’s provisions can be found here, but for purposes…
Beyond Your Finances, Investment Planning, Retirement
Readers of my previous blog posts know that since I retired more than 18 months ago, I don’t spend much time looking at the values of my investments. There are four main reasons for this. First, I spent more than 30 years watching the markets and client portfolio values on a daily basis. I…
