This original article was published in the January 6, 2025, print edition of The Wall Street Journal by Anne Tergesen. A recent Wall Street Journal article highlights a surprising trend among wealthy retirees: even those with significant savings fear running out of money. This anxiety leads many to live well below their means, even when…
Estate & Legacy, PDS Experience, Retirement, Taxes
In today’s unpredictable financial landscape, an experienced financial advisor helps to guide clients through life’s complexities, as well as market fluctuations. This goes well beyond basic investment management but rather is a comprehensive approach to financial well-being and peace of mind. If the role of a financial advisor is to guide investors through these unpredictable…
Social Security Fairness Act: Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) update Many clients have been impacted by two Social Security provisions previously reducing, or even eliminating, Social Security benefits they might have been eligible for if they did not have a government pension. The Social Security Fairness Act, HR 82, concerning the…
Planning for an Inheritance Receiving a substantial inheritance can be a transformative event, even for high-net-worth individuals (HNWIs) and families. Properly managing this infusion of wealth is crucial to ensuring long-term financial success in preserving and growing that wealth for future generations, as well as preserving the benefactor’s legacy. This requires a comprehensive approach, careful…
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…
