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Don’t Fall for These Common 401(k) Myths

You build a career and diligently save money in your 401(k) so you can live comfortably in retirement, but do you truly understand what’s going on in your retirement investment account? A 2018 survey from the Employee Benefit Research Institute found that three in 10 workers don’t know what to do with their retirement savings. Below, are a few common misconceptions to avoid to help get you on the right track when it comes to your retirement efforts.

“I can just sign up and forget about it.” Enrolling in your company’s 401(k) plan and setting up automatic contributions is a good…


Tips to be a Financially Healthy College Student

Going off to college is perhaps one of the most exciting yet frightening times for young adults. During this typically hectic time of packing and preparing for the start of school, financial preparedness is often overlooked. Here are some tips that may help to alleviate some of the financial stress facing college students.

  • Create a Budget – It is important to get all of your expenses listed on paper so you can determine how much you will need on a weekly and monthly basis. Don’t forget to account for “fun” money each week. While it is important to…

Financial Musts for Cohabitating Millennials

Millennial couples are choosing to live together before marriage more than any other generation in the past, according to the Pew Research Center. While becoming more and more commonplace, couples need to have a plan to successfully manage their finances under these circumstances. It’s critical for couples to be mindful of both their individual and combined financial situation. Below are tips for cohabitating couples to ensure they are on a secure financial path together.

Open communication – It’s imperative to be open and honest about finances before you start to live with someone. Discuss your “money type.” What are…


Four Small Changes That Can Have a Big Impact on Retirement Planning

As I scrolled through some of the leading financial publications recently, I noticed that many reporters are covering the news of retirement “unpreparedness” – sharing surveys, anecdotes and detailing the “dire” situation that Americans are facing.

However, when it comes to proper financial planning, it’s not these kind of scare tactics that will get individuals and couples on track. Rather, simple and actionable goals need to be implemented to increase the probability of success for financial plans, and in turn, retirement goals. Below, I outline small changes to weave into your lifestyle, and easy strategies to consider.

  1. Realign wants vs….

Remember your BANK when Packing for Vacation

Summer has officially arrived and many are headed off to enjoy a relaxing vacation. With all the convenient ways to conduct your banking, taking care of your finances while you are on vacation can be relaxing too. Below are a few tips I recommend to clients when they prepare for some time away.

Mobile Banking – Bank anytime and anywhere. Mobile banking is the convenient way to view and manage your accounts. You could be sitting by the water watching the waves and with a few simple clicks you can have peace of mind by accessing your account from…


Who Should You Name as Fiduciary of Your Estate Plan?

The concept of “estate planning” is more than simply determining what family member may “inherit” a coin collection or ensuring that whatever money may be remaining after your death is split evenly among your children. It is much more complex; requiring both education and professional legal assistance to do properly.

While this article is not meant to provide a comprehensive examination of all the different types of estate planning documents or provide any sort of legal advice, it is meant to provide some insight and education from my experience as an attorney and trust officer so you can make your…


Ladies, Are You Properly Preparing for Retirement?

There are many unknown variables when planning for retirement, and even high-net-worth couples often feel overwhelmed when discussing their financial future. However, women face particular challenges – on average they live five years longer than men, requiring more assets to sustain those extra years of expenses. Women also face other challenges – many are still paid less over the course of their careers than their male counterparts and women are out of the work force for an average of 12 years to care for children and aging parents.

With all these factors, it is even more critical for women…


Five Money Moves to Make This Summer

This time of year, the warmer temps have us dreaming of and planning for summer vacations which can distract us from financial matters. However, instead of delaying the inevitable there are some key things to put on your financial to-do list to help position yourself better for the future.

Tackle these things now so you can truly relax this summer.

Adjust Tax Withholding: If you received a tax refund of $1,000 or more you should consider adjusting your withholding. If you do not anticipate any significant changes to your situation it may make sense to change your withholding so that you…


Tips to Tackle Home Improvements this Spring

We spend several months trapped inside during the winter months due to weather and shortened daylight hours. With so much time on our hands stuck inside we often evaluate everything around our home we would like to fix or improve. Well, the time has come. Spring is here and there is no better time to begin planning your home improvements. Here are few steps to get you started:

Create a budget – Take an honest look at your finances to determine how much you can afford to spend on home improvements right now. Knowing your budget in advance can help…


Revamp Your Broken Financial New Year Resolution

It’s no secret that many well-intended New Year’s resolutions fail after a few weeks of diligence. People often resolve to improve their finances at the start of the New Year and set lofty goals. However, it can be hard to stay inspired to stick with your changes when significant progress isn’t made. While not seeing an instant benefit as you tackle long-term goals is common, research shows that having an immediate reward can actually help to reach those goals.

If you’ve already broken your financial New Year’s resolution, you can get back on track. There’s still plenty of time…

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