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Should You Consider Using the Backdoor Roth IRA Strategy?

Should you consider converting traditional IRAs to Roth accounts? With individual tax rates at a low by historical standards and a pending reversion in 2026 to the higher rates that preceded the current tax law, it could be an opportune time. Roth IRAs can potentially produce significant income tax savings over years, or even decades, and can represent a valuable investing, tax planning, retirement income planning, and estate planning strategy. In this article, we will explore the Roth IRA and a strategy known as the backdoor Roth IRA that allows individuals with high incomes to utilize a Roth IRA.

The Appeal…

Investment Currents – March 2021

What’s been driving volatility in the market? In this video, Timothy Chubb, Chief Investment Officer, shares his insight on the economy, interest rates, the bond market and inflation. He also provides his thoughts on the importance of having a diversified portfolio.

If you’re looking for guidance or assistance with your financial plan, the advisors at Girard are here to help. Contact an advisor to have a conversation about your plan.

This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future…

Navigating Love and Money

The topic of finances can be difficult for couples and families to talk about, but creating a plan together should be a top priority. In this video, Jordan Sowhangar, wealth advisor and Certified Financial PlannerTM, and Brian Hungarter, wealth advisor, share their advice for how to navigate discussing money with your loved ones so you can create a plan for your financial future.

The topic of finances can be difficult for couples and families to talk about, but creating a plan together should be a top priority. In this video, Jordan Sowhangar, wealth advisor and Certified Financial PlannerTM, and Brian…

Adapting Your Financial Plan Ahead of Changing Policy

Many people are unsure how the incoming administration’s economic policy will impact them and are concerned about the potential for rising taxes. While Biden has committed to not raising taxes for individuals earning less than $400,000 per year, it may be a good idea to adapt financial plans to accommodate shifting tax policy.

Two key tax changes planned by the Biden administration include:

  • Taxing long-term capital gains and dividends at the ordinary income tax rate of 39.6% for annual incomes greater than $1 million.
  • Reducing the amount of funds an individual can transfer tax-free to…

Why Your Advisor, Accountant and Lawyer Need to Talk

Do your financial advisor, accountant and lawyer talk? It may sound like the start of a bad joke, but ensuring that these three professionals are conversing with one another is no laughing matter. With tax season around the corner, and as you look at your financial documents, it’s a great time to revisit your overall financial, tax and estate plans. Your financial advisor is an expert in planning for your financial goals, but also has tax and long-term planning to take into consideration. Your accountant is a tax expert, but also has to consider your investments and inheritance plans…

Hold a Financial “State of the Union” with Your Partner

Navigating and managing finances can be difficult and becomes even more challenging as you begin to share major life events with a significant other. When planning the future with your partner, finances should be a top priority. But how do you approach this tricky and potentially uncomfortable discussion?

I suggest that couples hold a financial “State of the Union” meeting. Doing this at the beginning of the year is a good start, but I also suggest this is not a once and done discussion. Create a frequent, predetermined timetable that works for you to discuss finances (weekly, monthly, quarterly, etc.)….

Learn from the Ghosts of your Financial Past, Present and Future

Making good choices about saving and spending can be difficult, especially when you’re young and relatively inexperienced with finances. Research shows that costs such as housing and student debt can greatly hinder a person’s ability to save adequately for their future. But not all is lost. As the holidays approach, we are reminded of Charles Dickens’ classic novel, “A Christmas Carol,” in which the ghosts of Christmas past, present and future help Ebenezer Scrooge embrace the joy of helping his fellow man after decades of mean-spirited behavior. Similarly, by taking a look at your past money mistakes and…

Retire Early? What You Need to Do Today

According to Gallup, the average retirement age in America is 66. For most, it takes decades of planning and saving money across multiple accounts to feel confident and financially comfortable to take the first step into one’s golden years. But what about those individuals and couples who want to retire early? For those who want to “fast-track” their retirement and take the plunge in their 50s, there are critical planning steps to consider early in your career.

Of course, retirement before the average age of 66 will look different for everyone, and will be impacted by a myriad of…

Parents – Why You NEED an Estate Plan

Many younger individuals do not feel that estate planning is necessary until they have “significant” assets. This is a dangerous approach especially if minor children are part of the equation. Any experienced estate planning attorney would agree that a core function of estate planning, in general, is the ability for parents to set up the “framework” for their minor children. The most important aspect of this framework is the ability to appoint a guardian for minor children if both parents are deceased. This is not asset-dependent planning and should be addressed as soon as possible, especially in situations where…

Financial Planning for New Parents

Since becoming a mom last year, my financial goals and long-term plans certainly have shifted. New parents should continue focusing on their own financial security and retirement goals, a baby means a whole new set of monetary considerations. Here are some tips that can help get your family on solid footing for the future.

Tips leading up to baby

Diaper duty. In the six months leading up to our son’s birth, my husband and I strategically purchased diapers. Knowing diapers are one of the more expensive, and frequent purchases for baby, we spaced out buying diapers over a few months creating…

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