Financial Planning
The What and Why of Trust Protectors, Trustees, and Trust Advisors
The What and Why of Trust Protectors, Trustees and Trust Advisors by Elyse Foster The reasons for creating a trust to hold assets you intend to benefit a family member or other group are numerous. In many cases, it is to protect minors from inheriting assets before they reach the age of majority– 18 in…
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Retirement Questions? Ask a CRPC!
Ever wondered what a CRPC (Chartered Retirement Planning Counselor) is? Harbor sits down with our own Carolyn Rice, CRPC, to find out. Harbor Wealth Management: Hi Carolyn, thanks for being with us today. Can you tell us a little bit about your role here at Harbor Wealth Management? Carolyn Rice: I’m a Client Service…
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What is a Roth Conversion?
What is a Roth Conversion? Are you concerned about paying taxes on your retirement accounts? Maybe you are concerned about required minimum distributions in retirement? Consider converting your traditional retirement account into a Roth IRA. While this option may not work for everyone, it could help you save big on taxes in retirement. …
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Donating your Required Minimum Distribution: Quick Facts about QCD’s
Donating your Required Minimum Distribution: Quick Facts about QCD’s by Carolyn Rice If you are over the age of 70 1/2, own a traditional or inherited IRA and make donations to charitable organizations, you may wish to consider qualified charitable donations (QCD) from your IRA. A QCD is a gift made directly to a qualified…
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Social Security: The Past, Present, and Future
Social Security: What is it, how did it start, and will it last? by Emily Lucero Key Takeaways: The Past: The Social Security program was introduced in 1935 during the Great Depression to help retired workers support themselves. The Present: Since then, Social Security has been expanded to help more and more people– in 2022,…
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What is Margin?
What is Margin? When can you use margin? Is using margin right for you? by Karen Didde Margin is a powerful tool that allows investors to borrow from their investment accounts. There are many uses for margin, but we most often recommend it to cover large short-term cash needs. By using margin, investors can…
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Strategies to reduce taxes from Required Minimum Distributions
Strategies to reduce taxes from Required Minimum Distributions Tax planning is a key part of being a successful investor and consideration should be paid when planning around IRA Required Minimum Distributions (RMDs) in retirement. RMDs are minimum amounts that you must withdraw annually from your IRA once you have reached the mandatory age, which is…
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Is Travel Insurance a Good Idea?
To Buy or Not to Buy Travel Insurance One of the most popular goals our clients have for both pre and post-retirement is to travel. Recent shakeups in the travel industry due to Covid and problems with flights have made the decision to buy or not to buy travel insurance of greater consequence when planning…
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Megan Miller, CFP®, CDFA® discusses “Women, Divorce and Retirement”
Megan recently contributed to an article published on ‘The Street’ website discussing women, divorce, and retirement. She offered 3 practical pieces of advice to women facing divorce. Read the full article here. Let’s face it, divorce is a confusing time, emotionally, mentally, and financially. Megan is a Certified Divorce Financial Analyst as well as a…
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