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Financial Planning

Traditional vs Roth IRAs: What’s the Difference, and What’s Right For Me?

Traditional IRAs vs Roth IRAs If you’re just starting to think about planning for retirement, you’ve probably heard a lot about IRAs, or Individual Retirement Accounts. People tend to talk about two kinds of IRAs– the traditional and the Roth IRA. While these two accounts might seem similar, they have some key differences that can…

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From The Daily Camera: CU Boulder study finds lack of financial planning leads to higher risk of death

The Daily Camera recently published an article about a study from CU Boulder about the link between a lack of financial planning and the chance of a premature death. Author Olivia Doak said,   “People who don’t plan financially for their future have an increased risk of dying prematurely, according to new University of Colorado…

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What should you do with your old 401k?

What should you do with your old 401k? –Jennifer Baham, CFP™ You’ve left your job and now have a 401k plan that you can no longer contribute to. What should you do with it? You have several options to consider: Roll over to an IRA – this preserves the tax-deferred status of the assets, without…

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Video: A New Option for Leftover 529 Funds

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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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