Financial Planning Archives - Harbor Wealth Management

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,…

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…

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…

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…

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…

Talking to Your Children About College Costs

Thinking back to my high school days, I knew I wanted to go to college after graduation. My considerations for college were location, campus life and what I wanted to study. Cost was not at the top of my list. Now that I’m a parent, that priority list has shifted, and I feel it is…

How to Manage Your Finances When Interest Rates Increase

The Fed’s strategy to tame inflation by increasing interest rates has had widespread effects on the economy so far. The Fed began raising interest rates in March 2022, with the goal of slowing down an overheated economy by making it more expensive to buy goods and services, discouraging consumer spending and business expansion. There are…

Constructing a Home Inventory

Growing up with a mother who loved antique furniture meant that over the years of her life I ended up with several antique pieces of which I dutifully took pictures and then stashed the pictures in our safe deposit box years ago. Recently, when forced to evacuate our home due to a wildfire, it became…

Understanding the Backdoor Roth Strategy and the IRS Pro-Rata Rule

The strategy of a backdoor Roth IRA contribution seems to be coming up more and more in conversations in the media. There are a few key things to know about the process, who is eligible, the IRS pro-rata rule, and how the conversation in Washington DC could impact the strategy. First, for the basics of…

Saving for the Unexpected

According to a July 2021 Bankrate study, 25% of Americans surveyed have no emergency fund. An emergency fund acts as a buffer that you can use without relying on credit cards or high-interest loans in the event of an unexpected expense or life event. If there is anything that the last 2 years have taught…