Financial Planning Archives - Page 4 of 13

Another Good Reason To Give Away Your Required Distribution From Your IRA

By Carolyn Rice At age 72 (recently raised from 70.5 by the passing of the SECURE act in late 2019) you are required to begin taking annual distributions from your IRA which count toward your adjusted gross income on your tax return. For high income individuals, that income is then used to calculate the income…

Elyse Foster in NYT: Your Brother (or Sister or Mother) Is Asking for Money. Now What?

Elyse Foster, CFP® of Harbor Wealth Management recently spoke with journalist Tammy LaGorce about the complexities of lending money to family for The New York Times. The rules for how much to lend and when, if ever, to expect repayment are being written in real time, like so much of life during the pandemic. “Twenty…

Are We in a Baby Boomer Retirement Crisis?

Elyse Foster, CFP® of Harbor Wealth Management was quoted in an article, Are We in a Baby Boomer Retirement Crisis? by Barbara A. Friedberg for Investopedia.com. The article looks at how financially prepared the Baby Boomer generation is for retirement.“This is the first generation to face saving for retirement on their own,” says Elyse Foster,…

Spring Cleaning Your Finances

When spring fever hits and you are giving your house the top-to-bottom cleaning, don’t forget your finances! Review your budget. This is probably the most important piece, so start here. Review your past few months spending. Do you notice any problem spending areas? Perhaps you need to adjust your budget on some items, increasing or…

Harbor Wealth Management in Kiplinger: Retirees, Cover Yourself With Umbrella Insurance

Elyse Foster, CFP® of Harbor Wealth Management recently spoke with journalist Mary Kane about the importance of umbrella insurance for an article for Kiplinger. Consumers are often surprised by circumstances that can lead to their personal liability exposure, as well as the extent of that exposure, says Elyse Foster, a financial planner with Harbor Wealth…

Insuring Your Remodel

By Carolyn Rice Planning a major remodeling project? There are two good reasons to call your insurance company before you begin the project. The first is to determine how your homeowner’s policy will need to be updated to cover the new additions made to the property when the project is finished. The second, the one…

Financial Planning for Cancer Program

By Karen Didde Family Reach, an organization that provides assistance to families dealing with cancer, has developed the Financial Planning for Cancer Program by joining forces with the Foundation for Financial Planning. The program’s objective is to help alleviate the financial burden of patients and families fighting cancer. Family Reach works with patients and healthcare…

New Year’s Planning List

The power of a financial plan: Have one and stick to it! If you don’t have one Harbor Wealth Management can help in the financial arena. When life or the markets don’t cooperate, it is comforting to have a well thought through strategy to keep you moving toward your goals for the future. The…

SECURE Act

Setting Every Community Up for Retirement Enhancement (SECURE) Act The SECURE Act was passed by the House on 12/17/2019 and by the Senate on 12/19/2019. This bill is the biggest piece of legislation on retirement to be passed in a decade and many of its changes are going to come into effect as of December…

My Child Wants To Go To College Where?

By Carolyn Rice Is your child yearning to go to college in the Marshall Islands but you have saved funds for their education in a tax-advantaged 529 education plan? Never fear – your forethought and discipline will not be for naught! It is a common misconception that funds saved in 529 plans can only be…