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529 plans are a tool for those looking to save for college for their children, grandchildren, or any family member. While most people know that they are one of the most popular saving methods for college, many myths surrounding these plans may make you hesitant to open one. So, in honor of 529 College Savings Day, let’s dispel some of the most common myths associated with these plans.

Delaying retirement appears to increase longevity among men in particular, but it does not seem to have any significant impact on the likelihood of developing health problems like diabetes and depression, a study published in 2018 by the Center for Retirement Research at Boston College has concluded.

When people plan for retirement, most think about the stock market, potential returns, and occasionally what their future retirement expenses might look like. And while it’s pretty easy to calculate future expenses for most retirement items – like housing and food – the largest expense in retirement – healthcare – can be the most challenging one to forecast. And it’s the one that everyone should worry most about.

529 plans are designed for saving for education and are beneficial since contributions accumulate and grow tax-free as long as withdrawals are used for qualified education expenses. But 529 plans may also be part of a wealth transfer strategy. Donors often use 529 plans to give the gift of education, but also because of these additional features.

I was walking with a friend and his 6-year old daughter and we stopped by an ATM on the way to lunch. As my friend was getting some cash, I couldn’t help but notice the confused look on his 6-year old’s face. She was struggling to understand this machine on the side of a building that spits out cash after you put some kind of card in it. Then she blurted, “Daddy, when am I going to get my own cash card thingy?”

Ask your five-year old where money comes from, and the answer you'll probably get is "From a machine!" Even though children don't always understand where money really comes from, they realize at a young age that they can use it to buy the things they want. So as soon as your child becomes interested in money, start teaching him or her how to handle it wisely. The simple lessons you teach today will give your child a solid foundation for making a lifetime of financial decisions.

There is a saying that if it is too good to be true, it probably is. Even though you do not want to let an opportunity to save money pass you by, you need to be cautious when shopping or applying for a loan. In 2021 alone, the Federal Trade Commission reported consumers lost $5.8 million to fraud.1One of the most common types of fraud, particularly in the mortgage and real estate industries, is called a bait-and-switch scam.2 Essentially, a company promises you an apartment, product, or mortgage

In general, workers seem to begin preparing for retirement almost as soon as they get their first job. However, according to the 2021 Retirement Confidence Survey by the Employee Benefit Research Institute (EBRI), retirement preparations do vary a bit by age group. Retirement Preparations Nearly three-quarters (72%) of workers say that they or their spouse have personally saved money for retirement. Not surprisingly, the older the respondents were, the more likely they were to report saving: A

Your teen is becoming more independent, but still needs plenty of advice from you. With more money to spend and more opportunities to spend it, your teen can easily get into financial trouble. So before money burns a hole in your child's pocket, teach him or her a few financial lessons. With your help, your teen will soon develop the self-confidence and skills he or she needs to successfully manage money in the real world.Lesson 1: Handling earnings from a jobTeens often have more expenses t

Like dandelions in a spring lawn, credit card offers pop up everywhere--stuffing your mailbox, flashing on the Internet, even falling from the magazines in your doctor's waiting room. And they all sound so attractive. "0% APR until next year!" "No fee if you transfer a balance now!" "Low fixed rate!" You're thinking of applying for a card, but how do you decide which offer is best for you? Learn the lingo In order to evaluate credit card offers, you'll

In order to structure what little time we feel we have, one strategy we deploy is scheduling. In fact, reliance on organizational tools like daily planners has been on the rise. In two recent surveys, 51 percent of respondents said they regularly used their calendar app, while 63 percent of office workers consider calendars “very important.”

Many people incorrectly assume that life insurance is available only to younger adults. While death is a certainty for all, younger people may be statistically less likely to cause a claim on their policy. Here are some things older adults should consider before purchasing a life insurance policy.

Financial wellness studies over the past few years indicate that investors desire financial wellness. The recent pandemic, economic and inflationary conditions, changes in work-life balance, and more responsibility for financial decisions are all familiar sources of stress and anxiety for many people.

Retiring early as a couple is a goal shared by many, and if planned comprehensively, it may provide opportunities for travel, passion projects, and more quality time together. As they work toward their goal of retiring early, they must consider these areas as they plan together to work toward their early retirement goal.

If your identity is stolen for tax purposes, you can find yourself waging battle on two fronts: against the identity thief and the IRS. Fortunately, protecting your tax identity doesn't have to be difficult. Below, we explain a couple of ways you can theft-proof your ID.

It's nice to own stocks, bonds, and other investments. Nice, that is, until it's time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?

When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on unsustainable debt, and avoid living paycheck to paycheck. But what happens once you’ve implemented this advice and still aren’t getting ahead? Here are five overlooked financial bad habits that could be draining your bank account.

Each year, many of us focus on our financial health by resetting goals and checking off items on our financial to-do list. Follow our month-by-month to-do list to help you pursue your financial goals and keep your finances on track in 2024.

In the world of investing, the "holiday effect"; as it is often referred to, is a phenomenon where stock prices see an increase right before a major holiday. Follow these simple dos and don'ts for investing during a holiday.

The holidays are nearly upon us – a time of giving, goodwill to others, and embracing traditions. For many people, giving to a charity or organization that aligns with your values provides a sense of fulfillment. If you itemize deductions on your income tax return, you can deduct gifts made to charities. Here are six year-end giving strategies to spread holiday cheer with the additional gift of potential tax benefits.

Kitty O’Neill Collings, an American politician and pioneer in the area of international diplomacy, civil liberties, and social justice, once quipped, “Aging seems to be the only available way to live a long life.” Along with aging comes the certainty that most of us will gradually begin to deteriorate over the years, both physically and mentally, and many of us potentially might require long-term care. Because of this reality, long-term care insurance (LTC) becomes an attractiv

4 Thanksgiving Lessons for a Feast-Worthy Financial Plan  Thanksgiving is a holiday for spending time with loved ones, being grateful, and perhaps enjoying a bit of overindulgence. There are many financial lessons to be had in planning, preparing, and celebrating this annual feast.1 Here are four Thanksgiving lessons that might help your household's financial plan year-round. Planning is the Key to Preparation You cannot expect to whip together a flawless Thanksgiving meal if you do

Generational wealth involves financial planning, where parents or grandparents pass wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in the mail. It is about understanding how to steward the hard-earned wealth that you and your spouse spent your lives building.You are not alone if you are uncomfortable discussing your finances with your children or grandchildren. For many parents, talking to their c

Although achieving your financial goals is more challenging than following a step-by-step recipe, a few common ingredients and preparation methods may help improve your ability to manage financial resources. Here is one recipe for a tasty Financial Dish.Ingredients One cup of clear financial goalsTwo cups of smart budgeting3/4 cup of consistent savingOne tablespoon of diligent debt managementOne teaspoon of regular investingOne pinch of frugal livingOne dash of an emergency fundTwo tablespoons o

On Saturday, Hamas, a Palestinian militant group designated as a terrorist organization by the U.S. government, launched an attack on Israel, killing hundreds of civilians and taking dozens more hostage. In response to the attack, Israel launched a counteroffensive on Hamas positions in the Gaza Strip (one of two Palestinian territories, the other being the West Bank), a territory home to 2.3 million Palestinians under Hamas rule.While volatility initially impacted markets to start the week, inv

You may have heard people in the office talking about FedNow. FedNow is an instant payment service that the Federal Reserve will offer businesses and individuals to send and receive money within seconds on a 24-hour, 365-days-a-year basis. The Federal Reserve's goal is to revolutionize how people transfer money and manage transactions. Pros Real-time Payments and Refunds. This capability helps lower the delays consumers have to contend with when accessing traditional payment system

How to Make Keeping Track of Your Finances EasyNow is an excellent time to start evaluating your current financial situation, determining your future goals and expectations, and working toward pursuing them. If you need help pulling together a plan for your finances, a financial professional can explain how you can work together to identify strategies to help you work toward financial independence. Making a plan for your finances may give you the confidence to stay on track to work toward your g

It can be easy to get swept up in the vacation whirlwind and lose track of how much money you’re spending.From airfare and accommodations to frequent dining out and shopping, the cost of a memorable getaway can quickly skyrocket, leaving you sweating over how to wrangle your budget back together once it’s over. But with these strategies, you can take a breath and regroup without letting financial stress overshadow your blissful travel memories. Survey the damageBefore you can fo

The vital role of inflation in planning for children’s college expenses   In today's rapidly changing economic landscape, proper planning has become more critical than ever. When it comes to saving for children's college expenses, accounting for inflation is a fundamental aspect that cannot be overlooked. Inflation, the gradual increase in the cost of goods and services over time, has the potential to erode the purchasing power of your money if not factored into your finan

Got Investophobia? Here are 6 Steps to Overcome Your Investing Fears  Investing your money for the future might be one of the quickest ways to grow your wealth, whether saving for retirement or making a large purchase. While most people know investing is a potential way toward a more manageable financial future, some may find investing challenging and somewhat scary. Here are a few simple steps to help overcome your investing fears. Step 1: Start Small Don't get caught up thinking y

 You often hear people discuss "saving for retirement,” but in many cases, they're actually referring to their investing. The adage "you can't save your way to wealth" is simplistic, but has a kernel of truth; putting your money in a savings account often won't be enough to outpace the rate of inflation, which can erode the value of your savings over time. Below, we discuss some of the key differences between investing and saving and how to choose the most o

  Planning for your financial future and retirement looks much different now than in previous years. Some people must supplement their Social Security to have enough to maintain their desired lifestyle. This means financial planning is now a critical component of retirement. While having a financial professional on your side is vital to managing your financial future, so is visualizing what your future may include. Visualizing Helps You Determine How Much You Need in Retirement One of th

 Loss aversion, or the phenomenon of experiencing losses much more severely than gains, can lead to unwise investment decisions. Whether you're hanging on to a loser of a stock for longer than you should or are afraid to invest at all for fear of purchasing at a high point, making emotion-based investment decisions could mean leaving money on the table.Below, we discuss how fear and anxiety can negatively impact your investing decisions, as well as some steps you can take to minimize th