Finding opportunities to make the most out of difficult markets is key to long-term success. Just because an investment has dropped does not mean you can't make the most of the situation. Tax loss harvesting is a strategy we often use to do just that. When used properly, effective tax loss harvesting can increase the after-tax return you realize in your non-retirement accounts.
Read MoreWith people living longer and retiring earlier, many face a challenge if most, or even all, of their assets are in traditional retirement accounts. Why? Because they can't take the money out if they do want to retire early! That's precisely where Rule 72(t) can come into play for early retirement.
Read MoreAre you thinking about hiring an attorney to implement your estate plan? You are not alone! Many of our clients here at Mainsail find themselves in this position at some point. However, the most crucial question is: who needs an estate plan? The answer may or may not surprise you!
Read MoreTraditional advice suggests those with higher income should always invest in the traditional, pre-tax, side of the retirement accounts available, such as 401(k)s and IRAs. This general rule of thumb assumes that you will be paying more in taxes today than in retirement and that deferring taxes is always better. But, is this traditional advice still true?
Read MoreAre you familiar with a TSP or Thrift Savings Plan? While many have heard of a 401(k) Plan, Federal employees are offered a Thrift Savings Plan (TSP). A TSP is a tax-deferred retirement savings and investment vehicle specifically designed for Federal government workers, including military workers.
Read MoreAs a financial planner, I often get the question from my clients, "Do I need to hire an accountant?" As we head into tax season, I wanted to address how an accountant can benefit you and when it might be time to consider hiring an accountant.
Read More2021 was another rollercoaster ride, and I think many of us are looking forward to what the new year will bring! As the year winds down, it’s a great time to reassess our financial situation and planning considerations. Every calendar year, the IRS adjusts contribution limits for retirement plans to account for inflation. As we look ahead, we again have some changes for 2022 retirement plan contributions.
Read MoreIn honor of International Fraud Awareness Week and with Cyber Security Awareness Month behind us, it seemed appropriate to write about what seems to be an increasing and ever-present threat looming out there on the internet. In fact, a number of our clients have had close calls with some sort of cyber security threat. Here are some common email phishing and spoofing scams, and how to handle the scam should it happen to you.
Read MoreA concentrated position, also referred to as concentrated stock position or concentrated stock, occurs when an individual investor owns shares of a specific stock that makes up a large percentage of their overall portfolio. If you find a large percentage of your overall portfolio is tied to one stock, you may be setting yourself up for a concentrated stock challenge, and it may be important to diversify. But why is diversification important, and how can one begin this process without major tax impacts?
Read MoreYou have probably heard the term 401(k) or Roth 401(k) thrown around before. As the end of the year is sneaking up on us, now is a great time to refresh on these terms, your financial plan, and retirement plan options that might be available to you. It is also a great time to ensure you are making the most of the options available to you! A 401(k) is an employer-sponsored retirement saving and investing plan, and it is not necessarily too late to take advantage of this employer-sponsored plan (and potential employer match) before the end of the year.
Read MoreYour family is growing! Along with getting ready to have a new baby in the house, your financial obligations are growing as well. During this time, you may feel more financial responsibility for planning for your future, but your baby’s future as well. You also might be wondering how much money you should save for your child and what the true cost of having a baby might be. Today, I’m breaking down the six most common financial impacts and associated costs of having a baby.
Read MoreYou're getting married, congratulations! Getting married is such an exciting time in life, with emotions running high. However, there are still some discussions to approach with a level head. One of them being the lovely topic of finances. It may not seem very romantic to discuss finance as you get ready for your special day. Still, by addressing these critical finance questions to ask before marriage now, you can prepare and save yourself a lifetime of potential headaches as you combine finances.
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