Financial planning is a vital aspect of life. Often, the financial lessons and advice passed down from generation to generation shape an individual’s approach to finances. In honor of Mother’s Day, we are delighted to have a multi-generational family of Ballast Advisors clients, Jean, Val, and Amanda, who have agreed to share their experiences and … Read more
Business Owners Must Stay Ahead of Daily Events and Keep the End in Mind Building a business is kind of like being a parent. You start with an infant enterprise that needs constant attention and often deprives you of sleep, absorbs a big chunk of your savings, and pushes all of your hobbies to the … Read more
When you think of retirement, you probably envision the enjoyable ways you will spend your free time. But, you may also want to give some thought to receiving your funds while in retirement. If you participate in a company pension plan, you will have to decide how you want to receive your pension proceeds. Consider … Read more
Legislation that could benefit people with individual retirement accounts (IRAs) and workplace retirement plans is currently moving through Congress. The Securing a Strong Retirement Act of 2022 has passed almost unanimously in the House. A similar bill (with some differences), the Enhancing American Retirement Now Act, has been drafted in the Senate but will have … Read more
“Money makes money. And the money that money makes, makes money.” Since the beginning of the year, economists and pundits seem united in the belief that economic growth will continue to contract, propelling inflation and interest rates to levels that we haven’t seen in years. When the Federal Reserve lifts the fed funds rate … Read more
Did you inherit an IRA? What you need to know about new IRS rules for your financial plan If you recently inherited an IRA or stand to, this is for you. The complexities of an inherited IRA (or individual retirement account) is a hot topic right now among financial planners, estate attorneys and tax professionals. … Read more
The IRS has released the 2023 key tax numbers for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s … Read more
The Health of Social Security: Some Good News and Some Bad News With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn’t in danger of going broke — it’s financed primarily through payroll taxes — but its … Read more
The standard definition of a bear market is when major U.S. stock indices, such as the S&P 500, drop by 20% or more from their peak. And 5+ months into 2022, we see NASDAQ and the smaller-cap Russell 2000 both in the grips of a bear and the DJIA and S&P 500 darting just outside … Read more
After dropping the benchmark federal funds rate to a rock-bottom range of 0%–0.25% early in the pandemic, the Federal Open Market Committee has begun raising the rate toward more typical historical levels in response to high inflation. At its March 2022 meeting, the Committee raised the funds rate to 0.25%–0.50% and projected the equivalent of … Read more
