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How much did we spend on our Emergency Planning supplies? This post also has a downloadable copy of the Emergency Planning Top 10 Checklist, which is a one-page summary that consolidates much of what we covered in this blog series.

So yes, it’s true that COBRA is expensive…. because your insurance is expensive. Recently, I was talking with a friend who is planning to leave the workforce and take some time off before looking for a new job. I asked what she would do for health insurance and mentioned COBRA. Her immediate response was “Oh, []

In this video, we discuss three tax hazards in retirement and a way to address them. We also discuss useful items from the recently passed Inflation Reduction Act of 2022 and the Secure Act 2.0 of 2022. (Feed generated with FetchRSS )

What can we learn from the recent bank failures? Here are three major takeaways: 1) Transfer cash over FDIC limits 2) Match investments with your time horizon 3) Importance of diversification

Between two professional credentials that each need a lot of continuing education, plus family vacation time, you’ll find that Wendy works in weeks-long surges but is frequently out of the office in between. That’s okay, we’re planners, we’re good at this! Here’s how we put the Tea in Team: Wendy is the only one who [] The post Wendy’s Vacation Conference Schedule for 2023 appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .

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Last year, a new client and I were reviewing her expenses. I pointed out that her largest expense (by far) was her Federal/State income tax liability at nearly $20,000 a year. In fact for many people, their largest lifetime expense is income taxes. She looked at me quizzically and exclaimed “But I always get big []

The SECURE 2.0 Act was recently signed into law as part of the $1.7 trillion spending bill that congress passed before the Christmas holidays.

Figuring out your emergency supplies is important. But this post is about something that is just as – if not even more – important: having an emergency PLAN. The emergency plan we came up with is a compilation of the best ideas and suggestions we found in our research. We felt like it was much more approachable for us as a family than many plans or forms we found online, and we hope you find it helpful. And the best part? The only cost to put it together is our time.

Recently, in a meeting with clients, we realized their car loan would be paid off in two months. I rang the and said “That’s terrific and now I recommend you…” and they finished my sentence shouting in unison, “capture those dollars!” I guess they’ve heard me say that before….probably many times! It’s my standard []

Do you want to kick Uncle Sam in the groin? A Health Savings Account may indeed offer you that opportunity. Learn the pros and cons of a Health Savings Account and the nuances of implementing this strategy.

Do you want to kick Uncle Sam in the groin? A Health Savings Account may indeed offer you that opportunity. Learn the pros and cons of a Health Savings Account and the nuances of implementing this strategy.

You may have heard that President Biden recently signed the SECURE Act 2.0 into law. The good news is that there’s a lot in there that should be quite helpful to many of you. The bad news is that it makes the rules around retirement and tax planning even more complex than they already are. Let’s take a look at the SEVEN new provisions that I think may provide the most benefit to people reading this blog. Ready to be bored? Let’s dig in!   

Many resolutions fail because it is difficult to change behaviors that have been created over many years.

It is essential to recognize your money beliefs to take control of your finances and prevent a negative money mindset from sabotaging your financial future.

We recommend the use of a password manager to improve the security of your access to online resources and generally recommend LastPass for this use.  Some of you may have received a notice of a recent security incident from LastPass, or have seen or heard about it in the news.   Summary:  if your LastPass [] The post Our Take about the LastPass Incident appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .

{I recently had the opportunity to meet with some people in their late teens to answer their questions. This is the letter I wrote them afterward.} The thing with being an adult is that you generally have to hear the same information from a couple of different directions before it starts to gel. So the [] The post Financial Literacy for Young Adults appeared first on ProsperiTea Planning - Wendy Marsden, CPA, CFP® - Greenfield, MA .

The news has been all abuzz about inflation.  But as is typical with news, the reports may be misleading.  The reason is the inflation reports are 6.5 months out of date the day they are reported. According to the Bureau of Labor Statistics, the November 2022 Consumer Price Index (CPI-U) one-year inflation rate dropped to… [Continue] (Feed generated with FetchRSS )

If you properly plan your travel adventures in retirement, it can be epic. Failing to plan your travels in retirement can waste time and money. Learn how to plan your travels and navigate various obstacles in this rich area of your retirement.

Travel in retirement can be immensely rewarding. While you do not have to see the world to find fulfillment in retirement, traveling beyond your home into different communities and cultures can provide you with rich experiences to learn, expand relationships, renew, and reach new horizons.

Everyone does tax preparation, yes? Maybe you prepare your taxes yourself. Or maybe you hire a tax professional to do it for you. But not too many people do tax planning. Do you? Should you?

Studies have found that at 40, you should have about two times your pre-tax income invested for retirement.

Year end is a great time to review your 401k contributions or 403b/457 plan contributions if you don’t work for a private company. I like these plans for a lot of reasons. Most plans these days have some decent investment options. Some have both pre-tax and Roth contribution options. Your employer may match a []

To help safeguard your retirement portfolio cut back on spending during a bear market. Track your spending for a few months and look for opportunities to reduce expenses. Also consider postponing major expenses such as new vehicles, remodeling projects and major vacations until the market improves.

So, we had gathered all our emergency supplies! It was both exciting and overwhelming when we actually laid them all out. Wow! Look at all this great stuff! Um…what in the world are we going to do with all of it?

A client once asked if there is an upper age limit for paying taxes. Answer: No, there is no upper age limit on paying taxes. If you have enough taxable income you must file and pay even if you are a 100 years old. In fact, it’s likely that someone will still be dealing with []

Many investors are concerned with the effect of election results. Do past results suggest a useful strategy to deal with election-year uncertainty? The answer is yes, but not as you would imagine. Vote with your ballot, not with your life savings.

God made a farmer, but God also made a tax planner. Capital loss harvesting is one technique that can allow taxpayers to reap benefits if done correctly. Arguably, the benefits are often overstated in the industry, but this technique should not be overlooked.

No man should be on an island. Tom Hanks proved this. Surrounding yourself with a team of mentors, coaches, friends, or advisors can help you find the best version of yourself either during your working years or in retirement.

Investing in bonds comes with two primary types of risk. The first is credit risk which represents the loss of capital if the issuing company or entity defaults on paying interest due on the bond. The second is interest rate risk which occurs when interest rates increase.

Travel in retirement can be immensely rewarding. While you do not have to see the world to find fulfillment in retirement, traveling beyond your home into different communities and cultures can provide you with rich experiences to learn, expand relationships, renew, and reach new horizons.

Travel in retirement can be immensely rewarding. While you do not have to see the world to find fulfillment in retirement, traveling beyond your home into different communities and cultures can provide you with rich experiences to learn, expand relationships, renew, and reach new horizons.

Four years ago, I wrote about my lifelong passion (some would say obsession) for spare change. This dates back to counting the spare change and “egg money” in my grandmother’s chipped gravy boat in the 70’s. Today, this is the spare change stash in my office: But here in the 21st century, I don’t have []

The Biden administration announced the Student Debt Relief Plan recently, and with it came plenty of attention. This article provides a quick synopsis of what the Plan contains, along with some warnings and deadlines.

Paying down your mortgage as you approach or reach retirement may provide peace of mind and financial benefits. Or, it could potentially cost you tens of thousands of dollars if you accelerate the payments. What is the best approach of carrying a mortgage in retirement for your situation?

Paying down your mortgage as you approach or reach retirement may provide peace of mind and financial benefits. Or, it could potentially cost you tens of thousands of dollars if you accelerate the payments. What is the best approach of carrying a mortgage in retirement for your situation?

Like learning curling, deciding the optimal claiming age for Social Security may seem easy from afar. Once you get into the details, it can indeed be more complicated – and consequential.

Like learning curling, deciding the optimal claiming age for Social Security may seem easy from afar. Once you get into the details, it can indeed be more complicated – and consequential.

Massachusetts Senior Circuit Breaker Tax Credit The Massachusetts Senior Circuit Breaker Tax Credit has been around for a long time. But I suspect not everyone who is eligible takes advantage of it. Once in a while I come across someone, usually a client’s elderly parent, who is unaware they are eligible for this credit. When []

Knowing when to claim Social Security is a critical decision for retirement. Before you make that decision, it is important to understand the fundamentals of how Social Security retirement benefits are calculated and the nuances around the basic rules.

Recently, I was sitting with a client celebrating the fact that her IRA balance is nearing $1 million dollars. This is always an exciting milestone. I rang the bell for her. In 2023 my client will turn 72 and she will need to take a distribution from her IRA. The distributions are called Required Minimum []