Individuals & Business Blogs

Individuals - Types of Life Insurance Policies

You know that you need life insurance. However, with the wide variety of insurance policies available, you may find choosing the right one difficult. It’s really not as confusing as it seems, however, once you understand the basic types of life insurance policies. Term life insurance With a term policy, you get “pure” life insurance coverage. Term insurance provides a death benefit for only a specific period of time. If you die during the coverage period,...
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Business - Designing a Benefit Package for Your Small Business

Before making any assumptions about which benefits to offer, consider soliciting ideas from your employees. The best benefit programs are those that your employees value most. If you’re a small business owner, you face many challenges in growing your company. One of them is recruiting and retaining the best talent for your needs. When your primary goals are managing costs and increasing revenue, how do you sufficiently entice new recruits and reward current staff....
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Individuals - The ABCs of 529 Plans

529 plans are tax-advantaged education savings vehicles and one of the most popular ways to save for education today. Much like the way 401(k) plans revolutionized the world of retirement savings a few decades ago, 529 plans have changed the world of education savings.An overview of 529 plansCongress created 529 plans in 1996 in a piece of legislation that had little to do with college — the Small Business Job Protection Act. Known officially as qualified tuition programs, or QTPs,...
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Business Succession Planning

 The key is to pick the best plan for your circumstances and objectives, and to seek help from financial and legal advisors to carry out this plan. When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to family members, co-owners, employees, or an outside party?
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Individuals - Understanding IRAs

An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you might also consider investing in an IRA.What types of IRAs are available?The two major types of IRAs are traditional IRAs and Roth IRAs. Both allow you to contribute as much as $6,000 in 2019 (up from $5,500 in 2018). You must have at least as..
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Business - Retirement Plans for Small Businesses

In general, the amount of employee compensation that can be taken into account when determining employer and employee contributions is limited to $280,000 in 2019. If you are self-employed or own a small business and you haven’t established a retirement savings plan, what are you waiting for? A retirement plan can help you and your employees save for the future. Tax advantages A retirement plan can have significant tax advantages: Your contributions are deductible when madeYour con
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Individual - Creating an Investment Portfolio

You’ve identified your goals and done some basic research. You understand the difference between a stock and a bond. But how do you actually go about creating an investment portfolio? What specific investments are right for you? What resources are out there to help you with investment decisions? Do you need a financial professional to help you get started?A good investment portfolio will spread your riskIt is an almost universally accepted concept that most portfolios should include a mix
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Individuals- Understanding Social Security

Approximately 67 million people today receive some form of Social Security benefits, including retirement, disability, survivor, and family benefits. (Source: Fast Facts & Figures About Social Security, 2018) Although most people receiving Social Security are retired, you and your family members may be eligible for benefits at any age, depending on your circumstances.How does Social Security work?The Social Security system is based on a simple premise: Throughout your career, you pay a porti
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