Category: Retirement Plan Participants

Open enrollment is your annual opportunity to review your employer-provided benefit options and make elections for the upcoming plan year. You can get the most out of what your employer offers and possibly save some money by taking the time to read through your open enrollment information before making any benefit decisions. Every employer has its own open enrollment period (typically in the fall) and the information is usually available online through your employer. What are your health plan…

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Market turbulence in 2020 may have wreaked havoc on your investment goals for the year. It probably also highlighted the importance of periodically reviewing your investment portfolio to determine whether adjustments are needed to keep it on track. Now is a good time to take on these five year-end investment tasks. 1. Evaluate Your Investment Portfolio To identify potential changes to your investment strategy, consider the following questions when reviewing your portfolio: How did your investments perform during the…

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Federal and state governments have spent extraordinary sums in response to the economic toll inflicted by the COVID-19 pandemic. At some point it is likely that governments will look for ways to increase revenue to compensate for this spending and increase income taxes as a result. That’s why it might be a good time to think about ways to help reduce your taxable income. Here are three potential sources of tax-free income to consider. Roth IRA Contributions to a…

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Profile of Sandwiched Caregivers 67% are employed 61% are women 33% report high levels of emotional stress 20% face high financial stress 20% say caregiving has worsened their health     Individuals in the “sandwich generation” have the dual responsibility of providing care for an adult — often a parent — while also raising children. Caring for others can be very rewarding, but the day-to-day demands of supporting multiple generations can take a financial, emotional, and physical toll on…

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Stock market volatility in 2020 has clearly reinforced at least one important investing principle: Short-term goals typically require a conservative investment approach. If your portfolio loses 20% of its value due to a temporary event, it would require at 25% gain just to regain that loss. This could take months or even years to achieve. So how should you strive to accumulate funds for a short-term goal, such as a wedding or a down payment on a home? First,…

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The Federal Reserve’s unprecedented efforts to support the U.S. economy during the COVID-19 pandemic include a commitment by the Federal Open Market Committee (FOMC) to purchase Treasury securities and agency mortgage-backed securities “in the amounts needed to support smooth market functioning and effective transmission of monetary policy.”1 The Fed buys and sells Treasury securities as part of its regular operations and added mortgage-backed securities to its portfolio during the Great Recession, but the essentially unlimited commitment underscores the severity…

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During the 2019-2020 Academic year, U.S. colleges and universities conferred an estimated 989,000 Associate’s degrees, 1,975,000 Bachelor’s degrees, 820,000 Master’s degrees, and 184,000 Doctoral degrees. Women attain more degrees than men at every level. Educational Degrees Earned, By Gender Women Men Associate’s 61% 39% Bachelor’s 57% 43% Master’s 60% 40% Doctoral 54% 46% Source: U.S. Department of Education, 2019 (projected data) IMPORTANT DISCLOSURES Wellspring Financial Partners, LLC does not provide tax or legal advice. The information presented here is…

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The health and economic crisis created by the coronavirus (COVID-19) pandemic will have a long-lasting impact on how we all will travel going forward. And though it may be difficult to think about planning a trip during these uncertain times, here are some things to consider if you do decide to travel. 1. Check your travel provider’s cancellation policy. As a result of the coronavirus pandemic, many airlines and hotels have relaxed their cancellation policies by waiving traditional cancellation…

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In 26 states (and Puerto Rico), laws generally hold children responsible for certain debts of their parents. These laws are referred to as filial responsibility laws (or filial support or filial piety laws). The details of filial responsibility laws vary by state. Most require that a parent must be deemed unable to pay for the costs of basic care and support before a child may be held responsible. And most states consider he child’s ability to pay before holding…

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The 2020-2021 academic year is right around the corner, and the coronavirus pandemic has upended the college world, like everything else. Not only has COVID-19 impacted short-term college operations and student summer plans, but the virus could end up being the catalyst that changes the model of higher education in the long term. Here are some things to know about the changing college landscape. College funds. Market volatility has been at record high levels this year, and college nest…

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