Financial Planning Toolkit for Single Women [and the people who love them]

Last month I called the MA Department of Revenue for a client who’d received an obtuse tax notice. Delightful hold music at the DOR such as “I’ve Got you Babe” by Sonny and Cher. They probably haven’t changed their hold music since that song came out. What looked like an officious and vaguely scary sort… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

This month I advised a client who was unhappy that he had to take a distribution from his IRA this year. The year you turn 70½ you must start taking required minimum distributions (RMDs) from your Traditional IRA accounts. (Technically your first year you have until April 1st of the following year, but every year… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

It’s tax season, and you should give a tax person a hug and a cup of coffee. This month I helped two clients who installed insulation save money on their tax returns with a home energy credit.

Financial Planning Toolkit for Single Women [and the people who love them]

This month I helped a newly retired client make some important spending decisions.   Transitioning from decades of putting money away for your future to actually spending that money once the future is here can be difficult. As a planner, one of my most gratifying tasks is helping some clients see they can afford to… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

Are you divorced? Check your beneficiary designations right now! Recently I heard the sad story of a woman who had recently divorced. Shortly afterward, she fell ill and died prematurely in her late 60’s. Unfortunately, the beneficiary designation on her substantial IRA was her ex-husband. He gets the money. Beneficiary designations alone determine who inherits… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

Last month I helped a client minimize taxes by selling some mutual funds that had risen in value. In her case the capital gain will be taxed at 0% because her taxable income is low this year. When your income is below a certain amount your capital gains tax rate is ZERO! One of the… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

Last month a charitably-minded client who is in an unusually high tax bracket this year (not a bad problem to have!) decided to make a contribution to a Donor Advised Fund. Doing this will reduce her tax bill this year and now she has a pool of dollars set aside for future charitable contributions. Donor… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

Last month I helped a young woman who recently inherited money figure out just what her goals are for this money. We implemented some tax savings strategies too. Now she has a plan in place to protect her inheritance and she has a good idea what it will be used for. Sudden wealth can be… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

Last month I took a moment to celebrate the 40th anniversary of the index fund. (Coincidentally also my 26th wedding anniversary!) On August 31st, 1976 Jack Bogle of Vanguard opened the first ever index fund, the S&P 500. It was a novel (and many thought insane) idea then for a fund to buy a set… Continue

Financial Planning Toolkit for Single Women [and the people who love them]

This month I advised a client on doing a “back door Roth” IRA contribution. My client makes too much money to make a Roth IRA contribution. She can however make a non-deductible Traditional IRA contribution and then later convert those monies to a Roth. In her case there will be no tax due on the… Continue