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Howard S Baughman   

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What Gen Xers, Millennials, and Baby Boomers Need to Know

Financial planning is an important part of securing your current lifestyle as well as preparing yourself for what you wish to do in your eventual retirement. And while this importance may look different during each stage of your life, it doesn't make it any less important.
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Travel Tips That Save

Americans seem to be traveling more than ever before and are doing so by either flying the friendly skies or sailing the seven seas. While more of us may be flying high or traveling the high seas, most of us would like to avoid the high cost of air and ocean travel.
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LPL Financial Research Midyear Outlook 2021: Picking Up Speed

LPL Research Midyear Outlook 2021: Picking Up Speed is designed to help you navigate the risks and opportunities over the rest of 2021 and beyond. While the speed can be exhilarating as economic growth accelerates, it can also be dangerous. Midyear Outlook 2021 looks ahead for opportunities, but also watches for new hazards created by the reopening. With the U.S. economy reopened, the growth rate may peak in second quarter 2021, but there is still plenty of momentum left to extend above-ave
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Financial Planning After Losing a Spouse

Losing a spouse, whether through death or divorce, can be devastating both emotionally and financially. The loss can take months or even years to adjust to since there is no way to prepare for death or divorce despite having discussed contingencies with each other or their financial professional.
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The Different Stages of Financial Freedom

If you're living paycheck-to-paycheck or stuck in a job you don't love just to pay the bills, it can be easy to feel as though you're financially trapped. But financial freedom doesn't need to be elusive—with some focused and consistent effort, you may be able to achieve financial freedom sooner than you expected. Below, we'll discuss the different stages of the financial freedom journey.
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Maximize Your Summer Fun With These Ideas

As temperatures start to heat up and the days get longer, summer fun can kick into gear. Looking for things to do this summer? Then, check out this list of fun and relaxing summertime ideas. Be a tourist in your own area. You don't have to leave town to feel like you're on vacation. Regardless of where you live, there are probably some touristy places you haven't visited yet. Put on your exploring shoes, and hike trails, browse stores, take drives, or visit a restaurant you've never tried.
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When’s the Right Time to Retire?

Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually begin your retirement, you'll benefit from planning your post-work life as early as possible. According to Gallup, the percentage of Americans who expect to retire at age 66 or older has risen dramatically, from 21% in 2002 to 41% in 2018. People expect to live and work longer than ever, so it's never been more important to know when to stop working and how to carefully plan for the big even
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Dreaming of Owning a Second Home?

Summer is here and with it are fanciful dreams of owning a second, seasonal home. Maybe it's a beachside bungalow or a mountain cabin or a lakefront cottage with a front porch and a sweeping view of the sunlight on the water. All of them no doubt sound enticing, but fulfilling this dream takes attention to detail and a firm vision of your long-term goals. Two financial factors may help bring your summer daydreams closer to reality.
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Your Retirement Portfolio: Five Things to Consider Before Market Turbulence

It is human nature to seek advice when things aren't going well or when an unforeseen event occurs. Often, people seek financial advice from a professional only when the stock market and their investments are experiencing turbulent times. Reactive decisions made during periods of stock market volatility may cause investors losses they can't recover. One such reaction may be an investor's decision to leave their current financial professional and move to another who wants to change
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What Should Grandparents Know About 529 Savings Accounts?

Grandparents can often find themselves in a better financial position to save for their grandchildren's education than their own children are. The parents of prospective students may still be contending with competing priorities like their own student loans, high-interest credit card debt, or a hefty mortgage. One way to help save for a grandchild's college education is by contributing money to a 529 savings account, an account where funds can be saved or invested and are withdrawn to be
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5 Investment Considerations for Small Business

If you're a small business owner, many of the best practices employed by individual investors are also available to you (of course!), but you also have some additional options and factors to weigh while creating your investment plans. We've outlined five key differences for your consideration: 1. Diversifying outside your own industry Small business owners often develop a tendency to invest within their own industry, and why not? It's one you know inside and out, where you recognize
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Think You Know Retirement?

Even if you're saving money in a 401(k), IRA, or another type of retirement account, you may not be paying much attention to the specific rules and regulations governing these accounts. After all, if you're years away from retirement, many of these regulations are likely to change. But a major part of retirement planning involves knowing the broad strokes of retirement rules. Think you can pass our five-question quiz? True or False: You must be age 59.5 or older to withdraw any retirement
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Inflation and Taxes Could Rise. Are You Ready for Retirement?

Americans are starting to experience the impact of increasing prices at the supermarket and the start of inflation. Also, clothing at retail stores is depleting as manufacturing has halted, creating demand for products ordinarily accessible.Today’s economic conditions are much worse than coming out of the Great Depression. During periods of economic recovery, the U.S. experienced historical debt and tax levels, paid for by the American people when tax rates were above 40% for over 40 years
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A Checklist for Your Retirement Planning

The time to begin planning for your financial future is now. So, when it comes to preparing for retirement, the earlier you start, the better.Here are some steps to help you pursue your overall objectives: Review your current financial situation by assessing your income and assets versus your expenses and liabilities.At first, determine a realistic amount to contribute regularly to your employer-sponsored qualified retirement plan, e.g., a 401(k) plan. Over time, try to maximize allowable contri
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Key Benefits of a Financial Advisor

Whether you've been wondering about boosting your investments; rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial professional. Financial professionals help their clients create strategies to develop their wealth, from optimizing their taxes to setting retirement savings goals. But how do you know whether it's time for you to seek professional financial guidance? Learn more
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Key Considerations as You Start Receiving Social Security Benefits

As your retirement draws closer, you will probably start to have lots of questions such as: How much Social Security will I receive? When should I retire? How will I know when to retire? Do I have enough saved? What will I need to do to maintain health insurance after I retire? The answers to these questions can vary widely depending on your income, your job duties, and your assets. However, there are a few factors that everyone should keep in mind when you begin making your retirement decisio
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4 Tips For a Healthier Financial Outlook

With Public Health Week on the way, it is not only time to consider your physical and mental health but also your financial health. When your financial outlook is healthier, you will be less stressed and enjoy what all your hard work has given you. Start this Public Health Week by trying out a few tips to help create a healthier financial outlook for the future. Be Mindful When You Spend When it comes to spending money, be aware of what you need versus what you want. That doesn't mean you
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Tax Day for Individuals is Extended to May 17th

The U.S. Department of the Treasury is delaying the April 15th deadline to file and pay taxes until May 17th, giving individuals and businesses another month to file and then pay the government what they owe. The IRS will be providing formal guidance in the coming days.From the IRS press release dated March 17th:"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the
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Tips for Women to Build Financial Independence

Traditionally, women have been the caretakers of both the older and younger generations of their families. But providing care for family members is becoming increasingly difficult, as doing so may require a leave of absence from work and drain one’s bank account.Such income disruptions greatly affect a woman’s ability to save money, plan for retirement, and maintain financial security. In addition, older married women often provide care for their elderly husbands.But who will help yo
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How Financial Asset Management May Help Investors Stay the Course

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time outweighs such risks. However, because there are no guarantees, investing assets can be a nerve-wracking experience – especially during periods of market turbulence.[i]Taking a deliberate approach to financial asset management and working with a financial profession
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Retirement Income Planning

For investors approaching retirement, it is important to begin thinking about retirement income planning. This involves a mindset shift from accumulating an investment portfolio designed for growth to creating a portfolio of retirement income designed to help you pursue your lifestyle goals.[i] There is not a one-size-fits-all formula when it comes to determining how much income you will need in your retirement years, although most financial professionals agree that it is not necessary to repla
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Common Retirement Investment Mistakes

Only one-in-four Americans (27%) feel very confident that they will have enough money to live comfortably when they retire, according to the 2020 Retirement Confidence Survey Summary Report. While the number is up slightly from the 2018 survey (23%), it underscores a pervasive sense of uncertainty among those approaching retirement age.
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Tips for Tax Preparation

In 2020, the government gave taxpayers an automatic six-month extension due to the coronavirus. Individuals who were affected by the damaging wildfires were also given additional time to meet most tax deadlines. However, in 2021, the deadline for submitting your income tax return is likely to return to the regularly scheduled time slot on April 15. To avoid a potential late filing penalty, you need to be ready by this date.
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Countdown to Retirement: Strategies for Saving in your 50s

Many retirees today are redefining the golden years. Forget about endless days of leisure. Retirees seek adventure, travel, and new business pursuits. While these changes may redefine retirement, will retirees be able to finance their plans? Today, many people age 50 and older have not begun to save for retirement or have yet to accumulate sufficient funds. If you're in this age group and find yourself facing an underfunded retirement, it's not too late to take charge.
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Key Tax Deadlines for 2021

While the 2020 tax year saw some significant changes to filing deadlines due to the effects of the global pandemic, the 2021 tax season seems to be set to be on track with normal filing deadlines. With the pandemic still in sight, it is important to consider that these dates may be subject to change. Below is a list of the filing deadlines for the upcoming 2021 tax year that you will want to be sure to put into your calendar.
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Tax Identity Theft Awareness - Protecting Yourself from Tax Identity Theft

Tax identity theft is when someone steals your Social Security Number, files a tax return with your number, and directs a refund to their own bank account. In other cases, this type of identity theft may involve a scam artist calling on the phone, pretending to be a rep from the Internal Revenue Service (IRS), and demanding payment over the phone. To protect yourself, keep these tips in mind.
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The Importance of Financial Wellness

Financial wellness, like physical wellness, it's something you should ignore. Instead, it's a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so important that more than half1 of employers now offer financial wellness programs to their workers. So, what is financial wellness and why is it so important? Keep reading for an overview of this concept.
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