The Myth of High Income Taxes on Social Security Income

Good to Know You and your clients are planning their after-tax retirement income. Your client is apprehensive about how much of their retirement income will be siphoned off by Federal income tax in retirement. For many, if not most, clients you have great news. The combination of Social Security income (SSI) tax breaks and standard…

Read More

New CFP Board Sanctions and Guidelines

Good to Know CFP Board is changing the way CFP® Certificants and Candidates for CFP® Certification are disciplined (sanctioned) for violations of the Code of Ethics and Standards of Conduct. The new guidelines will be effective on July 1, 2024. In many cases the new potential sanction is more severe than previous sanctions but in…

Read More

Not All Sunsets Are Beautiful

Good to Know Income taxes and transfer taxes will rise—in some cases painfully—after December 31, 2025. Transfer taxes include gift, estate, and generation-skipping taxes. Income tax rates will increase and transfer taxes may rise as taxpayer friendly provisions of the Tax Cuts and Jobs Act (TCJA) expire (sunset) for years beginning on or after January…

Read More

529 To Roth IRA Rollover

Good to Know Your prospect started saving for their child’s college education early and consistently. Fast forward to when the child graduates from college. Now it’s obvious there’s $35,000 in the 529 plan that will not be needed for college.  When they turn to you for advice, how do you advise them? Here’s an interesting…

Read More

Student Loan Forgiveness Fraud

Good to Know The Federal Trade Commission cautions that “scammers might try and tell you they can help you avoid repayments, lower your payments, or get your loans forgiven — for a price.” That sage advice could not be more timely. Whenever there’s confusion over student loans and dishonest money to be had, scammers flock…

Read More

Relationships, Psychology, and Financial Issues

Good to Know CFP Board’s focus on the psychology of financial planning led to a new domain topic— The Psychology of Financial Planning. Our focus in today’s article is on financial tensions in relationships. According to The Practitioner Resource Guide (Guide) offered by CFP Board, three common relationship tensions include Financial Enabling, Financial Control, and,…

Read More

Artificial Intelligence in Insurance

Good to Know The promise of AI must be tempered by the responsibility for its use by insurance companies according to a guidance bulletin published December 4 by the National Association of Insurance Commissioners (NAIC). According NAIC Commissioner Birrane, “This initiative represents a collaborative effort to set clear expectations for state Departments of Insurance regarding…

Read More

When Do Gen Z, Gen X, and Millennial Investors Seek Financial Advice?

Good to Know “Advisors may need to connect to younger prospects on social media and tailor services to such life events as marriage, buying a home or starting a family, according to a recent survey…” according to a recent article published by Financial Advisor IQ. The article was based on a survey of 1,000 investors…

Read More

Unconventional Ways to Payoff Student Loans

Good to Know Student loan debt is a financial albatross, voraciously consuming discretionary income and obstructing saving for home down payments, retirement, and more.  Take this uber short quiz to see just how challenging the repayment of student loan debt can be. 1. The average student requires years1 to pay off their student loans. Correct.…

Read More

Penalty-Free Withdrawals for Domestic Abuse Survivors

Good to Know Domestic abuse happens far too frequently and more often than is commonly thought. The National Institute of Health warns that: One of every four women “will experience physical violence…by their intimate partner at some point during their lifetime.” The incidence of physical violence against men by their intimate partners is lower but…

Read More