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The Flyer:

by Propel Financial Advisors

Want to learn more about a specific area of finance, investing or tax? We'd love to hear from you! Contact us via email on Facebook or LinkedIn.

Ask an Expert: Tax Planning in Advance Can Save You Big in Retirement Thumbnail

Ask an Expert: Tax Planning in Advance Can Save You Big in Retirement

In our Ask an Expert Series, the Financial Advisors of Propel address common misconceptions, mistakes, and missing information we in media stories. Recently, the New York Times ran an article about the difficult decisions that retirees are struggling with when forced to make a withdrawal from their IRA accounts: “When You’re Forced to Cash Out in a Bearlike Market”.

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Ask an Expert: Relying on Free Financial Advice Will Cost You Thumbnail

Ask an Expert: Relying on Free Financial Advice Will Cost You

We often see bad financial advice on the internet and social media. Sometimes the advice is just plain wrong. Let’s walk through an example. A recent financial advice column in The Cut, “I’m Getting Married and Having a Baby. How Should I Plan?”, illustrates some of the dangers of relying on free advice. The column does offer some decent information about joint finances for those engaged to be married. When it comes to her take on 529 accounts, however, we see some questionable advice mixed in with clearly incorrect information.

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Happy Graduation: A Great Time to Create a Savings Plan for your Child’s College Expenses Thumbnail

Happy Graduation: A Great Time to Create a Savings Plan for your Child’s College Expenses

As financial advisors we spend a lot of time talking about retirement planning, but we can also help you navigate a college savings plan that’s best for your family’s situation. Those who make a plan save, on average, twice as much as those who don’t. First, I want to stress that your priority should always be your own retirement savings. There are no loans available for retirement like there are for college. Being a financial burden on your future children is not a legacy you want to leave.

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Roth IRA: How to Maximize This Wonderful Tool Before Congress Acts Thumbnail

Roth IRA: How to Maximize This Wonderful Tool Before Congress Acts

This year we celebrate the 25th anniversary of the Roth IRA account type. We recommended them to clients for the entirety of their existence because of their potential for excellent tax savings and liquidity. It was an uphill climb for a very long time; but after years of pontificating, we finally see a general recognition of the account type and a new interest in utilizing it among our existing and prospective clients. Unfortunately, for the first time in the history of the Roth IRA, Congress is threatening to create new restrictions. This makes it even more important to include Roths in your retirement planning sooner than later.

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