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AUTHORS: Jennifer Climo Jean Fullerton Jonathan Harrington Nick Prigitano Jenna-Rose Finnie Kyle Labelle

Resolutions for the New Year – Why Habits are More Powerful Than Goals

For many, the new year is a time for fresh starts and new beginnings. It’s quite common for people to set new goals and resolutions at the start of a year. Behind exercising more and losing weight are almost always goals around money. Often these goals include saving more and spending less this coming year. As we all know, the problem with most New Year’s resolutions is that the vast majority fail. While we all know the statistics, there are certain things you can do to improve your odds of sticking to your resolutions in 2023.

Flight From Fixed Income – Why the Bond Market Has Been Down Recently

April 16, 2022 Working Professionals Nick Prigitano

When investors refer to the bond market, it is usually described as being “safer” than the stock market. Bonds are generally stable and pay a fixed income. While it is true that bonds tend to be less volatile than stocks because of the fixed payments, it does not mean that they are completely immune to volatility. There are certain factors that can impact bonds fairly significantly: inflation and interest rate changes. Unfortunately for bonds, when inflation is rising, that is often also a time when interest rates are adjusted. These two factors are the main reasons bonds have been performing poorly recently. Here’s what you should know about how inflation and interest rates impact bonds and what you should do about it.

Doubling Up on Retirement Plan Contributions with 403(b) & 457(b) Plans

January 7, 2022 Retirement Working Professionals Jonathan Harrington

Do you work for a public school, college or university run by a state or local government that offers a 457(b) plan in addition to a 403(b) plan? If so, you may be able to double your retirement plan contributions and start socking away some serious cash for retirement.

End of the Backdoor Roth? New Tax Law Proposal Aims to Quash This Powerful Retirement Savings Move

September 24, 2021 Taxes Retirement Working Professionals Nick Prigitano

An incredibly wise man, Benjamin Franklin, once said, “In this world nothing can be said to be certain except death and taxes.” While there isn’t anything we as financial planners can do about death, one of our main goals is to help our clients reduce their total lifetime taxes paid. One of the best ways to accomplish this is to contribute money to a Roth retirement account (either a Roth IRA or a Roth 401(k)). The trouble with this is that not everyone is eligible to contribute to a Roth IRA directly or has an employer that offers a Roth 401(k) option. In these instances, another avenue to pursue is evaluating whether it makes sense to do what’s called a backdoor Roth contribution instead.

Will Your Federal Student Loan Be Forgiven?

August 26, 2021 College Working Professionals Families Student Loans Jonathan Harrington

Federal student loan borrowers have been afforded some relief during the pandemic, starting in March 2020 when all federal loans went into automatic forbearance. This relief is coming to an end on January 31, 2022, but questions remain about whether the Biden Administration or Congress will follow through with proposals made to forgive $10,000 or more of the federal student loans of all borrowers of that amount. In the meantime, the Department of Education has been working on other initiatives to make already existing student loan forgiveness programs easier to take advantage of.

Contemplating Your Compensation – What to Consider When Receiving Company Stock as a Part of Your Compensation Package

July 9, 2021 Taxes Working Professionals Investments

When many people consider the compensation package for an employer, they primarily look at the base pay and possible bonus potential. Beyond that, other fringe benefits such as health insurance, company paid life insurance, a 401(k) match, or other perks (like being able to work from home) may come into the equation. However, for many people who work for publicly traded companies, a portion (often significant) of their total compensation will come in some form of company stock awards. How do you quantify this part of your pay, and its risks, when evaluating your entire compensation package? Here are some things to consider when company stock is a portion of your total pay.

Live in NH but Work in MA? What to Know About Your State Tax Returns

July 8, 2021 Taxes Working Professionals Families

When it comes to financial planning, taxes are always a top concern. They can become even more tricky when someone lives in one state but works in another. Do you need to file a state return? What income gets reported where? If you're one of the many who live in NH but work in MA, make sure to report your income correctly so you're not overpaying this year.

Student Loan Payments: Know your Options!

May 28, 2021 College Working Professionals Student Loans

At more than $1.7 trillion, student loans have become the second largest source of debt in the United States, behind only mortgage debt. The average student debt borrower, as of 2019, owed more than $29,000 and had a monthly payment more than $300/month1. The figures are even worse for students in New England, with New Hampshire averaging the highest amount of student loan debt out of any state with $39,400/student. Connecticut, Rhode Island, and Massachusetts are also in the top 102. With debt levels on the rise, and the cost of college increasing, student loans are one of the top financial issues facing many young professionals.

9 Ways to Protect Your Money and Accounts from Hackers

May 24, 2021 Retirement Working Professionals Families Small Business Jennifer Climo

From fraudulent transactions to identity theft, securing online accounts is a hot topic in financial planning discussions in today’s cyber-connected world. There are some things you can do to protect yourself. Just like locking your doors and installing a security alarm and security cameras can protect your physical assets, there are similar approaches that can protect your online accounts.

Don't File Your 2020 Tax Return Yet! - More Tax Law Changes Coming From The American Rescue Plan Act (ARP)

March 12, 2021 Taxes Working Professionals Families

Just this week, both the House and Senate passed new legislation called the American Rescue Plan Act of 2021, or ARP for short, and was signed by the President. Within this bill, there are significant changes to the tax code that will apply to 2021 and beyond. In this post we will review the changes that apply to 2020 returns. In this instance, maybe the early bird does not get the worm, and if you have not filed your return yet it may make sense to hold off until some of these changes are implemented or you may need to amend your taxes later. Here's what you should know about the new tax law and how it may impact your 2020 taxes.

Financial Planning for your 50s - What to Consider

February 19, 2021 Fiduciary Retirement Working Professionals Families Insurance Estate Planning

The financial planning considerations when entering your 50s can be quite extensive. Between retirement rapidly approaching, life changes, and estate planning issues, there's a lot on the to-do list! For many, this is their last full decade before retirement. It is one of the last chances to save, plan, and make sure you are on track to meeting your long-term financial planning goals. While there are many topics to review, some of the big ones are: - Overall retirement planning considerations - Big life changes - Reviewing your insurance - Updating and reviewing your estate plan

LGBTQ+ Supercharge Your HSA

February 12, 2021 Taxes Working Professionals LGBTQ+

What is a Health Savings Account (HSA)? An HSA is a savings account for health care expenses; is one of the few deductions allowed regardless of your income; and has triple tax benefits (tax deduction for contributions, tax-deferred growth and tax-free distributions if used for qualified medical expenses).