Financial Services Blog

Insights into various financial topics are provided on our blog. Please bookmark this page for your reference.

  • March 20, 2024

    AI Everywhere

    Artificial intelligence is unlikely to replace plain old human intelligence any time soon, but you might be surprised at how many programs are now using it to make our lives easier. If you thought that having a human-like interaction with ChatGPT and DALL-E was the beginning and end of today’s ...
    View more
  • March 20, 2024

    Debt Rising, Consumption Falling?

    By all accounts, the U.S. economy is humming along on all cylinders. Inflation is down (but not out), unemployment is still low by historical standards and GDP growth is healthy. Worker wages continue to rise. What should Middle-Class Millionaires be concerned about? If you feel the need to worry, then consider ...
    View more
  • February 22, 2024

    Social Security: Five Facts You Need to Know

    Social Security can be complicated, and as a result, many Middle-Class Millionaires don’t have a full understanding of the choices they may have. Here are five facts about Social Security that are important to keep in mind. 1. Social Security Is a Critical Source of Retirement Income Some have the perception that ...
    View more
  • February 22, 2024

    New Highs. Now What?

    We’re all reading headlines telling us that the stock market has reached all-time highs, something that never happened in 2023.  Many investors who have a worrisome mindset will think that means that there’s a high likelihood that we’ll see a downturn in the near future. The markets have nowhere to ...
    View more
  • January 26, 2024

    Important Birthdays Over 50

    Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half” to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical for Middle-Class Millionaires ...
    View more
  • January 26, 2024

    Preparing for the Sunset

    When the Tax Cuts and Jobs Act (TCJA) Act passed in 2017, we were told that all of the provisions—lower tax rates, much more generous estate tax exemption—would sunset at the end of 2025. That seemed a long way off back then.  But now it’s 2024, less than two years ...
    View more
  • December 13, 2023

    New Retirement Contribution Limits for 2024

    The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. Individual Retirement Accounts (IRAs) Traditional IRA contribution limits are up $500 in 2024 to $7,000. Catch-up contributions for those over age 50 remain at $1,000, bringing the total limit to $8,000. Remember, once you reach age ...
    View more
  • December 05, 2023

    Effective vs. Marginal Tax Rates

    What you think is your tax rate may not actually BE your tax rate. For instance, if you report just over $182,000 in adjusted gross income, the tax table says you’re in the 32% tax bracket. But you aren’t going to be paying anywhere near 32% of your reported income ...
    View more
  • November 17, 2023

    The Economics of Tax-Loss Harvesting

    ’Tis the season when many financial services professionals look at the best way to offset the taxable dividend distributions their clients might be receiving, using losses that can be ‘harvested’ by selling under-water investments and booking the losses on taxable (that is, not IRA or Roth) accounts. This is not ...
    View more
  • November 17, 2023

    Charitable Contribution Complexity

    If you donate money to somebody in need, you can write off that gift on your tax returns, right? If only the charitable contribution laws were that simple. The actual rules say that you can itemize your charitable donations on Schedule A of IRS Form 1040.  But (and these are enormous ...
    View more