5 Ways to Achieve Financial Freedom

  • Tillman Hartley

July tends to be a significant month for all Americans, as it marks the annual celebration of our nation's independence. However, it also plays host to a lesser-known event—National Financial Freedom Day, which takes place on the first of the month. Both occasions pay tribute to a common thread: the pursuit of freedom.

Indeed, true financial freedom means having the financial resources to cover your living expenses indefinitely without having to actively work to generate income. When you are financially free, you can live life on your terms and spend your time as you wish without worrying about money.

For many people, financial freedom is within reach. However, it typically requires careful planning and discipline. In this blog article, we’ll explore five steps you can take to set yourself on the path to financial independence.

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Is a U.S. Recession Imminent?

  • Tillman Hartley

For the last several months, economists have debated whether a U.S. recession is imminent and if so, when it will take hold of the economy. Meanwhile, investors anxiously anticipate what an economic downturn may mean for their portfolios.

If you're feeling a sense of unease or apprehension, you're not alone. Uncertainty can raise questions and fears, especially when your hard-earned savings and investments are at stake.

In this article, we’ll explore what a recession is, why experts are divided on its likelihood, and the potential implications for long-term investors.

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5 TIPS FOR A SMOOTH 2023 TAX SEASON

  • Tillman Hartley

Consider these five tips to avoid unnecessary headaches this 2023 tax season.

The 2023 tax season is officially here, which means most taxpayers will be filing their tax return within the next two months. If you tend to stress about squaring up with Uncle Sam, there are steps you can take to help ensure the process goes as smoothly as possible this year.

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Although tax season is behind us, you may still be feeling the sting of an unexpectedly high tax liability. If you were caught off guard this year, now can be a great time to take steps to proactively reduce next year’s tax bill.

Most people tend to wait until year-end to implement tax savings strategies. However, by making smart money moves now, you can avoid the last-minute rush and ensure you’re financially prepared for next tax season. 

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What Is the Debt Ceiling (And Does It Matter)?

  • Tillman Hartley

On Thursday, January 19, 2023, Treasury Secretary Janet Yellen announced that the United States had hit its debt ceiling of $31.4 trillion and is now relying on “extraordinary measures” to continue paying its bills. These measures should carry the U.S. through early June, at which point the government risks default if lawmakers can’t reach a deal to raise the national debt limit.

Defaulting could have potentially disastrous consequences for the U.S. economy, such as higher interest rates, job losses, and a decline in GDP. It could also negatively impact those who rely on government benefits and services.

Indeed, this is not the first time the U.S. has reached its debt limit. Nor is it the first time Congress has used it as a bargaining chip.

In 2011, the U.S. got dangerously close to defaulting on its debt, leading Standard & Poor’s to downgrade the country’s AAA credit rating for the first time ever. As a result, markets plummeted, interest rates jumped, and the country’s borrowing costs increased by $1.3 billion.

Now, U.S. lawmakers are locked in a political stalemate as they debate raising the debt ceiling once again. Meanwhile, the economy hangs in the balance.

As we watch the drama unfold, here’s what you need to know about the U.S. debt ceiling.

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April is National Social Security Month. With the future of Social Security in question, financial planning will become increasingly important for those seeking a secure retirement.

Social Security has long been the cornerstone of American retirement.

According to the Social Security Administration, nearly 67 million Americans will receive monthly Social Security benefits in 2023. Meanwhile, approximately nine out of ten seniors aged 65 and older were collecting Social Security benefits as of December 31, 2022. 

Indeed, many older Americans rely on Social Security as a key source of income in retirement. Yet with recent projections showing the program’s reserves are likely to run out by 2033—one year sooner than previously estimated—Social Security may no longer be the retirement bedrock it once was.  

The future of Social Security may be uncertain for some time. Nevertheless, careful financial planning will be necessary for those who hope to retire comfortably one day.

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Here’s What Investors Need to Know About the SECURE 2.0 Act

On December 29, 2022, President Biden signed into law a $1.7 trillion spending package. The package includes the SECURE 2.0 Act, a series of provisions that will affect the way many Americans plan and save for retirement.

SECURE 2.0 builds on the SECURE Act of 2019, which, among other measures, increased the age at which retirees must take required minimum withdrawals (RMDs) from 70½ to 72. Key provisions in the new package include additional increases to the RMD age, as well as less severe penalties for failing to take an RMD. In addition, savers over the age of 50 will be able to make larger catch-up contributions beginning in 2025.

Many of the SECURE 2.0 Act’s provisions take effect January 1, 2023. Still, others may take years to implement. Here’s what you need to know about SECURE 2.0 and how it may affect your retirement plan.

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