The new 529-to-Roth IRA transfer rule may help parents maximize the next generation's educational savings and avoid unwanted taxes.

For years, the 529 plan has stood out as a favored method to set aside funds for college. Yet many parents have approached these plans with caution, wary of the financial penalties they might face if the beneficiary either chose not to pursue higher education or didn't utilize the entire balance.

The introduction of a potentially game-changing rule intends to make the prospect of contributing to a 529 plan more appealing. Beginning next year, beneficiaries can transfer unused 529 funds to a Roth IRA, allowing parents to sidestep unwanted tax penalties and redirect their contributions toward the beneficiary’s retirement savings.  

Ultimately, the new 529-to-Roth IRA transfer rule may make it easier to fund the next generation’s education by eliminating some of the previous risks involved with overfunding a 529 plan. However, it’s important to understand how this rule works, as well as its limitations, to maximize the potential benefits.

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As you approach your golden years, healthcare planning becomes increasingly important—and often more financially challenging. While traditional Medicare offers a basic level of coverage starting at age 65, it doesn't cover everything. This leads many people to consider options such as Medicare Advantage or supplemental health insurance (known as Medigap) to reduce their out-of-pocket expenses.

But if you're new to Medicare, how do you determine which option is best for you?

In most cases, your choice between Medicare Advantage and Medigap will largely depend on your lifestyle, budget, and healthcare needs. In this blog article, we’ll explore the key information you need to know to help you make an informed decision about your healthcare coverage in retirement.

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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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In this blog article, we'll explore the key considerations involved with combining or separating finances in a legal union or divorce.

Merging lives with a partner or spouse can be both challenging and rewarding. Yet few aspects of this process are as complex as deciding whether to combine finances—and if so, how.

Indeed, sharing a financial life with another person offers a variety of joys and benefits, such as collaboration, mutual support, and shared financial goals. But it can also lead to misunderstandings, resentment, and in extreme cases, divorce.

In fact, numerous studies show that money is the number one source of contention among married couples. Furthermore, arguments about money are a top predictor of divorce in countries like the United States, according to data from the National Survey of Families and Households.

How you navigate the journey of combining finances as a couple, or the potentially tumultuous task of separating finances during a divorce, can have a substantial impact on your financial health and overall well-being. Whether you’re taking the next step in your relationship or unwinding one, the following considerations can help you maintain your financial stability and avoid potentially costly missteps.

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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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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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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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