Survivorship Bias: Luck vs. Skill
As I write this post, it is the second round of the 2023 NCAA tournament. I proudly boast a near perfect bracket – having selected the winner of 29 of the first 32 games correctly. I check my bracket’s ranking; it sits at #101 in the world – out of the roughly 20 million brackets […]
Utilizing the 529 to Roth IRA Transfer Rule
With the recent passage of the Secure Act 2.0 came a new strategy for those that have an overfunded 529 plan – the ability to transfer 529 funds to a Roth IRA. In this post, we will review the “Transfer of Excess 529 Funds to a Roth IRA” rule as well as the requirements that […]
Three Steps to Improve your Personal Finances
In an effort to add some positivity to your world I have some good news and some advice to hopefully put money in your pocket and time into your calendar! I have a few things that I recommend everyone try to do at least once a year: 1-Check the five sites listed below – Many […]
What is Tax Diversification?
Tax Diversification means having a mixture of account types from a taxability perspective.
5 Strategies to Reduce RMDs
5 Strategies to Reduce RMDs (Required Minimum Distributions) When an investor reaches age 73 the IRS requires they start taking a minimum amount from their retirement accounts regardless of whether they need the funds. Individuals that have done “too good” of a job saving in retirement accounts will often be forced to take an amount […]
Financial Planning Considerations after the Passing of a Spouse
The loss of a loved one is an especially difficult time and the number of changes that occur financially doesn’t make this period any easier to get through. The goal of this post is to review the financial planning considerations after the passing of a spouse to hopefully make this time a little bit easier […]
Tax Planning Moves for Ministers
Tax Planning Moves for Ministers Church leaders are in a unique position to help their ministers and church body utilize unique tax rules to reduce tax bills and increase the usage of funds in more advantageous ways. This post outlines four tax planning moves that are beneficial for church leaders to be aware of to […]
Cup of Bull Episode 2
Michael: Patrick, tell me about what the stock market has done during your lifetime. Patrick: Well Michael I am 50 years old and was born in 1972. I have pulled up to see what has happened during that time and I got the numbers right here to give a little review. So 1972, when I […]
2023 Annual Limits
2023 Annual Limits As we enter 2023, it is prudent to update funding amounts for various account types to reflect new contribution limits. With inflation higher than normal in 2022, contribution limits saw larger-than-normal increases for the new year. Below we will overview annual limits for notable financial planning items. Retirement Accounts Account Type Limit […]
401(k) Planning: How Funding too much Early can Cost You
401(k) Planning: How Funding too much Early can Cost You For most people, the biggest challenge in retirement saving is maxing out their 401(k) plan. That said, for some – typically highly compensated employees – front-loading their 401(k) contributions can cost them some of their employer match. For context, let’s first examine the maximum deferral […]
