College acceptances are rolling in! 🎓
But what’s the true cost of higher education? It goes far beyond tuition.
Many families don’t realize that room and board, travel, books, and ad hoc expenses (think ride-shares and late-night food delivery) can add $10- $20k!
Here are some things we suggest our clients look out for: 👇
📌 Financial Aid Isn’t Always Clear – Award letters vary, making comparisons tricky. Knowing how to analyze and appeal aid can make a big difference.
📌 Not All Loans Are Equal – Federal loans can have lower rates (6.53% for undergrads in 2024-25). Parent PLUS Loans come with 9.08% interest and are the parent's responsibility. Understanding the options is key.
📌 529 Plans Require Smart Withdrawals – Timing matters. Missteps can lead to unexpected taxes and penalties.
A 529 plan is a tax-advantaged college savings plan. Before choosing a plan, it's important to consider not only the state tax treatment but also any associated fees and expenses. Availability of a state tax deduction will depend on your state of residence, as state tax laws and treatment may vary from federal tax laws. If you make nonqualified distributions, earnings will be subject to income tax and a 10% federal penalty tax.
📌 College Rankings Aren’t Everything – Prestige fades, but career success can ultimately depend more on a student’s major, experience, and skill set than the name on the diploma.
If you’d like to review your college saving strategy, feel free to message us. 🎓 📊
#CollegePrep #FinancialStrategy #EducationFunding
With taxes top of most people’s minds…
Have you ever wondered how long you should keep your tax records?
According to the IRS, here are the guidelines:
3️⃣ Basic tax records: Keep for 3 years after filing
4️⃣ Employment tax records: At least 4 years
6️⃣ Unreported income documents: 6 years if over 25% of gross income
7️⃣ Loss from securities: 7 years
♾️ Some records (like property-related documents): Keep until you dispose of the asset
Before discarding any records, check if other entities (like insurance companies or creditors) require them for longer periods.
Remember, the IRS is providing this information as a general guideline. Consult with your tax, legal, or accounting professional before changing any of your record-keeping SOPs.
#TaxTips #FinancialOrganization #RecordKeeping
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Thinking about starting a consulting business when you retire? 💼 ➡️ 🏖️
You’re not alone…
Some retirees are leveraging their expertise to launch consulting businesses, but it’s not as simple as it seems.
According to a 2024 article in The Wall Street Journal, transitioning into consulting requires more than experience—it requires careful preparation, market awareness, and a clear value proposition.
Key takeaways from the article:
👉 Start preparations before retirement
👉 Begin part-time while still working
👉 Proactively maintain and nurture industry connections
👉 Leverage your professional network
Remember: A successful retirement isn't just about leaving work—it's about moving toward what excites you next. Consulting is an excellent option for some retirees!
#Retirement #SecondAct #CareerTransition #Strategy
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You don’t get to choose your siblings, but somehow, they end up being among the most important people in your life.
The ones who’ve been there through it all! Wouldn’t trade them, wouldn’t be the same without them.
#NationalSiblingsDay
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So special!❤
Don't wait for tomorrow -- today is the perfect day to take the first step toward securing your future and making your goals a reality. Lets create a financial plan that works for your vision and lifestyle. #retirementgoals #financialplanning #SecureYourFuture
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