1) It Has Been a Heck of a Run Many Average Joe’s have done well in the markets for an extended period. From the market low in 2009, the Standard & Poor’s 500 Index (S&P 500 Index) has averaged over a 15% annual return. 1) Even if you do not use the starting point of… Continue Reading: 3 Easy Reasons You Need a Financial Lifeboat Drill
Following the herd can lead to risky outcomes, don’t chase the latest investment fad. Many investors fall victim to the herd mentality, especially when chasing the latest investment fad. Following the crowd can lead to poor investment decisions and unnecessary risk. Everyone knows they should not drive through the rear-view mirror when investing. It was… Continue Reading: Why You Shouldn’t Chase the Latest Investment Fad
Here are 3 Great Reasons to Fund a Health Savings Account 1) Contributions are Tax Deductible To contribute to a Health Savings Account (HSA) you need to be eligible. To qualify you need to have a High Deductible Health Plan (HDHP). There are two requirements for this. Having a minimum deductible and a maximum out… Continue Reading: 3 Great Reasons to Fund a Health Savings Account
In my opinion, many investors will need to open a Roth IRA for their retirement. Here are 3 reasons why. 1) To Fund Your Retirement Sorry to state the obvious. If you do not realize this already: You are on your own with your retirement. Let that sink in. You (likely) will not be getting… Continue Reading: 3 Easy Reasons to Open a Roth IRA
Winter is coming up on the calendar, just like it does every year. The squirrels will be gathering their nuts and the Snow Birds will be heading south. In New England, some winters are harsher than others. Through the years, I have definitely become a fan of mild winters. Weather wise, as we say a… Continue Reading: It Is Easy to See, Winter Is Coming
Some have called this the Waiting for Godot Recession. Waiting for Godot was a play that came out in the early 1950’s. It was voted the most significant English-language play of the 20th century. 1) The two main characters banter back and forth and have various encounters while waiting for Godot. The recession we are… Continue Reading: 6 Black Swans Easy to See
Local Manchester, CT FA Thomas Scanlon quoted by CNBC.com on Thursday, May 16, 2024. KEY POINTS Many Americans are earning more on cash after interest rate hikes from the Federal Reserve — and that income can trigger a surprise at tax time. “So many people were shocked by their cash interest earned” and taxes owed, said Boston-based certified financial… Continue Reading: Options to Reduce Taxes on Your Savings Interest
Kate Dore, CFP of CNBC.com quotes local Manchester, CT CFP Thomas Scanlon on Thursday, May 13, 2024. KEY POINTS As home values climb, more Americans owe capital gains taxes when selling property. But knowing how to calculate your home’s profit could reduce your bill, experts say. Most Americans do not owe taxes for selling a primary residence because of a… Continue Reading: Your Home Sale Could Trigger Capital Gains Taxes
Investors need to know the difference between tax-deferred and tax-free investing. Tax-Deferred Investing Investors can avail themselves to tax-deferred investing by contributing to their 401(k) plan at work or by funding their IRA. Contributions to these accounts are tax-deferred. The contributions are put in pre-tax. The funds grow tax deferred. When distributions are made from… Continue Reading: The Difference Between Tax-Deferred and Tax-Free Investing
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA 1) College is Expensive Financing a college education today can be a big challenge. Having written some checks for college I find it handy to have a cold six pack close by. According to the College Board, the average tuition… Continue Reading: 5 Easy Reasons to Fund a 529 College Savings Plan