BML Wealth Marketing, Author at BML Wealth Management

24 07, 2023

Inflation May Finally Be Slowing Down!
Inflation May Finally Be Slowing Down!

Inflation May Finally Be Slowing Down!

BML Wealth Marketing2023-09-07T14:13:24-07:00July 24, 2023|Economy, Financial Planning|

Inflation has been a hot-button issue in finance and politics lately. You may have noticed changes in inflation yourself if you went to buy something and it was much more expensive than you expected. Eggs are a great example of this. In 2022 the price of eggs went up by 59.9% due to an outbreak of avian influenza. Another factor was the pandemic, which caused disruptions to supply chains across the globe, causing inflation and increasing prices.[1] A few other reasons include shortages in labor, high consumer demand, and the war in Ukraine causing specific [...]

17 07, 2023

Retirement Tax Strategies to Consider
Retirement Tax Strategies to Consider

Retirement Tax Strategies to Consider

BML Wealth Marketing2023-07-17T09:54:15-07:00July 17, 2023|Retirement Planning, Tax Planning, Tax Strategies|

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. If you are putting together the puzzle pieces of your retirement plan and you are curious about some strategies related to taxes and retirement, here are some possible options: Consider a Roth IRA Roth IRAs allow you to contribute to a certain type of account that is not taxed upon withdrawal as long as you withdraw after you are 59 ½ and the account has existed for 5 or more years. There are [...]

10 07, 2023

Using Your House to Fund Your Retirement
Using Your House to Fund Your Retirement

Using Your House to Fund Your Retirement

BML Wealth Marketing2023-07-10T09:06:52-07:00July 10, 2023|Financial Planning, Real Estate, Retirement Planning|

It is possible for a person to end up in a situation where they have a lot of money in a home but don’t have a lot of money in the bank. If you have been paying off your mortgage for years, your equity in the home could amount to a lot of money. But that isn’t money you can use without making significant financial changes. And just because you have a high-value home, it doesn’t mean that you have a lot of cash on hand for expenses. If you are about to head into [...]

3 07, 2023

The National Debt Ceiling and How it Could Affect You
The National Debt Ceiling and How it Could Affect You

The National Debt Ceiling and How it Could Affect You

BML Wealth Marketing2023-07-03T09:16:57-07:00July 3, 2023|Government|

What is the Debt Ceiling? The national debt ceiling is the amount of money that the United States Government is allowed to borrow to pay for its expenses. These expenses include things like Social Security and Medicare benefits, tax refunds, military salaries, and interest payments on outstanding debt the nation may have. The United States runs a budget deficit, meaning that the nation spends more than it earns through taxes and other means. To make up for that policy, the United States must borrow from other countries to cover its expenses.[1] The country cannot borrow [...]

26 06, 2023

Creating and Maintaining Generational Wealth in Retirement
Creating and Maintaining Generational Wealth in Retirement

Creating and Maintaining Generational Wealth in Retirement

BML Wealth Marketing2023-06-26T09:22:41-07:00June 26, 2023|Estate Planning, Financial Planning|

In today’s fast-paced world, ensuring financial stability for future generations can be a daunting task. However, it is a common goal for retirees to create and maintain generational wealth in retirement. What better way to leave a legacy than to provide financial security? That’s why this article will provide valuable tips and insights to help retirees build a legacy for their families and future generations. The Foundations of Financial Planning Proper financial planning is widely considered the first step to building generational wealth.[1] Retirees should work to evaluate their current financial situation and develop a [...]

19 06, 2023

Banking Sector Issues and Your Finances
Banking Sector Issues and Your Finances

Banking Sector Issues and Your Finances

BML Wealth Marketing2023-06-19T11:21:42-07:00June 19, 2023|Financial Planning|

In recent months there have been 3 major bank shake-ups: Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank.[1] This has generally led to fears that there is a larger recession on the horizon. The financial crisis of 2008 was also precipitated by bank collapses, so this has many experts watching the market carefully. The main concern is that confidence in banks will decrease, and this will lead to more bank failures, which is what happened in 2008. However, it’s important to note that there are many more regulations and protections in place now [...]

12 06, 2023

3 Tax Optimization Strategies to Remember for Retirement
3 Tax Optimization Strategies to Remember for Retirement

3 Tax Optimization Strategies to Remember for Retirement

BML Wealth Marketing2023-06-12T09:31:55-07:00June 12, 2023|Tax Planning, Tax Strategies|

As you plan for retirement, it's important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023. Consider the Tax Structure of Your State and Locality Consider living in a tax-friendly state.[1] Many states offer tax breaks for retirement income or have no income tax, which can help you reduce your tax liabilities in retirement. Some states also offer tax exemptions for Social Security benefits and other retirement income sources. Assessing the tax structure of [...]

5 06, 2023

Addressing Retirement for Gen X
Addressing Retirement for Gen X

Addressing Retirement for Gen X

BML Wealth Marketing2023-06-05T09:18:29-07:00June 5, 2023|Retirement Planning|

A recent study by Investopedia found that Generation X’s biggest worry is retirement. The survey found that although many members of Gen X feel like they understand their finances, they are still concerned about setting themselves up to transition into retirement. Nearly one in four Gen Xers are not sure when, or even if, they will be able to retire.[1] These numbers are very significant. They mean that even if Gen X feels like they know what they need to do, they aren’t sure how they will get there. You may be feeling the same [...]

30 05, 2023

Healthcare in Retirement: The Basics
Healthcare in Retirement: The Basics

Healthcare in Retirement: The Basics

BML Wealth Marketing2023-05-30T06:16:47-07:00May 30, 2023|Healthcare|

Healthcare insurance is a crucial aspect of managing one's health and finances. Understanding its basics can help individuals make informed decisions to help them stay healthy without running into unexpected costs. Here are some important points to keep in mind: Types of health insurance: There are different types of health insurance plans, including health maintenance organizations (HMOs), preferred provider organizations (PPOs), point of service (POS) plans, and high-deductible health plans (HDHPs).[1] Each type of plan has different benefits and costs, and it's important to choose one that suits your needs. Coverage: Health insurance [...]

22 05, 2023

Target-Date Funds: The Backbone of Many Retirement Accounts
Target-Date Funds: The Backbone of Many Retirement Accounts

Target-Date Funds: The Backbone of Many Retirement Accounts

BML Wealth Marketing2023-06-08T22:13:31-07:00May 22, 2023|Investing, Retirement Planning|

A target-date fund is an investing tool, often in the form of an ETF or mutual fund, that adjusts its investment strategy based on how much time there is until the target date. The investments are strategized for long-term growth when you are further away from the target date and strategized for wealth preservation the closer you get to it. Another name for these kinds of funds is age-based funds and life-cycle funds, and they are structured around the financial needs of someone aiming to save for retirement.[1] The major benefit of target-date funds is [...]

Marketing

About BML Wealth Marketing