Financial Planning Archives

21 02, 2021

3 Ways Your Advisor Can Help You This Tax Season
3 Ways Your Advisor Can Help You This Tax Season

3 Ways Your Advisor Can Help You This Tax Season

BML Wealth Marketing2021-02-21T20:16:52-08:00February 21, 2021|Financial Planning, Tax Planning, Taxes|

As we enter this tax season, you may realize that your situation has changed. Maybe you were affected by the CARES Act, COVID, or went through a life change such as retirement, or became empty nesters. All of these things can affect how you file our taxes and now is the time to consider them. It’s also a good time to review your overall finances and make sure you’re sticking to your plan – or resolve to update the plan with the help of a financial advisor. There are many ways your advisor can help [...]

11 01, 2021

What’s In Store For Us in 2021?
What’s In Store For Us in 2021?

What’s In Store For Us in 2021?

BML Wealth Marketing2021-02-02T18:07:33-08:00January 11, 2021|Economy, Financial Planning|

We’re all looking forward to the new year more than usual. Even though COVID will remain in 2021, the changing of the calendar can bring about a new mindset and optimism. But before we forget all about 2020, let’s look at the latest COVID relief bill, which includes more stimulus checks and some changes that could affect Medicare beneficiaries. After an eventful 2020, let’s look at what's in store for us in 2021. Another COVID Relief Bill President Trump signed the $1.4 trillion spending bill and accompanying $900 billion stimulus package. In doing so, he [...]

4 01, 2021

Ready to Retire in 2021? Ask Yourself These 3 Questions
Ready to Retire in 2021? Ask Yourself These 3 Questions

Ready to Retire in 2021? Ask Yourself These 3 Questions

BML Wealth Marketing2021-01-04T12:28:52-08:00January 4, 2021|Financial Planning, Retirement Planning|

Will 2021 be your retirement year? And how do you know when it’s time to retire? For some, retirement comes at a milestone. Maybe it’s 35 years on the job or your 65th birthday, or maybe your goal is to retire when you have a certain amount in savings. Retirement is different for everyone, and it’s a big decision to make. You might not be ready on your 65th birthday, or maybe you’ll be ready before that. Either way, take the time to decide if you will retire in 2021 by answering these three questions. [...]

21 12, 2020

Time to Review Your Investment Plan
Time to Review Your Investment Plan

Time to Review Your Investment Plan

BML Wealth Marketing2020-12-21T12:20:20-08:00December 21, 2020|Financial Planning|

The end of the year is a good time to reflect on 2020, how your financial situation may have changed, and your goals for next year. You can look at how your investments are doing, review your portfolio, and think about how close you are to retirement or the state of your finances in retirement. This can be as easy as taking 15 minutes to check up on your portfolio. By taking the time to review your investment plan, you can feel ready to take on the new year with an up to date strategy. [...]

18 12, 2020

Financially Savvy Gifts for Friends and Family
Financially Savvy Gifts for Friends and Family

Financially Savvy Gifts for Friends and Family

BML Wealth Marketing2021-08-01T22:08:26-07:00December 18, 2020|Financial Planning, Lifestyle|

You can get away with handing out cards drawn with colorful crayons as your go-to gift when you’re young, but when you get older your shopping list grows. As we age, we have more and more relatives and friends that we exchange gifts with, which means more money and more time spent shopping. So, when your loved ones start handing out their lists, it may be a good time to prepare some financially savvy gift ideas for friends and family. If one of your grandchildren does not yet have a savings account, now might be [...]

14 12, 2020

Don’t Miss These End of Year Healthcare Deadlines
Don’t Miss These End of Year Healthcare Deadlines

Don’t Miss These End of Year Healthcare Deadlines

BML Wealth Marketing2023-03-23T21:29:49-07:00December 14, 2020|Financial Planning, Healthcare|

An average 65-year-old couple retiring today will need an estimated $285,000 to cover their healthcare costs.[1] This doesn’t even include long-term care costs, which can run as high as $253 per day on average for a private room in a nursing home or $119 per day on average for care in an assisted living facility one-bedroom unit.[2] Today's retirees should anticipate these potential costs when creating their overall retirement plan. There may be ways to help save on costs by minimizing your tax burden and with thoughtful planning, such as deducting the cost of qualified [...]

23 11, 2020

Time to Give Thanks: Charitable Giving Before the Year’s End
Time to Give Thanks: Charitable Giving Before the Year’s End

Time to Give Thanks: Charitable Giving Before the Year’s End

BML Wealth Marketing2020-11-23T06:52:54-08:00November 23, 2020|Charitable Giving, Financial Planning|

You're probably looking forward to Thanksgiving, even if it looks a bit different this year or you're not a big fan of turkey. Whatever your Thanksgiving is like this year, it’s a good time to think about how you express gratitude. Some people donate their time or money to a charitable organization, especially around the holidays. In 2019, Americans gave an estimated $450 billion to U.S. charities[1], and this number was expected to rise in 2020 before the pandemic hit. This year, there are some special opportunities for charitable giving before year-end that you can [...]

15 11, 2020

How Much Could Long-Term Care Cost You?
How Much Could Long-Term Care Cost You?

How Much Could Long-Term Care Cost You?

BML Wealth Marketing2020-11-15T17:34:26-08:00November 15, 2020|Financial Planning, Health and Wellness|

If you have elderly parents or know someone who does, you already know that there are many hard decisions to make when it comes to long-term care, especially during the pandemic. And figuring out the finances can be even harder. Trends could change in the coming decades, such as moving long-term care into the home, and it's important to think about how you want to be cared for when creating your retirement plan. Luckily, November is long-term care awareness month, so let’s talk about how much long-term care could cost you and how you can [...]

1 11, 2020

4 Ways to Prepare No Matter What the Future Brings
4 Ways to Prepare No Matter What the Future Brings

4 Ways to Prepare No Matter What the Future Brings

BML Wealth Marketing2020-11-01T14:00:33-08:00November 1, 2020|Financial Planning|

Nobody has a crystal ball to tell us exactly what the future holds, but don’t let uncertainty be the reason you’re unprepared for retirement. As someone who has worked hard for what they’ve earned and is likely invested in America’s future, you may be concerned about what the future could bring. But, it’s important to remember that no matter what’s happening in Washington, you have the opportunity to be in control of your personal financial wellbeing. Here are 4 ways you can help prepare yourself and your retirement for the unexpected. Decide on a Social [...]

26 10, 2020

How Will Social Security Benefits and Taxes Change Next Year?
How Will Social Security Benefits and Taxes Change Next Year?

How Will Social Security Benefits and Taxes Change Next Year?

BML Wealth Marketing2020-10-26T08:25:26-07:00October 26, 2020|Financial Planning, Social Security, Taxes|

The Social Security Administration recently made some important announcements that workers and retirees should note, including a Social Security benefit increase – and a tax increase. While it’s very unlikely that the program will ever disappear, we could see changes in the coming years due to the program's financial state. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] Here’s how Social Security benefits and taxes will change next year. Benefits Will Increase by 1.3% in 2021 Social Security beneficiaries often get [...]