Kate Sullivan, CFP®

Setting a goal is the first step in beginning your college funding journey. Figure out how much you want to provide for your child. Some parents aim to provide a set amount for each child, for example, $100,000 in future dollars, while other parents choose to link their goal to an institution, such as four years of in-state tuition at Indiana University-Bloomington.

Many people set out with the best intentions, but the problem with the leftover strategy is that money tends to burn a hole in our pockets. If cash is sitting in the checking account, we will find a way to spend it. Without making a point to save first, it's a crapshoot whether any money will be left behind for savings.

The rules and strategies centered on saving for retirement in a tax-efficient manner fade to a distant memory, and a new set of rules around spending and withdrawing sink in.

Since the SECURE Act became law, Inherited IRAs have become exceedingly more complicated. The Final Regulations from the IRS for inherited IRAs only amplify the difficulty.

It’s easy to opt for instant gratification when it comes to financial decisions. It feels good to spend money. However, you don’t experience the same reaction when you open the Amazon package or wear the new shoes compared to when you invest money in a Roth IRA.

Retirees can maximize their retirement wealth by implementing tax-efficient strategies such as Roth conversions, realizing gains in the 0% bracket, and withdrawing pre-tax funds in the 10 and 12% brackets.

What people fail to talk about is how this phase of life is expensive and can easily throw a wrench into your financial goals – whether it’s saving for retirement or simply building and maintaining a solid financial foundation.

As you prepare for retirement, whether that’s in 25 years or two months, it’s important to keep your eye on what’s important. Develop strong habits (but not too strong!) early on for optionality that works in your favor.

It’s not abnormal for borrowers to feel they are in a different spot financially since March of 2020. The pandemic brought about rising wages and allowed many Americans to stockpile cash.

When you pass, you don’t get to take your money with you, so avoiding the common pitfalls of wealth transfer is best. Prepare your heirs, talk openly about money, pass along family values, and don’t be afraid to implement a trust.

Social Security benefits are an essential piece of many retirees' financial plans. Most people know they are entitled to benefits based on their own record or earning history, but did you know that you are also eligible for benefits on your spouse's earnings?

Unfortunately, even as tax prep software evolves, several common mistakes prevail. So how can you avoid these common (and costly) errors?