If you're considering giving back to society or a cause as part of your financial planning, there are many ways you can do so. You can make an impact while receiving tax benefits by including philanthropic giving as part of a holistic approach to charitable giving in your financial plan. Philanthropic giving addresses the root cause of social issues and requires a more strategic, long-term strategy. Philanthropic giving often includes inviting younger generations to participate to become part of a family's legacy. Here are actions to guide you as you work towards having philanthropy as part of your financial planning:
1. Identify your values- Determine your reason for giving and what you want to change. Since philanthropy is giving over time, determine how long you want to give and if you want it as part of your family's legacy for the next generation to manage.
2. Define your goals- Your financial professional can help you define your goals and implement a giving plan as part of your financial plan. Each year, evaluate how much you intend to give and when. Depending on your circumstances, you may include a giving schedule, such as quarterly or a one-time contribution each year. Other things to consider when defining your philanthropic goals include:

• Your giving in retirement
• Giving through your estate plan
• Including giving as part of a business-exit strategy

3. Select your charities- To ensure a charity is legitimate, ask the charity for details about their mission and how they’ll use your donation. The charity should also provide proof that it’s a 501(c)(3) public charity or private foundation so that your contribution is tax-deductible. As a second fact check on the charity, visit the IRS Tax Exempt Organization Search list to ensure it is a reputable, tax-exempt charity. 
 
4. Understand how to maximize giving- Financial and tax professionals can help you determine how to maximize the tax advantages of giving. As tax laws change, your financial plan and giving plan may need to revise so that you receive the tax benefits of your gift. Here are a few ways to maximize your giving:

• Qualified Charitable Distributions (QCDs)- If you're age 70 1/2 or older, you can use a QCD to donate directly from your IRA to the charity of your choice. This strategy allows you to deduct the amount transferred to the charity from your taxable income. You can use a QCD each year versus taking the distribution and paying taxes.
• Bunch your donations- By making charitable contributions for several years at one time, the total of your itemized deductions may exceed the standard deduction and offer some tax benefits. 
• Itemize your contributions- Charitable contributions can reduce your tax bill if you choose to itemize when filing your taxes. Work with your tax professional to determine how to itemize your giving if the total of your deductions plus charitable gifts equals more than the standard allowable deduction.

 
5. Determine which strategies to use- There are strategies that you can use or establish to help you organize your giving within your financial plan, such as:

• Donor-Advised Funds (DAF)- A donor-advised fund allows you to donate cash or securities, which are non-refundable, to a nonprofit organization. You may claim a tax deduction for the year you contribute to the DAF rather than the year your contribution goes to the charity. Stay in touch with your financial professional, as proposed legislative changes may impact when donors can receive the tax deduction.
• Charitable Trusts- A charitable trust allows you to donate assets to a chosen tax-exempt organization to help you minimize taxes. Consult your financial and legal professionals to help you understand how trusts work and if you intend to include giving securities as part of your giving plan.
• Private Foundations- A private foundation (PF) is a nonprofit charitable entity created by an individual or a business. An initial donation, known as an endowment, is used to generate income to make grants to charities per the foundation's charitable purpose. Consult with your financial, legal, and tax professionals to determine if a PF is appropriate for your situation.

 
6. Consider giving other assets- There are other assets you can give to charity as part of your financial plan that is not associated with securities:

• Real Estate- If you have a property you no longer need, you can donate it to charity. 
• Cash- With a cash gift, you may receive a tax deduction equal to the amount of money you donated minus the value of any products or services you received.
• Life insurance- You can name a charity as the beneficiary on your life insurance contract or choose to donate the cash value accumulation each year.
• Art and collectibles- Often, gifted art and collectibles are auctioned to raise money at charity events. To use either as part of your giving, have a certified appraisal completed with reporting so that you can submit the appraisal information and the donation documentation at tax time, indicating the value of your donation. Consult your tax professional regarding how to value and report these specific assets.

 
A benefit of including philanthropy in your financial plan is that it helps to ensure that your goals are listed, that a plan implements appropriate strategies, and progress towards your goals is monitored. Contact your financial professional to start your philanthropic planning today.
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by Fresh Finance.
LPL Tracking #1-05326016

Open enrollment for employee benefits kicks off this month. While you plan your Thanksgiving menu, review your benefit choices. Even if little changed in your life this past year, maximize what your employer offers.
Here are some pointers.
MedicalEven if you carry the same plan as in many past years, spend a few minutes evaluating which one is best for you and your family when you choose – especially high-deductible health plans and traditional plans.
Switching from the traditional plan to a high-deductible option might save money if you don’t visit the doctor much. Perhaps your spouse’s company now offers a better plan and you can switch the family coverage to the more suitable alternative.
Improved employer plan descriptions lay out plans’ differences and costs, so consider taking advantage of their free help, online or in person.
DentalOften you receive only one choice for dental coverage, but you may be surprised at how many people decline to pay the relatively small premium for this coverage. Even if young and cavity-free, you take care of your teeth now to potentially prevent large dental bills in retirement.
If nothing else, dental insurance provides a teeth cleaning twice a year.
VisionThis benefit works great if you wear glasses or contacts and need regular eye exams. Those with perfect vision may opt out of this coverage.
Life insuranceMost employers offer some basic life insurance, the coverage usually a multiple of your salary. If you are married, own a home or have kids, this basic coverage may fall short.
Consider paying extra if possible to increase life coverage through your employer. If that’s not an option, consider supplementing this minimal coverage with a term policy from an independent provider. These policies come with set duration limits on coverage and you decide whether to renew once the policy expires.
Remember that whatever life coverage your employer pays for vanishes if you leave that company.
Long-Term DisabilityStandard coverage in this category usually pays 60% to 66% of your compensation if you become disabled and unable to work.
As this coverage often comes with a cap, if you are highly compensated, this insurance might also fall short to sustain your standard of living. Estimate your minimum to live on if you become unable to work and, if that number scares you, consider purchasing a supplemental policy.
Long-Term CareThis pays for assisted living, a nursing home or in-home care late in your life.
Even as our lifespans increase, long-term care premiums escalate. If your employer offers any coverage at a relatively inexpensive group rate, you may want to think about locking in some protection. Many advisors will recommend LTCI when you turn age 50 – but getting it while you are young and healthy under an employer plan may still make sense for your specific situation.
Flexible Spending AccountThis savings account reduces your taxable income and funds medical co-pays, orthodontist appointments and prescription drug orders, among other expenses.
Figure your out-of-pocket medical costs and sign up to set aside that amount, up to $2,750 for 2021, pre-tax in an FSA. Each working spouse can do one. Remember that if you participate in an HDHP, you maintain a related health savings account and can only take advantage of a limited FSA.
Either way, pay for the most of out-of-pocket medical costs with pre-tax dollars.
Dependent Care Flexible Spending AccountIf you pay for day care, after-school programs or summer day camps for children under age 13 or for elder care for a dependent parent, DCAs help you offset that cost with pre-tax dollars. Again, a working couple can set aside up to $10,500 from paychecks, up from $5,000 in 2020.
Transportation CreditsIf your company offers this and pays in whole or in part for public transportation passes, ride-sharing or other options, reconsider your routes to work.
Life-Planning ResourcesAdvisors see this wide-ranging employee benefit more and more, from simple mental-health hotlines to complete menus of services.
For instance, if you lack a will, many companies now offer reduced-rate or even complimentary legal services to establish your basic estate planning documents. Others offer financial planning and weight-loss programs – sometimes even gym memberships.
Questions?If you have questions about your benefits, talk to someone in Human Resources. Or call your financial professional.
The point is, make sure you review your benefits. Your future self will thank you,
 
Important Disclosures
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. 
This article was prepared by RSW Publishing.
 
LPL Tracking #1-05190839

As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances:
1. Generational wealth transfer- Generational wealth transfer may become more important when an event occurs, such as a death, a marriage, or the birth of a new family member. However, it's essential to plan for generational wealth transfer by ensuring all these crucial actions have been completed:

• Established a Trust document- If you don't have a trust document, your family may need to go through probate, a tedious court process to transfer your assets retroactively, which can be expensive and public.
• Updated beneficiary information- Consistently check the beneficiaries listed on your legal documents, retirement savings, and insurance plans, as these designations can outweigh what is in a will. Life transitions that may impact a change in beneficiaries include divorce, the birth of a new child, the loss of a loved one, a marriage, etc.
• Established directives- Review all legal directives such as power of attorney documents, medical care directives, and your trust document to ensure all information is up to date in case the relationship with the named individual(s) changes.
• Completed an inventory of assets- Periodically update inventory assets listed in your trust documents, such as real estate, collectibles, vehicles, etc., and intangible assets, such as savings accounts, life insurance policies, retirement plans, ownership in a company, and more.
• Drafted, reviewed, or updated a last will- It is important that your last will details your wishes regarding the distribution of your property, money, and assets that aren't in your trust document. Remember to update your will as your financial and family situation changes.

2. Minimizing taxes- Building wealth and planning for taxes are essential and often require the help of financial, tax, and legal professionals. For some, tax policies can impact how much taxes to pay domestically and abroad when living or working in a foreign country, or if they own companies in a foreign country. Consider these taxes that may impact your tax situation:

• Income tax- Income tax is a source of revenue that governments impose on businesses and individuals within their jurisdiction. If you work or own a business in a foreign country, you may need to file taxes in more than one country. For this reason, you must consult a tax professional in each country for the latest tax laws
• Estate tax and gift tax- The IRS limits the valuation of assets that can pass to heirs' estate tax-free, and states set their own gift tax thresholds that are impacted by where the deceased resided and heirs live. As you plan for who pays taxes when your assets pass to your heirs, work with your financial and tax professionals to determine which tax-advantaged strategies are appropriate for your situation.
• Generation-skipping tax- The generation-skipping transfer tax is a federal tax that results when a property is transferred by gift or inheritance to a beneficiary who is at least 37½ years younger than the donor. Consult your tax professional on how transferring assets to a grandchild or other heir may impact their tax situation if inheriting from you.

3. Legacy planning- Legacy planning is leaving a legacy for others, which often includes protecting others when you pass on your values and financial dreams. Some individuals give their wealth to benefit their children and their children's children. If the wealth is great enough, endowments may be created to help many people over time. Legacy wealth transfer may become complex due to the types of assets you own, changes in tax legislation, economics, and political environments. You must consult financial, tax, and legal professionals to pass assets without economic consequences to heirs. 
4. Succession planning- Succession planning generally involves trusts, private trust companies, and foundations offered in various jurisdictions to ensure your wealth transfers to the next generation as efficiently as possible. There are two types of succession planning for individuals to consider:

• Generational succession planning- Planning to help ensure your wealth passes to the next generation and is comprehensively managed and passed to the next generation.
• Business succession planning- If you own a business, business succession planning may cover selling your business and retiring, selling but staying on part-time, and passing ownership to another family member or key employee.

Here are some other things you may want to consider in your succession planning:

• Investment strategies
• Involving the successors
• Clarify your values and purpose
• Work with professionals who will help monitor your situation across generations.

Estate planning can be challenging for some due to the complexities of their situation but manageable when done over time. Now is a great time to use this planning guide as you work with your financial professional to plan for the start of the New Year.
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by Fresh Finance.
LPL Tracking #1-05326016
 
Sources:
https://www.investopedia.com/terms/g/generation-skipping-transfer-tax.asp
https://www.investopedia.com/articles/personal-finance/070715/quick-guide-highnetworth-estate-planning.asp https://www.investopedia.com/terms/g/generation-skipping-transfer-tax.asp
 
 

​Between the excitement of Thanksgiving’s delicious feast and the hustle and bustle of the impending holiday season, the month of November often goes by in the blink of an eye. However, even just one simple act a day will help you to stay grateful throughout the month.
In need of a little inspiration? Use this checklist of ideas.

• Bake a treat for your neighbors.
• Give someone in need a care package.
• Reconnect with someone who you’ve lost touch with.
• Send a loved one a handwritten note.
• Compliment a coworker for their hard work.
• Call your parents.
• Thank a veteran in your life for their service.
• Clean up a few pieces of trash at your favorite park.
• Hold the door open for someone.
• Give someone a small gift, just because.
• Treat a coworker to coffee.
• Call your grandparents.
• Tell your siblings how much you admire them.
• Volunteer at a soup kitchen.
• Feed someone else’s parking meter.
• Cook your partner’s favorite meal for them.
• Let someone else have a parking spot.
• Give your pet a special treat.
• Be an active listener when someone is venting to you.
• Drop off a bag of dog/cat food at your local ASPCA.
• Hug someone you love.
• Tell your mentor how influential they have been for you.
• Help the cashier bag your groceries.
• Pay for the person’s order behind you in the drive-thru line.
• Donate old clothes/belongings to a local charity.
• Leave a generous tip and words of encouragement for a waiter.
• Forgive someone.
• Speak to someone who is sitting by themselves.
• Spend one day only saying positive things about someone.
• Be kind to yourself.

 
LPL Tracking #1-05185789

Investing can be a roller coaster—and, when the market starts dropping, it may even feel more like a haunted house. With recession fears mounting, what can investors do to stay the course and escape unscathed? Here we discuss five tricks to help you navigate a scary stock market. 
Anticipate and Avoid Surprises If it has been a while since you reviewed your portfolio or evaluated whether your asset allocations are still in line with your investment goals, now may be a good time. Everyone's risk tolerance is different, and if wild market swings make you nervous enough to want to cash out, you may want to consider less volatile assets. 
Step Back and Get a Bigger ViewWhile the market is unpredictable on a day-to-day or week-to-week basis, over time, trends become clearer. If you are worried about the ups and downs of the last few months, zoom out to a 5- or 10-year view and see how these downturns become blips on the screen. The lesson here is that nothing is permanent—even a negative YTD return is likely to wash out over the next few years. 
Identify Your Fears Everyone's reasons for investing look a little different—which means everyone's downturn fears are a little different, too. Identify what you are afraid of when your investments decline in value:

• A delay in your retirement?
• A cash crunch if you lose your job?
• A "lost decade" of flat returns? 

By knowing what you are really worried about, you will be in a better position to adapt. For example, if you are concerned that your investments may decline in value at the same time you need to tap them to help cover bills, you may want to beef up your (non-invested) emergency funds instead. If you are worried about the impact of market swings on your retirement date, you may want to talk to a financial professional to see if your asset allocation is in line with your retirement plans.
Identify your "Control Factors"When your finances feel out of control, one of the most productive things you can do is to redirect your energy to making a list of things you do have control over. Whether this is increasing your savings rate by setting up automatic transfers, taking a few extra shifts at work for overtime pay, or selling some extra items, seizing on the things you can change can help you avoid obsessing over the things you cannot control. 
Stay the Course If you have reviewed your asset allocation and evaluated your goals, there is not much else to do but wait. The temptation to take action during turbulent times can often be overwhelming—but as long as you have a well-thought-out investment plan, staying the course can help you avoid making rash decisions (like cashing out at the bottom of a bear market or YOLO-ing into speculative investments). Remember: you should re-evaluate your investments and stock holdings only when there is a change in your goals, not in the market.
 
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. 
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
Asset allocation does not ensure a profit or protect against a loss.
Past performance is no guarantee of future results.
This article was prepared by WriterAccess.
LPL Tracking #1-05313101.

Many people routinely plan for vacations, their children’s college education, home renovations, and, of course, retirement. But when it comes to planning for long term care, most would rather not think about it—or at best, they’d rather think about it at a later date. It’s understandable to not want to face the prospect of your declining health, or that of a parent or loved one, but denying the inevitable could potentially be a costly mistake. The time to plan for long term health care is before it is needed, not after.
 
Health issues requiring long term care may reveal themselves over time. For example, your elderly parents may have trouble remembering whether or not they took their daily medication, they may forget how to work the TV remote control, or they may have trouble doing once-simple physical tasks. Decreased mobility and strength in seniors can make ordinary actions, such as getting a jar from the cabinet and opening it, nearly impossible. At this point, the need for long term health care might begin to be apparent.
 
Home Health Aides
 
In the early stages of need, if there is no chronic illness involved, a home health aide may be able to provide assistance to your loved one. Home health aides are often the first line of defense in meeting routine needs, such as bathing, preparing meals, getting dressed, shopping, housekeeping, and such. Unless your loved one is living in your home, you may find that making constant visits to take care of routine matters can be challenging, especially in the midst of a busy daily schedule.
 
There are many local state-run and private home health care agencies that can provide information and health aide services. After an interview with a case worker, a suitable schedule of visits from home health aides can be set up according to your loved one’s level of need, such as one visit three times a week or twice daily. Home health aide visits are often supplemented by visits from home health nurses, who supply basic medical care such as blood pressure tests, assistance with medications, etc. In some cases, visits by a physical or occupational therapist can be included to help improve mobility and promote participation in daily activities.
 
An Ounce of Prevention
 
Monitoring your loved ones as they age and preparing to manage long term care issues such as those listed above can help maintain overall health. As the early signs of long term care need begin to present themselves, but while health is still relatively good, consider bringing in professional help for your loved ones. A home health aide may be able to provide that added measure of support and help ensure that your loved ones remain healthy and independent for the longest possible time.
 
LTCEARLY-X
 
Important Disclosures
Content in this material is for general information only.
 
This article was prepared by Liberty Publishing, Inc.
 
LPL Tracking #1-05176423

For many, autumn is the best time of year. The return of cool breezes, comforting foods, and pumpkins can be invigorating. It’s also a bookmark of sorts, especially for your finances—a perfect time to take stock of your spending after the summer’s over to see what lies ahead. These tips can help you make simple, sensible choices and take action to make the most of your money, from your food choices to your financial options to protecting your most valuable assets.
Bask in the Bounty
Autumn is all about fresh food, and you can get more bang for your buck with these tips.
Fall Fruits & Veggies:
This one’s all about supply and demand: you can usually get good prices on in-season fruits and veggies because they’re so plentiful. So stock up on autumn produce like apples, beets, pomegranates, squashes, and sweet potatoes, to name a few. They’ll be bursting with flavor and health benefits—especially at the local farmers market—without busting your budget.
Store Up Soup:
Speaking of fresh vegetables, they go really well in soup, another fall favorite—making it easier for you to maximize the produce you buy. A bonus for your bottom line: soup also freezes quite well. It can last up to three months frozen, so you can make one large pot of it and feed your family for weeks.
Focus on Financials
It’s been said that planning is bringing the future into the present so you can do something about it now, and that’s especially true when it comes to your end-of-year finances.
Work Benefits:
Company benefits often begin on January 1, so pay close attention to your company’s open enrollment period to determine the best insurance option for you and your family. Consider benefits like a flexible savings account (FSA), a health savings account (HSA), and a 401(k) (especially if there’s company matching) to determine what would best suit your family. Two important things to keep in mind: just because your benefit choices worked for you this year, it doesn’t mean they will next year, and for an existing FSA, make sure to use your money if there’s an end-of-year deadline! Finally, any company-sponsored discounts (such as a weight-loss program or gym membership) need to be submitted by the end of the year, so make sure to submit the paperwork to cash in.
Education:
If you have kids in college, look ahead to the spring semester. Granted, you may think “They just went back to school,” but now’s the time to focus on financial education planning. Keep an eye out for federal financial aid (FAFSA) application deadlines (which usually open in early fall). Spring tuition for many colleges can be due as early as November and as late as January, so mark it on your calendar and plan accordingly—especially with holiday bills also on the horizon—to avoid getting docked with late fees.
Investments:
Things change all the time in the finance world, especially taxes and laws, and these tend to go into effect in the new year. If you’re looking ahead with your other investments, such as your stock portfolio or loans, be well educated about your options and about what’s happening—and expected to happen—going forward. The best course of action? Touch base with your financial advisor, who can steer you on the path that’s right for you.
Holiday Shopping:
Many times, I’ve paid the price (literally and figuratively) for waiting until December to take care of my holiday shopping—when you’re desperate, stock is depleted, and the calendar is dwindling down, you’ll tend to pay full price. But if you’re smart about it, you can plan ahead and enjoy the holiday rush.
During the next several weeks between now and Black Friday be intentional as you prepare for what you want to buy—and what you want to pay for it. Scour the internet, and keep a spreadsheet of prices; that way, you’ll get a sense of what you can expect to spend and what’s a good deal. Also, be sure to set aside a little money out of every paycheck for the holidays—or do what I do: know your calendar. If you get paid biweekly, two months out of the year have an extra payday; October is one such month this year. See if you can dedicate part or all of your extra check to your holiday shopping, which will really help when the January credit card bills arrive.
Don’t Wait for Winter
Take advantage of the lovely autumn weather to cut down your bills—and prevent costly ones.
Home:
Fall is a great time to get your home ready inside and out for winter, which can offer big cost savings. Cleaning out your gutters in late autumn, when all the leaves have fallen, can help you avoid drainage trouble in winter, when it might also be difficult to remedy the situation. If your driveway or sidewalk needs repair, do it now before rain and ice seep into the cracks and holes, potentially causing costly underlying damage. And speaking of ice, if you live in a cooler climate, make sure that you remove outdoor hoses, turn off your water supply to outdoor spigots, and drain the spigots; otherwise, when the nighttime temperatures creep toward freezing later in the season, you may find yourself in a world of financial hurt when your pipes freeze.
Inside, you can cut down on future bills by ensuring your home is warm during the coming months. Have your furnace (and fireplace, if you have one) serviced and change its filter so it’s at peak capacity, and check your windows and doors for drafts and cracks, sealing where needed.
Car:
Much like you can with your home, taking necessary steps to winterize your car now can save you financial headaches down the (icy) road. Check your antifreeze level and temperature, tread life and balance of your tires (which should also be rotated), and the status of your wipers and windshield fluid. Have your heater and defrosters checked to make sure they are functioning well, and make sure you have an emergency kit.
 
LPL Tracking #1-05175159

​Your retirement is the reward after years of hard work and saving. You might dream of traveling, want to invest in a vacation home, or want to take up a new hobby. For an enjoyable retirement, saving is critical. Take charge of your retirement and work toward your goals with the help of these few tips and tricks.
1. Take Advantage of a Company 401(k) MatchWhen a company provides a matching contribution for your retirement savings, it is like getting free money to invest. This strategy may help your portfolio grow larger. Find out the amount of your 401(k) contribution that your company matches, and make sure you contribute that much to your 410(k). This strategy is like getting an extra company bonus each year.1
2. Start EarlyNo matter your age, you may save for retirement. The longer your money is invested, the greater chance you may have that your savings grows. Make your savings allocations a part of your monthly budget, like any other bill. Take advantage of payroll contributions if you have a company 401(k). If you set up an automatic savings process, you put money away with each paycheck without thinking about it.2
3. Fully Fund a Health Savings AccountHealthcare costs continue to rise yearly, and you may face significant health expenses as you age. Consider contributing money to a health savings account to prepare for these costs. When you contribute to a health savings account, it is tax deductible. You may withdraw the money tax-free as needed to pay for qualified medical expenses. In 2022, you may contribute up to $7,300 annually for a family and $3,650 for an individual. While a health savings account is a way to prepare for medical costs, it is also a way to help save for retirement. Once you hit 65, you may use the funds in the account to pay for anything, not just healthcare expenses.1
4. Find the Perfect Place to RetireWhen saving for retirement, it is essential to know your goals for retirement and where you plan to retire. If you are considering moving for retirement, you might find a state that may help your money go further. Many states are good for retirees. Some have great weather, some top-notch health care services, and others do not impose a state tax. Not paying state tax on your retirement funds may make retirement easier.1
5. Look for Tax Advantages at 50Taxes may get a little easier for you once you are at the age of 50. As you get nearer to retirement, you may take advantage of the increased limits for retirement contributions. This additional amount may help boost your retirement savings while taking advantage of the tax breaks that retirement plans offer. After age 50, contributions to a traditional individual retirement account (IRA) or a Roth IRA may increase from $6,000 to $7,0003, and you may contribute an additional $6,500 to your employer-sponsored plan.1
Get your retirement savings on track by utilizing these tips.
 
Important Disclosures
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.
The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
LPL Tracking #1-05313109.
 
Footnotes1 8 Essential Tips for Retirement Saving, Investopedia,
https://www.investopedia.com/articles/investing/111714/8-essential-tips-retirement-saving.asp
2 How to Win at Retirement Savings,  The New York Times,
https://www.nytimes.com/guides/business/saving-money-for-retirement
3 Retirement Plans FAQs Regarding IRAs, Internal Revenue Service,
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras

​If the thought of reviewing your finances with the help of a financial professional strikes more fear into your heart than giving a public speech, you are not alone—two in every three Americans report regularly feeling stressed about their finances.1 It is time to overcome these fears and get your finances back on track. Here are three common financial planning fears and how you may conquer them.
"I don't have enough money to need a financial professional."One of the most common misconceptions about financial planning is that it is only for the wealthy or ultra-wealthy. This mistaken idea could not be further from the truth—financial professionals may provide guidance and advice to those from all walks of life. Money-saving and investment suggestions may help you progress as if starting with a larger pile of assets. Do not discount the value of a financial professional in providing guidance tailored to your situation.
"I'm upset that I'm not doing better and still financially struggling."Talking about money or finances is taboo in many circles, so having to sit face-to-face with someone with access to some of your most sensitive financial information may be intimidating. You may be shying away from the thought of professional financial planning because you are uncomfortable exposing your income, assets and debts to a stranger.
Knowing that a good financial professional does not judge you is helpful. Instead, it is the financial professional's job to help you work towards improving your finances and give you the tools you need to guide financial issues—and this does not happen by breaking you down or shaming you about your mistakes. What is comforting, the information you share with your financial professional should remain completely confidential.
"A financial professional seems too expensive."The services offered by financial professionals are highly flexible and customizable. Where one person may want detailed advice on managing their business income taxes over the next few years, another may want a retirement readiness checkup or some advice on managing their college contribution liability on the FAFSA. The cost of a financial professional's services depends on the effort required for your needs and goals, and there are many affordable options. Plan your budget to cover the cost of the professional help you may need.
 
Important Disclosures
 
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
LPL Tracking # 1-05313101.
 
Footnotes1 2 In 3 Adults Avoid Social Events — Because They're Embarrassed About Their Financial Struggles, StudyFinds, https://www.studyfinds.org/americans-financial-struggles/