Crest Wealth Advisors

01/17/2023

Take a look at some of the major IRS adjustments that may require you to adjust your annual saving strategy or tax planning strategy.

01/10/2023

Is your retirement planning top of mind? It should be, regardless of your age.

There is a lot to be aware of as we kick off 2023.

From IRS tax adjustments to the recent passing of The Secure Act 2.0, the retirement planning landscape has some major adjustments ahead...for the better.

Check out my latest blog post to learn how some of the changes may impact your retirement planning.

http://ow.ly/rPXv50Mk3jA

2022 had a lot of implications of our money. A volatile market, inflation, rising interest rates and more. With everything that occurred, the new year is the perfect time to review your retirement plans and familiarize yourself with several IRS changes such as tax bracket adjustments, social securit...

11/18/2022

According to Kevin O'Leary, the worst thing you can do during periods of high inflation is holding too much cash in a low-interest savings account.

With higher interest rates, you have the opportunity to safely put your cash elsewhere to earn you a higher rate of return, partially offsetting the impact of inflation.

The "Money Court" judge says people should avoid keeping the bulk of their money in accounts where it will lose value over time.

11/16/2022

According to a recent FinancialPlanning magazine article, an estimated $1.35 trillion is sitting in forgotten #401(k) accounts!

This is estimated to cost participants over $115 billion annually through unnecessary fees or poorly allocated investments.

And because people tend to change jobs more frequently, this issue is only going to continue to grow.

So what options should you consider when changing jobs?

1. Leave the account where it is, but remember to monitor and adjust investments as needed.
2. Rollover to a new employer plan, if allowed.
3. Rollover to an IRA.
4. Withdrawal the money (beware of tax consequences in doing so!)

Handling old 401(k) accounts properly can make a significant financial impact over the long-term.

Seek out an advisor if you need assistance in tracking down old accounts or analyzing your best options.

11/09/2022

Credit cards can be an excellent tool to help build your credit score and even earn great rewards.

But using a credit card requires disciplined financial management, which is why many people get themselves into trouble and end up paying significant amounts of interest.

Mark Cuban thinks most people should stay away from credit cards for that reason.

Billionaire Mark Cuban says people should pay off their credit card debt and then burn them. "If you use credit cards, you don’t want to be rich,” he adds.

11/07/2022

Saving for short-term goals requires an entirely different strategy than saving for a long-term goal like retirement.

You do not want to risk losing money for the short-term by investing in the stock market.

So what are some options for where to put money for short-term goals?

- High-Yield savings account
- Treasury bills
- Series I bonds
- Certificate of Deposit (CD's)

Younger investors are encouraged to invest in stocks for long-term goals, but investing for the short-term requires a more nuanced approach, experts say.

11/01/2022

The interest rate on Series I bonds purchased between now and April 2023 was just set at 6.89%.

Wondering how I bonds fit your financial strategy? Here are a few possibilities:

- As part of your overall bond allocation
- For excess cash with less liquidity needs
- Savings for a child or grandchild
- For gifting purposes

Important things to remember:

- You are limited to purchasing $10,000 per year, per tax ID
- There is a 1-year lockup period on being able to redeem your bonds
- You lose 3 months' interest if redeeming within 5 years of purchase
- The Treasury Direct website can be cumbersome, so be patient in the purchasing process

The Treasury Department on Tuesday announced Series I bonds will pay 6.89% annual interest through April 2023. Here's what investors needs to know.

10/24/2022

We are all feeling the impact of inflation on our monthly expenses. So how can you fight it? With little actions that can add up when combined:

- Understand your fixed from discretionary expenses. Fixed are typically needs, and discretionary tends to be wants.
- Be honest about what is essential to spend money on.
- Find easy ways to cut expenses such as unneccessary subscriptions.
- Buy generic brand goods.

Saving money largely comes down to buying cheaper alternatives when possible and finding ways to trim discretionary expenses, according to financial advisors.

07/04/2022

Wishing you and yours a happy and safe 4th of July holiday!

06/28/2022

70% of retirees said they wished they saved and invested more and earlier in life, according to a recent survey!

While saving early and often is advised, it is never too late to start making changes and implement better financial habits.

Most retirees would tell their younger selves to start saving and investing for retirement earlier, an Employee Benefit Research survey found.

06/15/2022

You will soon see new information in your quarterly 401(k) statement from your employer, showing the amount of monthly income you can expect in retirement from your current account value. This number may come as a shock to some, depending on the account balance, but is a good motivator to save more to increase your future potential income!

https://www.cnbc.com/2022/06/13/lifetime-income-illustrations-are-a-wake-up-call-for-401k-savers.html

05/09/2022

The continued pause on student loan payments has many wondering whether they should make payments or not, and if not, what is the best way to use that extra cash flow.

Jason Dall'Acqua shared his thoughts alongside other industry professionals in a recent piece in Money Under 30

"If you are on the PSLF plan then there is no need to make payments on your loans...If you are not on the PSLF plan then the decision becomes slightly more difficult."

Read more about how to use this time to improve your financial situation.

During the pandemic payment pause, you should slay bills and/or increase your savings. The repayment holiday is not for frivolous spending.