With Social Security’s future uncertain, individuals should take steps now to build financial security.

Older adults can boost financial stability by setting clear retirement goals, using tax breaks, and leveraging financial planning tools for better decision-making.

Financial markets are experiencing volatility due to concerns over rising costs, potential retaliatory tariffs, and broader economic slowdown.

Whether you're a seasoned investor or just starting out, knowing what to do when your stocks are down can make the difference between panic-driven mistakes and smart, calculated moves.

Starting in 2025, most non-spouse beneficiaries must take annual withdrawals from inherited IRAs. These changes follow the final regulations released in July 2024, which mandate that most non-spouse beneficiaries deplete their inherited IRAs within 10 years.

Establishing a Roth IRA for your kids can be a fantastic way to jumpstart their financial future. The main idea behind a Roth IRA is to save for retirement with tax-free growth.

Reviewing and updating your financial plan regularly can help reduce financial stress and anxiety

Most people are subject to federal income taxes on their Social Security benefits, but it will depend on your total income. The tax calculation can be complex, but WealthTrace does this for you.

As we approach the New Year, it is important to sit down and review your finances. Most of us have been spending the last few weeks buying gifts, eating out, going on vacations and spending too much money.

In 2025 we will see the typical IRS tax inflation adjustments, changes to Social Security benefits and updated IRA/401k contribution limits.

If you are married you have the option to collect spousal benefits instead of your own based on the earnings record of the other spouse. This may allow you to collect a higher benefit.

529 plans can be a strategic and tax-advantaged way to save for educational expenses. Not only do you get to write off of your state taxes in most states, it grows tax-deferred.

The impact of one spouse passing away on the tax rate for the remaining spouse is often overlooked in retirement planning and your tax rate can increase substantially if this happens. We discuss ways to prepare for this.

It is important to know how your retirement portfolio will hold up under a recession so you can prepare.

When preparing for retirement, there are many recommendations about how much money to save and where to save it. But many people feel lost as to how to withdraw their funds.

The average American now thinks they need around $1.46 million to retire. But this is overblown.

The Mega Backdoor Roth strategy could allow you to save an additional $46,000 per year into a Roth IRA or a Roth 401(k).

Gifting stocks to your children can help give them a good foundation for their financial future. When deciding which stock to gift, tax professionals typically advise to gift the stock with the highest gain.

Whether you are quitting your job, getting laid off, or you are retiring, figuring out what to do with your 401(k) is an important step.

If a retirement calculator doesn’t handles taxes correctly and doesn’t know what they own, it can’t possibly run accurate retirement scenarios.