When approaching retirement, one of the biggest questions on everyone’s mind is: “What kind of lifestyle can I actually afford?” So, I’m going to break down three different financial levels for retirement—$300K, $650K, and $2M—showing what life might look like at each level. Having guided hundreds of clients through this process, I understand how critical […]

As we approach retirement, the last five years become critically important, offering a golden opportunity to significantly enhance our financial security. This crucial period can be the most impactful for those looking to ensure a comfortable and prosperous retirement. Let’s explore some strategies to help you make the most of this time. The Power of […]

Navigating the path to a secure retirement is fraught with potential missteps. Understanding these common pitfalls can significantly enhance your financial readiness. Here, we delve into five critical mistakes that could derail your retirement goals and offer strategic approaches to avoid them. 1. Excessive Spending Unchecked spending is a frequent barrier to achieving retirement readiness. […]

The dream of early retirement often conjures images of sun-drenched beaches and ample free time to pursue passions, unchecked by the nine-to-five grind. However, numerous myths and financial uncertainties can cloud the path to this seemingly idyllic phase of life. Let’s empower ourselves by debunking three common myths about early retirement and explore key strategies […]

Retirement planning often conjures up images of travel and leisure, but the reality of retirement expenses can be starkly different. As a Certified Financial Planner and the Managing Director of URS Advisory, I’ve witnessed the stark contrast between retirees’ expectations and their actual spending. It’s crucial to have a comprehensive understanding of where your money […]

Election years often remind us of the inevitable intersection of politics and finance. As markets respond to the cadence of political change, your financial strategies must be attuned to the potential for increased volatility. As a proactive and informed individual, your role in shaping these strategies is crucial. I want to share some perspectives essential […]

In the world of finance and future planning, the focus often gravitates towards the breadwinners, inadvertently overlooking a crucial part of the family dynamic: stay-at-home parents. Their invaluable contribution to the household might not reflect in a paycheck, but it’s time we discuss how they can also work to secure their retirement. The Conversation That […]

As we navigate through the myriad of financial decisions that shape our retirement, one aspect that often gets overlooked is the impact of taxes on our retirement savings. In my recent discussions with clients and financial planning sessions, a recurring theme has emerged: the importance of tax diversification and its profound effect on our golden […]

One of the most essential financial planning tenets anyone can follow is to try to save at least 15% of your after-tax earnings. If you can do that consistently throughout your working years, you’ll have a solid financial foundation by the time you retire.  But what about the question of where to save? Which types […]

In 2023, investors have witnessed increased volatility as the stock market oscillated from last year’s lows to summer highs before experiencing another decline this fall. Such fluctuations can test even the most patient investors, particularly those committed to staying invested through the market’s cycles. However, the silver lining is that such markets can offer substantial […]

It’s been 20 years since the Health Savings Account (HSA) was introduced as a part of the 2003 Medicare Modernization Act, and it’s still the best-kept secret in healthcare and retirement planning.1 As the cost of healthcare and healthcare insurance continues to increase, HSAs remain an appealing option for covering the cost of medical care.  […]

Last year (May 2022), we asked the question in this blog, “Will I be Able to Rely on Social Security when I Retire?” In our analysis of the then-current state of Social Security benefits, we concluded that while the future looks potentially dire for new and existing recipients, the political class is not about to […]

Raising a young family is both wildly beautiful and really tough: the delightful chaos of early mornings, the scent of baby lotion mixed with fresh-brewed coffee, the hum of bedtime lullabies, and the incessant juggle of playdates, promotions, and mortgage decisions. Amidst the laughter and love, each day unfurls with countless demands — from nurturing […]

With college costs continuing to soar, parents are looking for savings options that give them the best opportunity to fund their children’s college expenses. Since its inception, the 529 College Savings Plan has been the conventional choice due to its tax advantages. However, many parents are looking closely at the Custodial Roth IRA due to […]

Unquestionably, divorce can be messy and stressful–never more so than when properties are involved. For many divorcing couples, the disposition of mortgaged property is one of the more significant and consequential issues they face. In 2022, more than half of divorced couples were homeowners. And, while the divorce rate has shown a positive declining trend […]

Few things in life are more challenging for parents than caring for a child with special needs. Among those challenges is ensuring sufficient money is available to cover the cost of care, which often extends over the child’s life. The cost of care can be significant, including medical expenses, housing costs, special education, and therapies. […]

Good news! The latest data indicates that inflation is cooling. The bad news is that consumers should expect prices to stay high for a while. After a year of surging prices not seen for four decades, inflation is finally starting to ease its grip on the U.S. economy. The Labor Department reported on May 10 […]

URS Advisory Hosts Special Needs Planning for Families Panel Discussion at Els Center for Autism in Jupiter, FL In honor of Autism Awareness Month, URS Advisory and a panel of local experts gathered at the Els Center of Excellence to discuss the lifetime journey of families with autistic children. The Special Needs Planning for Families […]

Would you be surprised to learn that a revocable living trust could be the most important document in your estate plan when it comes to passing on real estate to your heirs? Some folks think, “Why don’t I just add my child’s name to the deed of the home? Seems like a simple and inexpensive […]

For some individuals with disabilities, the costs of support and care can cost tens of thousands of dollars annually, making government assistance essential. However, if their assets are not adequately sheltered, they could be disqualified from programs such as Supplemental Security Income (SSI) and Medicaid.  That’s where special needs trusts and ABLE accounts come in. […]

In 2019, Congress passed the SECURE Act, which introduced several changes and enhancements to retirement plan rules. The sequel to the original SECURE Act, the SECURE Act 2.0, was passed on December 29, 2022 and builds on those changes with several more enhancements designed to increase retirement savings opportunities for many Americans. In our view, […]

Many people resist retirement planning because they don’t know where to start, and can be intimidated by the process. They end up procrastinating which can make their desired outcome more difficult to reach. While the entire process can feel intimidating, there is no reason to try to eat the whole retirement planning pie all at […]

As a parent, you are the most important person in your child’s life. You have helped your child take their first steps, form their first sentences, dress themselves, make their own meals, and much more. Even as your child ages, your role doesn’t become any less important, especially when they are ready to leave the […]

As a Medicare recipient, you know well before the foliage turns brilliant red and orange when fall has arrived because your mailbox is inundated with open enrollment notices. Among all the notices or advertisements, you should also receive an information packet from your Medicare plan provider announcing changes to your plan coverage and costs. This […]

Politics aside about what the recently passed massive Inflation Reduction Act (IRA) is supposed to do, it does offer consumers and businesses substantial incentives to go green by investing in eco-friendly and energy-efficient products.[i] The biggest winners are those already planning home improvements to their personal energy infrastructure. For those who weren’t, the incentives may be […]

With the passage of the Tax Cuts and Jobs Act in December 2017, small businesses have yet another incentive to ramp up their capital expenditures. Want to add a new alarm system? Need to upgrade your computer software? How about refurbishing your interior office or warehouse space? These are new categories of expenditures added under […]

“Grief takes time,” writes registered psychotherapist Leah Royden.[1] And if you’ve lost your spouse, your grief can be particularly acute and your recovery prolonged. What makes the situation even more difficult, especially in the immediate aftermath of your loss, is that your financial situation may change drastically. Consider the following. If your husband or wife […]

Since their double-digit highs in the 1980s, the trajectory of interest rates has been down, reaching historic lows over the last few years. With the record surge in inflation, also not seen since the 1980s, interest rates are spiking, which is unfamiliar territory for many Americans.[i] Higher rates mean higher borrowing costs, intended to slow […]

As American workers continue to leave their jobs in record numbers, the Series of Substantially Equal Payments provision, also known as Section 72(t), has moved to the forefront as an effective planning tool. Recent rule changes now make 72(t) even more attractive as a way for “early retirees” to bridge the income gap until their […]

Record inflation, which we haven’t seen in forty years, is ravaging Americans’ pocketbooks. And with its firm grip on the stock market, inflation has also had its way with investors’ portfolios. What was once described as a transitory phase now appears to be settling in for a more enduring economic condition that could last many […]

Here’s what to keep in mind when planning your future around Social Security benefits. When the Social Security Administration (SSA) was founded in 1935 following the Great Depression, it was meant to be a source of financial security for older Americans. Yet, a common concern today among Americans, especially the younger demographic, is that Social […]

For 70 years, investors, especially those with retirement in their sights, have poured trillions of dollars into the 60/40 portfolio mix. The thinking behind it is that 60% invested in stocks drive the returns while 40% invested in bonds provide the ballast during volatile markets, with both assets forming the core building blocks of a […]

How many times have you heard someone say, “Wow! I really wish I had saved less for retirement!”? We have certainly never heard it. That’s because amassing enough wealth to live comfortably in retirement is no simple feat. And plenty of times, folks are looking to enhance their quality of life as they age, as […]

The “step-up in basis” is a tax provision that allows certain types of assets to be bequeathed by owners to their heirs at current market values rather than their original purchase price, or “basis.”  For example, if a house that cost $300,000 initially, including any improvement costs, is bequeathed at its current market value of […]

The last four years have seen three major pieces of tax legislation enacted, combining for significant changes in tax rates, the standard deduction, tax credits, retirement accounts, and business deductions, to name just a few. Even more transformative tax legislation is pending in Congress under the Build Back Better plan, which may or may not […]

If you’re on the glide path to retirement, you’ve done all you can to accumulate the capital you’ll need to provide for a potentially secure financial future. Not to diminish all the hard work put into raising retirement capital but, in terms of your overall retirement plan, we feel the accumulation phase is much easier […]

The recent surge in inflation seems to have caught everyone by surprise. Considering that anyone alive today not born before 1960 has never really experienced high inflation as an adult, you could say we had become complacent about it. Though the shock of higher prices is real and can be problematic for many people, the […]

Have you started sipping on that holiday egg nog? How about thinking about your New Year’s resolutions? Not so fast! We know that there are a lot of exciting things happening this time of year to rivet our attention—from holiday parties to family get-togethers to making plans for the year ahead—but there are strategies you […]

From higher inflation to supply chain issues and labor shortages, there has yet to be a dull moment in the economy here in 2021. Now, higher interest rates on I-bonds can be added to the list. Now through April 2022, individuals can earn 7.12%–the second highest rate ever offered—direct from the US government on Series […]

Becoming eligible for Medicare when you turn 65 is a significant financial milestone. If you’re self-employed, this means no more paying colossal health insurance premiums, and most of your health care costs are covered. The operative word in the last sentence is “most.” While Medicare is a great program, there are some significant gaps in […]

Roth IRAs are becoming an increasingly popular alternative to traditional IRAs because they offer additional flexibility in how and when plan participants can access their money. For that same reason, Roth 401(k) plans are growing in popularity among employers offering qualified retirement plans. Both vehicles allow for tax-free distributions when certain conditions are met, such […]

Chances are you haven’t looked very closely at your Medicare premium notice from last year, but if it included an IRMAA adjustment and you experienced a life-changing event, you might want to look at it again. Why? To avoid the IRMAA tax cliff and save thousands of dollars in Medicare premiums. But, truly, the time […]

If you inherited a retirement account as a designated beneficiary in 2019, you are now afforded another chance to override the 5-year rule and instead opt to take distributions from the account over your life expectancy. The original deadline of December 31, 2020, to take that action has been extended to December 31, 2021.[i] If […]

When will you become enrolled in Medicare? And how should that influence your use of a Health Savings Account (HSA)? Even though both HSAs and Medicare govern your medical-related finances, these two programs are overseen by two different federal agencies. HSAs are managed by the Department of the Treasury, while Medicare is run by the […]

In 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) repealed a key legacy planning provision that used to allow designated IRA beneficiaries to take inherited distributions over the course of their lifetime. Not only did this allow the money within the IRA to keep growing, but allowed the beneficiary to spread […]

Throughout his first six months in office, President Biden has clearly stated his desire to raise taxes on the wealthiest individuals while fortifying the middle class. Though there is no guarantee his tax proposal will pass through Congress as is, it’s still worthwhile to review the proposed tax changes to see how they could potentially […]

When it comes to the transfer of assets after death, tax planning should always be at the forefront of both the benefactor and beneficiaries’ minds. From capital gains taxes to potential estate taxes to ordinary income taxes, these burdens can put a significant dent in a spouse or child’s inheritance. While the death of a […]

Losing a spouse is undoubtedly one of life’s greatest challenges. Unfortunately, the difficulty of this traumatic loss is compounded by the complex financial decision-making that comes along with it. From settling the spouse’s estate to analyzing cash flow and planning for the future, there’s no shortage of important choices that will need to be made; […]

How do you plan to secure your financial future? Build wealth? Limit your tax exposure? Unless you’re a Certified Financial Planner® yourself, you’ll probably need to seek the assistance of a professional. But how do you know you’re choosing the right one?  Your immediate conclusion might be to call up an investment advisor. After all, […]

On March 31st, President Biden unveiled the American Jobs Plan—a $2 trillion infrastructure proposal aimed to bolster the post-pandemic economy. The scale of this bill is so expansive that it will take roughly fifteen years of increased taxes to pay for the eight years of proposed spending. But who will pay for this historic bill?  […]

There are many financial tools that will be on your radar as your near retirement. It is likely you’ve already been paying into some of them, like 401(k)s or IRAs, for many years. But there is one account that is often overlooked as a retirement planning tool—the Health Savings Account (HSA). That’s right—believe it or […]

As one of his first major moves in office, President Biden signed into law the third stimulus package of the COVID-19 pandemic era, dubbed the American Rescue Plan (ARP). This $1.9 trillion stimulus plan is meant to extend, renew, and enact relief for those affected by the virus. While many parts of the plan are […]

The field of cryptocurrency is forever expanding with over 4,000 cryptocurrencies[i] in existence as of January 2021. But what in the world is cryptocurrency? How does it differ from real money? And should I be adding this to my portfolio? These are all questions our clients have been asking as we’ve seen this year’s Bitcoin […]

Like many Americans preparing to file their 2020 taxes, you are likely trying to gather as many documents and receipts as you can that will help you lower your tax obligation, increase your refund, or even help you to avoid any penalty fees. What many taxpayers forget to consider is the full impact of their […]

2021 continues to be the year of big changes. To add to these changes, there may also be a significant shift in Social Security benefits. How will these upcoming changes affect the future of Social Security? Moreover, how will it affect you personally? Here’s what you need to know. In the complex and shifting world […]

Seasonal Market Movement Could Be to Blame As we all know, no one can predict market volatility. Any number of major or minor political, economic, social, or extraneous events can influence buy-ins or sell-offs in the market.[i] Back in March of 2020, for example, as the Coronavirus swept the globe, the S&P 500 dove into […]

2020 was quite the year, to say the least, and I think most of us are ready to put our best foot forward and start 2021 out on a strong note. From retirees to pre-retirees, young families and business owners, many have felt some sort of financial stress from the pandemic. Luckily, the New Year […]

The far-reaching impacts of the COVID-19 pandemic and talks of legislation changes under the new President elect have many Americans worried about their financial health this year. Adding to these concerns are speculation about where we can expect inflation in the near future. However, what many individuals fail to account for in these discussions is […]

Gold is a commodity investment that gets mixed reviews in the circles of financial experts. It also has a lot of sentiment attached to it. Some sing the precious metal’s praises, while others warn against adding it to your portfolio. So, why does gold elicit such polarized responses? Well, when we look to any of […]

Did you know that 60%[i] of the wealth in the United States is owned by women, but 57%[ii] of women surveyed wish they were more confident in their financial decision-making? Men and women think and feel differently about money. This in part is due to the different financial challenges that women face. Unique Financial Challenges […]

Whether you are a pre-retiree in your accumulation phase or are already retired, your tax planning strategy should always be on your mind. The end of the year is rapidly approaching, which means some important tax-planning deadlines are approaching, as well. Now is the time to take a look at your finances and evaluate if […]

As the highly controversial 2020 election draws nearer, pandemic worn-down investors are wary of what the market could do if a victor is not declared right away and the candidates decide to square off. Historically, the truth is that we do not have much to go on. There are only two times in the past […]

Retirement planning is no easy feat. It requires saving, investing, knowledge, and foresight to accumulate enough resources to generate a predictable income for your estimated lifespan. As financial planners, we know this can be nerve-wracking for many. We see it almost daily. When you are working, you already know exactly how much you can spend […]

When it comes to retirement planning, it is our job as financial advisors to help our clients make lemonade from the lemons of the tax code, legal system, or market conditions at any given time. One of the joys of our jobs here at URS Advisory is helping clients make financial decisions that will put […]

While the worldwide pandemic has taken center stage thus far in 2020, the national election this November may temporarily steal the spotlight. As the countdown to November 3rd begins, we have already begun to see unprecedented volatility buying. In the third week of August, both the S&P 500 and the Nasdaq set record-highs, ending the […]

Will US Treasury Bonds still be considered “smart money” following the Fed’s debt monetization? After a decade of slow and steady growth, 2020 came in with a bang. Thus far, it has been a year of ballooning federal debt and deficit spending primarily monetized by the Fed in response to the COVID-19 crisis. This year, […]

For thousands of years, precious metals—silver and gold—have been coveted for their monetary value and symbols of power. As you can guess, not much has changed; however, the “why” and “how” we might acquire these assets today have changed a bit. Precious metals can be a particularly desirable financial asset in times of economic uncertainty […]

Planning for retirement is without a doubt a long-term, big picture endeavor. It takes decades of preparation and adjusting your plan to life’s changes to pull off successfully. Because we put so much into the preparation for retirement, many of us likely believe that we will retire exactly when and how it is laid out […]

What do the biggest global economic contraction of the modern era, the highest unemployment level in post-WW2 American history[i], and a pandemic that continues to affect consumer, business, and government behavior all have in common? They are occurring right now and causing very large dislocations in the domestic economy. On the one hand, the stock […]