Scarlet Oak Financial Services

Exchange-Traded Funds: Do They Belong in Your Portfolio? The proliferation of Exchange-Traded Fund choices means they can now be used to create a broad portfolio of core investments, to target narrower sectors, or to gain market exposure that might otherwise be too difficult or costly to access.

Understanding Annuity Types There are literally hundreds of different annuity types--enough to boggle the mind of anyone at first glance. Furthermore, the companies that issue annuities are busy creating new types of annuities every day to meet the changing needs of consumers.

Tips For College
-Shop for Electronics During Sales: Wait for sales on laptops, tablets, and other electronics, such as Black Friday or back-to-school sales.
-Use Student Discounts: Many stores offer discounts for college students; always ask if there’s a discount available.
-Buy Refurbished Electronics: Refurbished items can be just as good as new and are often much cheaper.

How to Measure Your Risk Tolerance How do you feel about taking risks? An investor's capacity for risk is measured at purely from a financial point of view.

Annuity Funding Options What are the annuity funding options? There are two ways you can fund an annuity: with a single premium payment or through a series of periodic premium payments.

Mutual Funds and Taxes Investment tax planning for mutual funds involves utilizing the tax rules that may help enhance your after-tax return on mutual fund investments.

Understanding Annuity Proceeds Annuity proceeds include "amounts received as an annuity" as defined in the regulations issued under the tax code.

Types of Exchange-Traded Funds Though individual investors have not been investing in exchange-traded funds as long as they have mutual funds, there is already a long menu of possibilities from which to choose.

Understanding Annuity Expenses For the most part, annuities will impose various administrative charges and fees. At first, the expense may seem minimal. However, over time, the cumulative effect of the charges and fees can be substantial. These expenses typically arise when dealing with variable annuities. However, fixed annuity....

Tips For College
-Buy Used Textbooks: Look for used books online, at campus bookstores, or in student groups.
-Rent Textbooks: Renting can be much cheaper than buying, especially for books you won’t need after the semester.
-Digital Books and Resources: Check if e-books or online resources are available, often at a lower cost.

Did you know you can contribute up to $2,000 per year to a Coverdell ESA for your child's education? Discover the basics of this tax-advantaged account and start planning for your child's educational journey.

Understanding Coverdell Education Savings Accounts A Coverdell education savings account is a tax-advantaged educational savings account that you can establish for a child under the age of 18 (this limit does not apply to beneficiaries with special needs). The child does not need to be your dependent. Contributions to a Coverdell ESA can total up to...

Did you know a SIMPLE 401(k) plan offers pre-tax investment benefits? 💸 Learn how you can maximize your savings while minimizing your tax burden. Dive into the details with Scarlet Oak Financial Services.

Understanding SIMPLE 401(k) Plans [2024] A SIMPLE (Savings Incentive Match Plan for Employees) 40(k) plan combines aspects of SIMPLE IRAs and Traditional 401(k) plans.

💡 Did you know Roth 401(k) contributions are taxed when you earn the income, not during distribution? Learn the tax advantages and differences compared to traditional 401(k) plans. 📊💰

Understanding Roth 401(k) Plans [2024] Roth 401(k) plans are a hybrid offered by employers that combine traditional 401(k) aspects with Roth IRAs. Roth contributions are post-tax

Planning for your future? In 2024, you can contribute up to $16,000 to your SIMPLE IRA if you're under 50. 📈💰 For those 50 and older, there's an additional $7,500 catch-up amount!

Understanding SIMPLE IRAs [2024] A SIMPLE (Savings Incentive Match Plan for Employees) IRA is a retirement plan for small businesses that might not have the resources

Dive into the unique feature of SEP IRAs where employers can adjust contributions based on business profitability. Learn how this flexibility benefits small business owners in fluctuating cashflow industries.

Understanding Simplified Employee Pension (SEP) IRAs Simplified Employee Pension (SEP) IRAs are for anyone who is self-employed, owns a business, employs others, or earns freelance income.

Tips For Grade School
-DIY Supplies: Personalize plain supplies with DIY decorations instead of buying expensive themed items.
-Set a Budget: Determine how much you’re willing to spend and keep track of your expenses to stay within that limit.
-Join a School Supply Swap: Coordinate with other parents to swap or share surplus supplies.

Rehearsing for retirement is a smart way to prepare for this important life transition. It allows individuals to test their financial plans and lifestyle choices, making adjustments as needed. On average, people spend over 20 years in retirement, so it's crucial to start planning early and practicing to ensure a comfortable and fulfilling retirement.

Rehearsing for Retirement - Scarlet Oak Financial Services Rehearsing for retirement can be very insightful. Some new retirees leave work abruptly only to have their financial and lifestyle assumptions jarred. As you want to make a smooth retirement transition to a future that corresponds to your expectations, test-driving your retirement before it begins i...

If you’re uncertain whether your savings will stretch long enough, a part-time job can help cut back what you need to withdraw from your retirement savings.

Here's what part-time work means for retirees' portfolios, Social Security and Medicare Financial advisors say it's important to know how that extra income could impact other facets of your life as an older American — including your nest egg, Social Security and Medicare.

Did you know 529 savings plans offer federal and state tax advantages? Discover how these plans can help you save for college and K-12 tuition.

529 College Savings Plans [2024] 529 savings plans are tax-advantaged education savings vehicles and one of the most popular ways to save for college today. They can also be used to save for K-12 tuition. Much like the way 401(k) plans changed the world of retirement savings a few decades ago, 529 savings plans have changed the wor...

Are you eligible for an HSA? Find out the criteria and ensure you're making the most of this valuable health-focused savings opportunity.

Understanding Health Savings Accounts [2024] A health savings account (HSA) is a savings vehicle established to set aside funds tax free to pay for health care expenses. HSAs, created as part of

Did you know that 529 plans can affect your child's financial aid eligibility? Understand the federal methodology and how it classifies these savings plans. Stay informed to make the best choices for your child's education.

Understanding 529 Plans and Financial Aid If you're thinking about joining a 529 plan, or if you've already opened an account, you might be concerned about how 529 funds will affect your child's chances of receiving financial aid. Of all the areas related to 529 plans, financial aid is perhaps the one that's most subject to change. But here...

Savings account interest rates at retail banks have more than doubled over the last 12 months, from 0.22% to 0.52%. Savvy savers can find rates exceeding 5%, particularly with online, high-yield savings accounts.

How interest rates have changed over the last 12 months for mortgages, car loans, credit cards and more As markets look toward potential interest rate cuts in 2024 from the Federal Reserve, these five charts show how rates have fluctuated over the last 12 months.

Tips For Grade School
-Thrift Stores and Garage Sales: You can find gently used clothes, backpacks, and supplies at a fraction of the cost.
-Reuse and Recycle: Encourage your child to reuse last year’s supplies if they’re still in good condition.
-Shop Online: Compare prices online and look for free shipping deals.

The person who dies with the most toys does not necessarily win. They may leave a pile of debt and little else behind. Don't fall into the trap of living beyond your means and buying depreciating assets. Invest in appreciating assets and prioritize building an emergency fund.

Why Don’t All Affluent People Become Wealthy? - Scarlet Oak Financial Services Why do some people let their potential for lifetime wealth slip away? Why don’t all affluent people become wealthy?

Retirement savings just upgraded with the new Secure 2.0 rules for required minimum distributions! These changes provide financial security and support when you enter retirement so that you can enjoy your golden years without worry. Check out these five ways Secure 2.0 can help you out: https://scarletoakfs.com/five-ways-secure-2-0-changes-the-required-minimum-distribution-rules/?utm_source=facebook .0

Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules - Scarlet Oak Financial Services Here is a brief overview of the top five ways that the new legislation from SECURE 2.0 changes the RMD rules.

Gen X was the first generation to primarily rely on 401(k) plans for retirement savings, following a shift away from traditional pensions in the 1980s. Financial planners advise that despite the challenges, there are strategies Gen X can use to optimize their retirement savings.

As retirement looms, many Gen Xers are still playing catch-up Generation X can work into retirement age and delay Social Security benefits until 70 to help boost their retirement savings.

Did you know most HSAs allow automatic contributions? Learn how this feature empowers you to manage your healthcare dollars efficiently. Read more in our latest blog.

Health Savings Accounts (HSAs) [2024] Are health insurance premiums taking too big of a bite out of your budget? Do you wish you had better control over how you spend your health-care dollars? If so, you may be interested in an alternative to traditional health insurance called a health savings account (HSA).