BD Planning Partners

Is your financial plan holistic? 6 questions you should ask It takes more than a basket of stocks to secure your financial future. It takes strategy, savings, and a commitment to tax efficiency. It takes holistic planning.

Is maxing out your 401(k) enough for retirement? You fully fund your 401(k) retirement account every year, sacrificing a fatter paycheck today for financial security down the road, and for that, you should be proud. Depending on your income and future lifestyle, however, it may not be enough.

How interest rates work and affect you Interest rates have a profound effect on consumers. They set the cost of borrowing money, determining how much you’ll actually pay to buy a house or a car or carry a credit card balance. I

Markets: 2023 lessons for the coming year … in 5 charts Despite the gyrations and the travails, progress has been made, and we must take stock of where we are, and what we have experienced, so we can, with any luck, make better decisions about the future that we face (however uncertain that may be).

Tips to help maximize your retirement income Given today’s retirement realities, it’s crucial to think about how you define retirement and how you intend to manage your income, typically a combination of money from retirement accounts, Social Security payments, and proceeds from investment contributions made over the years.

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Merry Christmas!

5 inexpensive DIY holiday gift ideas A handmade scarf, baked goods, a cherished photo in a discount frame. Gifts for friends and family during the holiday season need not break the bank. In fact, some of the most meaningful gifts you can give are virtually free.

6 icebreakers for talking finances with your aging parents The topic of money and finances may be taboo in many homes, but it is also one that should not be ignored, especially between adult children and their aging parents.

Estate planning 2023: ‘Tis the season for gifting Have you considered the role that gifting can play in effective year-end financial planning?

Markets and perspective: Lessons from the past Before examining what’s happening in the markets lately, including bond surges and equity stumbles, it might be useful to consider perspective.

Achieving financial well-being through financial wellness No one thing in and of itself — or in combination — makes you financially secure or well. Why? Because financial goals and security differ from individual to individual. But the desire to pursue and achieve such goals — that’s universal.

Protecting yourself against market fluctuations in retirement In these days of self-directed retirement accounts, many people tie their savings to the stock market through 401(k) plans and Individual Retirement Accounts. That can seem like a good money move when stocks are generally growing or recovering. But it can be a concern when markets are in a downtrend...

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4 times when term life insurance may be the answer What is likely the most affordable and least complicated kind of life insurance protection you can get? The answer is term life insurance.

3 uncomfortable truths about college saving For many parents, giving their children a college education is a priority. After all, a college degree often means better income and a better standard of living in the years ahead. Unfortunately, there are some uncomfortable truths about securing a college education that families are sometimes reluc...

Retiring early? Possible ways to tap savings but sidestep penalties Your dream of early retirement is on the horizon, and you are not even 50 years old. Very few can consider it at this point. But you have worked hard, saved and invested, and avoided or overcome major financial setbacks.

Institutional market update 2Q 2023 Despite looming recession risks, regional bank challenges, and the Federal Reserve continuing to tighten with no signs of easing on the horizon, the S&P 500 rallied over 20 percent from its October 2022 low and closed its longest bear market since 1948.

5 retirement investment strategies Saving for retirement is better than spending every dollar you earn, but just putting money aside probably won’t get you where you want to be. That’s why investing may be a crucial component of any retirement plan. It takes the money you earn from work and allows it to go to work for you.

Good debt versus bad debt Debt is often perceived as a four-letter word, burying borrowers in hefty balances and double-digit interest fees. And for many Americans, that’s the case.

Markets and the looming debt ceiling mistake Alexander Pope, an eighteenth-century poet, once wrote “to err is human.” Mistakes, guffaws, errors, blunders, gaffes, inaccuracies … the methods of describing them are nowhere near the magnitude or quantity of their creation … but try we must.

College saving plans that are often underutilized Most families who are socking money away for their children’s college tuition don’t take advantage of tax-friendly savings tools, like 529 college savings plans, that could potentially supercharge their savings.

Market Update- First Quarter 2023 For financial markets, the first quarter of 2023 was marked by a rollercoaster of volatility, emotions, and sudden shifts in narrative. January saw a strong start to the year with a rally in equity and credit markets as interest rates stabilized and investors took comfort in a big drop-off in the Co...

The case for combining term and perm Multiple policies can handle some of life's complexities.

Lending money to family: Is it a good idea? There are a few key questions you should ask yourself before shelling out a loan to family or friends, from how it will affect your relationship to how it could affect your taxes. You may want to explore alternatives to a straight-out loan, or you may need to figure out how to say “no.”

MassMutual Market Update: March 14, 2023 Banking, at its core, is a fairly simple business. Banks receive deposits (mostly in the form of cash) from depositors, and try to generate income from those deposits by lending them out. Some banks do very conservative and simple things like mortgages and car loans, and other banks do more nuanced....

How to build wealth in midlife Oftentimes, reaching our 40s and 50s causes us to reflect on our lives, on what we’ve experienced and accomplished so far, and whether we might need to change our approach to some financial aspects of our lives to achieve the dreams we haven’t attained yet.

4 rules for reframing your retirement mindset By reframing your relationship with saving and, in some cases, redefining what it means to retire, you can potentially spare yourself a significant source of stress. You might also better your chances of reaching your financial goals.

Switched jobs? Consider consolidating your retirement savings A new job might come with enticing perks, like raises, promotions, or a chance to grow your skills. If you were putting money aside in your former employer’s retirement plan, however, it also means figuring out what to do with your savings now that you’re working for a new employer.

3 ways to jump-start your 2023 financial wellness plan Achieving financial wellness is a lifelong journey. Starting the year off with a few small but meaningful adjustments can go a long way to giving your financial well-being plan the shot in the arm it could use.