Nassau Wealth Management

Happy Father's Day from Nassau Wealth Management!

Home of the free, because of the brave. On Memorial Day, we honor and remember those who made the ultimate sacrifice. “Those who have long enjoyed such privileges as we enjoy forget in time that men have died to win them.” – Franklin D. Roosevelt

We can’t prevent the unexpected, but we can plan for it! Insurance provides financial safeguards for what we can’t see coming down the road. Here are types of insurance to consider. Not sure what’s right for you? We can help!

8 Different Types Of Insurance Policies And Coverage You Need Life is full of surprises. While some are exhilarating, others are devastating emotionally and financially, like a car accident or a kitchen fire. That’s why there are many types of insurance to help after unexpected disasters. To help you sort through your options, here are the main types of ins

No one plans to get hurt or sick, but things happen to even the healthiest. Don’t let a health-related event put you in crippling debt! Health insurance is part of a sound financial strategy; it’s all about finding the right plan that works for you.

Do You Need to Have Health Insurance? Everyone needs health insurance. It protects you if you have a serious illness, and takes care of treatment costs so you don't suffer financially.

Let’s change living “paycheck to paycheck” to living “budget to budget!” It’s a lot easier said than done, and everyone’s situation is different, but spending less than you make lets you plan for important financial achievements down the road.

Freedom from Debt Starts with This Question: Can You Do It? It can be hard at first, but with some sacrifice and self-discipline, you can learn to live below your means.

The best things in life are free – plus tax, of course! Taxes can be complex, but these tips and principles can make April 15th easier to navigate!

Understanding Income Tax Laws Taxes can be intimidating. Fortunately, there are some fundamentals that can help you understand what taxes are all about.

It’s the age-old debate; do you pay down debt or put money towards savings? The answer may be both! Take a look at these tips for handling high-interest debt while also planning for your financial future. When in doubt, reach out to us!

Should I Save or Pay Off Debt? - Experian It's generally a better idea to pay off high-interest debt before saving money, but you may want to save up an emergency fund if you lack one.

The earlier you start saving for retirement, the more options you’ll have later in life. No matter how far off retirement seems, the time to start saving for retirement is NOW. Take advantage of time... and compound interest.

Retirement Planning: A 5-Step Guide for 2024 - NerdWallet The 5 steps of retirement planning are knowing when to start, calculating how much money you'll need, setting priorities, choosing accounts and picking investments.

To the mothers we have, the mothers we remember, and the mother figures, thank you. We are grateful for you this Mother’s Day.

Credit cards make it easy to spend money – which can be a double-edged sword if you don’t manage them correctly. Check out these tips on how to use credit cards to your advantage.

Using Credit Cards To Your Advantage It’s no secret that credit cards can be financially dangerous. We’ve all heard the horror stories of debt caused by credit card use. While they come with risks, they also come with many rewards. If you use them responsibly, credit cards can help you reach your financial dreams. Elements is here ...

Don’t think you have enough money to start investing? Think again! Starting early means lots of time to let your money grow. The best time to start is now! Here are some tips for getting started and utilizing your most valuable asset, TIME!

How to Start Investing in 2024: A 5-Step Guide for Beginners - NerdWallet There are four simple steps to start investing in 2024: Choose an investment account, set a budget, decide on an investment strategy and pick the investments that fit your goals.

Building up your credit can help with big future purchases, like a home or car. Check out these tips on building credit and creating a solid credit record!

How to Build Credit - NerdWallet If you're building credit, secured credit cards or credit-builder loans may help, as can being an authorized user on a card with a long history of on-time payments. We outline ways to build and establish your credit.

Pop quiz! What amount should you have saved in an emergency savings account? If you said 3-6 months’ worth of income, you’re on the right track! An emergency fund ensures you have funds available when you need them most. Here are some tips to get there!

How Much Money Should You Have in Your Emergency Fund? - Experian Learn about how much you should keep in your emergency fund, how to calculate your own savings goals and the best places to keep your emergency fund.

How do you choose the right bank account? Each account has its purpose, so choose the right one based on your needs. Here are the different kinds of bank accounts and the pros and cons of each!
https://www.usnews.com/banking/articles/what-types-of-bank-accounts-are-there

The first step to reaching your financial goals is to create a budget… and stick to it! Check out these tips for creating a budget to help keep your eye on the prize!

Budgets: Everything You Need To Know Budgets track finances and help control spending. Learn the types of budgets, how to start budgeting, and how to stick to a budget.

Did you know that 1 in 5 Americans have inactive 401(k)s worth thousands of dollars? Don't let your hard-earned money go to waste! Here's how to reclaim yours.

How to find a lost 401(k):
1. Contact your old employer's HR department
2. Check old 401(k) statements for account details
3. Use look-up databases like the National Registry of Unclaimed Retirement Benefits or the National Association of Unclaimed Property Administrators
4. Check the Department of Labor's abandoned plan database

Once you've located your plan, you can:
🔁 Request a direct rollover to your new employer's plan
💼 Transfer the funds into an existing IRA
🤔Cash it out (but beware of taxes and penalties)


Source:

1 in 5 Americans have inactive 401(k)s worth thousands of dollars—here's how to reclaim yours Rolling over an old 401(k) into a new plan can be a pain, but it's typically worth the hassle.

In a year like 2023, when the markets rallied with the Standard & Poor’s 500 index finishing up 24%, it can be hard to keep a clear perspective. As we step into 2024, whispers of uncertainty are already surfacing, but remember–it's crucial to stay the course.

Take a moment to study the accompanying chart. It’s a testament to the fact that despite the roller coaster ride of the 10-year Treasury throughout the year, by year-end, it almost returned to its starting point. It's a vivid reminder that the financial markets move in cycles, which can be difficult to predict.

So, as we navigate through the complexities of 2024, let's stay focused on the bigger picture. Let's remember our goals, our time horizon, and our risk tolerance. Let's continue to make portfolio decisions based on careful guidance and insight rather than knee-jerk reactions to daily headlines or market cycles.

Here's to a disciplined, carefully constructed approach to investing in 2024.

Out with the old, in with the new! 🎉 As we bid farewell to 2023 we're filled with gratitude for old friends, new experiences, and shared learnings. Here's to an even better 2024!

Wishing You a Very Merry Christmas.

The IRS announced adjustments for 2024, which address a few key areas:
https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024.

What does that mean for you?

There are changes to capital gains tax rates, annual exclusion for gifts, estate tax exclusion, and more.

Have questions about the new rules? My office has 2024 tax resources that you may find helpful.

This material is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax professional before modifying your tax strategy.

Your financial plan adaps to you! It’s not static. So when is a good time for a review? Here are five times to take another look at your financial plan as you work toward financial independence.

The 5 Times When You Should Review Your Financial Plan Your life isn’t set in stone, and your financial plan shouldn’t be either. When’s the last time you tweaked yours?

Estate planning is serious business. One wrong word or one missing signature can change the entire intent of a will or trust! Need an estate attorney but not sure where to start? Give this article a read, then reach out to us!

Estate Planning Everyone needs to create some form of estate plan in life, whether it's for yourself or a loved one like a parent. Learn how to talk about and plan your financial legacy.

Wondering if a tax professional should be part of the team that helps you achieve financial independence? Here are a few ways they can help and reason you may want to have one on your team!

The Best Online Tax Filing Software TurboTax is the most helpful tool to file your taxes online. Use the IRS Free File version if you qualify, or start with the Free Edition if you don’t.

A key step in becoming financially independent is taking advantage of valuable financial resources your employer might have to offer. These benefits can be powerful tools for saving for retirement and protecting your health. Know how to maximize yours!

What Are Fringe Benefits? Types and Benefits Fringe benefits are additions to employee compensation, such as paid time off or use of a company car. Some benefits are taxable as income.

A one-size-fits-all approach to financial planning isn't realistic. However, there are some rules of thumb that can help you progress toward your financial goals! Read all 5 here:

Answers to the 5 Biggest Financial Questions There are no concrete financial numbers that define success, but there are some rules of thumb that can help you gauge your progress.