Eric Billimoria, CFP

As our parents get older, it’s important to open up the conversation about their financial well-being. While it might be uncomfortable at first, it will ultimately be helpful for both you and them. Check out our tips on how to have that conversation.

How to Talk to Aging Parents About Their Finances As our parents get older, it’s important to open up the conversation about their financial well-being. While it might be uncomfortable at first, it will ultimately be helpful for both you and them. Check out our tips on how to have that conversation!

You may still be breathing a sigh of relief about completing your taxes for 2023, relishing the thought that you don't have to think about filing for tax year 2024 for many months to come. But with summer heating up, now can be a great time to start lining up your strategy to help reduce your 2024 tax bill. Starting early can pay off when it's time to file next April.

Tax-planning strategies: 6 moves to consider now | Fidelity Giving your taxes a midyear tune-up could bring future savings. Consider implementing one of these 6 tax-planning strategies.

Weddings are a joyous occasion, but they can also be expensive! Here are some helpful tips for budgeting for the big day.

Wedding Season Finances: Budgeting for the Big Day

The Illinois State Treasurer's office is holding over $5 billion in unclaimed funds for Illinois residents, leaving money on the table for thousands of Illinoisans who may be unaware that they are owed money.

According to Illinois Treasurer Michael Frerichs, the Treasurer's office holds any unclaimed funds until they are claimed by either the original owner or their heirs.

Those who are owed property or funds receive them at no cost with proper identification, Frerichs' office said.

(Note: If you live outside of Illinois, you can visit www.missingmoney.com to see if you have any unclaimed funds held by your state.)

How to check if you have missing money owed to you in Illinois The Illinois State Treasurer’s office is holding over $5 billion in unclaimed funds for Illinois residents, leaving significant money on the table for thousands of Illinoisans who likely are unaware that they are owed money.

Entering the “real world” after graduating can be daunting, but these financial tips will help you get started on the right foot.

Financial Tips for Recent Graduates: Managing Money After School Ends Entering the “real world” after graduating can be daunting, but these financial tips will help you get started on the right foot!

Here we go again. For the 4th year in a row, the IRS has provided relief on required minimum distributions for beneficiaries of individual retirement accounts who are subject to the SECURE Act’s 10-year payout rule.

IRS waives RMDs for beneficiaries subject to the 10-year rule For the fourth year in a row, the IRS has waived RMDs for beneficiaries of IRAs subject to the 10-year payout rule.

Recent reports show a growing disconnect between how much the next generation expects to receive in the “great wealth transfer” and how much their aging parents plan on leaving them.

The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate Part of the discrepancy is because “parents are just not communicating well with their adult children about financial topics.

High-yield savings accounts are becoming a more popular way to save money. This is mainly due to their increasing interest rates, which currently are up to 5.3%. However, interest rates aren’t the only factor to consider, and there are several other options to consider when deciding where to stash your cash.

Where Should I Keep My Cash? CDs Versus High-Yield Savings Accounts While they are similar savings vehicles in many ways, high-yield savings accounts provide more flexibility while CDs can lock in higher rates.

Can you be too generous? There’s a fine line between helping and hindering your grown-up sons and daughters on their path to becoming financially responsible citizens.

Advice | When it’s time to financially cut off your adult children

One of the most meaningful things a parent can do is instill financial literacy concepts into their children. Kids who get "money lessons" early have a head start when it comes to making sound money decisions in adulthood.

When faced with an unexpected $1,000 expense, more than one-third of Americans would borrow the money, according to a new Bankrate survey. That may include tapping their credit cards, seeking money from friends or family or taking out a personal loan.

44% of Americans can't pay an unexpected $1,000 expense from savings. ‘We're just not wired to save,’ expert says Building an emergency savings fund is a difficult task for Americans. Both the economy and the way we're psychologically wired may be to blame.

Inflation has prompted even wealthy Americans to curb their spending habits.

But affluent millennials still feel pressured to spend to show they’re successful, a recent survey finds.

Fake rich? Affluent millennials are more likely to exaggerate to appear wealthy. Here's what experts say they should do instead Inflation has prompted even wealthy Americans to curb their spending habits. But affluent millennials still feel pressured to show they're successful.

When you prepare to travel to a place you’ve never been, you may turn to GPS to help you find your way. For me, that’s what budgeting is. It will help you get to where you want to go financially.

Here are 4 easy steps to budgeting.

Advice | How to make an easy budget — no app required Money management is about behavioral economics; getting a handle on the psychological forces at play is crucial to clearing away our financial baggage.

The IRS on Monday announced Jan. 29 as the official start date of the 2024 tax season, and expects more than 128.7 million tax returns to be filed by the April 15 tax deadline.

Federal and Illinois 2024 tax season starts Jan. 29 The IRS announced the official start of the 2024 tax season and that includes Illinois taxpayers, who can start filing individual income tax returns.

Election 2024: Anticipating the market impact

Key takeaways:

*Historically, presidential elections have had very little impact on the markets.

*Market moves are more likely to be driven by market fundamentals, such as corporate earnings, interest rates, and other economic factors.

*Making investment decisions based on campaign promises or proposed policies may not be wise, as it's rare for such things to come to fruition exactly as described on the campaign trail.

https://www.fidelity.com/learning-center/wealth-management-insights/election-2024-market-impact

Can you believe that 2023 is already almost over? The end of the year is the perfect time to reflect on your goals and note everything that you’ve accomplished.

It's Time to Revisit Your Annual Financial Goals. How Did You Do? Can you believe that 2023 is already almost over? The end of the year is the perfect time to reflect on your goals and note everything that you’ve accomplished. How did you do on your annual financial goals?

Every holiday season, Giving Tuesday, a day dedicated to the selfless act of giving, shines like a beacon of hope. Giving Tuesday is celebrated on the first Tuesday of December each year and has rapidly gained prominence as a global movement that encourages generosity, charity, and community involvement.

Here, we'll unwrap the history, significance, and impact of Giving Tuesday and share some ways you can give back this season.

What You Should Know about Giving Tuesday 'Tis the season to give back! Giving Tuesday is a great annual reminder to help those in need this holiday season. Let's unwrap the history of Giving Tuesday and share what you should know about the holiday.

If you’re retired and giving to charity this season, there’s a planning move that can reduce your 2023 taxes while donating to a worthy cause, experts say.

The strategy, known as qualified charitable distributions, or QCDs, allows retirees to transfer money from an individual retirement account to an eligible nonprofit organization.

“It’s like hitting two birds with one stone,” said certified financial planner Sean Lovison, founder of Philadelphia-area Purpose Built Financial Services. “You can donate up to $100,000 directly from your IRA to your favorite charity, and it doesn’t even count as taxable income.”

This tax-smart charitable donation strategy is like 'hitting two birds with one stone,' advisor says If you’re retired and giving to charity this season, you should weigh a qualified charitable distribution from your individual retirement account, experts say.

Christmas came early (again) this year for many taxpayers and tax professionals. The IRS has announced that it would (again) delay the new $600 Form 1099-K reporting threshold for third-party settlement organizations.

Here's what you need to know.

IRS Announces Big Changes To Form 1099-K, Including Another Reporting Delay The IRS announced that it would delay the new $600 Form 1099-K reporting threshold for third-party settlement organizations for 2023.

IRS Increases Gift and Estate Tax Exempt Limits — Here’s How Much You Can Give Without Paying It's nobler to give than to take, the saying goes, and giving assets to loved ones while you're still alive is a great way for them to enjoy the benefits right away -- and for you to delight in seeing...

The IRS has released higher federal tax brackets for 2024 to adjust for inflation.

The standard deduction is increasing to $29,200 for married couples filing together and $14,600 for single taxpayers.

There are also changes to the alternative minimum tax, estate tax exemption, earned income tax credit and flexible spending account limits, among others.

IRS announces new income tax brackets for 2024 The IRS on Thursday announced higher federal income tax brackets and standard deductions for 2024. Here's what taxpayers need to know.

If you’re searching for a safe investment with a yield that keeps pace with inflation, here’s what you need to know about I bonds.

Advice | I bond rates inched up to 5.27%. Are they worth buying? The new fixed rate is 1.30 percent, the highest level since 2007.

The IRS has announced new 2024 investor contribution limits for 401(k) plans, individual retirement accounts and other retirement accounts.

IRS announces 2024 retirement account contribution limits: $23,000 for 401(k) plans, $7,000 for IRAs The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023.

The holidays are full of cheer, warmth, and giving. But all those expenses for gifts, decorations, and travel can add up! Here, we share a few tips on how to set (and stick to) a budget this holiday season.

How to Set a Budget for the Holidays

For the first time in years, banks are offering savings accounts that pay serious interest. But consumers aren’t doing much about it, a new survey finds.

Savings accounts now pay serious interest, but most of us aren't claiming it, survey finds A new survey finds many Americans lack financial literacy on savings accounts, many of which now pay 4% or even 5% interest.

Whether you are looking for a place to stash cash for short-term needs or investing the cash held in a long-term portfolio, you have more opportunities to capture relatively high yields than you’ve had in decades. That’s largely thanks to the Fed’s interest rate hikes and a still strong economy.

The good news is the range of options for keeping your cash safe and accessible while also earning interest are extensive. But the one that’s right for you depends on your particular needs and time frame. Here are some places to consider.

Cash management | Understanding your investment account | Fidelity Choosing where to put your cash requires considering goals, timeframe, attitude, and needs.Learn about the ways you can manage the cash in your investment account.

Here’s what student loan borrowers need to know about the 12-month ‘on-ramp’ period.

Here's what student loan borrowers need to know about the 12-month 'on-ramp' period Struggling borrowers may not have to resume their student loan payments for another year. Here's what to know about the Biden administration's relief measure.

More than 71 million Americans will see a 3.2% increase to their Social Security and Supplemental Security Income benefits in 2024, the Social Security Administration announced on Thursday.

Social Security cost-of-living adjustment will be 3.2% in 2024, well below this year's record-setting increase Social Security beneficiaries will see a lower increase to their monthly benefits in 2024 following a record increase this year.

Medicare open enrollment starts Oct. 15. Do a checkup on your coverage.

Advice | Six tips to navigate open enrollment season When it comes to making your health-care elections for the coming year, the biggest obstacle is inertia.

If you filed a tax extension for more time on your 2022 return, the deadline is fast approaching.

The federal tax-extension deadline on Oct. 16 is the last chance to avoid a late filing penalty, according to the IRS. However, some filers in disaster areas may have additional time.

The tax-extension deadline is Oct. 16. Here are 3 things to know if you still haven't filed The tax-extension deadline is Oct. 16, which is the last chance to avoid a late filing penalty. Here's what to know if you still need to file.