The Utah Educational Savings Plan, commonly referred to as UESP, is a tax-advantaged 529 college savings plan established by the State of Utah and designed to encourage saving for future higher education costs. UESP is Utah’s official and only 529 college savings plan.
An Individual Retirement Account, more commonly known as an IRA, is a standard savings account approved by the IRS that grants significant tax advantages for users. While retirement is the most common way people use IRAs, it’s not the only way IRAs can be used. In this post, we explore the other ways IRAs can be used like for the down payment of a house, to cover college education costs, for medical expenses, as a tax-free gift to beneficiaries, as disability income, or even to purchase investment properties.
Today, the average American retires between age 62 and 65, with most people leaving the workforce at 63. If you’re nearing your mid-to-late 50’s, you may be starting to seriously consider when to retire and what steps you’ll need to take now to ensure you’re financially prepared when you do retire. Consider these 3 Tips to Successfully Transition into Retirement.
Switching careers can be an extremely stressful time for you and your family. With career transitions come change and uncertainty. Here are some tips on how successfully manage your finances during career transitions.
Life insurance is an important component in a diversified financial portfolio. While it may be a difficult conversation to have with your loved ones, it’s an important and necessary one. We may not like discussing our own death but ensuring our families are taken care of and supported is paramount, especially for families with children. The first step is to understand which type of life insurance policy fits best with your situation. In this post, we explore the various types of life insurance policies including term and permanent options including whole, universal, and variable options.
On February 3rd, President Trump issued an executive memorandum requiring review of the previously instated Department of Labor fiduciary ruling. In the memorandum, President Trump tasked the Department of Labor to fully review the ruling to assess if it would ‘negatively affect’ investors ability to access retirement information, offerings, product structures, or related financial advice.
Congratulations, on your upcoming marriage! Along with making wedding plans, there are many considerations to discuss with your soon-to-be spouse; one of the most important is financial planning. In fact, a 2016 study found that 31% of married participants reported arguing over finances at least once a month. The most common points of disagreement: major purchases, decisions about finance and children, a partner’s spending habits, and important investment decisions. Before you walk down the aisle, have an open and honest conversation with your spouse about your joint finances.
Understanding finances and having a healthy relationship with money is vital to being a successful adult. And, yet, often children are not being taught important financial information about money from their parents. In fact, a 2016 T. Rowe Price survey found 71% of parents are reluctant to talk about money with their children. And only 22% of kids say they talk with their parents “frequently” about money. Having an open dialogue with your children about finances is important to prepare them for success in the future. As uncomfortable as it may be to discuss finances with your children, you need to do it. In today’s post we share specific tips for talking with your kids about the importance of saving for their future and utilizing smart investment tools and strategies.
Is the concept of retirement outdated? You know — the idea of working hard for 40+ years to retire to a life filled with tee time appointments and relaxation. While this idea may seem dream-worthy to some, to others this notion of what retirement should look like doesn’t align with how they want to spend their golden years. In today’s issue, we explore the idea of what retirement means to you and steps you can take to create the type of life you want to live during retirement.
As parents we want to give our kids the best possible head start financially. For many of us that means turning to investment vehicles designed specifically with minors in mind; two of the most popular are the 529 Education Savings plan, most commonly referred to simply as the 529 plan, and the saving account provided by the Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to Minors Act (UTMA). Both of these options offer ways for parents to begin saving for their children and for the accounts to eventually transfer ownership to the designee. In today’s post we explore the pros, cons, and specific functions of these two popular accounts to help you choose the right one for your child.