Posted on November 21, 2023
7 Financial Moves to Make in Your 50s
Retirement is closer than you think; the time to start planning is now
Life in your 50s probably means a hectic work and family life, with multiple responsibilities. Retirement — perhaps 10 to 15 years down the road — may be the last thing on your mind. Still, it’s important to pause and reflect on this next stage before it sneaks up on you.
Posted on November 21, 2023
Millennials and Money: How the Next Generation looks at Wealth
From near-term goals to technology influences, here are some areas for Millennials to look at when planning for their future.
In an age of high-speed technology and instant Google answers, Millennials expect even their investment information to be immediately accessible.
Posted on November 21, 2023
Why You Should Always Plan Your Week Ahead
As executives, we have so much on our plates, and finding time to do everything is key. I used to be the person always behind on work, but once I discovered that planning ahead is a crucial component of being productive and efficient in any job or career, things changed.
A weekly work planning session has been an incredibly useful tool for setting goals, prioritizing tasks and ensuring that I am making the most of my time. Below, I will discuss the benefits of such a planning session and provide some tips for how to make the most of this practice.
Posted on July 13, 2023
Do You Need Umbrella Insurance?
Do you need umbrella insurance?
Learn how to protect your assets with this personal liability coverage option.
Key takeaways
Umbrella liability coverage protects against the potential financial fallout of certain types of unforeseen events that lead to property damage or injury, for which the policyholder is held responsible.
An umbrella liability policy generally takes effect when other forms of insurance (e.g., auto or homeowners) have been exhausted.
Posted on April 14, 2023
Keeping Your Wealth Management Portal Up to Date
Your CAM wealth management portal allows you to aggregate your assets and liabilities, so that you can clearly see and understand your financial position in real time at any point in time. The aggregation process requires just a few minutes of your time to connect each financial account and debt obligation.
Given that we are all busy and time is always of the essence, why are connections so important? Why is the process worth a few minutes of your time?
Posted on April 14, 2023
The Importance of Good Processes in Wealth Management: Achieving Positive Outcomes
At CAM, we never underestimate the importance of process.
Good processes are just as important in wealth management as they are in any other endeavor. When it comes to managing your wealth, having well-defined processes in place can help you achieve positive outcomes, such as growing your wealth, minimizing risks, and facilitating financial stability.
In this blog post, we will explore the relationship between good processes and positive outcomes in wealth management and why they are essential for achieving financial success.
Posted on April 14, 2023
SECURE 2.0: Rethinking Retirement Savings
From RMDs to student debt, the new law has something for everyone.
Key takeaways
- The age to start taking RMDs increases to age 73 in 2023 and to 75 in 2033.
- The penalty for failing to take an RMD will decrease to 25% of the RMD amount, from 50% currently, and 10% if corrected in a timely manner for IRAs.
- Starting in 2024, RMDs will no longer be required from Roth accounts in employer retirement plans.
- Catch-up contributions will increase in 2025 for 401(k), 403(b), governmental plans, and IRA account holders.
- Defined contribution retirement plans will be able to add an emergency savings account associated with a Roth account.
The SECURE 2.0 Act is now law. The legislation provides a slate of changes that could help strengthen the retirement system—and Americans’ financial readiness for retirement.
Posted on January 27, 2023
Key Tax Moves for 2023
Consider ways to help reduce taxes on your income and investments by acting now.
Key takeaways
- Wider tax brackets, a higher standard deduction, and expanded saving opportunities may help create new tax-saving possibilities for 2023.
- Don’t wait until the end of the year. There are tax-planning strategies to consider throughout the year, like maximizing credits and deductions and using tax-smart investing strategies.
- A tax advisor and financial professional can help you build a tax-smart investing plan that works for you all year long.
As we turn to 2023, there are plenty of uncertainties. Will the Fed engineer a soft landing for the economy? Will inflation slow? Will the stock market revive? Will interest rates come down? During uncertain times like now, it’s valuable to focus on things we can control—taxes, for example. While you generally can’t avoid taxes, you may be able to minimize them with a bit of thoughtful planning.
Here are 7 tax-smart steps to consider early in the year that are designed to help you keep more of your money—and put your savings in a position to grow too.
Posted on January 27, 2023
Security and Your Wealth Management Portal
As our world becomes increasingly digitized, cybersecurity has never been more important. Today, it is wise to be concerned and remain vigilant.
CAM has always prioritized your privacy, the security of your personal information and assets. Over the years, we have put many safeguards in place to limit opportunities for your data to ever be compromised.
Our Wealth Management Portals are one example. While we believe strongly in the benefits of aggregation—allowing clients to see all aspects of their finances—we are committed to working with a developer who takes security as seriously as we do.
Here is what you should know:
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Posted on January 27, 2023
Control What You Can Control
by C. Todd Fry, CIMA(R), CFS
By all accounts, last year—2022—was a challenging year for investors, both for those seeking appreciation in equities and those wanting the relative stability of fixed income (bonds). We saw interest rates rise at an unprecedented and unexpected rate. As a result, both asset classes faltered.
The good news—last year was not the norm. Rarely do we see stocks and bonds decline in concert. While we see a reversion to the mean on the horizon, we feel it is likely that much of 2023 will still be dominated by spates of volatility—although to a lesser extent than we saw last year. Investors need clarity on inflation and interest rates.
Additionally, the probability of a recession is increasing. Recessions should not be feared but accepted as a normal aspect of a healthy economy, which is destined to cycle from peak to trough. Unfortunately, no one knows when those points will occur. The key consideration to remember, as we shared last month, mild to moderate recessions provide a needed opportunity for the economy to reset and prepare for future growth.
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