Financial Planning

Many of us have had to take a hard look at our finances during the pandemic. As Financial Literacy Month comes to a close, Keith Oslie spoke with Michael Finney and ABC7 News about strategies for navigating debt and retirement.

2020 was a crazy year for most of us, to say the least. The federal and state governments provided many different types of assistance in the form of stimulus checks, grants and tax credits, and changes to the tax code. We have resources that will help you think about a few things you should consider before you file your 2020 taxes.

When planning how to finance a large purchase before age 59-½, it is common to consider the idea of taking a loan from a 401(k) or taking an early distribution from a retirement account. Taking money from your retirement funds is not a decision that should ever be taken lightly, and it can come with undesirable consequences when it comes time to do your taxes or when it comes time to retire. But the Coronavirus Aid, Relief and Economic Security (CARES) Act has allocated $2 trillion for economic relief and stimulus, including provisions to make it easier and more sensible for some to access their retirement funds if necessary without penalty.

For many people, there is a desire to ensure that their estates deliver benefits beyond their retirement, which will produce lasting legacies and avoid any adverse effects on their beneficiaries.

Separation and divorce are life-altering events, and a top concern is dealing with finances. Oftentimes, these things are overwhelming and burdensome, which leads to uncertainty and poor decision-making. It is always necessary to be well-prepared and to be prudent and diligent by making a plan.