Planning Archives - Armstrong Dixon

Dealing with Divorce

December 5, 2024 by Robbin Braswell

Divorce can be a lengthy process that may strain your finances and leave you feeling out of control. But with the right preparation, you can protect your interests, take charge of your future, and save yourself time and money. You certainly never expected divorce when you cut the wedding cake; you and your spouse planned on spending the rest of your lives together. Unfortunately, the fairy tale didn’t work out, and you’re headed for a divorce. So where do you begin?

Insurance Needs in Retirement

November 28, 2024 by Robbin Braswell

Your goals and priorities will probably change as you plan to retire. Along with them, your insurance needs may change as well. Retirement is typically a good time to review the different parts of your insurance program and make any changes that might be needed.

Year-End Tax Planning

November 21, 2024 by Robbin Braswell

As the end of the year approaches, it’s time to consider strategies that could help you reduce your tax bill. But most tax tips, suggestions, and strategies are of little practical help without a good understanding of your current tax situation. This is particularly true for year-end planning. You can’t know where to go next if you don’t know where you are now.

Understanding IRAs

November 14, 2024 by Robbin Braswell

An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you might also consider investing in an IRA.

Understanding Social Security

November 7, 2024 by Robbin Braswell

Almost 72 million people today receive some form of Social Security benefits, including retirement, disability, survivor, and family benefits.1 Although most people receiving Social Security are retired, you and your family members may be eligible for benefits at any age, depending on your circumstances.

Income Tax Planning and 529 Plans

October 31, 2024 by Robbin Braswell

The income tax benefits offered by 529 plans make these plans attractive to parents (and others) who are saving for college or K-12 tuition. Qualified withdrawals from a 529 plan are tax free at the federal level, and some states also offer tax breaks to their residents. It’s important to evaluate the federal and state tax consequences of plan withdrawals and contributions before you invest in a 529 plan.

Mutual Funds: Building Blocks for a Retirement Portfolio

October 24, 2024 by Robbin Braswell

Diversification — not putting all your eggs in one basket — is one of the most cherished principles of investing. That’s one reason why mutual funds have become a popular choice for many investors’ workplace retirement accounts. They’re an easy way to invest in many different securities at once, and to do so at a lower cost than you might be able to achieve on your own.

Evaluating Mutual Fund Fees and Expenses

October 17, 2024 by Robbin Braswell

When you’re choosing among mutual funds, you should take into account what the fund will cost you in fees and expenses. The higher those costs, the better the fund’s performance needs to be to compensate for them.

Closing a Retirement Income Gap

October 10, 2024 by Robbin Braswell

When you determine how much income you’ll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won’t be enough to meet your needs. If you find yourself in this situation, you’ll need to adopt a plan to bridge this projected income gap.

Investing for Major Financial Goals

October 3, 2024 by Robbin Braswell

The first step in investing is defining your dreams for the future. If you are married or in a long-term relationship, spend some time together discussing your joint and individual goals.

You’ll end up with a list of goals. Some of these goals will be long term (you have more than 15 years to plan), some will be short term (5 years or less to plan), and some will be intermediate (between 5 and 15 years to plan). You can then decide how much money you’ll need to accumulate and which investments can best help you meet your goals.