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Your Year-End Financial Planning Checklist for 2023
As 2023 winds down, your focus may begin turning to holiday planning, family gatherings, and delicious food. You might even entertain the idea of getting your tax documents in order. Consider going a few steps further and preparing for...
Read MoreTransitioning into Retirement
As people retire healthier and better educated than ever before, the traditional picture of retirement is changing. Many retirees aren’t ready to settle for an unstructured life full of Sundays. Instead, they’re busy pursuing their ...
Read More529 Account Taxation 101
A 529 plan is a tax-advantaged account designed to help families save for a beneficiary’s educational expenses. The rules for such plans—formally known as qualified tuition programs—are defined in Section 529 of the...
Read MoreIs My Money Safe in the Bank?
With the recent failures of Silicon Valley Bank and Signature Bank, many people have been asking questions about our banking system and the protections provided should a bank fail. Here are some of the questions I’ve been answering ...
Read MoreEnrolling in Medicare
The process for enrolling in Medicare is surprisingly easy. But before enrolling, you will need to make a choice about how you want your Medicare delivered. Unlike an employer’s health plan, you may have dozens of options from which to...
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Defining Risk
As humans, we are notoriously bad at assessing risk. A prime example being the fact that most of us get in our cars everyday and accept the inherent risks of driving at 65 miles an hour in a nearly two-ton vehicle surrounded by other ...
Read MoreIntroduction to Capital Gains Tax
For many investors, capital gains tax is among the more confusing financial topics. Yet a basic understanding of capital gains is key to building a financial plan that reflects your goals and needs. It’s important to be aware of the tax...
Read MoreTo Keep or Not to Keep: A Guide to Common Records-Retention Questions
Living in an increasingly paperless world has its benefits, but when it comes to records retention, does it make a difference? Sure, digital recordkeeping on the cloud means more storage space, easy access, and less vulnerability to...
Read MoreTax Time Preparation Tips
Make preparing for your tax appointment easier, with these 3 tax prep tips: 1. Keep a folder where you put all of your tax documents throughout the year: donation receipts, property tax bills, etc. This makes tax time easy by having...
Read MoreFAQs: What You Need to Know About the Second Round of Stimulus Checks
On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, into law. In addition to funding the U.S. government through September 2021, the Act provides additional relief for Americans who have been struggling..
Read MoreYear-End Financial Planning Checklist
10 Suggestions to Help You Stay on Track Although 2020 has been a year of unexpected changes, one routine has remained consistent: the fourth quarter means it’s time to begin organizing your finances for the new year. To help you get...
Read MoreWith Election Season Heating Up, How Much Volatility Should We Prepare For?
September was a difficult month for investors, as markets dropped. As we head into October, with a contentious election less than five weeks away, it’s easy to see why investors are even more worried about what might be next. How big a...
Read MoreCharitable Giving Incentives Under the CARES Act
With many individuals and families facing catastrophic hardships because of the COVID-19 pandemic, charitable giving to those most adversely affected has become increasingly important. The Coronavirus Aid, Relief, and Economic Security...
Read MoreDoes the Presidential Election Spell Risk for the Markets?
As the U.S. presidential election draws closer, there are growing questions (from both sides) on whether the outcome will negatively affect the markets. Of course, this is not unusual. As you may remember from the last election cycle...
Read MoreTake Advantage of Challenging Times to Teach Children Financial Literacy
This year many families are faced with unprecedented financial challenges and economic anxiety. Our early experiences with money set the template for how we approach work, spending, debt and our ideas about wealth. The way a family...
Read MoreMid-Year Financial Check-up
While mid-year is always a good time to reassess our finances, it is especially essential this year amid the pandemic. At Hawekotte Financial Group, we have been working remotely with our clients to help them stay on track with their...
Read More2020 Stock Market Declines: Data Vs. Headlines
March 2020 has not been kind to the markets.
Read MorePrioritizing Your Financial Health in 2020
It’s not too late to set your personal goals to make 2020 a great year financially. When you plan well, you can be well, now and in the future. Some people may set their sights on losing a significant amount of weight or training for a...
Read MoreThe Setting Every Community Up for Retirement Enhancement (SECURE) Act
On December 20, 2019, the SECURE Act was signed into law. The SECURE Act contains 29 provisions, encompassing many aspects of financial planning and retirement saving. Once treasury regulations are released, nuances in interpreting...
Read MoreYorba Linda Lifestyle Magazine article
Yorba Linda Lifestyle Magazine graciously invited us to share some year-end financial planning tips -- read all about it here: www.lifestylepubs.com/YorbaLinda/2019/11/27/expert-tips-for-year-end-finances
Read MoreIntroduction to Capital Gains Tax
For many investors, capital gains tax is among the more confusing financial topics. Yet a basic understanding of capital gains is key to building a financial plan that reflects your goals and needs. It’s important to be aware of the tax...
Read MoreEmergency Funds: Preparing for the Unexpected
Many people don’t understand the importance of establishing and maintaining an emergency fund until it’s too late. Are you financially prepared for a leaky roof? How about a broken-down car? If you lost your job, how long would you be...
Read MoreUnderstanding the Basics of Medicare
When you decide how to get your Medicare coverage, you may choose a Medicare Advantage Plan (Part C) and/or Medicare prescription drug coverage (Part D). There are specific times when you can sign up for these plans, or make changes to...
Read MoreMarket Volatility and Your Retirement Investing Strategy
Fluctuations in your 401(k) or workplace retirement savings account can stir up negative emotions, making you want to hit the panic button. But in turbulent times, it’s more important than ever to remain calm and stay on course toward...
Read MoreBackdoor Roth IRA Contributions: A Way to Catch Up on Retirement Savings
Retirement planning is complicated. Many individuals put off saving, thinking that retirement is years away—until it isn’t. Then, in their 40s and 50s, they start to panic and wonder how they’ll catch up. One strategy, made possible...
Read MoreIs a 529 Plan the Best Way to Save for College?
To parents with aspirations of sending their children to college or university, the costs associated with doing so can be daunting. For decades, the price of higher education has risen at a rate close to three times that of the Consumer...
Read MorePlanning Your Charitable Giving
Planning Your Charitable Giving for 2019 A new year has begun. It’s time to evaluate what worked well for you financially in 2018 and whether you need to make any changes for 2019. As you do that, you’ll want to put together a plan for...
Read MoreThe Importance of a Plan
“A goal without a plan is just a wish.” - Antoine de Saint-Exupery Every time I hear this quote, I think about how true it is. Don’t get me wrong, wishes are good things. I still make a wish when blowing out the candles on my birthday...
Read MoreThe SEP IRA: Is This the Best Retirement Plan for Your Business?
As a self-employed individual or small business owner, you have the ability to establish a simple and cost-effective retirement plan for you and your employees. There are a few options available, but one you may want to consider is the...
Read More4 Steps to Successfully Achieve Your Goals
For many of us, the start of a new year is synonymous with setting new goals, and while this is an important first step, achieving the goal requires more than simply writing it down on paper. Whether your goals are related to your personal
Read MoreAvoiding Common Errors Surrounding RMDs
When it comes to retirement accounts, many investors fail to think about required minimum distributions (RMDs). This oversight can lead to unnecessary tax burdens and other financial issues. In order to handle RMDs effectively, an...
Read MoreLong-Term Care: What You Need to Know
According to the department of Health and Human Services, 70% of people over age 65 will need some type of long-term care services and support during their lives, and 20% of those will need it for longer than five years...
Read MoreThe Basics of Credit Scores and Credit Reports
As consumers, we know that having a good credit score is important. Whether you are applying for a loan or signing up for a credit card, your credit score plays a major role in determining if you will be approved. Your credit score can...
Read MoreTalking to Your Kids About Money
When it comes to talking to kids about money, many parents can be a bit nervous. An annual “Parents, Kids and Money Survey” conducted over the past 10 years by T. Rowe Price has consistently found that parents are just as uncomfortable...
Read MoreBudgeting Basics
One of the things I frequently ask clients is “How much money do you need every month?” Not surprisingly, the most common answer is “I’m not sure.” It’s easy to not pay attention to how much we’re spending – we’re busy, and if we’re not.
Read MoreBasic Estate Planning Documents
Although many of us don’t like to think about planning for a future that we won’t be around to experience, a well-thought-out estate plan helps to manage and preserve assets during life and conserve and direct the distribution of assets at
Read MoreSpring Cleaning in Your Financial House
Spring is in the air, which for many means waking up from hibernation and cleaning out the clutter. But don’t forget about clearing the cobwebs from your “financial house,” too! Even if you recently took a look at your finances as you...
Read MoreTips on Saving for Retirement
When it comes to saving for retirement, one of the most important things you can do is contribute to a retirement account. Whether it be $25, $500, or $1500 per month, getting started and automating the process is a huge first step.
Read MoreCoordinating with Your Tax Professional and Financial Advisor
Many of us have questions about how the new tax law will affect us going forward - namely, will I be paying more or less tax?! Here are a few things for you to keep in mind as you prepare to meet with your tax professional this year:
Read MoreTax Cuts and Jobs Act of 2017: What Taxpayers Need to Know
On December 22, 2017, the President signed the Tax Cuts and Jobs Act of 2017 (the act or TCJA). The legislation makes significant changes to the Internal Revenue Code (IRC), including individual, corporate, and gift and estate taxation.
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