Financial Decisions
Busy parents have enough on their plates without adding estate planning, but with the joy of welcoming new family into the world, comes the responsibility to plan for the financial future of a family. Often, creating a will is probably the first thing that comes to mind when most people think about estate planning; there’s much more to building a stable financial future. One of the hardest parts of estate planning is knowing where to start. Luckily, we’re here to help.
As you are well aware by now, the stock market has had some volatility these past weeks. While these shifts can increase anxiety, here at Voya we know a few things for sure. No one can predict what the market will do and when.
It’s a new year with transformations to both Traditional IRAs and Roth IRA contribution, income and deductible limits, tax treatments and rules. Now is a good time to familiarize yourself with these reforms and evaluate your retirement savings and tax strategies. This list is not exhaustive and the complexity for each is too much to cover here. It is for this reason, Voya recommends you consult a tax professional to discuss these changes to IRAs and its impact to your specific situation.
Nothing says ‘I love you’ more than asking your loved one to be my bene this Valentine’s Day. Bene is Latin for good or well. Do something good for them. When you designate or update your financial beneficiary, the one who will receive your assets after you pass on, you are essentially giving the beneficial gift of well being and that is priceless.
After finally getting around to updating my life insurance policy since my second daughter was born, and shaming my husband into getting more organized (thank you!), I realized it was time to take a look at my broader estate plan.
“Estate plan” sounds so official. Yes, there’s the big, adult-sounding things like an advance directive, will and power of attorney, but it’s also the things we need to access every day, like updated passwords, lists of accounts we use most frequently and how to access them, important contacts and other necessary details and documents organized and shared with the right people.
The advantage of accumulating after-tax assets in a retirement account is that when they are distributed, the amounts will be tax- and penalty-free. However, this benefit is realized only if the necessary steps are taken.
Qualified retirement savings accounts are a great way to build a retirement nest egg. But what happens to the money in the account if the account holder passes away?
Speculators and hedgers are different terms that describe traders and investors. Learn more about the differences here.
Many Americans often look forward to receiving a tax refund. But before splurging on a dinner out or a weekend getaway, consider these steps to put your tax refund to work this year, setting yourself and your family up for long-term financial success.
There are many other important parts of an estate plan that may be forgotten along the way. Here is the "softer side" of estate planning.
Investing in your child's education now could help prepare you for those expenses later by saving in a 529 College Savings Plan.
We are constantly trying to keep up with someone else. But when it comes to saving money, how much should you actually be saving?
Managing our own money doesn't necessarily top our respective list of things we enjoy doing with our time. But doing so is easier than you might expect. Here are a few simple steps to getting on top of your finance.
Deciding to start a family is one of the most exciting and life-changing decisions a couple can make. All too often, couples get caught up in the rush to decorate and stock up on baby supplies at the expense of prioritizing essential financial planning considerations.
Did you know that Social Security offers family members survivor benefits? Learn more about this valuable feature.
Investing in your employer sponsored retirement plan may provide an opportunity for savings.
As you prepare to welcome a baby into the world, the excitement and anticipation of meeting your child for the first time can be overwhelming.
It’s not surprising that customers who have a financial plan tend to be more satisfied with their financial advisor than those who don’t have a plan
Tempted to spend your tax refund? Instead, consider putting it towards your emergency fund or saving it to pay yourself back in the future.