BFSG Blog

Financial Resources & News

Congress Tells Treasury to Expect SECURE Act 2.0 Technical Fixes

In late May 2023, Congress sent a letter to U.S. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel saying that it will introduce legislation to correct several technical errors in the SECURE Act 2.0. The letter, signed by Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), chair and ranking member of the Senate Finance Committee, respectively, and Representatives Jason Smith (R-MO)...

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Prop 19 Revisited: A godsend for homeowners across California

By: Henry VanBuskirk, CFP®, Wealth Manager One of the greatest and most time-consuming decisions that a person can make during their lifetime is choosing when and where to move to. For many seniors, this move is done right after they retire, which only heightens the importance of that decision. The goals of moving may be to be closer to family, to downsize, or you just simply liking the area...

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3 Myths about Retirement Plan Fees

By:  Braden Priest, CFA®, Retirement Plan Consultant A recent survey from TD Ameritrade showed only 27% of 401(k) participants knew how much they were paying in fees, and 37% mistakenly believed their retirement plan was entirely free! We’re here to set the record straight about 3 common retirement plan myths: The Retirement Plan is Free – Don’t shoot the messenger, but retirement plan service...

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SECURE Act 2.0: Is Your Retirement Plan in Compliance?

By:  Braden Priest, CFA®, Retirement Plan Consultant The SECURE Act 2.0 was signed into law by President Biden in December 2022 and is guaranteed to impact your retirement plan. Here are 3 key provisions you should be aware of to keep your retirement plan in compliance: Increased Participation for Long-Term Part-Time Workers Many plans exclude employees who work less than 1,000 hours from...

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What the Inflation Reduction Act Means for You

By:  Michael Allbee, CFP®, Senior Portfolio Manager Thanks to the Inflation Reduction Act, the Act provides near-immediate, tangible benefits American families by lowering costs for home energy, new vehicles, health coverage, and prescription drugs. We previously discussed some of the significant provisions in the Act but we wanted to elaborate on what the Inflation Reduction Act means for you...

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5 Reasons Brokers and Advisors Are Not Made Equal

Don’t be fooled if you’re told the labels “Advisor” and “Broker” are roughly synonymous. The differences between these two terms are broad and very important. Here’s why: Fiduciary Status – Brokers must act in the best interest (“best interest” standard) of the client at the time the recommendation is made (this is more of a transactional relationship), and the broker needs to take into...

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Monthly Market Update (May 2023): 3 Things You Need to Know

The U.S. stock market climbed the proverbial wall of worry in May. The month started with fresh rounds of concern about U.S. regional banks (First Republic closed on May 1st), another rate hike by the Federal Reserve in the middle of the month, and intense negotiations around the U.S. debt ceiling towards the end of the month. Here are 3 things you need to know: Technology stocks surged amidst...

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CalKids and 529 Planning

By: Henry VanBuskirk, CFP®, Wealth Manager If you are a new parent, your mind is probably swirling with a myriad of thoughts about your child’s future. Your head is likely ringing with questions that you need answers to like: Do I have enough life insurance coverage? What changes to my budget do I have to make to maintain our lifestyle? How do I save for my child’s future education needs? While...

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Now That’s a Whopper: Medicare Funding

By:  Michael Allbee, CFP®, Senior Portfolio Manager Last week, we tackled one of America’s largest mandatory spending programs, Social Security (forecasted to account for 21% of total government spending in 2023) and answered the question, Is Social Security on life support? However, did you know Medicare and Medicaid are projected to account for 26% of total government spending in 2023?...

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It’s Your Money Financial & Estate Literacy – “Investment World” Replay (2023)

BFSG’s CERTIFIED FINANCIAL PLANNER™ professionals, Michael Allbee, CFP® and Paul Horn, CFP®, CPWA®, were invited to be guest speakers for the “It’s Your Money!” workshop series. For the “Investment World” session, Mike and Paul focused on how the investment world gets compensated. Learn the differences between brokers versus advisors, what does the word “fiduciary” mean, how to find an advisor,...

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Is Social Security on Life Support?

By:  Michael Allbee, CFP®, Senior Portfolio Manager Social Security isn’t in danger of going broke since it’s financed primarily through payroll taxes, but the financial health of the Social Security trust fund is declining, and benefits may eventually be reduced unless Congress acts. The Social Security Board of Trustees has estimated that its trust fund has reserves to pay all scheduled...

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A Better Approach to Managing Finances for Couples

By:  Paul Horn, CFP®, CPWA® Senior Financial Planner For most couples, the leading cause of fights is over finances. To best handle finances it is best to have open and honest communication and to work with a Certified Financial Planner™ professional who can be a neutral third party. In my experience, many fights over finances are over minor things that can be easily avoided. Below is a...

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Markets in Review

All major market indices finished the quarter with positive returns. Equity markets, as measured by the S&P 500 Index, rose by 7.5% during the first quarter after finishing 2022 down 18.1%. Seven of the eleven S&P 500 sectors finished the first quarter with a positive return. The three top performers during the quarter were the three worst performing sectors in 2022. Communication...

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Plan Participants: The More They Know, The Better

As a plan sponsor, do you feel your employees have a clear understanding of the company’s retirement plan? Do most utilize it as a tool to save for retirement—and, if not, do they understand the benefit that they are missing? According to the 2022 PLANSPONSOR Participant Survey, 115 of 774 (14.9%) respondents opted not to participate in a workplace defined contribution plan for various reasons....

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Beneficiary on File?

As part of the enrollment process, participants are asked to elect a beneficiary. However, this step is often not completed or kept up to date as time goes on, which can make death distributions more complicated than they need to be. When a participant names a beneficiary, it helps to ensure their account balance will be distributed to the person intended. However, updating the designation is...

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