The Free Application for Federal Student Aid (FAFSA) is a financial aid form administered by the Department of Education that helps students qualify for loans and financial aid. The FAFSA window typically opens every year on October 1 for high school seniors planning to attend college in the following year and for returning college students. However, due to an extensive redesign of the FAFSA,...
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Financial Resources & News
College Financial Aid: FAFSA Changes Coming Soon
The Free Application for Federal Student Aid (FAFSA) is a financial aid form administered by the Department of Education that helps students qualify for loans and financial aid. The FAFSA window typically opens every year on October 1 for high school seniors planning to attend college in the following year and for returning college students. However, due to an extensive redesign of the...
Claiming the Home Energy Audit Tax Credit
When considering making energy-saving home improvements, it may be helpful to have a home energy audit done. A home energy audit is an inspection and written report for a dwelling located in the United States. Fortunately, there is a federal income tax credit available equal to 30% of the amount paid for home energy audits, up to $150 per tax year. There are also credits available for many other...
Watch Out for Student Loan Repayment Scams
This past June, the Supreme Court struck down President Biden's plan to cancel up to $20,000 in federal student loan debt for qualified borrowers. As a result, millions of student loan borrowers are scheduled to start paying back their loans in October after a three-and-a-half-year reprieve. Fraudsters and scam artists have already begun to prey on vulnerable borrowers by posing as legitimate...
The Essentials of Financial Literacy Webinar Series
We are proud to support the upcoming “The Essentials of Financial Literacy” webinar series presented by FPA Orange County. In this series Certified Financial Planner™ professionals will teach the building blocks you need to create greater financial stability in your life. Michael Allbee, CFP®, will be presenting on “The Importance of Saving and Investing” on September 23rd. For more information...
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...
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...
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...
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,...
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...
Budgeting Tools to Consider
By: Paul Horn, CFP®, CPWA® Senior Financial Planner In our last blog post, we mentioned the importance of automating your budget. This blog post will look at some different tools and resources available to make managing your finances much easier and less scary! Take a look at the different options below. These are merely a starting point and by no means an exhaustive list. We do not have any...
Most Things You Know About Budgeting are Wrong or Outdated
By: Paul Horn, CFP®, CPWA® Senior Financial Planner One of the biggest challenges of working with individuals is discussing their budgets. The simple reality is people are busy and we are not taught how to budget. Another challenge is that budgeting is like doing taxes – it’s necessary but no one wants to do it! Let's take a look at some of the more common mistakes we see when helping people...
SECURE 2.0 Adds New Early Withdrawal Exceptions
The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an existing exception that applies specifically to employer plans. These exceptions are often called 72(t) exceptions, because they are listed in Section 72(t) of the...
Does it Make Sense to Take Social Security Benefits at Age 62?
By: Tina Schackman, CFA®, CFP®, Senior Retirement Plan Consultant With approximately 94% of American workers covered by Social Security and 65.2 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 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...
The Importance of a Pension Election
By: Henry VanBuskirk, CFP®, Wealth Manager Most Americans know that the Defined Benefit Pension Plans are mostly a thing of yesteryear, usually something that only retired Teachers or Law Enforcement get now. The Bureau of Labor Statistics has been tracking this downward trend over time and it’s not a secret why pensions are starting to fade away from most Americans’ collective...
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