BFSG Blog

Financial Resources & News

Financial Spring Cleaning

This is one of our favorite times of the year. We are approaching spring, so the days are longer, air is warmer, and the final snow is melting away. This is also the time of year people begin spring cleaning and getting their house or other affairs in order. Since finances are on people’s minds since we are in tax season, we thought it would be a good time to do some spring cleaning for your...

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Simplifying Your Retirement Plan

Like all things in life, retirement planning has many aspects to it and a few items we can control but most items are beyond our control. To help remove some of the stress of retirement planning, we would like to help reframe the way that you look at retirement planning. Looking at the chart below it breaks down the most important factors that impact your retirement and are broken into three...

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Pandemic Relief Measures and Your 2020 Tax Return

The two emergency relief bills passed in 2020 and another in 2021 in response to the COVID-19 pandemic will make this an unusual tax season for many taxpayers. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed in March, a second relief package was attached to the Consolidated Appropriations Act, 2021, in December, and just recently the American Rescue Plan. The federal...

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Medicare Part B Premium

If you have just recently enrolled in Medicare, you may be wondering how your premiums are calculated. Although Medicare eligibility is not income-based, the income you report on your tax return does play a role on your monthly premiums. As with everything else when it comes to IRS and taxes, things can get complicated and confusing! As a refresher, Part A (hospital) generally has no premium,...

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Not All Emergency Funds Are Equal

At the end of 2019, no one predicted that the unemployment rate would hit its highest level since the Great Depression, average wages would decline but household incomes would increase, thanks to government stimulus checks.  Had the U.S. government not provided stimulus checks, many more Americans would have struggled financially. Financial advisors typically recommend having at least 3–6...

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5 Emotional Roadblocks That Impact Your Estate Plan

As CERTIFIED FINANCIAL PLANNER™ professionals, we get to discuss everyone's two favorite topics, death and taxes. The reality is that no one wants to discuss their death and this is the greatest hurdle to overcome and the reason so many people do not have an estate plan. Below are some other common roadblocks that can reduce the quality of your estate plan. 1. Not Discussing Finances with Your...

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The Joys and Financial Challenges of Parenthood

Parenthood can be both wonderfully rewarding and frighteningly challenging. Children give gifts only a parent can understand — from sticky-finger hugs to heartfelt pleas to tag along on Saturday morning errands. As you raise them and make sure they get a good, strong start in life, one thing is obvious — children are expensive! Fortunately, you can take steps to prepare for the financial...

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Building Good Financial Habits

Managing finances for many people is difficult and for some can be overwhelming. This is not because people are incapable of managing their finances, but rather they have never been shown how to do so. Basic finance like paying bills and understanding taxes is not taught in schools and most of us did not learn from our parents (or were taught bad habits instead). Below are some tips to help you...

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Tips for Medicare Open Enrollment

As of October 15th Medicare beneficiaries can make changes to their Medicare benefits. This is the time to review your current benefits and make any changes. If you are unhappy with your current plan or perhaps your health has changed during the past year, now is the time to make any necessary changes like switching Medicare health and prescription drug plans. Each year, Medicare plan costs and...

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Asset Protection

The American Bar Association published at the end of 2017 that there were 1.3 million lawyers in the United States.  That is one lawyer for every 300 people, the most per capita of any country in the world. Now there are a few more. In today’s litigious society, many of us may be concerned about keeping that for which we have worked so hard.  What are some of the tools that you can use to...

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2020 Year-End Planning Checklist

We are now a few weeks from officially being in fall. This is the time of year to begin tax planning for your 2020 taxes. The mistake most people make is they do not plan for taxes until after the new year and by then there is little to no planning that can be done. Below is a helpful checklist with important deadlines to be aware of to help you with year-end tax planning: October 1st Establish...

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Missed our Summer Webinar Series?

Financial Wellness – Summer Webinar Series In case you missed the live sessions of our Summer Webinar Series, you can watch the replays now (while complimentary, registration is required for On-Demand viewing). The Social Security webinar is now available On Demand by clicking here to watch the replay. The Medicare webinar is now available On Demand by clicking here to watch the replay. The...

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The Power of the Entrepreneur

Big businesses may dominate the stock market, but it is small businesses and startups that keep our economy moving. Find out how small businesses are the lifeblood of the U.S. economy and how BFSG can help business owners by watching this short video by clicking here.

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