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The Value of Opening a Roth IRA at the End of the Year Barnett Financial & Tax

The Value of Opening a Roth IRA at the End of the Year

November 28, 2022

These days, retirement planning will likely involve Individual Retirement Accounts in one way or another. Whether you’re looking to roll over a 401(k), optimize your withdrawal timing, or take advantage of catch-up contributions, your IRA strategy may be one of the main components of your income strategy. So, let’s talk about the Roth IRA and its unique value…

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Revisiting 5 Books That Defined a Generation Barnett Financial & Tax

Revisiting 5 Books That Defined a Generation

November 25, 2022

Take a moment to consider the world around you. You may be experiencing unrelenting change in your life – the pandemic, economic turbulence, or our society’s increasing reliance on technology – and you may think things look or feel unfamiliar and hectic. But it’s important to remember that your voice and your unique experience as a participant in…

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Thinking About Retirement? The Basics of Financial Literacy Are Your North Star Barnett Financial & Tax

Thinking About Retirement? The Basics of Financial Literacy Are Your North Star

November 21, 2022

Working towards retirement, you may have a detailed plan on how to manage your finances so that you have enough saved by the time you leave the workforce. With no external income coming in, there will be a new rulebook on how to manage your retirement earnings, expenses, and investments – not just so that you can keep…

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3 Ways the Gender Pay Gap Affects Women in Retirement Barnett Financial & Tax

3 Ways the Gender Pay Gap Affects Women in Retirement

November 18, 2022

There has historically been a pay gap between men and women for comparable jobs which favors men. This phenomenon generally affects retirement funds as well – this is called the gender retirement gap.[1] On average, women earn 17% less than men, taking home $89 compared to the man’s $100.[2] The gender pay gap has lasted throughout history, affecting…

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Covering COVID-19 Funeral Expenses Barnett Financial & Tax

Covering COVID-19 Funeral Expenses

November 15, 2022

Have you lost a loved one from the COVID-19 virus and are preparing funeral services? The Federal Emergency Management Agency (FEMA) may be able to help by covering up to $9,000 per funeral for qualified expenses. FEMA can help cover funeral expenses if you are a US citizen, the death occurred in the US or US territories, the…

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Making the Switch to Paying Yourself Barnett Financial & Tax

Making the Switch to Paying Yourself

November 14, 2022

You’ve probably had a daily routine for most of your life – from tying your tie and greeting your coworkers to loosening that tie when you get home. When thinking about retirement, not only does your daily routine change but your financial routine does too. In your working years, you made sure to have a savings and wealth…

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3 Ways to Cope with the Retirement Blues BFT Financial

3 Ways to Cope with the Retirement Blues

November 11, 2022

Settling down for retirement after many years of work can feel like a sigh of relief, a moment to catch your breath and slow down. However, this shift in lifestyle can also bring up feelings of sadness, anxiety, and loss of purpose. Studies show that a third of retirees develop symptoms of depression,[1] especially those who have lost a…

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Can You Turn Investment Losses into Tax Gains? Barnett Financial & Tax

Can You Turn Investment Losses into Tax Gains?

November 7, 2022

When markets take a spill, especially when it comes to your retirement investments, it’s harder to find ways to meet your financial goals. If you were relying on IRA or 401(k) withdrawals to cover your expenses, doing so when markets are down would decrease the lifespan of your savings. And if you’re nearing retirement, market losses may provide…

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4 Unconventional Vacations and Relocations Barnett Financial & Tax

4 Unconventional Vacations and Relocations

November 4, 2022

As generations leave the workforce, retirement culture resets and reshapes in unique ways. You may have seen your parents choose to retire at home or in their community, but Baby Boomers have taken a different approach to retirement by relocating further from their hometowns or staying on the road for their retirement years. If you’re one for adventure,…

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Does the 4% Rule Really Work Barnett Financial And Tax

Does the 4% Rule Really Work?

October 31, 2022

During your saving years, your main goal is to accumulate wealth so that you have the resources to achieve a comfortable retirement. But that is just half the battle. How you use your savings to cover your living costs is the real key to living the retirement you dream of. You may have done some research on what…

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