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How To Prioritize Travel and its Associated Expenses

Do you like to travel? Are you already looking forward to your next big trip? Do you spend more time planning your vacations than planning your finances? If so, you’re not alone. Recent surveys suggest that many Americans devote more time each year to planning their vacations than planning their finances.

Can You Afford That House?

An incredibly strong housing market over the last few years coupled with rising interest rates has put affordability out of reach for many home buyers.

Roth or Traditional IRA? - Parsec Financial

IRA Contribution Rules

The maximum contribution for 2023 individual retirement account contributions is $6,500 ($7,500 if aged 50 and over). There are income limits that determine whether you can deduct your Traditional IRA contribution or if you qualify to make a Roth IRA contribution.

Doctor Independent Wealth Illustration

After a long, prosperous career and strategically saving 20% of your earnings and investing in equities, you have successfully created a retirement paycheck for yourself. Even as you spend 5% a year in retirement, your investment account should continue to rise, totaling approximately $3.8 million after 55 years!

Invest in Your Child’s Future with a 529 Plan

A 529 plan is a great vehicle to start saving for your child’s college education expenses. Much like your 401(k) plan at work, 529 plans offer a set list of investments and the assets inside can grow tax free. We have created some projections to help you understand what balances you might expect if you save $50, $100, $200 or $300 monthly along with some key takeaways.

Generational Wealth Building Illustration

One way to strategically transfer wealth to your heirs and build generational wealth is through a strategic gifting plan. Here we illustrate how early contributions can compound into significant values over the recipient’s lifetime. Specifically, gifting $25,000 annually for the first 10 years may have an ending value of more than $14 million in 90 years. Moreover, starting at age 60 the recipient can spend 5% from this portfolio annually over the next 30 years for total distributions of more than $17 million. (Both figures are adjusted for 3% inflation.)

Note: Figures do not take into consideration underlying annuity or mutual fund fees, taxes or trading costs. Performance data depicts historical performance and is not meant to predict future results.

Roth or Traditional IRA?

Choosing to save into a Roth IRA or traditional IRA is one of the more daunting retirement savings decisions most people face, but it doesn’t have to be.

When Should You Take Social Security?

The ages between 62 and 70 are a critical time for determining how and when to take Social Security benefits. There are many options when it comes to this program, and which option is best for you will depend on your specific situation.

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