Blog

The SECURE Act - Penalty-free Distributions from Retirement Accounts

The following is part 5 of a 5-part series on the SECURE Act. Under the recently passed SECURE Act, parents can now leverage an additional sum of money to assist in paying off expenses for a newborn baby or an adopted child. New...

The SECURE Act - Expanding Eligible Expenses for 529 Accounts

The following is part 4 of a 5-part series on the SECURE Act. Under the SECURE Act, tax-favored savings accounts known as 529 plans can now be utilized to help pay off the beneficiary’s student loan debt up to a $10,000 lifetime...

The SECURE Act - No Age Limit on IRA Contributions

By Michael Meiners & Mikayla Kinley The following is part 3 of a 5-part series on the SECURE Act. Hand in hand with raising the starting age for Required Minimum Distributions (RMDs) to age 72, the SECURE Act also removes the age...

The SECURE Act - Planning for Your Descendants

The following is part 2 of a 5 part series on the SECURE Act. The SECURE Act, which was passed in December of 2019, eliminated the use of stretch IRAs (in most cases). For those unfamiliar with the term, a stretch IRA retains its...

SECURE Act - 72 is the RMD Age

The following is part 1 of a 5 part series on the SECURE Act. Happy New Year! It’s time to ring in the new year and a new decade! As we look forward to exciting changes ahead, the federal government has also made changes to some...

2020 Contribution Limits

The IRS has announced the 2020 contribution limits for retirement savings accounts, including contribution limits for 401(k),...

The SECURE Act- What it Means for You

On December 20, 2019, President Trump signed The SECURE Act into law. While there are many ways this new law might affect you, here are the top five changes we’d like our clients to be aware of: 1. 72 is the new starting age for...

Happy Holidays to Our Clients

Giving Thanks for All Our Clients

Estate Planning: Celebrate Day of the Dead Worry-Free

If you’ve seen the movie Coco or have learned about Latin American culture, you know that Día de los Muertos (Day of the Dead) is a commemoration of loved ones lost and a vibrant celebration of life on November 1st and 2nd...

2019 Year-End Distributions from American Funds

Click here for 2019 Year-End Distributions Please note that there will be significant year-end distributions of Long-Term Capital Gains this year for certain funds. Remember it is better to make money and pay taxes than not make any...

Simplifying Your Financial Life

Spark joy. That's Marie Kondo's catchphrase, as well as the title of her follow-up book to her original bestseller The Life-Changing Magic of Tidying Up. Lost? Do a quick google search for Marie Kondo, and you'll find a plethora of...

Life After Death: Estate Strategy for Your Digital Assets

When you think about planning for death, the most apparent assets to plan for include personal property, real estate, and investments. But you probably don’t think about your digital assets – and they deserve your attention...

Equifax Breach Settlement Update

In October 2017, I had to deal with the grueling process of getting a new credit card and debit cards, changing my passwords, freezing my credit and signing up for a credit monitoring service. I was a victim of identity fraud, and I...

Fundamentals of Fund Selection

One of the most common questions clients ask is, "How do you choose which funds I am invested in?". This responsibility does not fall to one individual, but rather it is the responsibility of our Investment Committee. The committee is...

Social Security: Why Wait?

Financial Plans & Strategies understands that each client’s situation is different. As each client approaches retirement, we analyze the decision on when they should start taking their social security income benefit. We factor in...

The Randomness of Global Equity Returns

At Financial Plans & Strategies, we build globally diversified portfolios to help our clients reduce their risk exposure. Please watch the video below from Dimensional Fund Advisors to gain more insight into our thought process...

Expect cautious markets amid U.S.-China trade tension

At Financial Plans & Strategies, we continually monitor economic situations, including the US-China trade talks. As always, we take a long-term approach to your investment portfolio. Financial Plans & Strategies, Inc. firmly believes...

Charity Community Sale, June 8th

Yours, Mine and Ours: Investment Strategies with the Whole Household in Mind

In client meetings, I have often been asked why one spouse’s IRA is doing better than the other’s. For some clients, it is a contest to see whose investments can outperform the other. Who doesn’t enjoy a little...

"Stocks, and REITs and Gold: Oh My!" There’s No Investment Like Mutual Funds

Investment fads are nothing new. When selecting strategies for their portfolios, investors are often tempted to seek out the latest and greatest investment opportunities. But long-term investors should be aware that letting short-term...

Best Practices: Avoiding Identity Theft

What steps are you taking to prevent identity thieves from stealing your personal information? The most important first step you should take is to freeze your credit, but there are many good habits you can develop and use every day....

Reminder: It is now free to freeze your credit in all 50 states

Placing a freeze on your credit used to be free in only certain states but is now free for everyone in the United States. If you have not frozen your credit with the 3 primary credit agencies or with the 3 additional agencies that...

The Financial Plans & Strategies Team: Hitting a Home Run for Your Investments

Spring is in the air! The end of March brings a special treat: Major League Baseball’s first pitch crosses home plate earlier than ever this year. As we dusted off the old mitts, we started thinking of the Financial Plans &...

Don't Fall for Apparent New Twist on IRS Phone Scams

The following is an article from Forbes dated February 20, 2019. In our recent survey, many of you requested to be kept abreast of the latest tax scams. If you receive a phone call from someone claiming to be with the IRS, do not give...

Q & A's of Market Volatility

Market volatility is a phrase on many investors’ lips since last year. Market turmoil began in early 2018 and intensified later in the year. Back in February, we wrote an article addressing the volatility. Today, we’d like...

Thank You for Your Generosity

Thank you for your generous donations during Financial Plans & Strategies second annual holiday charity drive. This year, we collected many items for KIC-IT thanks to your giving. Kids in Crisis Intervention Team (KIC-IT) is a...

Contribution Limits for 2019

Happy New Year!! As we look forward to 2019, we wanted to let you know of the important changes below regarding the amounts you can contribute to your retirement plans: In 2019, the retirement contribution limits increased to the...

Happy Holidays

The Rebalancing Act

Last week’s blog post featured a video from Dimensional Fund Advisors about the importance of tuning out investment noise. This week, we want to share with you how the Financial Plans & Strategies team works daily to manage your...

Tune Out the Noise

Financial Plans & Strategies is here to help you focus on your goals and tune out the noise. Please take two minutes to watch the attached video provided by Dimensional Fund Advisors.

FinPlans Holiday Charity Drive 2018

This holiday season, Financial Plans & Strategies is proud to once again support KIC-IT to collect non-perishable and other items for young adults in need. Kids in Crisis Intervention Team (KIC-IT) is a non-profit that helps teens and...

2018 Year-End Distributions from American Funds

Please note that there will be significant year-end distributions of Long-Term Capital Gains this year for certain funds. Remember it is better to make money and pay taxes than not make any income. Year-End Capital Gain Distributions...

Credit Freeze 2.0: Going Beyond the Basics

As technology continues to evolve at a rapid pace, scammers are constantly looking for new ways to compromise individuals’ information. This leaves many people wondering how they can protect both themselves and their information...

Quick Tips on Buying a Home

This August I purchased my first home. As a new homeowner, I have quickly learned that gone are the days of calling the landlord when your light bulbs burn out. That responsibility is now mine, along with the water in the crawlspace,...

New Office Hours

By request, we are changing our office hours beginning September 4th, 2018. We hope that this change will alleviate some of your traffic concerns and help us to better serve you. NEW HOURS Monday - Friday: 8:15 AM to 4:15 PM Friday...

What is Comprehensive Estate Planning?

Many people avoid or delay discussing estate planning because it makes you face your own mortality. But proper planning makes it more likely that your wishes are honored and can often reduce taxes, legal expenses, and family conflict....

Should You Use 529 Plan Funds on K-12 Education?

Federal law says you can, but you may want to think twice about it. When President Trump signed the Tax Cuts & Jobs Act into law late in 2017, new possibilities emerged for the tax-advantaged investment vehicles known as 529...

You're Invited to Our Open House

Financial Plans & Strategies is hosting an open house at our new, Northside location on June 22nd. We hope to see everyone there!

Tips to Save Money on Summer Vacations

School’s out for the summer. The weather is heating up and many families are taking summer vacations. But don’t let your getaway drain your bank account. Below are helpful tips from Financial Plans & Strategies to help you...

Smart Financial Tips for Graduates

Did you recently graduate from college? The years after graduation are crucial not only for launching a career, but also for planning your finances. Consider making these smart financial moves post-graduation. Set up an emergency...

Reminder: IRA Contribution Deadlines

The April tax filing deadline is quickly approaching – and along with it IRA contribution deadlines. The tax savings from making an IRA contribution can be substantial. Below is a quick breakdown of the IRA deadlines, limits and...

Bitcoin Blues

What is Bitcoin? Bitcoin is a digital currency which can be used to make purchases anonymously, which is not linked to any government, and which is made secure using a cryptographic technology called “blockchain.” It is the...

Top 6 Tips When Buying a New Car

Spring is here which means many people are in the market for a new car. Although consumers buy cars year round, many individuals choose to shop when the weather is better and allows for easier shopping. Also, previous model year...

The Dow Dropped, Do Not Drop out of Market

Financial Plans & Strategies, Inc. firmly believes that a well-diversified portfolio. long-term investing and regular meetings with your financial advisor is a good defense against financial downturns. Corrections happen. It has been...

Let's Talk Taxes...

Please note: We are not a tax advisory firm and do not give tax advice. However, we have gathered some important information that may help you in your tax preparation. If you have additional questions, please speak with your tax...

Financial Resolutions for the New Year

Every year millions of people make resolutions for how they want to improve their lives in the upcoming year. This tradition dates back centuries: The Babylonians made promises to their gods at the start of each year that they would...

Time Sensitive Tax Planning Considerations for 2017

The tax overhaul has been passed, and many changes should be considered prior to year-end. We are not tax advisors: this is for information purposes only and should not be taken as advice. If you would like to learn more, you can find...

Home Bias & Global Diversification

During 2017, Financial Plans and Strategies investment advisors attended several conferences where they had the opportunity to listen to renowned economists, portfolio managers and analysts provide insight and perspective on market...

Reminder: Year End Deadline for Tax Reporting

We want to make you aware of several approaching year-end activities with potential tax implications for 2017, and the dates by which action must be taken in order to meet the December 29 deadline. (December 31 falls on a Sunday this...

FinPlans Holiday Charity Drive for Kids

This holiday season, Financial Plans & Strategies is supporting KIC-IT to collect non-perishable items for young adults in need. Kids in Crisis Intervention Team (KIC-IT) is a non-profit that helps teens and young adults in Johnson...

Reminder: College Choice 529 Contribution Deadline

Indiana College Choice 529 Tax Credit Deadline Indiana taxpayers who invest in the Indiana College Choice 529 Plan must make their contribution to the plan by 12/30/2017 to receive a tax credit for 2017. Deadline Dates for Existing...

How to Fall Back into Good Savings Habits

The first day of fall was September 22, 2017. That means summer is officially over. With a little more than 3 months left in 2017, the changing of the seasons is an ideal time to take stock of your investment portfolio. What goes into...

A Quick Guide to 529 Education Savings Accounts

One of the more common questions we get at Financial Plans & Strategies is, “Does this distribution qualify?” 529 Plans, also known as Qualified Tuition Programs (QTPs), allow parents to prepay or make account contributions...

Money Basics for College Students

It’s August, and that means young adults across America are heading off to college. Campuses across the country are welcoming students back in the thousands. Before your student hits the books, have them study up on the following...

Beware the Expensive Free Lunch

If you’ve received an invitation to a complimentary investment meeting at an upscale restaurant, you’re not alone. According to the Financial Industry Regulatory Authority (FINRA), 64% of people age 40 and above1 have been...

Social Security Replacement Cards Now Available Online

The Social Security Administration has just announced a new, online Social Security replacement card service. If you need a replacement card for these states, you can now order it electronically rather than waiting in person. You can...

A Warm Welcome from Financial Plans & Strategies

Welcome clients, prospective clients and readers to Financial Plans & Strategies’ blog whose commencement coincides with a major update to our website. Under the new format we will be regularly adding new material to the blog in...