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The Ukrainian Conflict

Building Trust Through Service

BUILDING TRUST THROUGH SERVICE is more than a long-time firm motto.  It is key to the success of our clients and our firm.

Peace of Mind

Peace of mind develops as you better understand the services that our team can provide to you.  Those tangible services may include planning for and funding a secure retirement, education planning for children and grandchildren, or leaving

LET'S TALK TAXES (2021)

EXCITING NEWS FROM BAUER SCHMELTZ, CFP®

2022 Social Security 5.9% Cost of Living Adjustment

2021 Capital Gain Distribution Estimates

https://www.capitalgroup.com/advisor/tax/2021-year-end-distributions.html Please note that American funds has provided their estimated year-end distributions of Long-Term Capital Gains for certain funds. Remember it is better to make...

Roth Conversions and Taxes

Last year, we wrote a blog article about Roth Conversions. This article went into depth on what they are, how they could be beneficial for your retirement or estate plan, and other things to consider. You can read more about these...

Be Aware of the Latest Scams

We routinely post blogs regarding email scams, cyber security and phone scams and we want to update you on the most recent scams you need to be aware of in 2021. Please see below an article posted by Experian: ------- The Latest Scams...

GET UP TO $1K INDIANA STATE TAX CREDIT BY MAKING YOUR COLLEGE CHOICE 529 CONTRIBUTION - DEADLINES

Are you helping your child, grandchild, niece, or nephew save for college in an Indiana 529 College Choice plan? These plans are a great way for Indiana residents to save for their loved ones while also receiving a state tax credit....

Advantages of Investing at a Young Age

Many financial articles focus on the benefits of investing at a young age. No matter the amount, starting earlier allows your money to truly work for you, as it reaps the benefits of compounding interest. While compounding interest is...

The importance of being disciplined in volatile market

Volatility can be a hard pill to swallow for any kind of investor. While our tolerances for risk may vary, we all feel the ups and downs to some extent. Therefore, it is of the utmost importance to stay disciplined and avoid falling...

EXCITING NEWS FROM SALVADOR PEREZ, CFP®

We are excited to announce that Salvador Perez, Investment Advisor Representative, is now a Certified Financial Planner (CFP®). Sal completed the CFP® Certification Process on July 21, 2021. The standard of excellence for...

Child Tax Credit Payments: Everything You Need to Know

Child Tax Credit Payments: Everything You Need to Know Did you receive $300 from the IRS last week? Millions of families woke up this past Thursday to a little more in their bank accounts. This article from CBNC tells you everything...

Midyear Outlook: U.S. looks set to boom, zoom and consume – Capital Group

In our own way, we have all faced the devastating effects of the COVID-19 pandemic. Be it social, financial, or health related, each of us has dealt with the difficulties posed by this global health-crisis. Thankfully, as the threat...

Cybersecurity, FPS, and You

In today’s world of online access, it is very important to be aware of precautions you should take and ways to avoid identity theft, email hacking, phishing scams and more. You may want to revisit our blog post that provides...

Bitcoin Blues Part 2

In March 2018, our team published a blog post titled “Bitcoin Blues”. In the article, we answered common client crypto-related questions such as “What is Bitcoin?” and “Should I invest in...

Minor Accounts: Start Saving Early!

Summer is a great time for a variety of reasons: nice weather, children are out of school, and, of course, vacation time! But one other important reason many look forward to summer is the ability for the kids to pick up summer jobs and...

Is Your Savings Account Working for You?

It’s a problem we all wish we had, having too much money in savings. However, although keeping a high balance in a bank savings account might not seem like such a big deal, this is often money that can be earning more elsewhere....

Economic and Market Outlook for 2021

It’s no secret that 2020 strained the markets in a number of ways. Whether you want to look at the U.S. election cycle, the coronavirus, or civil unrest, news agencies had their fill of headlines. So, what possible pitfalls...

Traditional IRA vs Roth IRA: Which is better for you?

Though retirement may seem a lifetime away when you are just starting off in the working world, saving for retirement should always be a priority. In a FINRA survey conducted at the end of 2018, they found that only 58% of the adult...

Paying Down Student Debt

An increasing number of young adults are returning home from our colleges and universities with student debt in tow. As each year passes, it becomes increasingly clear that paying the massive cost of tuition and fees cannot be taken...

FIVE MOST OVERLOOKED TAX DEDUCTIONS

Who among us wants to pay the IRS more taxes than we have to?1 While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let’s take a quick look at the five...

Let's Talk Taxes (2020)

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...

FPS 2020 Holiday Hours

To our valued clients, Our office will be closed: Thursday December 24th and Friday, December 25th. We will also be closed: Thursday, December 31st and Friday, January 1st. Merry Christmas! All of us at Financial Plans & Strategies...

Special Charitable Giving Deduction in 2020

The holiday season is often a time of giving, not only to our loved ones, but also to our favorite charities. With many charities and non-profit organizations currently working above and beyond their normal capacities to help those...

An HSA Can Work Three Ways

Health Savings Accounts (HSAs) can be a great way not only to protect your family from medical bills, but also to save for retirement and more. HSAs are offered to employees who have high deductible heath plans through their employer....

Two Questions to Consider Before Taking on Debt

While many financial gurus advocate for avoiding debt altogether, we recognize that some kinds of debt are advantageous because they help build wealth. However, even the wealth-building kinds of debt can place too heavy a burden on...

The Importance of Budgeting

As discussed in previous blog posts, identifying items and goals that “spark joy” is one of the first ways you can simplify your financial life. While identifying these items and goals may be easy, they are only half the...

2020 Estimated Year-End Capital Gains Distributions from American Funds

Please note that American funds has provided their estimated year-end distributions of Long-Term Capital Gains for certain funds. Remember it is better to make money and pay taxes than not have any income. Some funds may pay a year-end...

Employer Matching and More: Take Advantage of Your Benefits at Work

Employer Matching and More: Take Advantage of Your Benefits at Work Do you know what benefits your employer provides? Do they offer a health savings account, stock purchase plan or matching contributions to your retirement savings...

Take another look: “Social Security: Why Wait?”

The Social Security Administration states that Social Security benefits make up roughly 33% of income for the elderly. Knowing that the Social Security is such a key part of retirement income leaves many clients wondering when they...

Roth Conversions: Do they enhance your financial plan?

A Roth IRA conversion is the process of moving money from an existing Traditional, Rollover or SEP IRA to a Roth IRA. There is no minimum or maximum dollar limit that you can convert in a year. However, when you convert assets, the...

Updated IRS Guidelines for 2020 RMD Waiver

Note: This blog post is directed to those who are of Required Minimum Distribution age in 2020 (i.e., those who turned 70 ½ in 2019), as well as those who have Beneficiary IRAs. When the Coronavirus Aid, Relief, and Economic...

Unemployment Benefits Fraud Alert

Protect Yourself from Unemployment Benefits Fraud Both the unemployed and employed are at risk of being victimized by unemployment benefits fraud: criminals have targeted federal CARES Act unemployment financial assistance by...

Guide to Market Recoveries

The below article from American Funds does an excellent job of explaining facts about market recoveries, mistakes to avoid during a volatile market and actions to consider taking in your portfolio during these unprecedented times....

Stimulus Check & CARES Act update

In the wake of the historic passing of the CARES Act, we at Financial Plans & Strategies are trying to stay up-to-date with the legislation and how it affects our clients. We have several new developments to share with you. Update 1:...

CARES Act - Part 3: Making the Most of Your Stimulus Money

This week the IRS began sending the Economic Impact Payments to individuals. While there have been a few hiccups with this process, many Americans have already seen the funds show up in their bank accounts. Before buying a new wardrobe...

Exciting news from Evan Stout, CFP®

We are excited to announce that Evan Stout, Investment Advisor Representative, is now a Certified Financial Planner (CFP®). Evan completed the CFP® Certification Process on April 10, 2020. The standard of excellence for...

CARES Act – Part 2: Small Business Stimulus Package

As a part of the CARES Act stimulus bill passed last month aimed towards combating the economic impact of the coronavirus, $2 trillion of federal aid has been made available to small businesses. Businesses and nonprofit organizations...

April 2nd Webinar: “Investing in an Uncertain Market”

Invitation: “Investing in an Uncertain Market” Webinar Thursday, April 2nd @ 10:30 – 11am eastern time We invite you to listen in on a webinar which we are hosting along with a partner from American Funds this...

CARES Act suspends RMD for 2020

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020.1 This bill contains provisions for many different kinds of relief during this difficult time, but we are writing to you today...

FPS Update 3-19-2020

First and foremost, all of us at Financial Plans & Strategies hope you and your family are healthy and have not had any direct experience with the coronavirus so far. The most important thing we can do is work together as a community...

FPS & Coronavirus: Short-term volatility: What's your move?

The financial markets don’t like bad news. The current coronavirus outbreak is no exception, and many investors are tempted once more to “do something.” But in times of volatile markets, the best move of all for...

Coronavirus and Its Impact on Markets

Recently, coronavirus has been rapidly spreading throughout the world and news headlines. As Chinese authorities are trying to get a grasp on this virus, investors around the world are becoming skeptical about what sort of impact the...

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...

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...