Blog

B Corps and ESG factor investing

BUSINESS PRACTICES around environmental, social, and governance (ESG) factors are a hot topic in policy debates and headlines across America. The term ESG originated as an investing framework to assess the environmental, social,...

It may be time to say goodbye to our I bonds

The US Treasury's Series I bonds have had their heyday and it may be time to say goodbye. Way back in 2022, as the stock market declined in tandem with bond funds while interest rates on mortgages more than doubled, the Series I bonds...

What is a circular economy?

The United Nations' International Resource Panel concluded that natural resource extraction and processing contribute to about half of all global greenhouse gas emissions. A circular economy keeps materials, products, and services in...

What to consider when trying to balance multiple financial goals

Balancing multiple financial goals can be challenging. Here are some considerations to help prioritize paying off student loans, saving for retirement, building an emergency fund, and saving for a home down payment:Interest Rates:...

What are the pros and cons of a Roth IRA compared to a traditional IRA

Roth Individual Retirement Accounts (IRAs) and Traditional IRAs are two popular retirement savings vehicles. Both have their pros and cons based on your financial situation and retirement plans. Here's a comparison:Roth IRA...

What is umbrella liability insurance?

Umbrella liability insurance is a type of personal liability insurance that provides extra coverage beyond the limits of your homeowners, auto, or other basic liability policies.Here's how it works: If you're held responsible for a...

What are important things to consider when purchasing home owners insurance?

When purchasing homeowners insurance, there are several factors that you need to consider to ensure that your home is adequately protected. Here are some of the key considerations:Coverage Types: Not all homeowners insurance policies...

Issues to consider when evaluating an estate plan for an individual

Evaluating an estate plan is crucial to ensure that your wishes are followed after your death and that your loved ones are taken care of. Here's a checklist of some issues to consider:Will: This is the most basic estate planning...

What are important things for a parent to consider when a child leaves for college?

When a child leaves for college, parents are often faced with a range of considerations and emotions. Here are some important things to think about:1. Financial Planning:Understand the cost of tuition, room, board, books, and other...

What did I learn from my ESG Investing Certificate program?

The Certificate in Economic, Social, and Governance (ESG) Investing is a unique program designed to educate and support investment professionals in the critical initiatives shaping the future of sustainable investment models. Learn more.

What are important rules to consider with health savings accounts?

Health Savings Accounts (HSAs) can be a powerful tool for saving money on healthcare expenses, offering triple tax advantages: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are...

How do I apply for Social Security benefits online at age 70?

To apply for Social Security benefits online at age 70, you can follow these steps:Visit the Social Security website: The first step is to visit the Social Security Administration's website. The exact URL is www.ssa.gov.Create or Log...

Perspective on the US Debt Ceiling

Perspective on the US Debt Ceiling

What is the difference between a flexible spending account and a health savings account?

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are both tax-advantaged accounts that can be used for healthcare expenses, but they have several key differences:1. Eligibility:HSAs are only available to those who...

What are the pros and cons of employer provided group long-term disability insurance?

Employer-provided group long-term disability insurance can offer financial protection if an employee becomes unable to work due to a disability. As with any benefit, there are pros and cons:Pros of Employer-Provided Group Long-Term...

What are the pros and cons of delaying Social Security benefits?

Deciding when to take Social Security benefits is an important decision that depends on your individual circumstances. Here are some of the potential pros and cons of delaying your benefits:Pros of Delaying Social Security...

How We Analyze Your Investments

While the field of comprehensive financial planning has come a long way from only managing a person's investment portfolio, we still see this as a keystone part of our services to clients. One of the ways we do this is through periodic...

What are the pros and cons for saving for college in a 529 plan, a taxable brokerage account owned b

Each of these accounts has potential benefits and drawbacks when saving for college. Here's a summary of the pros and cons:529 Plan:Pros:Tax Advantages: Contributions grow tax-free and withdrawals for qualified education expenses are...

Why is renters insurance important?

Renters insurance is important for a few key reasons:Personal Property Coverage: Your landlord's insurance policy doesn't cover your personal belongings. Renters insurance can help replace or repair your possessions if they're stolen...

Advance Medical Directives for Maryland Residents

Advance Medical Directives for Maryland ResidentsWhat You Should Know About Advance DirectivesEveryone has the right to make personal decisions about health care. Doctors ask whether you will accept a treatment by discussing the...

What are important things to consider when purchasing auto insurance?

When purchasing auto insurance, it's important to keep the following things in mind:Coverage Types: Understand the various types of coverage, including liability (both bodily injury and property damage), collision, comprehensive,...

Market Insights- January 2023

Market Commentary Summary:In 2022, the S&P 500 index of large US company stocks had declined 19%, effectively erasing 2/3 of the market’s 27% gains from 2021. So, we were back to where our stock valuations roughly were in...

Tax and Retirement Savings Changes for 2023

Tax and Retirement Savings Changes for 2023There are a number of tax and retirement changes for 2023, some of which are annual contribution limit increases, others are cost of living increases for Social Security and other government...

The new SECURE Act 2.0 and What it Means for You

The new SECURE Act 2.0 and What it Means for YouThe new retirement rules passed in December have been in the news, raising questions for all of us about what is relevant to our particular situation. We’ve immersed ourselves in...

Introducing the eMoney Decision Center

The Decision Center is an interactive cash flow planning tool designed to show you a real-time view of how your financial decisions can impact your overall plan.

What are Dave Ramsey’s baby steps to financial stability?

Dave Ramsey, a personal finance expert, has outlined a plan for achieving financial stability and independence known as the "Seven Baby Steps." Here's a summary of those steps:Baby Step 1 - Save $1,000 for Your Starter Emergency Fund:...

What are the pros and cons of critical illness insurance?

Critical illness insurance is a policy that provides a lump-sum payment if you're diagnosed with one of the specific illnesses covered by your policy. As with any insurance, there are pros and cons:Pros of Critical Illness...

Tips on Credit Scores

A new year is a good time to double check your credit report to ensure that the information is accurate. You can get a free credit report at annualcreditreport.com. There are 3 credit bureaus and each one is required to give consumers...

What is the SECURE Act 2.0 and Why do I Care?

Congress is expected to pass new legislation later this year (SECURE Act 2.0) and this will have big impacts on savings and distributions from retirement plans as well. We’ll be sure to discuss these in our spring meetings and...

Courtney completed CFP® program in November

We have some exciting news to share. Our team member Courtney recently passed the arduous Certified Financial Planner exam and meets all the CFP Board’s criteria to become a CFP. Courtney has been working towards becoming a CFP...

We still like the Treasury's Series I bonds

Inflation Adjusted Series I bonds from Treasury DirectIf you haven’t purchased $10,000 in the Treasury’s inflation adjusted Series I bonds, we encourage you to by these through Treasury Direct if you have cash sitting in...

2023 Social Security Increase

Social Security and Other Federal Retirement Benefit Payments for 2023:The 2023 Cost of Living Adjustment (COLA) of 8.7% for Social Security (and the Federal CSRS annuity) is the second year in a row that these Federal benefits has...

2023 Increased Savings Limits

Retirement Savings: IRAs and Employer Plan ContributionsIn addition, retirement and health savings maximum limits increased as well. Plan to adjust the amount you contribute next year to your employer plan (401k, 403b, or TSP) to $30...

Federal Student Loan Forbearance Coming to an End?

Student Loan Repayment Strategy ReviewWith uncertainty about the student loan forgiveness program and the upcoming end of interest and payment forbearance, individuals with student loans are understandably unsure of the right next...

2023 Medicare Premiums and Open Enrollment

2023 Medicare Premiums and Income Based Surcharges

Vanguard Market perspectives: September 2022

Key highlightsWe place the likelihood of a U.S. recession in the next 12 months at about 25% and in the next 24 months at about 65%.Vanguard is downgrading our China growth forecast for full-year 2022 from 3.0%–4.0% to 2...

Reverse Mortgages for Retirement Cash Flow

A reverse mortgage is like a traditional mortgage in that it allows homeowners to borrow money using their house as security. Also, like a traditional mortgage, the title to the house remains in the borrower’s name. However,...

Estimated Tax Payments and Property Tax Payments

For folks lucky enough to have paid off their mortgage, that means you'll be paying  your property tax (and homeowner's insurance) directly rather than it being paid through your mortgage company's escrow.So, it's that time of...

New Confusion about Required Minimum Distributions for IRAs inherited after 2019

Confusion about Required Minimum Distributions for IRAs inherited after 2019The IRS has proposed a rule change that differs from how Congress had intended RMDs to be taken from inherited IRAs in the 2019 tax changes.  The current...

How Disability Insurance Can Cover the Biggest Threat to Your Financial Plan

One of the biggest potential disrupters to your plan is getting injured to the point where you can no longer work (either temporarily or permanently). Not only are you unable to earn income or save money, but you likely have ongoing...

Tackling the Beast that is Long-Term Care Insurance

If you haven’t had direct experience with a long-term care policy, then you’ve probably at least heard about this type of insurance. The feedback we hear most often when we broach this topic with clients is that it’s...

Update on Iroquois Valley Farms - a hedge against inflation

Iroquois Valley is proud to share the stories of the six farms that they partnered with this spring – this is the largest number of investments they’ve made in a two-month timeframe in their Company’s history....

2023 Social Security Increase Projections

If you’re retired or just about to retire, next year’s Social Security checks are likely to see one of the biggest bumps on record as a result of surging consumer prices.The average beneficiary may be in line to get as much...

Maryland Tax Credits for Retirees

Maryland recently passed a tax break for Marylanders ages 62 and up. Seniors who earn up to $100,000 per year could receive up to $1,000 in tax cuts, or up to $1,750 for senior couples who earn no more than $150,000. People who owe no...

Protecting the Ones You Love with Life Insurance

Life insurance comes in many forms and can serve different purposes. We view life insurance as a tool, rather than an investment, to manage any potential risks or exposures to your overall financial well-being. 

A Bakers Dozen: Ideas for Investments Not on the Stock Market

We believe in diversifying investment risk across different types of investments, including those not on the stock or bond markets. Here are some ideas to consider for investing on your own that can increase your diversification into...

Celebrating Dr. George Washington Carver's impact on sustainable agriculture

Celebrating Dr. George Washington Carver's impact on sustainable agriculture In honor of Juneteenth, we are celebrating the legacy of Dr. George Washington Carver, a Black farmer who was among the first to formally recognize the...

What it Means for us to be a B Corporation?

This economy is comprised of a new type of corporation—the Certified B Corporation—which is purpose-driven and creates benefitfor all stakeholders, not just shareholders.As B Corporations and leaders of this emerging...

Seven ways you can financially prepare for a recession

We are big fans of Washington Post columnist Michelle Singletary. In her article today, she shares pearls of wisdom about ways we can all prepare for a recession (and keep our sanity about the stock and bond market down turns, high...

Avoiding Expensive Auto Liability Costs Through Sufficient Coverage

High-end vehicles with low-end coverageWith a host of upgrades and safety features, new vehicles commonly cost upwards of $50,000. Protect the value of those cars, both for accidents and for repairs, with an appropriate policy. Teslas,...

Ways to Make the Most of your Social Security Benefits

While there are no "hard and fast rules" about the proper age to draw Social Security, there are several variables to consider for increasing your future benefits. And there are also your own personal circumstances to consider when...

Annuities in a time of market turmoil

While fixed-index annuities are "fan favorites," there are several other types of annuities in the market including: deferred annuities; variable annuities; fixed index annuities, and immediate income annuities.

The best and worst states for property taxes

Because many retirees are on a fixed income, property taxes can play an important part in the decision of where to live during retirement years.

For our TD Ameritrade investment management clients

Beginning with the July 2022 statements, TD Ameritrade will require that our investment clients establish a user ID and password on the web or via mobile on AdvisorClient® and log in to maintain your enrollment in electronic delivery of sta

Replacement Value for Homeowner's Insurance

2023 Health Savings Account contribution limits

Buying and Selling a Home in this Market

CD and bond rates are increasing, finally!

What's Upcoming at Gallant Financial Planning

What is the tax free amount of the 2022 Maryland pension exclusion?

Why we like Series I Savings Bonds

Learn about the small company stock funds that we use

Stay the course with your investment strategy

The Positive Impact of Conscious Investing

What Dimensional Fund Advisors thinks about investing right now

Mr. Market's Wild Ride

Roller coasters in the real world? No thank you. Roller coaster ride in the financial markets? No problem, I have a financial plan.People in the crypto space like to use the acronym "FUD" (fear, uncertainty, and doubt) when referring...

Sustainable Investing & Stakeholder Capitalism

Budgeting Basics and Other Tips for a Successful Start to the Year

Mortgage Rates Continue to Tick Up

Property and Casualty Insurances

As a continuation of our Insurance Issue, read on for more about homeowner, auto, and umbrella policies.

What is Tax Planning?

Investing in Organic Farmland

Deducting COVID related expenses from your 2021 taxes

Eliminating Mortgage Insurance Might be a Good Reason to Refinance

Many home buyers need to get monthly mortgage insurance when they buy their house. Mortgage insurance is required when you put less than 20% down. It protects the lender from early default on a loan. Mortgage insurance automatically...

Latest Proposed Federal Tax Rules Change Again

We got a new tax proposal on October 28th! And everything is different! Our tax consultants report that nearly all of the changes we saw in the September 13th tax proposal are gone. We can forget about updated tax brackets, the 25%...

Latest Proposed Tax Rule Change Updates

We finally saw some movement last week on the proposed tax law changes, and it was pretty big news. A ton of our favorite planning strategies got a reprieve, (e.g. the back door Roth), but there are some gotchas for taxpayers at both...

Medicare Open Enrollment Starts October 15 2021

Below is a graphic from the folks at Sixty-Five Incorporated. We use their software tools and information to guide us in providing Medicare advice to clients.

2022 COLAs and Social Security and Other Tax Changes

This is always an exciting and busy time of year for me: when the next year's Cost of Living Adjustments and tax-related thresholds for various contribution limits and tax brackets are published. We eagerly update our tax projections...

New Mortgage Programs Make it Easier to Refinance

Many of you have taken advantage of the low mortgage rates over the past 18 months and have refinanced into a lower-rate or shorter-term mortgage. However, there are some people who were left out of this opportunity and now Fannie Mae...

Public Service Loan Forgiveness Update

If you are a federal student loan borrower, you are no stranger to how complicated it can be to navigate options and strategies for repaying those loans. Last week, the Department of Education announced sweeping changes to the Public...

Retirement Contribution Limits Projected to Increase in 2022

Before the IRS publishes the official numbers for 2022 retirement contributions, analysts are projecting increases due to higher inflation numbers. The 401K, 403b, TSP, 457 elective deferral (currently $19,500) is expected to increase...

Health and Longevity-Related Risks Impact Your Plan

11 Health and Longevity-Related Risks That Can Wreck Any Savings or Investment Plan When financial advice professionals talk about “risk”, we usually are referring to the risks associated with your investment investments....

2021 Proposed Tax Changes

2021 Proposed Tax Changes By now, you’ve likely seen that the House Ways and Means Committee released a draft of major tax legislation yesterday. Our tax planning consultants have already parsed through the draft and started...

Our team member Courtney is now a Financial Advisor

We are excited to announce that our team member Courtney has completed the education, testing, and registration requirements to become an Investment advisor representative of Gallant Financial Planning. With this promotion from...

Document Retention

It can be difficult to determine what documents we should keep in our personal filing systems and for how long. It can seem equally as easy to just keep everything as it is to throw everything out. But then you’ve either got...

Investing in water: Making an impact without sacrificing performance

We developed a purely ESG investment model. We used Morningstar data along with non-profit database As You Sow to come up with the best options for our clients. Our fund line up include such funds as iShares ESG Aware small-cap ESML,...

Federal Student Loan Update

There have been a number of changes in the federal student loan world recently, so we want to make sure you’re up to date on what these changes mean for you. As of this posting, the freeze on federal student loan payments and...

Vanguard ESG funds

Many investors are interested in adding ESG (environmental, social, and governance) factors to their investments, and want to include in their portfolio companies that align with their values. Developing products that allow investors...

Estate Planning- What You Need to Know

Estate planning isn’t always the most fun topic to discuss, however not planning for incapacity or death can be a really big hole in your financial boat. And we wouldn’t be doing our fiduciary duty if we avoided this...

Tax-efficient Charitable Giving

Last year's Tax Cuts and Jobs Act increased the percentage-of-AGI limit on cash contributions from 50% to 60%, and the CARES Act (as extended by the Coronavirus Stimulus Act) further increased the limit from 60% to 100%(!) of your...

Mid Year Planning News

Summer has arrived, cicadas have left the DC Metro area, and we're halfway through what's turning out to be a much better year than last. We are fully engaged in our mid-year Investment Review zoom calls. If you haven't already...

Retirement Savers Tax Credit

Saving for retirement can be challenging. For young workers, paying the rent and buying the week’s groceries may take priority and there is only so much money to go around. And even older workers who are working part time as they...

Free course Towards Aware and No-Harm Investing

The course Towards Aware and No-Harm Investing is for people who care and are actively engaged in making the world a better place but whose financial resources might not be fully aligned with their personal values and what they care...

IRS extends 2020 IRA contribution deadine to May 17

One of our favorite articles from Vanguard explains why contributing to your IRA (sooner rather than later each year) adds up to more money when you retire. You can make an IRA contribution for a given year anytime between January 1...

PPE is tax deductible this year

The IRS has recently clarified that the purchase of personal protective equipment (PPE) such as masks, hand sanitizer and sanitizing wipes for the primary purpose of preventing the spread of coronavirus are deductible medical expenses....

2021 Stimulus Calculator

More stimulus checks are coming: $1,400 checks could be hitting bank accounts and mailboxes this month, going out to adults, children, and adult dependents including students and parents. These adult dependents did not qualify for...

The American Rescue Plan Act of 2021

For the most complete analysis of the impacts of the latest stimulus package, we turn to our favorite financial analysts Michael Kitces and Jeff Levine for their take on how this impacts our financial advisory clients. Please note that...

Using Probability-Of-Success-Driven Guardrails To Manage Safe Retirement Spending

Using Probability-Of-Success-Driven Guardrails To Manage Safe Retirement Spending or why creating a "retirement paycheck" is both an art and a science. Derek Tharp, a researcher on the team at Kitces.com has put together a framework...

What is financial life planning

The advisory services that we provide to our clients is based on years of training that I've done in the area of "financial life planning." The graphic I"m sharing here is one of the best depictions I've seen for conveying the depth...

Aligning your investments with your values

According to Cnote, it has never been easier to align your investments with your values, whether you’re investing $5.00 or $50 million. CNote is an organization that works with federally-certified Community Development Financial...

Dealing with Debt

Managing budgets, particularly during COVID, can be a challenge, particularly if you have lost a job and/or are dealing with unexpected expenses. Adding loans and other debt to the mix, and it can be helpful to reach out for help....

To Refi or Not to Refi, that is the question

To "refi" or not to "refi"The question posed to us most frequently recently involves whether to refinance a current mortgage. Our response evaluates both qualitative and quantitative factors that can be unique to each person. These...

2020 In Review; Or, It's the End of the World As We Know It (and My Portfolio Feels Fine)

Summary 2020 is finally over. And what a year it was! Among other things, we experienced: A global pandemic Virtual learning for many students A significant decline in financial markets The most rapid onset of unemployment in U.S....

Tax Implications of the Latest Stimulus Bill

Hot off the presses (in this case, from our favorite financial advisor analyst MIchael Kitces): "After months of debate about providing additional economic relief in response to the coronavirus pandemic, the latest “Coronavirus...

Federal student loan forbearance extended

On December 4th, 2020, Education Secretary Betsy DeVos announced that the administrative forbearance on federal student loans would be extended to January 31st, 2021. This means that borrowers with federal student loans are not...

Values-Based Financial Planning Training

Debbie recently completed a week-long virtual training on financial life planning with the Money Quotient team. The mission of Money Quotient is to facilitate the exploration and implementation of a values-based life-centered approach...

Why should you do Roth conversions?

Headlines are saying that the taxes are record low this year. They are low compare to what we had historically and what we are likely to have in the future. By doing Roth conversions, you pay taxes today and lock in this low rate. 2020...

Why diversify investments?

We believe in diversification. When US stocks are going down, international stocks might provide investor with higher returns at that time. Look at the colorful and data filled periodic table of investment returns found in our previous...

Forum for Sustainable and Responsible Investment

Our firm is a member of The Forum for Sustainable and Responsible Investment (US SIF), a the leading voice advancing sustainable investing across all asset classes. Its mission is to rapidly shift investment practices toward...

No Increase in 2021 Retirement Plan Contribution Limits

The 401k/403b/457/TSP contribution limit will stay the same at $19,500 in 2021 as in 2020. If you are age 50 or over, the catch-up contribution limit will also stay the same at $6,500 in 2021 as in 2020. Employer match or profit...

FSA and HSA Limits for 2021

The Internal Revenue Service released inflation-adjusted contribution limits for health savings accounts (HSA) for 2021. For calendar year 2021, the annual limitation on deductions under §223(b)(2)(A) for an individual with...

What inflation adjustments mean to your retirement

Social Security and Federal government retirees will receive a 1.3% cost of living (COLA) increase effective January 2021. The not-so-good-news is that while 1.3% is more than many expected, it won’t be enough to cover higher...

New Security Features for MoneyGuidePro Access

Effective Monday, October 26, 2020, two-factor authentication will be enabled within your MoneyGuide plan and Client Portal. This is a security measure for accessing Plan data. The next time you log in, you will be asked to use...

Why a Biden-led blue wave could prompt an upgrade in growth forecasts according to Goldman Sachs

A blue wave this November led by Democratic presidential nominee Joe Biden could lead to a surge in economic growth, according to Goldman Sachs.Goldman said in a note recently that Democratic control of the presidency and Congress...

Schwab Purchase of TD Ameritrade moving foward

Schwab's purchase of TD Ameritrade has received final approval. The full integration of the two firms — which announced the transaction 10 months ago — should take 18 to 36 months to complete after the deal officially...

Join us in making a difference through investments

As we further develop our business strategy of facilitating positive social impact and "doing good, better" we are rolling out a series of new investment vehicles that support this goal. This quarter, we are highlighting the recent...

What is Financial Wellness?

What is "financial wellness"? Financial wellness is best viewed as a tiered pyramid, with each layer building on the one below, analogous to Maslow’s hierarchy of needs. What many regard as "financial wellness" is really just the...

eMoney Orientation

As we continue to roll out our eMoney financial planning software, we want to make sure you have the tools you need to take advantage of all eMoney has to offer. That’s why we are offering all of our clients a Getting Started...

Integrating Financial Planning with Sustainable Development

Our goals for our own personal financial planning and investments can be congruent with sustainable development goals for the world. For example, the 2030 Agenda for Sustainable Development, adopted by all United Nations Member States

Medicare Resources

Turning 65 and/or separating from an employer’s health plan at “retirement” (whatever retirement means to you) opens to the door to needing to make health care decisions that can boggle the mind. We’re here to...

Vanguard Market perspectives: September 2020

Key highlights Economic growth may slow later in the year, with the progression of COVID-19 and the prospects for a vaccine remaining the key drivers of economic activity globally. We continue to expect a 2020 U.S. economic contraction...

Recent Changes to Your Paycheck Withholding

If you’ve noticed an unexpected increase in your paycheck recently, you’re not alone. While this could happen for several reasons, there are two likely and timely explanations you should watch out for. First, this time of...

Fed likely to hold down rates for 5 years or more

The Federal Reserve is expected to hold short-term interest rates close to zero for the next five years and possibly longer, as well as adjusting its approach to inflation under a new monetary policy strategy. The new inflation policy...

Leaning Into Purpose During a Pandemic​

Gallant Financial Planning will be applying for B Corp certification in 2021. "B the Change" is a collaboration of B Lab, the community of Certified B Corps, and the movement of people using business as a force for good. Now, as the...

Update on Federal Student Loan Relief

The CARES Act passed in March included relief for federal student loan borrowers in the form of canceled payments and no interest accrual through the end of September. President Trump has since signed an executive order extending these...

Is Now a Good Time to Refinance a Mortgage?

First it is important to discuss the record low interest rates. According to the latest market survey data on primary mortgages released by Freddie Mac on August 27, 2020, the 30-year fixed rate average fell to 2.91 percent. Last year...

What is an Investment Policy Statement?

Last summer, we prepared Investment Policy Statements for our TD Ameritrade investment clients. We'll be reviewing and updating these important documents during our upcoming client review meetings. If you have new goals and/or life...

Your College Student Needs a Health Care Power of Attorney (and you do, too)

For those of you with children that have attained their 18th birthday and, especially, for those with children that may be heading off to college in the future, it is important that they have a health care power of attorney (HCPOA) in...

Socially Responsible Funds added to your portfolio

We are adding a new fund, Vanguard FTSE Social Index Admiral VFTAX to our portfolios valued over $50,000. This move will support the cause to make our world better and provide enhanced performance to our portfolios. VFTAX is one of the...

Vanguard Market Perspective July 2020

Key highlights U.S. growth will turn positive in the third quarter, but significant risks to the economy remain. Vanguard expects that the U.S. unemployment rate will fall to around 10% by year's end. Continuing U.S.-China tensions...

How to Really Withhold the Right Amount of Tax in your Paycheck

One of life's challenges seems to be calculating what you'll owe in taxes the following April. There are several tools available for you to use including one of favorites right from our friends at the IRS: https://www.irs...

Maryland is trying to become more tax friendly to retirees

Maryland isn't very tax-friendly for retirees, and many seniors are moving to more tax-friendly states as a result. Maryland exempts some types of retirement income from state income taxes, including Social Security. But it fully taxes...

The latest news about Schwab's purchase of TD Ameritrade

As you may have heard DOL and shareholders approved merger of TD Ameritrade and Schwab. We see it as a positive development

IRS rules that ALL unwanted 2020 RMD can be returned

The Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 suspended Required Minimum Distributions during 2020, with some limited allowance for individuals to return unwanted RMDs that were already...

eMoney Features We Think You’ll Love

As we begin rolling out eMoney, our newest financial planning software and client portal, we wanted to highlight some features that you’ll definitely need to know about. The Vault First and foremost- the Vault! This is a secure...

Saving More in 2021 in Tax Deductible, Tax Free Health Savings Accounts (HSAs)

IRS raises HSA contribution limits for 2021 The IRS has issued annual inflation-adjusted limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most amounts have increased...

Periodic Table of Investment Returns

One of the most compelling illustrations of the benefits of diversification is known as the periodic table of investment returns, originally introduced by Callan Associates in 1999. It’s called the periodic table because it...

How We All can "Be the Change"

Inspired by the reading and deep thinking I've done during COVID-19, I've realized that my financial planning and investment advisory business can be a pivotal part of channeling resources toward bettering our families and our clients'...

Maryland 529 distributions and higher education refunds

Several higher education institutions are issuing partial refunds for tuition and other expenses because of closures due to COVID-19. If you’ve taken a distribution from a 529 account to pay for tuition or other qualified...

Federal student loans in the time of COVID-19- What should you do?

If you’re one of the millions of Americans who hold federal student loans, chances are you’ve heard about the 6-month payment and interest waiver as a result of the legislative response to COVID-19. As of right now, federal...

Determining if an RMD can be returned

From our favorite financial blogger and researcher, Michael Kitces, comes an easy to follow flow chart on whether you can put back an unneeded/unwanted Required Minimum Distribution (RMD) from your IRAs this year: Let us know if you...

What is the Warm Glow Effect?

Increasing in funds that follow practices consistent with one's values Increases the amount of satisfaction from the investment Maximizing client satisfaction is the goal in the first place The origins of responsible investing, also...

Vanguard Market perspectives: May 2020

Key highlights The global recession will be short, with growth turning positive in the second half. Developed economies will not return to normal until later in 2021. Labor markets in face-to-face sectors such as leisure and...

What is Long Term Care?

There are many variations of how to fund long term care. Educating yourself on these can help you determine the approach that is best for you. We can help you personalize your plan and how to fund it.

Long Term Care by the Numbers

Some interesting facts about funding long term care:

Cybersecurity: Increased Spam

Cybercriminals have been taking advantage of the novel coronavirus pandemic to bombard people with phishing emails, spam, and malware since the disease was first reported around the beginning of the year. The goal is to try to ensnare...

Key CARES Act Provisions

Congress has passed another stimulus law that provides many positive benefits to businesses and individuals. The most recent law (Friday, March 27) includes student loan payment and interest waivers for 6 months, no RMDs required in...

Government’s response to the economic downturn

With the stock market on a wild ride and many Americans out of work due to COVID-19, it’s easy to be discouraged by the economic outlook. The federal government has stepped in and made changes to try and boost the economy. While...

Market volatility

On Monday US stocks declined 7% at the market open which triggered the fail-safes that paused trading. Stock markets have been extremely volatile recently making many investors nervous.People are panicking because they don't have a...

Beat the short-term market jitters according to Vanguard

Stock Market in the News​

In your investing lifetime, you may only see a situation like the recent novel coronavirus (COVID-19) a few times. This is a circumstance where complete candor is necessary. The truth is that we can’t yet gauge the full economic...

Tuning Out the Noise of the Stock Market

The same is true today as it was when this article was written in May 2018.

New Uses for your Maryland College Savings Plan

There is even more flexibility in how you can use money saved in your Maryland 529 college savings plan. As of January 1, 2020: You can now use 529 accounts to repay student loan debt - A 529 Account Beneficiary's student loan payments...

Why Vanguard Suggests Contributing to Your IRA Earlier Rather Than Later

Vanguard suggests that by waiting until April 15th to make the prior year's IRA contribution, investors are losing 15 months of compounding investment returns on their money. Instead, contribute as early as you can afford to do so,...

Maryland pension exclusion may include a state tax deduction for distributions from 401Ks or 403bs

Maryland Pension Exclusion If you are 65 or older or totally disabled (or your spouse is totally disabled), you may qualify for Maryland's maximum pension exclusion of $31,100 (for 2019) under the conditions described in Instruction 13...

Finding help with debt

If you have student loan debt, we are very well qualified to help clients navigate through the ins and outs of setting up a payment plan. See our other articles about techniques student loan repayment. Other debt, particularly credit...

Why employer-provided disability coverage probably isn't enough

So you have a good job with good benefits- congratulations! Chances are these benefits include long-term disability coverage that will provide you with 60% of your income if you were to become disabled. Great, right? Maybe not. While...

New Required Minimum Distribution Rules to 72

The new SECURE act, which passed in late December, pushed back the age in which individuals had to start their Required Minimum Distributions from retirement accounts (if they hadn't already reached the previously required age of 70...

Changes to IRA distributions after the SECURE act

The new SECURE Act included changed to how inherited IRAs much be distributed, resulting in accelerated distributions (and larger annual tax bills each year) and less control over how and when to take money out of an IRA for many...

Courtney's Corner- Student Loan Repayment

As almost half of American millennials know, the burden of student loan debt can be a daunting cloud over your financial life. Carrying this debt has an impact on major life decisions such as when to have kids or whether to buy a home....

The new SECURE Act for Retirement Savings

The last few days of 2019 brought a new law with sweeping changes to the retirement savings landscape. And lots of opportunities for financial advisors to learn new rules to ensure optimal outcomes for our clients. Financial expert...

Losing a sibling through the lens of a financial planner

Just before Thanksgiving, my younger brother passed away after a long illness complicated by depression. Both made it hard for him to plan for his family's future and for him to receive advice from others. While he had been sick for a...

Schwab Purchase of TD Ameritrade

We were excited to hear the news that Schwab plans to purchase TD Ameritrade, the investment custodian where we manage our client's accounts. Both companies are top notch providers of services to both clients and independent Registered...

Loss of the "stretch" retirement account

One of the most significant changes made by the SECURE Act to impact retirement savers is the elimination of the ‘Stretch’ provisions for most non-spouse beneficiaries of defined contribution plans and IRA accounts. Under...

What the new SECURE act means to you

Below are the five things that may apply to our clients and we'll be focusing our attention to these in the first part of 2020. [There are lots of exceptions and provisions to many of these rules but I want to keep this readable, so I...

Schwab acquisition of TD Ameritrade

Schwab acquisition of TD Ameritrade: This week we've learned about Charles Schwab and TD Ameritrade agreed on the deal. We want to assure you we are working proactively in communication with TD Ameritrade to understand what this may...

New IRS life expectancy tables will slightly reduce RMDs in thef uture

The IRS has proposed new life expectancy tables that reflect that Americans are living longer (and therefore their money needs to as well). The IRS tables that may go into effect in 2021 will slightly reduce the percentage of the...

Hello Fall!

The air is crisp and we are heading toward the end of the year, a busy time here at GFP and surely in your household as well. What’s on your to-do list? Perhaps it’s home maintenance projects. Are your gutters ready for the...

Welcoming a New Member to Your Family

We were excited by the news that our newest client Quinn was born the last week of August. Quinn was a "surprise" in that his new parents had only 48 hours notice that they'd been selected by the birth mother to adopt this precious...

Tools for Boomers

To support our "boomer clients" and those clients who have parents or family members near or in retirement, we have three specialty software tools that we use in conjunction with our core financial planning and projection software that...

What's Happening at GFP in August

Conferences, vacations, new professional designations, and new tools and services. We have been busy this summer!

Key Questions for the Long Term Investor

Whether you’ve been investing for decades or are just getting started, at some point on your investment journey you’ll likely ask yourself some of the questions below. Trying to answer these questions may be intimidating,...

What’s New at GFP This Month

Ongoing Education Debbie has enrolled in a post-CFP educational course for a new designation called Retirement Income Certified Professional®. This program will enhance our knowledge of the latest academic and industry thinking...

Insurance Issue

At the end of February, our team member Courtney went to an insurance conference with the folks at LLIS to learn more about their products and services to better serve our clients. LLIS is an insurance broker out of Tampa, Florida with...

February updates

After a December that marked the worst month for U.S. equities since the Great Depression, the U.S. equity market (as measured by the S&P 500® Index) experienced a robust rebound in January 2019, returning 8.01%—its strongest month since ..

Welcome to 2019

Debbie is having fun with the 15-minute “Jump Start” calls, kicking off 2019 on the right financial foot for our current clients. This turned out to be a popular event and our clients are keeping Debbie...

December Update

Markets Back in our February blog post we commented on the stock market plunge after a surge in January, and here we are again. Unfortunately, the back-and-forth market swings and uncertainty are a new normal. For all the market growth...

Retirement and Investment Updates

Retirement contribution limit updates (2019) The IRS just announced the 2019 retirement contribution limits. In 2019 you can contribute $6,000 to your IRA, up from $5,500 with the same $1,000 catch up when you are age 50 and above, for...

Behind the scenes at GFP

New online meeting scheduling tool We are excited to roll out an online meeting scheduling tool right on our website and in our email signature to make scheduling easier. We offer a variety of meeting options, including a quick...

June Update

Market Overview What a nice change of pace to see interest rates steadily increasing, with every indication that they will continue to do so. This is great news for consumers who hold CDs, as you’ve been able to see your money...

What's new in April

New service: TD Ameritrade CD and bond ladders We have recently started offering an enhanced service for our clients whose money we manage at TD Ameritrade. As interest rates rise, CD rates are increasing and are becoming a more...

Things that we pay attention to so you don’t need to

Health Savings Accounts in Maryland not IRS approved: UPDATE: On April 30, 2018. The IRS indicated that it would accept $6,900 as the 2018 HSA Family contribution maximum. This is a reverse decision from what was released in March...

The Stock Market Giveth and Taketh Away

The Dow Jones industrial average lost 1,175 points today—an all-time record. In Dow points, the loss was more than twice the 508 points the average plunged in the 1987 crash. Yet because of the much greater valuation of the Dow...

Perspective on Today’s Market Events

It looks like the U.S. stock market will finally get something that happens, on average, about once a year: a 10+% percent drop—the definition of a market correction. The last time this happened was a whopper—the Great...

HSA funding is on hold

2018 HSA UPDATE: Individual: $3,450 (up from $3,400 in 2017) Family: $6,900 (up from $6,750 in 2017) On April 30, 2018. The IRS indicated that it would accept $6,900 as the 2018 HSA Family contribution maximum. This is a reverse...

New Software Widgets

MoneyGuidePro is a goal-oriented software. The MoneyGuidePro planning philosophy’s five key points are: (1) Begin saving by setting goals based on what is most important to you (2) prior to retirement, focus on savings and the...

Meet our newest employee Courtney!

After interning with us last summer, Courtney is now our newest employee and continues providing her energy and enthusiasm for finance to the high-level services we provide to our clients. Using skills gained from academia and prior...

Montgomery County Maryland approves pre-paying property taxes for 2018

Update as of December 28th 2017: Yesterday the IRS advised: “In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017 depends on whether the taxpayer makes the payment...

Planning for Tax Reform

Sounds hard to do - plan for tax reform - when the news changes daily on different bills and deals that the House and Senate are putting together. And yet a large part of what we do for our clients is to help you plan for your future...

What to Do About the Equifax Security Breach

In between Irma and Harvey updates, we’ve all heard of another “hurricane” where a Equifax, a major consumer credit reporting agency, had a security breach. Hackers were able to retrieve names, birth dates and...

What’s New This Month at Gallant Financial Planning?

We are evaluating a new Medicare planning process. Our goal is to help you make better decisions when the time comes to apply for Medicare. We can guide you through a series of questions to develop a “road map” of when it...

Introducing Our New Team Members!

Gallant Financial Planning is pleased to announce the newest additions to our team! As a financial planning firm, we desire to offer exceptional service, a high level of fiduciary care, and focused, personal attention. We believe that...

Investments to Avoid

It’s a new year, and a fresh opportunity to reevaluate your investments. Whether you are just starting out or are a seasoned investor, it is helpful to take a step back and review what makes up your portfolio. Taking into...

2017 First Quarter Economic Update

Believe it or not, but the first quarter of 2017 is already over! 2016 was marked by tumultuous politics, but Trump’s surprise victory resulted in a market surge that has continued into this year. In fact, the economy has been...

Why I Became a Financial Advisor

It’s amazing how the smallest of moments or decisions we make in life can impact our entire lives. I remember clearly in 1984 picking up an issue of Money magazine. I was fascinated by financial planning and the strategies people...

What I Do and How I Can Help

For most people, it’s hard enough to find the time and resources to confidently build and manage their assets. It can be even more difficult to know how to integrate your personal values into your financial plan and feel...

Job-Changer’s Financial Checklist

As you look forward to starting a new job, it's important to consider how you will manage your finances while making the transition from one employer to the next. The checklist to use before starting a new job: Proactively manage your...

Ten Investment Mistakes to Avoid

Who needs a pyramid scheme or a crooked money manager when you can lose money in the stock market all by yourself. If you want to help curb your loss potential, avoid these 10 strategies. Go with the herd. If everyone else is buying it...

Turning 30 and Getting Serious About Finances

Throughout her 20s, Nancy Corwin dreaded the day she turned the big 3-0.1 Then the day finally came—and went. "And it was no big deal," said Nancy. "It was really sort of a letdown after all that worrying," she joked. One thing...

Tax Strategies for Retirees

Nothing in life is certain except death and taxes. —Benjamin Franklin That saying still rings true roughly 300 years after the former statesman coined it. Yet, by formulating a tax-efficient investment and distribution strategy,...

Making Your Money Last in Retirement

Many of us may live well into our 90s, especially if one or more of our parents did so. Most of my clients have at least a 20% chance of living to 90, with a 10% chance of living to 100! With a retirement that may last from 20 to 30...

Frequently Asked Retirement Income Questions

When should I begin thinking about tapping my retirement assets and how should I go about doing so? The answer to this question depends on when you expect to retire. Assuming you expect to retire between the ages of 62 and 67, you may...