When you begin to think about building a family, financial planning should be a prime consideration. According to the Brookings Institution, the average cost for a middle-income U.S. family to raise a child born in 2015 to age 17 is $310,605. While these numbers may seem staggering, there are several steps you can take to make them more manageable.
Putting a portion of your annual earnings into an Individual Retirement Account can carry a number of benefits. Boelman Shaw Tax & Financial Planning in Des Moines offers the following tips on making the most of your IRA contributions this year.
A new marriage brings a great deal of change into your life. One thing that may change significantly is your tax return. The financial planning professionals at Boelman Shaw Tax & Financial Planning in Des Moines can answer your tax questions and help you file wisely. Below are some key considerations for your new tax situation:
- How much should I contribute?
- How do I choose the right fund?
- Should I be reviewing my plan more (or less) often?
- Am I draining my retirement resources?
When anticipating becoming a new parent, you may never feel like you are fully prepared. The list of things to think about seems endless. While you are researching pediatricians, schools, and parenting advice, remember that appropriate financial planning is essential to providing your child with the best possible start in life. Sit down with a qualified financial planner to discuss how you can take full advantage of the benefits available to you and structure your finances to provide maximum security for your growing family. Be sure to address a few key issues while you are awaiting your new arrival.
At first glance, combining your retirement accounts makes perfect sense. You would reduce associated fees by paying them only on one account rather than several. It is also simpler and more practicable to manage a single account. Consolidating your accounts may be the best choice for you, but there are a number of factors you will need to consider before you can be sure. Before you move your retirement funds, speak with a retirement planning professional to make sure you are making the most informed decisions possible. Here are some of the topics you should cover:
With the soaring costs of higher education, many people struggle with the question of whether to borrow from their retirement accounts to help pay for their children’s college costs. Although we all want to help our children as much as possible, we have to take care of our future selves as well. Consider carefully before you decide to tap into your nest egg to help your child pay for college.
Divorce marks a major change in your life. This is especially true as it applies to your finances. As you make this tremendous shift, well-thought-out financial planning is crucial. Make sure you pay attention to these key areas so you can be as in control of your independent financial life as possible.
