Blog

With so much going on in the world today—from a global pandemic through economic hardship—it comes as no surprise that many people have recently found themselves under heavy financial stress. Whether it is due to the loss of a job, illness

If you work after you begin receiving Social Security retirement benefits, all or part of your retirement benefit may be withheld if your earnings exceed the retirement earnings test exempt amount. However, excess earnings won't affect your

When starting a business, you must consider a number of factors. One very important factor is taxation. Although business tax planning is a complicated area, the first step is to understand the tax consequences when the business is formed.

Financial markets were shaken last week as Silicon Valley Bank (SVB), the California bank subsidiary of SVB Financial Group (SIVB), fell into FDIC receivership. SVB is the first FDIC-insured institution to fail since 2020 and the...

If you're like many Americans, you may have a few dents and dings on your credit report. As of 2020, around one in five adults has either a "fair" or "poor" credit score, which can impact their ability to qualify for a loan, rent...

As 2023 heats up, talk about the national debt spiraling out of control will too. But what is the national debt and should investors worry about it? More importantly, can the national debt teach investors a thing or two?

If you're a business owner, you are likely the Chief Everything Officer at work and have many responsibilities. A business owner's situation is unique since they are asset-rich and cash-poor since their wealth is in their business-literally

The importance of financial literacy for children cannot be overstated. One of the most effective ways to teach children about money management is by encouraging them to open a savings account. A savings account not only teaches children...

Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree, IRAs....

What health care benefits are available in retirement? Health care in retirement is available from many sources. Government programs (such as Medicaid and Medicare) offer numerous health care benefits. However, you may need to purchase...

Want to be your own boss? Ready to turn your hobby into a career? Got a great idea and thinking about launching a business? If you've answered yes to any of these questions, you are ready to become an entrepreneur. This can be an...

Financial wellness is a state of being when one is in control of their finances, can cover expenses, and save for future goals. Consider financial wellness as your relationship with money; it can be either healthy or unhealthy....

As you may know, Congress passed Secure 2.0 as part of the fiscal 2023 spending package. This bipartisan retirement security legislation could present opportunities for your retirement savings strategy. I have attached a brief overview...

When it comes to New Year's Resolutions that include financial goals, writing them down and being visible is essential to your success. After you’ve written down what your financial resolutions for the New Year are, tell others...

Improving return by minimizing taxesAlthough we are all obligated to pay our fair share of taxes, few of us would be pleased to pay taxes unnecessarily. Because taxes lower the actual return on your investments, you should be...

Financial wellness, like physical wellness, isn’t something you should ignore. Instead, it's a critical concept for anyone who wants to be knowledgeable and confident about their finances, and in fact, financial wellness is so...

While this strategy is most often applied to ridding your home of your grandmother’s antiques and stacks of old CDs, you can also use this idea to rid your entire life of excess—mentally and physically.Think...

Through all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets...

Regardless of size, companies can benefit when the community in which they do business thrives. For entrepreneurs, giving back to the community may be more than just a charitable act; it can also make good business sense. If you have...

Social security is way behind inflation so you may need a better retirement plan. In October of 2022, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for more than...

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December...

Change may be difficult, especially when you try to change your financial habits. The process might be easier if you take an incremental approach. Do you want to get on top of your finances this year? Are you looking for ways to...

What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...

No matter your age, financial competency is an important skill to have. The most important part of feeling confident in your finances is your ability to budget—and that’s not always an easy task. Here are a few helpful...

If you hope to retire soon and are concerned about what the future may hold for your investments, you are not alone. Inflation has many retirees and soon-to-be retirees worried about outliving their savings and investments.1 What...

Shoppers spend nearly $20 billion every year on Small Business Saturday.1  If you’re not familiar with this particular holiday, it takes place in the U.S. the day after Black Friday in November, and a few days before Cyber...

An important part of managing your personal finances is keeping your financial records organized. Whether it's a utility bill to show proof of residency or a Social Security card for wage reporting purposes, there may be times when you...

When it comes to planning for your retirement income, it's easy to overlook some of the common factors that can affect how much you'll have available to spend. If you don't consider how your retirement income can be impacted by...

Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers. Many of today’s middle class families have...

Be very careful when making even small changes to your assumptions. Cut a pie into 100 slices and what do you have? Barely a nibble. Seemingly an inconsequential share of anything, 1% can actually make a tremendous difference

The changes you make today might be the benefits you need long-term. Today, many people find themselves inundated by a constant stream of financial news from television, radio, and the Internet.

Remember, early planning puts time on your side.Whether retirement is around the corner or decades away, there are more options than ever to help you plan for it. Let’s look at Individual Retirement Accounts (IRAs) and 401(k)

You may already be aware of the importance of having enough life insurance coverage to handle financial matters that could affect your family in the event of your death. However, determining the appropriate amount of coverage for your...

As a business owner, you may assume you do not need professional financial advice until you hit certain milestones such as $1 million in sales, having ten employees, or some other tangible measure. However, financial professionals may...

One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion

In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride...

With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn't in danger of going broke

When it comes to saving for retirement, the options can seem endless. From 401(k) plans to IRAs, to Roth IRAs, health savings accounts, even life insurance policies, there are a variety of financial vehicles that allow you to set aside...

Financial independence means different things to different people. For some, it might mean early retirement. For others, the ability to travel the world. It is the freedom to leave a job that is no longer personally or professionally...

A regular program of disciplined financial practices can help you in the long-run. Many people realize that the best way to stay in shape is to develop an appropriate fitness regimen and then stick with it.

When it comes to investing, having fewer investments might help streamline your portfolio to manage stress better. Here are some benefits of a simple portfolio and some ways to help you create one.

The sandwich generation is a term commonly used to describe those between the ages of 40 and 59 who are responsible for raising their family and are also often helping their aging parents manage their ongoing needs.

In March 2022, the Consumer Price Index for All Urban Consumers (CPI-U), the most common measure of inflation, rose at an annual rate of 8.5%, the highest level since December 1981.1 It's not surprising that a Gallup poll at the end of...

Your retirement planning needs to incorporate more than just investments.Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future

Although many things have changed in the financial world over the past 20 years, some nuggets of financial advice are timeless. Here are a few tips that have remained constant for several generations.

A life insurance policy is part of financial planning. Life insurance is there to help ease the financial trauma that comes with the loss of a spouse, parent, or partner. As you encounter different events in your life, you may need to...

Investing is stressful. It takes sound mental decisions to weather the ups and downs that come with the markets and investing in general. Whether you are managing your financial portfolio or making investments on the side, staying

Market volatility could spook even the most seasoned investor. If a precipitous week or two in the market has you ready to sell, you may want to reconsider your risk tolerance and asset allocation.

You may be retired and considering investing some of your retirement nest egg. Depending on your situation, it is crucial that investing in the stock market, bond market, or other investments does not jeopardize your retirement savings

According to the College Board, the most recently published figures of the average annual cost of tuition and fees at a public university for a school year was $9,970 for in-state students and $25,620 for out-of-state students.

Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect.

Even though tax filing season is well under way, there's still time to make a regular IRA contribution for 2021. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2021.

What does an entrepreneur need to create a dynamic company? The right mindset is a big part of it. As an entrepreneur, you devote half your time or more to the daily hustle, making things happen and accomplishing goals.

Making sure your investments help you work towards your true life goals Too often during uncertain times, we inadvertently compare ourselves to the people around us – and that may lead us to make financial mistakes.

After a busy life on the farm, you may be looking at the next steps and addressing how you plan to pass on the property, land, and assets that you worked so hard throughout your life for. While many people may feel they do not need an...

Working in medicine may be challenging, especially with the strain placed on health care professionals throughout the COVID-19 pandemic.

With healthcare costs continuing to rise, there are ways to help lower the cost of healthcare for yourself by becoming a wise consumer of healthcare.

As Samuel Goldwyn once said, "The harder I work…the luckier I get!" 1 But when it comes to investing, luck may play a huge role in outcomes—no matter how hard you work.2 

The calendar had barely flipped to 2022 and investors were reminded that even attractive long-term stock returns come with a cost: volatility.

For some investors, it might be tempting to tap into your 401(k) to help pay down debts, purchase a home or take a once-in-a-lifetime vacation. However, doing so may seriously cost you, both now and in the future.

Whether you're single, paired, or somewhere in between, Valentine's Day may present the perfect opportunity to show your bank account some love.

Though the dental profession can be a lucrative one, many dentists don't have the traditional 401(k) option.

Monday, February 28th, kicks off America Saves Week this year. The week is dedicated to bringing awareness and encouraging people to look at and make progress on their savings.

We think the most important thing to remember is that periodic stock market volatility is entirely normal. Historically, the S&P 500 Index has averaged three pullbacks of 5% or more per year and...

With the New Year comes new beginnings, new goals, new challenges, new friendships, and new opportunities. 2021 was an incredible year for the economy and investors, but to us the future remains bright for 2022 and beyond. Let’s...

Getting ready for retirement is both exciting and daunting. While you are likely looking forward to the enjoyment and relaxation that retirement may bring, you are also cautious about ensuring you have enough money to be able to retire...

Preparing your home for a winter storm can be a hassle, especially when done last minute, so make sure to plan ahead and take these necessary precautions this winter season. Double check for supplies You may think you have shovels,...

Is that investment an innovation or an improvement on an existing product? As Christmas sales loom, we face an endless array of sparkly, shiny and occasionally innovative items. As an investor, you run into a similar phenomenon that...

With the holidays here, now is the time to get into the giving spirit and help to change others' lives for the better. Whether you are looking to make a difference in a specific person's life or the life of many, there are many ways to...

A well-crafted business plan can be a blueprint for entrepreneurial confidence. This multifaceted tool is as important to established business owners looking to grow their companies as it is to budding entrepreneurs. A business plan...

Giving Tuesday is a day to extend the goodwill that the holiday season may bring to help others. With so many in need, the holiday season is a reminder to help those less fortunate. Whether you want to donate your time or contribute...

American Express created Small Business Saturday in 2010 to provide small businesses with a holiday season boost on the heels of Black Friday. The day comes after one of the biggest shopping sales events and serves as a reminder to...

We are happy to announce that Scheffel Financial Services, Inc. is celebrating 20 years in the financial services community! We knew from the start that we had something special in providing independent, unbiased advice and wealth...

Overview For many affluent individuals, occasional gifts to a favorite charity may satisfy their charitable inclinations. The added incentive of an often substantial tax deduction, coupled with various estate planning benefits, is...

The past year and a half have tested all of us, but overall, the economy continues to strengthen, COVID-19 trends are greatly improving, and this still relatively young bull market is alive and well. As the leaves turn colors and begin...

Today, many people find themselves bombarded by a constant stream of financial news from television, radio, and the Internet. Yet, does all this “information age” data really help you manage your finances any better now...

More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet,...

A well-structured estate plan can be invaluable to you and your family: It is common for people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that...

Small businesses face many problems related to their size, capital, and capability, and for women-owned small businesses, the challenge is sometimes even greater. The good news is there are many professional organizations out there...

One constant in life is change. During the past year and a half, we have experienced more change than any of us bargained for. Change is disruptive—but also brings opportunities. For investors right now, there is no shortage of...

In 2013, a Gallup poll found that only about one in every three U.S. households maintained a budget.1 A 2021 survey of 1,000 Americans found that 80% now say they have a budget.2 Americans are budgeting more due to the pandemic....

THOUGHTS ON ESTABLISHING A TRUST AND TIPS FOR AVOIDING INHERITANCE SQUABBLES REASONS TO CONSIDER A TRUST Should you set up a trust? Maybe you've been to a seminar where they scare the life out of you, convincing you to start one....

There are nearly three-quarters of a million franchise businesses in the U.S, employing more than 8 million workers.1 Though franchises may take away much of the hassle and up-front cost of starting a business, essentially providing a...

September 22nd is American Business Women's Day, and it may be the perfect day to celebrate women who have surpassed the glass ceiling and gone on to be leaders and inspirations for businesswomen everywhere. In honor of American...

Nine of every 10 U.S. families with children have at least one working parent.1 Though working parents make up one of the largest demographic groups in the country, they face many challenges—from the cost of childcare to...

The bull market continues, with the S&P 500 Index now up seven months in a row. Stocks have impressively gained 20% year-to-date, with the S&P 500 making 53 new all-time highs before the end of August—another new record. All of...

Charitable giving is a term often heard around the holidays, or in some cases, around tax season. Nonprofit charitable organizations often rely on contributions from businesses and individuals to help them accomplish their goals and...

Suppose, during the middle of the workday, you receive an urgent phone call. It is the local hospital informing you that your elderly, widowed father has been the victim of a serious car accident and lies unconscious in the emergency...

It is estimated that about 40 percent of business founders were friends before they became business partners.[1] But while starting a business with a friend can be a great way to secure your financial future, it can also put new and...

As of 2017, about two-thirds of all nonprofit organizations in the U.S. had annual budgets of less than $1 million.[1] For these non-profit organizations where every penny has a purpose, having the services of a financial professional...

Six months and counting. That is the current monthly winning streak for the S&P 500 Index. To take that a step further, this key equity benchmark has posted gains in 13 of the last 16 months—dating back to the March 2020 low....

After two years of decreases, interest rates on federal student loans are set to increase almost a full percentage point for the 2021-2022 school year.(1) The interest rates on federal student loans are reset each year after the May...

There’s a simple word that has profound implications for savings and investing: compounding. Like a snowball that grows as it rolls down a hill, compounding provides the potential for your money to grow, reinvesting your...

For many people, turning 65 provides one of the keys to retirement: access to affordable healthcare. Whether you're enrolling in the Medicare program for the first time or have been a Medicare enrollee for years, it's important to stay...

The COVID-19 pandemic has changed the way that Americans shop and travel, impacting our spending habits indefinitely. With stores, hotels, and restaurants trying to recover, many are choosing to purchase locally to help to support...

As a physician, you've devoted a lot of time to educating yourself, building a career, and providing top notch care that enriches your patients lives, and in the midst of all that, it can be easy to overlook your finances. To ensure...

Why do so many of us not use our vacation days? Salespeople talk about “leaving money on the table.” Well, employees leave vacation on the table. And the cost to us is significant. In fact, Americans leave 429 million...

There’s a subjective uncertainty associated with financial wellness. Are you financially fit? And if so, how fit are you? While there is no clearly defined threshold for answering affirmatively, much less grading your level of...

Dentists and their staff often spend their time processing insurance payments and explaining to their patients the benefits of the patient's own dental insurance. But what about the insurance products dentists need to protect...

As we move into June, a path to normalcy is coming quickly with stadiums allowing full capacity, restaurants filling up, and summer vacations in full swing. Meanwhile, the U.S. economy continues to recover remarkably quickly and the...

For many Americans, the home is the single biggest purchase made during their lifetime.[1] As a result, it's important to do everything possible to keep it in good condition. Even moderate or short-term neglect can be dangerous, as...

Many women have been a caregiver while raising children. Still, now many are caring for a loved one out of necessity as the older family member can no longer care for themselves. The Transamerica Center for Retirement Studies report,...

If you own a business, you may have spent years dreaming of passing along the business to your children, nieces and nephews, or other family members after you retire. However, transferring a family business—and its ability to...

Retirement is inevitable, but knowing exactly when to do so is often unclear. No matter when you actually begin your retirement, you’ll benefit from planning your post-work life as early as possible. According to Gallup, the...

As the calendar has turned to May, the popular “Sell in May and Go Away” stock market cliché is getting a lot of airtime. This is the idea that the stock market tends to be weakest between May and October (and...

If you're a small business owner, many of the best practices employed by individual investors are also available to you (of course!), but you also have some additional options and factors to weigh while creating your investment plans....

Setting healthy financial goals is critical. Even more important is staying committed to those financial goals. Keeping yourself committed to your goals may be difficult, especially when times may be financially tough. But by staying...

Whether you've been wondering about boosting your investments' rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial...

When saving for retirement, it often makes sense to contribute to employer-sponsored retirement plans to take advantage of any available employer match opportunities. However, not everyone has access to an employer-sponsored plan. Even...

“The real key to making money in stocks is not to get scared out of them.” Peter Lynch They say April showers bring May flowers. Well, after a lot of showers and storms over the past year, flowers are starting to bloom and...

Your financial professional can help you navigate the ever-changing IRS rulesTaxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions made to their Individual Retirement Account made through...

As your retirement draws closer, you will probably start to have lots of questions such as: How much Social Security will I receive? When should I retire? How will I know when to retire? Do I have enough saved? What will I need to do...

Retirement planning is a complex process requiring as much support and time as possible to reach the desired end. Retirement planning at all ages is important – the more time put into the process, the less investment is necessary...

Watch the 10-year and oil because inflation eats away at retirement income The current job market landscape is a warning sign of how painful the U.S. economy is for many, as over 745,000 Americans filed for first time-unemployment...

Being a nurse comes with a lot of responsibility alongside a sense of pride in knowing that you are helping others. But while the road to becoming a nurse already involves a fair bit of course work, there unfortunately isn’t much...

For many women, working toward financial independence is more difficult. Obstacles women face include having a longer life expectancy than men which will require more savings for retirement, spending fewer years in the workforce than...

Whether you're a dentist about to start your own dental practice or you’re considering joining up with another dentist (or practice), you might be wondering about the most financially prudent path forward. After all, launching a...

It’s now been over a year since COVID-19 first hit American shores. While the pandemic has affected everyone to varying degrees, we can all agree that everyone’s life is different today than it was a year ago. It’s...

Being a doctor comes with a lot of stressors, but planning for taxes should not be one of them. As a doctor, you have been through years of hard work and may be looking for ways to help limit your tax liability and preserve as much of...

Most people who decide to purchase stocks, bonds, mutual funds, or other investment vehicles do so understanding that there are risks associated with investing, but believing that the potential growth they may realize over time...