Small business owners may find it challenging to find ways to provide additional benefits to their children who work for the company. One often overlooked choice is including a Roth individual retirement account (IRA) as part of their compensation, a strategy that offers the potential to benefit both the children and the business. Small businesses play a significant role in labor markets. They employ 62.3 million Americans, 45.9 percent of all private-sector employees. Over t

While many of us have been conditioned to expect a regular bonus from work or some other gift of money, either from living relatives or through an estate, there is still a big thrill when circumstances drop a big pile of money into your life. In 2024, the average work bonus was roughly 2.8 percent of the worker's annual salary, across all industries. What would you do with yours? While there's nothing wrong with having a little fun, you may have some goals that need attention

Once an estate strategy is in place, it should only require periodic reviews to check that it still reflects your wishes. However, life events such as marriage, divorce, births, deaths, relocations, health changes, business sales, and changes in tax law may prompt you to reconsider part of your overall strategy. The world of estate strategies is changing, as covered in the Trust & Will 2025 Estate Planning Report. Did you know: While 83 percent of Americans acknowledge the im

Most people prepare for the big healthcare costs in retirement: Medicare premiums, prescription drug coverage, and maybe extended care insurance. That’s a great start. But some costs can sneak up later. Fidelity estimated lifetime healthcare spending for 2025 at around $330,000 per couple, excluding extended care. What that number often misses are expenses that fall outside most retirement budgets. Here are three worth knowing about.1 Prescription Drugs Not Covered A new fede

During your accumulation years, you may have categorized your risk as “conservative,” “moderate,” or “aggressive” and that guided how your portfolio was built. Maybe you concerned yourself with finding the “best-performing funds,” even though you knew past performance does not guarantee future results. What occurs with many retirees is a change in mindset—it’s less about finding the “best-performing fund” and more about consistent performance. It may be less about a risk cont

When uninsured people end up in the hospital, “sticker shock” can follow. Just a quick look at the current prices for medical procedures can be sobering. How much does a CT scan cost? Between $300-$7,000, depending on where it is performed. Need a stent in your heart? The cost of that delicate procedure can cost between $20,000-$60,000+. How about a knee replacement? The total cost adds up to an average of $25,000.1,2,3 Are these the only costs associated with a hospital or o

As you build your legacy, considering how to leverage your charitable contributions can be a fulfilling endeavor. Qualified Charitable Distributions (QCDs) can offer an opportunity to support your favorite causes and manage your retirement income. Here are some factors to consider with QCDs and how they've changed based on recent legislation, such as the SECURE Act. What Is a Qualified Charitable Distribution (QCD)? A Qualified Charitable Distribution allows individuals aged

When it comes to insuring your second home, you may find that the coverage you need is quite different from what you have on your primary home. The Unique Risks of a Second Home Your current homeowners policy may allow for coverage of two properties under one policy, but because there are unique risks with a second home, a separate policy may be more conducive to obtaining the coverage you need. Here are some of the special risks you may need to cover: Long Periods without Oc

One study found that military personnel have more credit problems and are more likely to make late house payments than their civilian counterparts.¹ While the financial situation of military personnel and their families mirrors the general population in many respects, heavy indebtedness and mismanagement of credit cards may be especially acute issues for service members. Of course, military families face unique challenges, such as deployment to conflict zones, overseas assign

In 1900, the average life expectancy of a newborn was only 32 years old. By 2025, that number more than doubled to 73 years, and the trend is expected to continue.1,2 Living this long may have unexpected tax consequences. Here’s why. Many older life insurance policies mature at a specific age. If the insured individual attains that age, the policy’s cash value may be paid out to the policy owner in lieu of a death benefit payment.3 Tracking Taxes This payout may be taxed as o

In the first quarter of 2025, more than 2,300 small businesses were sold. The median sale price was roughly $349,000, up 4% from the same time last year. 1 As a business owner, ascertaining the value of your business is important for a variety of reasons, including business succession, estate tax estimates, or qualifying for a loan. There are a number of valuation techniques, ranging from the simple to the very complex. Outlined below are three different approaches to valuing

The government prints millions of notes a day. Here's a quick look at what goes into creating a $20 bill and what determines when a bill's lifespan ends. 1 Paper A $20 bill starts out life as part of a large sheet of paper. While most paper is made primarily from wood pulp, the paper used by the U.S. Bureau of Engraving and Printing doesn't contain any wood at all. Currency paper is composed of a special blend of 75% cotton and 25% linen. It's made with special watermarks and