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Tuesday, June 11, 2024

Are you on the brink of retirement or settling into your golden years? This chapter of your life can be exciting and rewarding, especially if you're well-prepared. One of the biggest concerns on your mind, however, is probably money....

Tuesday, May 28, 2024

At Totus Wealth Management, we believe that everyone should have the tools to build the life they imagine. Achieving your dreams requires careful planning and guidance, which is why we offer a personalized financial planning process....

Tuesday, May 14, 2024

Even if retirement isn’t in your immediate future, saving and investing now can help you live comfortably after you’re done working. One of your most impactful opportunities to save, and even earn, over time is by investing in your...

Tuesday, April 23, 2024

In an ever-evolving digital landscape, selecting the right financial planning software is crucial for financial advisors. It's the backbone that can either streamline your service delivery or slow you down every time you log on....

Tuesday, April 9, 2024

Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this...

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Tuesday, March 26, 2024

In the ever-changing investment advisory world, larger brokerage firms have long been considered the gold standard. We are seeing the wealth management landscape evolve, along with the rest of the business world and...

Tuesday, March 12, 2024

Who among us wants to pay the IRS more taxes than we have to? 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...

Tuesday, February 27, 2024

Investing in the stock market can be daunting. You might find yourself anxious about making the wrong move or investing at a bad time.  In this blog, we’ll go over the three main economic factors to consider when investing,...

Monday, February 12, 2024

The start of a new year is an ideal time to set financial goals. Maybe you're aiming to save more money this year or are prioritizing paying off debt. If you made financial goals for yourself last year, how did you do? Did you stay on...

Tuesday, January 23, 2024

The new year often comes with new goals. Maybe your goal is to retire this year, but you're struggling to feel 'ready'. Whether you've been counting down the days or this decision has crept up on you, it's essential to approach this...

Tuesday, January 9, 2024

The start of a new year is an ideal time to set financial goals. Maybe you're aiming to save more money this year or are prioritizing paying off debt. If you made financial goals for yourself last year, how did you do? Did you stay on...

Tuesday, December 12, 2023

One of the major reasons people create a financial plan is to protect their family from now into the future. Life insurance is a crucial aspect of this. Group Life Insurance is one financial tool that can play a crucial role in...

Tuesday, December 5, 2023

The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. Keep in mind that this update is for informational purposes only, so please consult with an accounting or tax professional...

Wednesday, November 29, 2023

A power of attorney (POA) is a legal document that grants an individual, known as the "agent" or "attorney-in-fact," the authority to make decisions on behalf of another person, the "principal." They are used in a variety of situations...

Tuesday, November 7, 2023

The federal estate tax threshold rose to $25.84 million in 2023 for married couples and $12.92 million for individuals, as part of the Tax Cuts and Jobs Act (TCJA). Like several TCJA provisions, the higher estate tax limit is due to...

Wednesday, October 25, 2023

What is Financial Independence? Financial independence may look different for everyone. There are several ways people may consider themselves financially independent, and that definition will often change depending on their life stage...

Wednesday, October 11, 2023

A recent survey found that 28% of workers are very confident about having enough money to live comfortably through their retirement years. At the same time, 27% are not confident.1 In 2001 congress passed a law that can help older...

Wednesday, September 20, 2023

An essential part of a comprehensive financial plan is putting in place proactive measures for the unexpected. One crucial component of this is life insurance, which provides financial support for your loved ones in case you...

Tuesday, September 5, 2023

When a family member passes away, there are many decisions that need to be made and many emotions to handle. The last thing anyone thinks about is taxes. Unfortunately, even the deceased can't escape taxation. If the departed family...

Wednesday, August 23, 2023

Forty-two percent of Americans do not own any stocks or stock-related investments, according to a recent Gallup poll.1 Individuals may cite different reasons for not investing, but with important long-term financial goals, such as...

Wednesday, August 9, 2023

Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don't know that there are other ways to maximize their benefits, some of which depend on their marital status....

Tuesday, July 18, 2023

In 2021, the U.S. had a record 24.5 million millionaires, up from 202 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net...

Wednesday, July 5, 2023

No one wants to see an Internal Revenue Service (IRS) auditor show up at their door. The IRS can’t audit every American’s tax return, so it relies on guidelines to select the ones most deserving of its attention.Here are...

Wednesday, June 14, 2023

According to the most recent information available, Americans have individual life insurance with a total face value of $12.8 trillion.1Due to a variety of factors, these individuals may find themselves in circumstances where the...

Monday, June 5, 2023

Preparing your estate can be complicated, and if you’re a part of a blended family, estate decisions can be even more complex and nuanced. Blended families take on many forms, but typically consist of couples with children from...

Tuesday, May 16, 2023

What exactly is the "sequence of returns"? The phrase describes the yearly variation in an investment portfolio's rate of return. But what kind of impact do these deviations from the average return have on a portfolio's final...

Tuesday, May 2, 2023

This generation got no destination to hold... We are volunteers of America” “Volunteers” by Jefferson AirplaneThose of a certain age will recall these Jefferson Airplane lyrics as a call to action, though...

Tuesday, April 18, 2023

Changing jobs can be a tumultuous experience. Even under the best of circumstances, making a career move requires a series of tough decisions, not the least of which is what to do with the funds in your old employer-sponsored...

Tuesday, April 4, 2023

The Social Security program allows you to start receiving benefits as soon as you reach age 62. The question is, should you?Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up...

Tuesday, March 21, 2023

Medicare takes a little time to understand.As you approach age 65, familiarize yourself with its coverage options, costs, and limitations.Certain features of Medicare can affect health care costs and coverage.Some retirees may do okay...

Thursday, March 9, 2023

Everyone loves a winner. If an investment is successful, most people naturally want to stick with it. But is that the best approach?It may sound counterintuitive, but it may be possible to have too much of a good thing. Over time,...

Tuesday, February 21, 2023

Women who share money management duties with their partners tend to take on a lion’s share of the responsibility for the household finances. Yet only 18% of women feel very confident in their ability to fully retire with a...

Thursday, February 9, 2023

While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s.Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans. And some have...

Tuesday, January 24, 2023

When financial markets turn volatile, some investors show their frustration by fleeing the markets in search of alternatives that are designed to offer stability.For example, in the first quarter of 2020, the S&P 500 lost nearly 20% of...

Tuesday, January 10, 2023

Find That Lost Retirement AccountDo you have a long-lost retirement account left with a former employer? Maybe it’s been so long that you can’t even remember. With over 24 million “forgotten” 401(k) accounts...

Tuesday, December 20, 2022

The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached...

Tuesday, December 6, 2022

John and Mary are nearing retirement and they have a lot of items on their bucket list. Longer life expectancies mean John and Mary may need to prepare for two or even three decades of retirement. How should they position their...

Tuesday, November 22, 2022

In exchange for fixed premiums, an insurance company promises to pay a set benefit when the policyholder dies, but also offers additional benefits as well. Whole life insurance policies can build up cash value — effectively a...

Tuesday, November 8, 2022

The famous saying from Poor Richard’s Almanack is frequently misquoted. It was published by founder Benjamin Franklin in 1737: “A penny saved is two pence clear.” Finding ways to manage expenses is one of...

Tuesday, October 25, 2022

Did you know that...Sixty-one percent of American workers have no private short-term disability insurance.1,2Sixty-seven percent of working people in the U.S. lack private long-term disability coverage.1,2Forty-eight percent of...

Tuesday, October 11, 2022

When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean?To some, when your financial “house is in order,” it means it is built on a solid...

Tuesday, September 27, 2022

A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives.What is a Living Trust?A living trust is created while you are alive and...

Tuesday, September 13, 2022

For many older adults, finding time to experience nature can be one of the greatest pleasures in retirement. And what better place to take in America's splendor than one of our over 400 National Park Service sites? For over a century,...

Tuesday, August 23, 2022

Benjamin Franklin once said, “a penny saved is a penny earned.” One way to find the money to meet your spending or saving needs is to examine your current spending habits and consider eliminating money wasters.Top Money...

Tuesday, August 9, 2022

Some individuals believe that return on investment shouldn’t be the only criterion for how they invest their money. For them, the social impact of investing is just as important – perhaps more important.The history of...

Tuesday, July 26, 2022

One of the common threads of a mobile workforce is that many individuals who leave their job are faced with a decision about what to do with their 401(k) account.¹Individuals have four choices with the 401(k) account they accrued...

Tuesday, July 12, 2022

According to our statistics, women's retirement looks slightly different than retirement for men. This could be due to a number of reasons from unequal pay to the higher likeliness of women staying home as caregivers. Although these...

Thursday, June 30, 2022

Are you ready for retirement? It can be hard to imagine a life without work, but for many people, retirement is looming on the horizon. If you're ready to give up your day job, here are a few things you need to know: First and foremost,...

Tuesday, June 14, 2022

Many people are concerned about inflation, as prices for goods and services continue to rise. For those nearing retirement, this can be a major concern because the cost of living may increase more than their income does. However, if...

Tuesday, May 24, 2022

Insurance is meant to protect you against financial loss. But is it really meant to protect you from any and all financial loss? When it comes to filing a loss claim on your home insurance, there may be times when not filing may be the...

Monday, May 9, 2022

Tuesday, April 26, 2022

If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances.In fact, according...

Monday, April 11, 2022

How do you picture your future? Some see retirement as a time to start a new career. Others see it as a time to travel. Still others plan to spend more time with family and friends. With that in mind, here are some things...

Tuesday, March 22, 2022

Tuesday, March 8, 2022

Tuesday, February 22, 2022

When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is...

Tuesday, February 8, 2022

Friday, January 28, 2022

College marks a great milestone in a child’s life. It may be the first time he or she will live away from home. Dropping off your child at college may be an experience loaded with emotions, so here are a few tips for a smoother transition.

Friday, January 21, 2022

Wednesday, December 15, 2021

Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible. No Strategy: Yes, the biggest mistake is having no strategy at...

Wednesday, December 8, 2021

Of those aged 65 and older, 15 to 20 percent have mild cognitive impairment. People living with mild cognitive impairment are more likely to develop Alzheimers, and almost two-thirds of people currently living with Alzheimers are women...

Saturday, December 4, 2021

Generally, the different parts of Medicare help cover specific services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the...

Sunday, November 28, 2021

The uncertainties we face in retirement can erode our sense of confidence, potentially undermining our outlook during those years. Indeed, according to the 2017 Retirement Confidence Survey by the Employee Benefits Research Institute,...

Wednesday, November 24, 2021

New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households "live it up" and spend more than they anticipate...

Sunday, November 7, 2021

Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is...

Friday, October 22, 2021

When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing with the passing of the...

Monday, October 18, 2021

Who among us wants to pay the IRS more taxes than we have to? 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...

Tuesday, October 12, 2021

Many of us grew up with the concept that making regular, periodic contributions to our retirement account was a sound investment strategy. The idea was that, in a fluctuating market, regularly investing a set amount would enable an...

Sunday, October 3, 2021

Will you pay higher taxes in retirement? It’s possible. But that will largely depend on how you generate income. Will it be from working? Will it be from retirement plans? And if it does come from retirement plans, it’s...

Friday, August 27, 2021

American households with credit card balances carry an average debt of $8,602.1 The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There...

Monday, August 16, 2021

Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 60 is growing. The United Nations estimates that by 2050 the number of people aged 60 and older will have more than doubled.¹ As...

Friday, August 13, 2021

Financial Documents Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated...

Monday, August 9, 2021

Extended-care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies. What types of facilities are covered? Extended-care policies can cover nursing...

Thursday, August 5, 2021

Do you have a will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Do you have healthcare documents in place? Healthcare...

Monday, July 26, 2021

The reason withdrawals from an Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything...

Monday, July 19, 2021

Concerns over identity theft continue to grow, especially with the news of data breaches at major companies and financial institutions. Unfortunately, you have little control over when a company is hacked, but you do have control over...

Tuesday, July 13, 2021

Knowledgeable investors are aware that investing in the capital markets presents any number of risks, including interest rate risk, company risk, and market risk. Risk is an inseparable companion to the potential for long-term growth....

Wednesday, July 7, 2021

Many Americans have taken steps in recent years to protect their identity. According to one report, published in 2020, total dollars lost due to identity theft was $16.9 billion. If you haven’t taken measures to protect yourself,...

Thursday, July 1, 2021

Only 45 percent of adults have a will or other estate documents in place, which may not be entirely surprising.1 No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once...

Friday, June 25, 2021

U.S. Supreme Court Justice Warren Burger is famous for more than just his time on the bench. When he died in 1995, he left a 176-word will that gave no specific power to his executors.1 As a result, he reportedly cost his estate tens...

Tuesday, June 22, 2021

In a 2021 survey, 32% of all workers reported they were either “not too” or “not at all” confident that they would have enough money to pay for their medical expenses in retirement. Regardless of your confidence...

Thursday, June 17, 2021

In a recent survey, 68% of current workers stated they plan to work for pay after retiring.1 And that possibility raises an interesting question: how will working affect Social Security benefits? The answer to that question requires an...

Friday, June 11, 2021

Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half“ to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half”...

Monday, June 7, 2021

Medicare and Medicaid are two separate, government-run programs. They are operated and funded by different parts of the government and primarily serve different groups. Medicare is a federal program that provides health coverage if you...

Wednesday, June 2, 2021

Anyone who has gone through the process of mapping out their retirement knows there can be a lot to keep in mind. Saving, investing, anticipating medical costs, and making sure you have enough tucked away for years to come is just the...

Monday, May 31, 2021

American actor Lee Marvin once said, “As soon as people see my face on a movie screen, they knew two things: first, I'm not going to get the girl, and second, I'll get a cheap funeral before the picture is over.”1 Most...

Monday, May 24, 2021

When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing with the passing of the...

Thursday, May 20, 2021

Next to “When should I claim Social Security benefits?”, one of the more common questions people have is “How much will I receive?” Calculating your potential Social Security benefit is a three-step process:1....

Tuesday, May 11, 2021

Social Security can be complicated, and as a result many individuals don’t have a full understanding of the choices they may have. Here are five facts about Social Security that are important to keep in mind. 1. Social Security...

Monday, April 26, 2021

For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old...

Tuesday, April 6, 2021

According to a 2017 report from International Living Magazine, Mexico tops the list of places to retire abroad. Panama ranks second, followed by Ecuador, Costa Rica, and Colombia.¹ Many retirees consider moving out of the country...

Wednesday, March 31, 2021

Addressing the potential risks of extended term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. The U.S. Department of Health and Human Services estimates that 70%...

Monday, March 22, 2021

Whether you’re applying for Social Security in the future or currently receiving benefits, there are some important changes to earnings limits, Medicare premiums, and other differences to keep in mind. Ready to learn more? Read...

Friday, March 19, 2021

For many people, retirement income may come from a variety of sources. Here’s a quick review of the six main sources: Social Security Social Security is the government-administered retirement income program. Workers become...