financial planning

By Ann D. Blakey, CFP®

By Todd I. Youngdahl, CFP®

Roth IRAs remain great savings vehicles for many reasons. They can be a tax-free income source in retirement. They don’t have required minimum distributions when you reach age 72 as with most other tax-advantaged retirement plans.  And, they have flexible inheritance rules that will benefit your children and grandchildren.

By The CFP® Team at Washington Wealth Advisors

Can you believe it is already February? How are your 2021 New Year’s resolutions going? If they’re already a thing of the past, not to worry. We’ve created a financial to-do list to help you get your financial life on track in 2021.

January and February: Review Your Situation and Investments

After a year like 2020, it’s probably time for a solid financial checkup. Write down the answers to questions such as:

By Todd I. Youngdahl, CFP®

Comparing growth and value stocks is like a shiny new candy-apple red sports car versus an old reliable beat-up sedan. Growth stocks are those hot picks your uncle is always telling you to buy, skyrocketing to superstardom with no end in sight. On the other hand, value stocks are those old tried-and-true stocks, no hype, no fuss. So, which one is better for you? At Washington Wealth Advisors, we believe both can be a part of a healthy investment portfolio.

For many Americans, the art of saving is something that they have yet to master. This is especially true for those who have just entered the workforce or have gotten their first good-paying job. The mantra of these young professional men and women is often to want to spend instead of saving, and it might be time that changed. Thus, we have brought together some of our favorite benefits of saving early, and how it can set you up for success.

By Ann Blakey, CFP®

Even with all the challenges we face in 2021, there’s always something hopeful and exciting about a new year.  Of course, we will all be turning another year older at some point this year – but if you don’t like the thought of adding a number to your age, here’s the good news: there are some financial advantages to reaching certain milestone birthdays.

Here’s how you can maximize your finances if you are turning one of these ages during 2021.

By Todd I. Youngdahl, CFP®

If you are a full-time employer and are offered enrollment into a 401k as one of your job benefits, you should definitely take advantage of this opportunity, especially if you plan to retire one day.

Here are the basics about 401k plans as well as a slew of reasons to take advantage of them.

By Ann D. Blakey, CFP®

As the crisp air of winter begins to take its hold, financial advisors spend time on year-end wrap up activities and preparations for 2021 with our clients.  Some of the important factors affecting our thinking are the key numbers published by the IRS for 2021 limits and deductions.  It allows us to plan for our clients and develop strategies to support the best ways to help them succeed financially. Here are some of the key numbers that the IRS has released for 2021.

By Todd I. Youngdahl, CFP®

Regular and predictable income during retirement can be hard to achieve, especially with today’s low to non-existent interest rates. Bonds, bond mutual funds, and bond ETFs are still the most consistent way to receive income while reducing your portfolio volatility.

By Maura C. Schauss, CFP®

If the coronavirus’ effect on the markets has taught us anything, it is that every single person should have an emergency fund. This is not just an idea, nor is it a savings account, but rather, it is a separate pool of money to only use in emergencies. So, how do you even start the process of creating an emergency savings fund?