financial planning

By Todd I. Youngdahl, CFP®

If you’ve spent any time researching financial advisors, you’ve probably come across the term Fee-Only. It’s used to describe registered investment advisors, and it’s one of the best words you can hear when searching for a financial expert.

But what does it mean? And why is it important when you are evaluating financial advisors?

Today we’ll address what it means to be a fee-only financial advisor—and why we at Washington Wealth Advisors pride ourselves on this one little phrase.

Happy New Year and Welcome to the Next Decade!  

By Maura Schauss, CFP®

Did you know that the average medical bill for a heart attack is $20,246?^[1] With a number this staggering, it’s no wonder people are more afraid of healthcare costs than sickness.^[2] 

Thankfully, there are many ways to plan for rising healthcare costs—the most popular option being a Health Savings Account (HSA). An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses.^[3] It’s used in conjunction with a high-deductible health insurance plan.

By Maura C. Schauss, CFP® and Jane Huang, MBA, CFP®

If you’ve been frustrated by the complexity and inflexibility surrounding your federal Thrift Savings Plan (TSP), you’re not alone. Fortunately, many of the rules and restrictions surrounding your options for contributing and withdrawing will be relaxed when the TSP Modernization act goes into effect on September 15th, 2019. The new rules are designed to give you more control over your money and apply to all TSP account owners, regardless of whether or not you’re already receiving monthly payments. The top three changes to TSP withdrawals in 2019 are greater flexibility in partial withdrawals, making withdrawal changes at any time, and the ability to choose which accounts your withdrawals are coming from.

By Todd Youngdahl, CFP®

You never know what kind of surprises life will throw at you. I have known married couple Paige and Tim since 2005 and started working with them as their financial advisor 10 years ago when they didn’t have any pressing financial needs. As Paige put it, “We just wanted to figure out our financial picture - what we needed to do to save and how best to utilize the income we had. You don’t have time for that when you’re doing everything else.”

By Todd I. Youngdahl, CFP®

After decades of hard work, retirement is the time to enjoy the fruits of your labor and live your retired life on your own terms. However, achieving financial security in retirement is no easy task and there are plenty of factors to consider when determining whether or not you have enough retirement income to make your ideal retirement a reality.

A key ingredient to building a sustainable stream of income is how you claim your Social Security benefits. Unfortunately, according to a survey conducted by Bankrate, almost 20% of Americans are concerned they won’t be able to cover basic expenses when they retire and also worried that Social Security either won’t be around or won’t provide enough money to live well when they retire.[1] If almost one-fifth of Americans believe their Social Security benefit will not even pay for their daily needs, then what is the point of it? Pre-retirees need to be aware of the benefits that the Social Security Administration allows them to take advantage of in order to maximize the amount they receive. One of the most beneficial features of Social Security is called a Restricted Application.

By Maura Schauss, CFP®

Summer is sailing along, and you’re catching up on your to-do list. As you browse through your list, there’s one item that catches your eye: Get on Top of Taxes. It’s a dreaded to-do item that seems to occur every single year. If you feel like you’re always hit with a tax bill, it may be because of one of these four reasons:

1. You’re not withholding enough from your paycheck.
2. You have extra income that isn’t subject to tax withholdings (rental and portfolio income.)
3. You’re not making quarterly estimated tax payments.
4. There are changes in your tax return (such as no longer having dependents.)

Thankfully, there are certain things you can do to correct these problems. Continue reading to find out some quick and relatively easy steps you can still take now to minimize the amount of taxes you’ll owe next year.

By Maura C. Schauss, CFP®

A few decades ago, it wasn’t uncommon for the husband in a relationship to be in complete control of the finances while the wife focused on other responsibilities to keep the family in order. So what would happen when the husband suddenly died or the marriage ended in divorce? The wife would often find herself struggling to get a grip on her new financial responsibilities. Fast forward to today.  While challenges do exist, women can still reach all their financial goals.  Here are a few topics ALL women should know about personal finance in order to succeed.

By Todd Youngdahl, CFP®

Taxes have been filed, the days are getting longer, and spring cleaning is on your mind. While you’re deciding on projects to take care of around the house, add some financial cleaning to the list. Getting your financial life in order may seem daunting, but think of it as a way to contribute to your own financial success. Consider the following tips to get started on the path of financial organization.

By Maura C. Schauss, CFP

In any given month, there are well over 100 nationally recognized “days” on the calendar. Some of them are days to honor people, historical events, or important causes, and others are downright silly. Amidst all the significant or odd holidays in September, there is one that we think is critical to recognize: Fight Procrastination Day!