Reminder to Update Your 2020 Retirement Plan Limits

As financial advisors, we often see missed opportunities for tax-deferred savings. If you are currently contributing to a retirement plan or will be eligible to do so sometime in 2020, you’ll want to be sure to update your deferral amounts to the maximum amount allowed (see table below). If you are unable to max your contributions, you’ll want to defer, at a minimum, the amount needed to receive any company matches offered by your employer since these matches are considered “free money.”

Please contact us if you have questions about your tax-deferred options or need help managing your retirement savings. Your life awaits, plan with confidence.

 

Year-End Tax Strategies You Should Consider

With the year-end approaching, it’s always smart to consider tax planning opportunities. You may be surprised to learn there are more ways to save than you think. No matter which tax bracket you fall in, you generally want to reduce your income or defer it to another year. We’ve outlined a few strategies for you … Continued

Do You Suffer from the FAANG Mentality?

  “Investors with concentrated portfolios may actually miss out on the very stocks that deliver the best of what the market has to offer.” How much influence does the top 10% of performing stocks have in the market? Dimensional Fund Advisors reviews the impact with the FAANG (Facebook, Amazon, Apple, Netflix, Google) mentality. If you … Continued

Soundmark Gives Back

During the month of October, our firm focused our philanthropic efforts on helping the Lake Washington Schools Pantry Pack Program. This local organization distributes over 800 pantry packs weekly to more than 45 participating schools, ensuring food insecure students don’t go hungry over the weekend.                 We collected … Continued

Fall Planning Done Right

It’s the time of year when the weather turns colder, football season is in full swing, and the kids are busy with school. After a hectic summer, you finally have time to slow down and focus on the big picture. Now is a great time of year to review your financial and life planning goals. … Continued

Lessons from Market Timing

“Timing markets is the dream of everybody. Suppose I could verify that I’m a .700 hitter in calling market turns. That’s pretty good; you’d hire me right away. But to be a good market timer, you’ve got to do it twice. What if the chances of me getting it right were independent each time? They’re … Continued

Preparing Your Business (and Yourself) for a Smooth Exit – Part 2

Key Takeaways Never assume the value of your business will provide enough for all your retirement goals. “Lifestyle creep” can eat up your discretionary income and derail your long-term financial and retirement goals. Ongoing planning, realistic budgeting, and sensible savings will allow you to live a comfortable lifestyle while you’re saving for retirement.   My … Continued

Target Date Funds: Good for Employees, Not so Great for Business Owners

Key Takeaways Target Date Funds (TDFs) are designed to adjust your risk exposure automatically as you get closer to retirement age. TDFs are not entirely “set it and forget it.” You still need to periodically check your accounts. One key drawback for business owners: TDFs do not track the multiple assets you may have outside … Continued

Preparing for Football Season and Your Finances

Football season is back! Whether you are a Husky or a Cougar, a Seahawk or a 49er, your team and its fan base are brimming with optimism this season. What you may not realize is that the outcome of this season is a result of the decisions and actions from weeks, months, and years past. … Continued

Is Public Service Loan Forgiveness Worth Pursuing for Medical Professionals?

We have helped many physicians, dentists, and medical professionals analyze the financial decisions that life throws their way. From student loans, home purchases, buying into a practice, maximizing retirement savings, education funding, and retirement income needs, Soundmark Wealth can help with these decisions, allowing you to focus on the things that matter most in life. … Continued