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Tax Considerations for Retirement Account Withdrawals
If you're like most retirees, running out of money is likely one of your biggest fears for your golden years. The good news is that careful planning and tax-efficient drawdown strategies can help you enjoy the lifestyle you've dreamed...
Read MoreNavigating Affairs After the Loss of a Loved One
Losing a loved one is undoubtedly one of life's most challenging experiences. In addition to the emotional toll, there's often a daunting list of practical and financial questions that need addressing. At times like these, many turn to...
Read MoreNavigating Love's Financial Landscape: Essential Tips for Couples
Love is in the air as Valentine’s Day approaches. Amid the romantic dinners and sweet gestures, it’s important to acknowledge that managing shared finances is not always a walk in the park for couples.
Read MoreMaximize Your Retirement Contributions: Strategies and Options
Strategies to Maximize Savings Retirement might seem far off, but the steps you take today can significantly impact your financial freedom tomorrow.
Read MorePlanning Insights and Strategies for 2024
Tax planning is an important consideration in maximizing your dollars. As we start a new tax year, understanding the changes in tax laws, deductions, and credits is crucial when aiming to minimize tax liabilities. Here's a brief guide...
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Mastering Your Finances in the New Year: 5 Essential Steps to Financial Success
The New Year always brings opportunities for growth, achievement, and of course, financial prosperity. As we gear up to embrace fresh beginnings, it's an ideal time to reflect on our fiscal health and set (or reset) financial goals...
Read MoreFrequently Asked Questions: Long-Term Care
With November being Long-Term Care Insurance Awareness Month, let’s look at the most common frequently asked questions we receive from our clients and community.
Read MoreYear End Deadlines
Taxes, Contribution Limits, and Important Dates in 2024 Wondering where your 2024 taxes will shake out? Looking to make the most of your qualified contribution limits but not sure where you stand in 2024? Look no further! Tax brackets...
Read MoreUnderstanding Social Security Updates
The Social Security Administration recently announced that over 71 million Americans, including Social Security and Supplemental Security Income beneficiaries, will receive a 3.2% increase in their benefits for 2024.[1]
Read MoreUnderstanding Washington Cares Act
In 2019, Washington State passed and the Governor signed into law the Washington State’s Long-Term Services and Supports Trust Act (“LTSS”) which would implement a 0.58% payroll tax to fund long-term care services for Washington State.
Read MoreSocial Security COLA
Social Security COLA - Background. Where is inflation now? How is the Social Security COLA calculated? Where do we stand? When will we know?
Read MoreCybersecurity: Ten Tips to Safeguard Your Online World
Use Strong PW, Enable Two-Factor Authentication, Keep Software Updated, Be Wary of Phishing, Use Antivirus Software, Secure Your Wi-Fi, Backup Your Data, Limit Information Sharing, Educate Yourself.
Read MoreResources to Accessing the Great Outdoors of Washington State
If you joined our recent Nourish and Flourish webinar, then you know there are plenty of options for getting out and getting active in the great PNW! Below are some organizations and resources you can use
Read MoreCatch-Up with your Contributions
Financial security and retirement planning are crucial aspects of a well-balanced life. As we approach 2024, it's a great time to reevaluate your retirement savings strategy and ensure that you’re maximizing your retirement savings dollars.
Read MoreCorrecting Your Social Security Earnings Record
When it comes to your money matters, your Social Security earnings record is a very important document. It's the statement that determines what benefits you'll get down the road. That is why it is critical to review this document periodical
Read MoreWhat To Do With Your Old 401(k)
Ensuring you get the most out of your 401(k) for your unique situation may look different for different clients but here are the four options available to you.
Read MoreThings You Should Always Tell Your Financial Advisor
When speaking to your financial advisor here at McKay Wealth, we suggest a few important topics for our conversations.
Read MoreFed Hits Pause Button on Rate Hikes
Jerome Powell skipped an interest rate hike at the Fed’s June meeting, but the market isn’t buying what the Fed Chair is selling about what’s next with short-term rates.
Read MoreEstate Planning Frequently Asked Questionss
What is estate planning, and why is it important? When should I start estate planning? What documents should be included in my estate plan? How does estate planning minimize taxes? What is probate, and how can I avoid it? and more.
Read MoreEstate Planning is for Everyone
Estate Planning is for Everyone: Plan and Protect for Peace of Mind.
Read MoreProtect Your Legacy: Essential Steps for Estate Planning
Planning for the future is essential to ensure the protection of your loved ones and your assets.
Read MoreSetting Financial Goals For A Bright Future
Setting SMART goals is an integral part of achieving financial empowerment.
Read MoreFinancial Empowerment After Divorce: Building a Stronger Tomorrow
DIVORCE COULD AFFECT MORE THAN YOU EXPECT
Read MoreClosing the Gender Investment Gap
A recent global study conducted by BNY Mellon Investment Management reveals that if women invested at the same rate as men, we could add more than $3 trillion to global investments. No time like the present to start investing ladies!
Read MoreSocial Security Frequently Asked Questions
Social Security Frequently Asked Questions
Read MoreStaying Savvy on Scams: Identity Theft
Staying Savvy on Scams: Identity Theft. What to do if your identity is stolen. How to be proactive about protecting your identity.
Read MoreDebt Ceiling 2.0
Debt Ceiling 2.0 - Recap. Where Are We Now? What Happens if the U.S. Defaults? What are Markets Predicting? What Happens Next?
Read MoreKnowing which financial and personal paperwork to keep or toss.
Knowing which financial and personal paperwork to keep or toss is very important.
Read MoreWashington State Capital Gains Tax
Washington State Capital Gains Tax what is it?
Read MoreApril Is Financial Literacy Month
April marks the start of Financial Literacy Month.
Read MoreTips for Preventing Identity Theft
Tips for Preventing Identity Theft
Read MoreSavvy Saving Strategies with 529 Plans
Savvy Saving Strategies with 529 Plans
Read MoreTaxes and Contribution Limits in 2023
Wondering where your 2023 taxes will shake out? Looking to make the most of your qualified contribution limits but not sure where you stand in 2023? Look no further!
Read MoreWomen & Finance Asset TV Interview
I always look forward to the opportunity to discuss female finance. In my interview with Jenna Dagenhart of Asset TV, we discuss the Women's Impact Network that I co-chair for female advisors at Cetera and the overall diversity and...
Read MoreDebt Ceiling
UNDERSTANDING THE DEBT CEILINGCongress had free reign over the country's finances before the debt ceiling was created. In 1917, the debt ceiling was created during World War I to make the federal government fiscally responsible...
Read MoreTeam Member Spotlight- Andrew Lee
Please meet our newest team member, Andrew who joined McKay in 2022 as an associate financial planner. Andrew has been in the financial services industry since graduating from Seattle University with a Bachelor’s in Mathematics in 2013.
Read MoreLearning from the top, financial planning!
Lindsey had the opportunity to join the Money Chill Out podcast team and discuss what financial planning really means. Many people don’t necessarily know what it is and all that it covers. From understanding the mechanics of...
Read MoreJanuary 11, 2021 - Markets Start 2021 on a High
The Week on Wall Street Shrugging off COVID-19 infections and the disruption at the Capitol on January 6, stocks powered higher to kick off a new year of trading.The Dow Jones Industrial Average gained 1.61%, while the Standard &...
Read MoreJanuary 4, 2021 - The Year in Review
The Week on Wall Street Stocks moved higher during a holiday-shortened week of trading, capping off a turbulent, but otherwise strong year for equity investors. The Dow Jones Industrial Average gained 1.35%, while the Standard &...
Read MoreDecember 21, 2020 - Vaccine Rollout Spurs Markets
The Week on Wall Street Stocks climbed higher amid the COVID-19 vaccine rollout and an improving outlook for a fiscal stimulus bill.The Dow Jones Industrial Average, which has lagged all year, gained 0.44%. The Standard & Poor’s 500...
Read MoreDecember 14, 2020 - Cases Rise, Stocks Retreat
The Week on Wall Street Stocks retreated last week on rising COVID-19 infections and slow progress on an economic relief bill. The Dow Jones Industrial Average dipped 0.57%, while the Standard & Poor’s 500 dropped 0.96%. The Nasdaq...
Read MoreDecember 7, 2020 - Is Stimulus Near?
The Week on Wall Street Stocks marched higher last week on an improving outlook for the passage of a fiscal stimulus package. The Dow Jones Industrial Average rose 1.03%, while the Standard & Poor’s 500 tacked on 1.67%. The Nasdaq...
Read MoreElection 2020: Political Uncertainty Creates Potential for Market Swings
INVESTING, INSIGHTS There are clear differences between President Donald Trump and Former Vice President Joe Biden (and the political parties they represent) when it comes to tax policies, spending priorities, and overall economic...
Read MoreCharitable Giving and Tax Planning
INVESTING, RETIREMENT FUNDING, INSIGHTS With the end of the year approaching, we pause to give thanks for our blessings and the people in our lives. It is also a time when charitable giving often comes to mind. The tax benefits...
Read MoreCARES Act: Retirement Plan Relief Provisions
INVESTING, RETIREMENT FUNDING, INSIGHTS The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort to assist both...
Read MoreMedicare Open Enrollment Begins October 15
INVESTING, RETIREMENT FUNDING, INSIGHTS What is the Medicare Open Enrollment Period? The Medicare Open Enrollment Period is the time during which Medicare beneficiaries can make new choices and pick plans that work best for them. Each...
Read MoreTeam Member Spotlight
Continuing our series of getting up close and personal with the McKay Wealth team members, this month’s spotlight is on Jim McKay. As Jim is one of the founding members of the firm, you (and us) may think we know all about him....
Read MoreShould I Retire Early?
Americans are choosing to retire early. Economists Olivier Coibion, Yuriy Gorodnichenko, and Michael Weber associated with the National Bureau of Economic Research (NBER) have been comparing data gathered in January and April 2020 to...
Read MoreSocial Security Retirement Income
What role does Social Security play in your retirement income strategy? As you near retirement, it's likely you'll have many questions about Social Security. How much will your retirement benefit be? When should you apply? Will...
Read MoreTeam Member Spotlight
This month’s team member spotlight is on Lori Griffith our “luna - luna lawelawe” Hawaiian for our CFO. She is behind the scenes running our companies and taking great care of all us at McKay Wealth Management....
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