Financial planners

Eakgrunge | Istock | Getty ImagesThere's been record demand for federal Series I savings bonds, an inflation-protected and nearly risk-free asset, offering an eye-popping 9.62% annual return through October.However, it's not easy to buy I bonds through TreasuryDirect, a 20-year-old platform run by the U.S. Department of the Treasury, financial advisors say. "It's like going to the DMV online," said Matt Stephens, a certified financial planner with AdvicePoint in Wilmington, North Carolina, explaining how the process of…

Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston.Brandon Bell | Getty ImagesIf you're self-employed or own a small business, you may soon be eligible for a little relief from soaring gas prices.Starting on July 1, the standard mileage rate — used to deduct eligible business trips in a vehicle on tax returns — increases by 4 cents to 62.5 cents per mile, according to the IRS. The new rate applies to trips during the second half of 2022.The rate…

When the stock market dips, a strategy known as tax-loss harvesting can be a silver lining. But it doesn't make sense for all portfolios, financial experts say.  Here's how tax-loss harvesting works: You can sell declining assets from your brokerage account and use the losses to offset other profits. Once losses exceed gains, you can subtract up to $3,000 per year from regular income. Tax-loss harvesting may now be more attractive with the S&P 500 Index down by nearly 14% since January's all-time high. However, there…

Tetra Images - Erik Isakson | Brand X Pictures | Getty ImagesInvestment funds that promote values like the environment and social good have become more popular.But trying to pick a so-called ESG fund — especially one that aligns well with your interests — may seem about as easy as drying a towel in a rainstorm."I think it can be really hard to know where to start," said Fabian Willskytt, associate director of public markets at Align Impact, a financial advice firm that specializes in values-based investing.Luckily, there…

Stacy FrancisSource: Stacy FrancisStacy Francis never planned to become a financial advisor, especially one for women going through divorce. But a candid talk with her grandmother shifted her career trajectory. Her grandmother, Myra, was a victim of spousal abuse and, before passing, she confessed to staying in her marriage because she felt "financially trapped.""That's what drove me to go into this field," said Francis, who founded Savvy Ladies, a non-profit providing free financial advice and education for women, along…

Klaus Vedfelt | DigitalVision | Getty ImagesMonths of stock market volatility may deliver a costly surprise to parents sending children to school this fall: smaller-than-expected 529 college savings plan balances. The average 529 account size was $30,287 in 2021, according to the College Savings Plans Network, but families may now have lower balances, financial experts say.And it may be a "rude awakening" for parents scrambling to make their first payments in August, said certified financial planner Lisa Kirchenbauer,…

The U.S. Department of the Treasury buildingJulia Schmalz | Bloomberg | Getty ImagesSome investors may be grappling with the sting of higher-than-expected capital gains for 2021 and losses in 2022. But experts say tax-planning opportunities may soften the blow.Individuals paid significantly more taxes this season, and the surge in capital gains in 2021 may be to blame, according to an analysis from the Penn Wharton Budget Model.Adjusted for inflation, filers paid more than $500 billion in April 2022, compared to north of…

Bill Oxford | E+ | Getty ImagesIf you're still waiting for a tax refund, there's a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the agency's latest quarterly adjustment. Typically, the IRS has 45 days after the filing deadline to process returns and send refunds. After that, the agency tacks on daily compounding interest, explained Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.Tied to the federal…

NicolasMcComber | E+ | Getty ImagesWhether you’re new to investing or have been in the market for years, you may feel a little bit like you are lost at sea looking for a safe harbor.Investors are contending with a confluence of market forces such as inflation, interest rates increasing, and the Russia/Ukraine conflict.  This is a troublesome combination of macroeconomic factors that has combined with a world still dealing with the effects of the pandemic.The changes in the market have prompted many investors to look for…

A shopper at a San Francisco grocery store on May 2, 2022.David Paul Morris | Bloomberg | Getty ImagesInflation is a growing concern as Americans spend hundreds more every month. But some retirees may avoid the sting of price hikes for gasoline, groceries and other costs.  Annual inflation rose by 8.3% in April, hovering near a 40-year high, according to the U.S. Department of Labor.More than half of Americans expect rising expenses to have a "big negative impact" on long-term financial goals, such as retiring…