Sarah Mahaffa, CFP®

When the SECURE Act first passed, the rules seemed straightforward. In practice, we are now encountering individuals who have more than one Inherited IRA account and possibly different distributions plans for each one.

The PSLF program hasn’t had the best reputation, but the recent changes should make it more user-friendly and accessible to the people it was designed to help.

When it comes to your financial future, trial and error can be expensive. Your best bet is to seek out a financial planner who can answer your questions and help you think about the questions you don’t know to ask.

Earlier this year, the American Rescue Plan authorized a portion of the Child Tax Credit to be paid to eligible taxpayers monthly but don’t spend those funds right away. If your financial situation has changed, you may have to pay some of those dollars back!

Creating a thorough inventory of financial items and documents will take some time, but just as businesses have succession plans in the event leaders cannot serve, families must also take a similar approach.

It’s bad enough if you have to postpone or cancel a vacation. Don’t take a financial hit as well. Travel insurance protects you from certain types of financial loss incurred while traveling.

Purchasing a second home should not be an impulse decision. It requires diligent research and financial commitment. Before you buy, consider the consequences, estate issues, and more.

So, you hired a nanny to reduce the pandemic chaos. But did you think about the tax issues involved? It’s worth taking the time to structure household employee arrangements at the beginning of an engagement, so everyone involved is protected from day one.

Identity theft criminals are always crafting new ways to tap into the financial resources of others. That's not going to change, even with a COVID vaccine. Earlier this year, my husband received a letter regarding an unemployment claim filed in his name.

The Bureau of Economic Analysis reports that savings almost tripled over the first two quarters of 2020. This additional savings helps to cushion rainy day funds, but in today's low-rate environment, there comes the point that you should think about how to make the cash - that you worked hard for - work even harder for you.

Restricted stock awards deserve just as much attention as other aspects of your portfolio, but understanding how they work hasn't been easy. Lack of knowledge can cause you to miss an opportunity to maximize your benefits.

Did you take your required minimum distribution before the CARES Act was signed into law? How does the legislation affect your RMD?