Julie Virta
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Articles by Julie Virta
Managing Your Money After a Loss: A 30-60-90-Day Plan for Surviving Spouses
Box paper with the words First 30 60 90 Days . As a financial adviser, I've spent much of my career helping clients navigate the intersection of loss and financial responsibility. Today, those conversations are more frequent than ever as the Great Wealth Transfer reshapes who is managing wealth. Women, who tend to outlive their husbands, are especially likely to find themselves managing significant assets for the first time.
Managing Your Money After a Loss: A 30-60-90-Day Plan for Surviving Spouses
Follow us Add us as a preferred source on Google Subscribe to our newsletter As a financial adviser, I've spent much of my career helping clients navigate the intersection of loss and financial responsibility. Today, those conversations are more frequent than ever as the Great Wealth Transfer reshapes who is managing wealth. Women, who tend to outlive their husbands, are especially likely to find themselves managing significant assets for the first time.
Managing Your Money After a Loss: A 30-60-90-Day Plan for Surviving Spouses
When you buy through links on our articles, Future and its syndication partners may earn a commission. Credit: Getty Images As a financial adviser, I've spent much of my career helping clients navigate the intersection of loss and financial responsibility. Today, those conversations are more frequent than ever as the Great Wealth Transfer reshapes who is managing wealth.
I'm a Financial Adviser: Silence Is Golden, But It Hurts Your Heirs More Than You Think
(Image credit: Getty Images) Editor's note: This is the first article in a two-part series on navigating the Great Wealth Transfer. Part two will explore key decisions for couples. Over the next two decades, American families will pass down trillions of dollars in wealth. Yet many families enter the process unprepared. Conversations often happen late — sometimes too late — leaving heirs without the context or clarity they need.
I'm a Financial Adviser: Silence Is Golden, But It Hurts Your Heirs More Than You Think Original
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A Financial Planner Takes a Deep Dive Into How Charitable Trusts Benefit You and Your Favorite Charities
(Image credit: Getty Images) As the year draws to a close, it's a great time to review your financial and philanthropic goals. For high-net-worth individuals, charitable trusts combine generosity with tax and estate planning. They deliver benefits beyond those of a direct donation or simple bequest — such as an immediate income tax deduction, potential capital gains deferral, estate tax reduction, income for a term of years or for life and the ability to leave a legacy for your heirs.
A Financial Planner Takes a Deep Dive Into How Charitable Trusts Benefit You and Your Favorite Charities Original
Share this article Add us as a preferred source on Google Newsletter As the year draws to a close, it's a great time to review your financial and philanthropic goals. For high-net-worth individuals, charitable trusts combine generosity with tax and estate planning.
When You Need Capital Quickly, Think 'Ready, Set, Fund': A Financial Adviser's Strategy
A piggy bank is wrapped in a chain next to a padlock. Liquidity options play an essential role in every investor's portfolio. They allow investors to access capital quickly without having to prematurely liquidate assets or derail their long-term investment strategies. This flexibility can be incredibly helpful when business opportunities arise or family members need support.
When You Need Capital Quickly, Think 'Ready, Set, Fund': A Financial Adviser's Strategy
Liquidity options play an essential role in every investor's portfolio. They allow investors to access capital quickly without having to prematurely liquidate assets or derail their long-term investment strategies. This flexibility can be incredibly helpful when business opportunities arise or family members need support. Liquidity options can also offer tax and estate planning advantages — helpful for those looking to minimize capital gains and pass on wealth.
Your Family Money Values Matter: How to Get on the Same Page
Have you ever thought about why you save, spend, gift or invest money the way you do? If not, you’re not alone — most people haven’t. Whether you’re aware of your monetary behaviors or not, your “why” is likely directly tied to your money values. These are a set of beliefs and principles that motivate your financial decisions, which can have a significant impact on your personal and familial financial success.
Your Late IRA Contributions Have a Procrastination Penalty
If you had a choice between getting $100 or $80, which would you choose? The answer seems self-evident, but many investors are, in essence, opting for the lower figure when they procrastinate in making contributions to their IRA or other investment accounts. There is a span of 15½ months in which you can make your annual contribution to an IRA, from January 1 of the applicable tax year through April 15 (the tax return deadline) the following year.
Five Simple Year-End Tax Tips to Set Up a Successful 2024
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Five Simple Year-End Tax Tips to Set Up a Successful 2024 Original
’Tis the season to make New Year’s tax resolutions, but as I have seen many times in my 25 years as a financial adviser, it’s those who plan ahead who tend to get ahead. We’re bumping up against the tail end of 2023, but there’s still time to make a few money moves to help get you prepped for a successful, upcoming tax season. Here are a few options to consider and/or raise with your trusted tax professional alongside your financial adviser. 1.
Using a 529 Plan? Here’s What to Keep in Mind
If you have a 529 plan — a tax-exempt education savings account — you may already be tapping it this school year or considering tapping it soon. In the process, you’ll want to examine your long-term education goals, understand what constitutes as a qualified expense and have a tax-minded strategy for withdrawal. Here are a few considerations to keep top of mind while using your 529. Remember your goals Just like education, 529 plans offer many paths to success.
Are You Overlooking Your Most Valuable Retirement Asset?
Housing wealth as a source of retirement funding is often overlooked, even though it can play a key role in funding a secure retirement. According to recent Vanguard research, about 80% of Americans over the age of 60 are homeowners, and housing wealth accounts for nearly half of their median net worth. This could mean that many homeowners nearing retirement are, in fact, sitting on (or, rather, sleeping in) a significant amount of potential retirement income.
Want to Reduce Investment Taxes? Consider These Five Ways
Each investor may have their own unique set of goals and preferred strategies for achieving financial success, but there’s one thing that rings true for all, regardless of where they are on their wealth journey: Investors want more of their returns going toward their goals and less going to the IRS. Tax season is often a time where investors reflect on their overall strategy, but when it comes to lowering investment taxes, investors will need to consider a plan of action well ahead of filing.
Getting remarried? How to blend your family and your finances
2023-02-24 19:10:00 MarketWatch By Julie Virta Getting married is an exciting milestone for couples and their families. For couples with children from previous relationships, the excitementand the financial considerationsmay be heightened. Alongside nailing down the guest list and selecting flower arrangements, financial planning conversations should be at the top of anypremaritalto-do list, and especially for blended families, as they have additional financial matters to consider.
Getting remarried? How to blend your family and your finances
Getting married is an exciting milestone for couples and their families. For couples with children from previous relationships, the excitement-and the financial considerations-may be heightened. Alongside nailing down the guest list and selecting flower arrangements, financial planning conversations should be at the top of any premarital to-do list, and especially for blended families, as they have additional financial matters to consider.
4 Ways to Prepare for a Personal Financial Crisis and Keep Goals on Track
As an adviser, I stress the importance of a well-thought-out, long-term plan to keep financial goals and objectives “on track,” especially during a personal financial crisis. Even the best-laid plans can, and likely will, evolve given unpredicted setbacks or unforeseen hurdles.
Year-End Financial Checklist: Prepare Now, and You’ll Have Time to Adjust
The end of the third quarter and start of the fourth quarter often marks a pivotal time to pulse-check financial and investment plans. Looking at your year-end financial checklist now provides the “best of both worlds” – allowing you to review and assess progress made on goals set at the start of the year, while still having three months before the end of the year to make notable adjustments if needed.
Planning to retire in the next 3-5 years?
Planning to retire in the next 3-5 years? It may take decades over the course of a career to save for retirement, but there is a small and defined window of time leading up to one’s golden years that is exceptionally critical when it comes to planning.
Planning to Retire in the Next 3-5 Years? What to Consider Today
retirement As you inch closer to retirement, here are three big-picture things you need to think through to be financially and emotionally prepared. It may take decades over the course of a career to save for retirement, but there is a small and defined window of time leading up to one’s golden years that is exceptionally critical when it comes to planning.
Rising Health Care Costs and the Impact on Soon-to-Be Retirees
retirement planning The time to plan for your health care in retirement is years before you actually retire. Over the past few months, Americans’ concern over inflation has steadily increased. A Gallup poll coordinated in March noted that 17% of Americans believe the high cost of living and inflation is a significant problem, up from just 8% in January.
Discussing Family Legacy Plans? 5 Tips to Navigate ‘the Talk’
Passing wealth through generations can be fraught with complexity. Money is often an emotionally charged topic, and an older generation’s plans and intent for transferring wealth can trigger an array of reactions from younger family members. Recent projections show that by 2045, $72.6 trillion will be passed on to heirs, and another $11.9 trillion will be donated to charities.
4 steps to kickstart a financial plan in 2022
The new year is a great time to dot the i’s and cross the t’s on your financial plan. Here are four areas that could use your attention right now. The start of a new year marks a strategic time to review a financial plan and develop goals to work toward over the next 12 months and beyond. This “fresh start” mentality allows individuals to review and assess what worked (or didn’t) over the course of the previous year and revise or create short- and long-term goals to strengthen their financial plan.
4 Steps to Kickstart a Financial Plan in 2022
retirement planning The new year is a great time to dot the i’s and cross the t’s on your financial plan. Here are four areas that could use your attention right now. The start of a new year marks a strategic time to review a financial plan and develop goals to work toward over the next 12 months and beyond.
4 Steps to Kickstart a Financial Plan in 2022
A woman does a kickboxing kick on the beach. Getty Images The start of a new year marks a strategic time to review a financial plan and develop goals to work toward over the next 12 months and beyond. This “fresh start” mentality allows individuals to review and assess what worked (or didn’t) over the course of the previous year and revise or create short- and long-term goals to strengthen their financial plan.
Tax-Efficient Tips for 2021’s Charitable Giving Season | Kiplinger
With only a few weeks left in the year, giving season is upon us. To make the most of your gift, consider one of these tax-smart strategies.
Tax-Efficient Tips for 2021’s Charitable Giving Season
A pair of hands carefully hold a soft red crocheted heart. Getty Images Spurred in part by the pandemic, a record $471 billion was donated to U.S. charities in 2020, according to Giving USA. I expect that trend to continue this year, as individuals, couples and families are inspired, perhaps more so than years prior, to make an impact on their communities and the causes they care about. SEE MORE Ever Dream of Having a Building Named After Yourself?
4 Reasons Families Fail When Transferring Wealth | Kiplinger
estate planning Several things can go wrong when a family tries to pass its wealth down to the next generation. To keep your own wealth transfer on track, keep these four common pitfalls in mind. Over the next 25 years, analysts anticipate $68 trillion to be passed down to younger generations and charities.
Straight from Vanguard retirees: 6 retirement-planning tips
Editor’s note: This post previously ran in July 2017. We believe it’s an important topic that many readers may find valuable and is worth revisiting. In one of my other blog posts, “The coulda, shoulda, woulda behind every retirement story,” I asked for comments. Who better than soon-to-be retirees and recent retirees to share lessons learned about preparing for retirement, right?
The case for global equity investing (and a happy marriage)
It pays to cover all the angles, whether you’re dealing with money or relationships. In marriage, there are special occasions that should be acknowledged and celebrated. At the top of that list are my wife’s birthday and our anniversary. Over the years, my gifts to her have been hits and misses. Sometimes dinner is a winner; other times a simple card does the trick.
Are games being played with your cash?
With stocks on a nine-year bull market run, many of us probably haven’t paid much attention to the yield on our cash accounts. But, maybe we should. Because some firms are playing games with your cash. Games that might leave you, well, shortchanged. Most of us have a cash account of some type—the bank account from which we pay our bills, the money market fund that we’ll tap for emergency expenses, or the brokerage account where our stock and ETF dividends are directed.
Should You Retire Before Your Spouse?
Imagine waking up to the shriek of your alarm clock, a full day’s workload spinning in your head. Meanwhile your spouse rolls over, bids you a fond farewell, then drifts blissfully back to sleep. You’re sitting in traffic, running late for a meeting. Your spouse, on the other hand, is dreaming about a relaxing day meeting up with friends and getting a little exercise. Now flip the scenario. You’re retired, home alone, as your spouse treks the daily commute to the office.
Why Do You Invest?
I recently did something I haven’t done in a long time — bowl. Over the holiday break, my family and I spent an afternoon at an all-in-one family fun center where we sang karaoke, played ping-pong and bowled, all under one roof. After lacing up our rental shoes (which are just as stylish as I remember!), we entered our names on the board and chose our bowling balls. I started out shaky, but I’m proud to say my game steadily improved over 10 frames.
3 reasons why my 3 sisters (and other women) should save more
I grew up with 3 sisters, and no brothers. Let’s just say growing up in a house of 4 girls was an adventure in and of itself. Getting ready in the morning? Quite the event. Dinner conversations? Even more lively. As the years have gone by, our conversations have evolved to focus on more significant topics. A recent favorite? Finances and savings. This topic is of particular interest to my sisters and me because several unique factors can actually work against women when it comes to saving for retirement.
Why do you invest?
I recently did something I haven’t done in a long time—bowl. Over the holiday break, my family and I spent an afternoon at an all-in-one family fun center where we sang karaoke, played ping-pong, and bowled, all under one roof. After lacing up our rental shoes (which are just as stylish as I remember!), we entered our names on the board and chose our bowling balls. I started out shaky, but I’m proud to say my game steadily improved over 10 frames.
Bitcoin: Digital gold or fool’s gold?
“What do you think about Bitcoin?” Over the past few months, I’ve been asked this question more than any other. In 2017, Bitcoin, the world’s first cryptocurrency, rose by almost 1,200%, prompting excitement and bafflement. My answer: I’m enthusiastic about the blockchain technology that makes Bitcoin possible. In fact, Vanguard is using such technology. As for Bitcoin the currency? I see a decent probability that its price goes to zero.
First job out of college? How to get an easy A on your 401(k).
When you’re new to the workforce, the last thing on your mind is probably retirement planning. But actually, this should be at the top of your to-do list, and it’s an easy A. There’s no need to overthink it and a few simple steps are all you need to get started. If you work for an employer offering a retirement plan (such as a 401(k) or 403(b)) with an auto-enrollment option, you’re off to a solid start.
Straight from Vanguard retirees: 6 retirement-planning tips
In my last post, The coulda, shoulda, woulda behind every retirement story, I asked for comments. Who better than soon-to-be retirees and recent retirees to share lessons learned about preparing for retirement, right? (Exactly right.) The record-setting number of comments we received was amazing, but the comments themselves are what truly blew me away. In this post, I provide an overview of what you had to say about what you “coulda, shoulda, woulda” done differently to prepare for retirement.
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