Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Kate Arndt
Income tax tips every retiree should know
Listen to this story Loading audio file, please wait. Speed 1.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 While the tax code remains a constant, different rules are relevant during your working years and retirement. The rules and strategies centered on saving for retirement in a tax-efficient manner fade to a distant memory, and a new set of rules around spending and withdrawing sink in.
Finally! Final Regulations for Inherited IRAs
In December 2019, the SECURE Act was passed, upending how IRA beneficiaries distribute their inheritance. Confusion quickly spread among inheritors and across the wealth management industry—are Required Minimum Distributions needed or not? After many years in limbo, the IRS finally released Final Regulations clarifying the important provisions. Four Years of Uncertainty Before the SECURE Act, one might have said that inherited IRAs were fairly simple.
Finally! Final regulations for inherited IRAs
Listen to this story Loading audio file, please wait. Speed 1.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 In December 2019, the SECURE Act was passed, upending how IRA beneficiaries distribute their inheritance. Confusion quickly spread among inheritors and across the wealth management industry—are Required Minimum Distributions needed or not? After many years in limbo, the IRS finally released Final Regulations clarifying the important provisions.
Family Gifting Strategies
Giving financial gifts during one’s life means benefiting family members sooner rather than later, along with the added enjoyment of witnessing the impact on others. Awareness of gift tax rules is imperative when structuring a strategy. Whether gifting to adult family members or children, there are many ways to find a balanced approach to transferring assets. Gifting Rules The federal government specifies both annual and lifetime gift tax exclusion amounts.
Roth Conversions and Capital Gain Harvesting - Why Both Have Their Place
Though we cannot predict how future legislation may impact tax rates, we can use current information and a historical perspective to devise strategies to better position our overall financial situation. As a financial planner, my focus is on helping our clients achieve their financial goals, which entails maximizing every dollar. This can be accomplished by limiting clients' tax exposure on distributable income from their retirement or brokerage accounts.
Where Are You Putting All That Cash?
For the past decade, it has been incredibly difficult for savers to earn much on cash savings. That has changed as the Federal Reserve raised interest rates to battle inflation. As a result, yields on various cash vehicles are more advantageous. High-Yield Savings Accounts High-yield savings accounts, popular with online banking institutions, typically offer higher interest rates than traditional banks while still providing FDIC insurance coverage.
Planning for a Sunset with a Tax Planning Perspective
When the sun sets on December 31, 2025, a substantial amount of tax legislation could go with it. In 2017, the United States Congress enacted the Tax Cuts and Jobs Act (TCJA). This bill significantly changed the US Tax Code, benefiting corporations and individuals. However, the bill was only scheduled to be effective until the end of 2025.
Tax planning for the soon-to-be retiree
Listen to this story Loading audio file, please wait. Speed 1.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 Retirement can be a daunting topic—the idea of not receiving a paycheck anymore and starting to spend down your life savings can cause fear and anxiety. However, what if I told you that not receiving a steady paycheck is the best thing to happen to your tax planning options? The Right Candidate Individuals approaching retirement with the most tax flexibility carry a few common traits.
Instant Gratification? Not So Fast
In a world of text message conversations, Amazon Prime delivery and social media likes, it’s easy to understand how society has become accustomed to instant gratification. It can make the long, steady process of growing wealth seem boring or unattainable. For most people, the only way to build wealth is by adopting a delayed gratification mindset with money. Build Savings Muscles It’s easy to opt for instant gratification when it comes to financial decisions. It feels good to spend money.
Tax Planning for the Soon-to-Be Retiree
Retirement can be a daunting topic—the idea of not receiving a paycheck anymore and starting to spend down your life savings can cause fear and anxiety. However, what if I told you that not receiving a steady paycheck is the best thing to happen to your tax planning options? The Right Candidate Individuals approaching retirement with the most tax flexibility carry a few common traits. First and foremost, they have a low tax base.
Retiring with Employer Stock in your 401(k)? Consider this…
If you are accumulating employer stock in your 401(k) and the value continues to go up….congratulations! With such a nice nest egg, you need to implement the most tax efficient strategy for liquidation. After all, the lower your taxes, the more funds you have to spend in retirement. As hiring and retaining talented employees becomes more and more competitive, it is not uncommon to see employers issue stock to their employees as an incentive.
The lost years: The untold truth about your 30s
Your 30s tend to be a decade ripe for big life changes. During periods of rapid or constant change, it’s easy to lose sight of goals. How can you combat these changes and graduate from your 30s with your finances intact? Onslaught of Big Ticket Items The majority of my clients are in their 30s and 40s. If I’m lucky, I get to work with them while they go through life’s most exciting milestones, such as buying a home, planning a wedding, and starting a family.
The Lost Years: The Untold Truth About Your 30s
Your 30s tend to be a decade ripe for big life changes. During periods of rapid or constant change, it’s easy to lose sight of goals. How can you combat these changes and graduate from your 30s with your finances intact? Onslaught of Big Ticket Items The majority of my clients are in their 30s and 40s. If I’m lucky, I get to work with them while they go through life’s most exciting milestones, such as buying a home, planning a wedding, and starting a family.
Important 529 Plan Changes
Indiana taxpayers contributing to CollegeChoice 529 plans must be aware of changes for the 2023 and 2024 tax years. Increased Indiana State Tax Credit New in 2023, there is an increased state tax credit for Indiana residents contributing to CollegeChoice 529 plans. Before, the 20% state tax credit capped out at $1,000 for a $5,000 contribution. Now, Hoosiers can receive the 20% credit on up to $7,500 in annual contributions for a maximum credit of $1,500. This state tax credit is refundable.
New Year, New Money Resolutions
According to the recent BMO Real Financial Progress Report, 74% of Americans feel optimistic about their financial situation going into 2024. At the same time, however, nearly half of Americans say their New Year's financial resolutions have changed due to higher living costs. So what's the true story? If setting money goals, creating budgets, and minimizing spending is at the top of your 2024 to-dos, the BMO survey suggests you're not alone.
Pros & Cons: Co-Ownership of your Home
A common question heard by advisors as clients age is, “Should I add my adult child’s name to the title of my home?” While adding someone to the title of a home is a strategy, there are several downsides to keep in mind and alternative methods to consider. Pros of Adding Someone to Home Title Including another person(s) on the title of a home means legally adding owners to the property.
Busting common retirement myths
A financial plan consists of many topics, but one of the main focal points is retirement. Having worked as a financial planner for over seven years, I’ve picked up anecdotal and experiential observations that shed light on some of the common retirement myths and misconceptions I’ve noticed over my career. Myth #1: Working An Additional Year Will Make a Big Difference One of the most important assumptions in a retirement projection is the age or year in which a person retires.
Busting Common Retirement Myths
A financial plan consists of many topics, but one of the main focal points is retirement. Having worked as a financial planner for over seven years, I’ve picked up anecdotal and experiential observations that shed light on some of the common retirement myths and misconceptions I’ve noticed over my career. Myth #1: Working An Additional Year Will Make a Big Difference One of the most important assumptions in a retirement projection is the age or year in which a person retires.
When Wealth Goes Wrong
While on vacation, I got caught in a poolside conversation about money, as one does when they’re a financial planner. The conversation was about a wealthy family friend who gifted each of their adult children an 8-figure sum of money and how one of the children has already spent the multi-million dollar gift. It’s incredibly shocking and almost unfathomable, yet it makes complete sense simultaneously.
When wealth goes wrong
While on vacation, I got caught in a poolside conversation about money, as one does when they’re a financial planner. The conversation was about a wealthy family friend who gifted each of their adult children an 8-figure sum of money and how one of the children has already spent the multi-million dollar gift. It’s incredibly shocking and almost unfathomable, yet it makes complete sense simultaneously.
Marry for the money? Maybe or maybe not
While marriage is accepted as the societal norm, it’s not right for every couple. If you are evaluating whether or not to tie the knot, consider the unique financial incentives, opportunities, and pitfalls of wedded bliss. Social Security Spousal Benefits Social Security benefits are an essential piece of many retirees’ financial plans.
Protecting Your Personal Information
What can we help you find? As identity theft becomes more prevalent in today’s world, we are here to help you take the steps you need to secure your personal information. Identity theft occurs when someone uses another person’s personal information to impersonate them in some form. Typically there is a financial gain for the fraudster. What you do before or after your data is stolen can directly impact how the criminal can use your information.
Are you making these common tax mistakes?
As a Wealth Advisor, I’ve reviewed hundreds of client tax returns over the years. Unfortunately, even as tax prep software evolves, several common mistakes prevail and every year I catch a few. So how can you avoid these common (and costly) errors? Remember Charitable Distributions Taxpayers over 70.5 years old can distribute IRA funds directly to charity, free of tax. This maneuver is known as a Qualified Charitable Distribution, or QCD for short.
Financial Infidelity
What would you do if you discovered that your spouse had a secret credit card and that he/she racked up over $30,000 in charges? Money problems are often cited as a leading reason for divorce. Let’s explore one money problem in particular—financial infidelity. Secrets, Secrets are No Fun Financial infidelity is when one partner lies to the other about money in a harmful way. Deception can come in a myriad of forms.
Start feeling confident about your finances
As a financial planner, I work primarily with early and mid-career professionals. So, as you can imagine, I field many questions from my clients. But, believe it or not, there are two repeat questions I receive that tell me everything I need to know about a person’s mindset. Scarcity versus Abundance The two revealing questions are as follows: How do I compare to other people my age? Am I on track to meet my goals?
A Life Well-Lived: How to Enjoy Your Todays While Investing for Your Tomorrows
You have probably heard a tragic story about someone who pinched pennies to save for retirement, only to have their life cut short before enjoying the fruits of their labor. As my grandma says, “Everything in moderation,” but how do you find the right balance between enjoying your today and investing for your tomorrow? Build a Strong Foundation Money does not buy happiness, but I believe that it can buy peace of mind. One way your money can do so is through an emergency fund.
Retiring Early? Avoid Withdrawal Penalty - Inside INdiana Business
If you retire early (before age 59 ½) and take funds from a retirement account, you could pay a 10% penalty! However, there’s a way around that penalty using a Roth IRA. You just need to count to five. The Lay of the “Roth IRA” Land A Roth IRA is an individually owned retirement account to which investors contribute after-tax dollars. Those contributions are invested and grow tax-free. During retirement, distributions are received tax-free as well.
Retirement: Your Three Numbers
Preparing for retirement is an exciting yet nerve-racking time. It takes years of preparation, planning, and execution to pull it off. But before putting in your two-week notice, there are three numbers that you need to know. First, and foremost, you should be familiar with your monthly income during retirement. For most Americans, this includes Social Security benefits. The window to begin claiming benefits on your earning record starts at age 62 and caps out at age 70.
Is Your Financial Goal Only a Wish?
Are you a goal setter? If not, it’s time to start daydreaming. What do you want your life to look like in five years…or in 25 years? A Harvard Business study found a direct correlation between goal setting and success. It’s time to put pen to paper and figure out what your future holds. Early retirement. Vacation Homes. Transitioning from full time work to part time. These things don’t just happen.
Yours, Mine, and Ours: Marriage and Personal Finances
Marriage is the blending of two lives. You share living space, life goals, and maybe a name, but there is more than meets the eye when it comes to your finances. If you, or someone you know, are rece
Hiring a Financial Advisor: When is it Time?
Many people are “winging it” when it comes to financial planning. The fear of making the wrong choice of advisor or being "sold" investments can be paralyzing. Unfortunately, the consequences of not hiring a financial planner could be disastrous to your future. My dad is 56 and has yet to work with a financial advisor. Skepticism of the financial services industry, an interest in doing it himself, and several life events has kept him on the sidelines. Is it too late for my dad?
What Should I Do With My Inheritance?
Several sources suggest that Baby Boomers hold over 50% of the nation's wealth. In 2021, that generation will be between the ages of 57 and 75, setting up what has been named "The Great Wealth Transfer." Over the next few decades, adult children, grandchildren, and other heirs will end up with life-changing windfalls.
Great Parents, Bad Savers?
“Sandwich Generation”: Simultaneously caring for children and parents. What if your parents have not saved enough for retirement? According to the Schwarz Center, close to 20% of Americans retire with little or no money. If you have great parents, but they are bad savers, what should you do? Keep Calm and Gather Data Once you are aware that your parents are not in the best financial position, the first step is to take a deep breath.
The Budget Bride: Weddings Under $10k
Love is in the air! The pandemic may have slowed down some aspects of life, but according to my Instagram feed, there is no shortage of engagements. Planning a wedding is a labor of love and, more often than not, financial stress. How do you put on a wedding for less than $10,000, while keeping your sanity? According to a 2019 survey from The Knot, the average wedding in Indiana costs $23,000. What’s even more surprising is how often newlyweds take on debt to finance their wedding.
The Road Less Traveled: Economic Injury Disaster Loans
Opinion Sunday, April 26th 2020, 11:47 PM EDT The original CARES Act dedicated $376 billion to America’s 30 million small businesses. The majority went to the newly-created Paycheck Protection Program; however, $10 billion flowed to the SBA’s existing disaster loan program, the Economic Injury Disaster Loans. Funding ran out within two weeks. However, on April 24th President Trump signed a bill that allocated an additional $60 billion to the Economic Injury Disaster Loan program.
Student Loan Repayment: Back Like Never Before
Just like that, the joy ride is over. Federal student loan payments are due for the first time since March 13, 2020. Interest began accruing on September 1, with payments coming due in October. Since it’s been a while, let’s discuss the three items you should review as payments restart. Times Have Changed, Should Your Repayment Plan Change Too? It’s not abnormal for borrowers to feel they are in a different spot financially since March of 2020.
The Many Decisions of an Investor
Imagine this: It’s your lucky day. You catch every green light on the commute home from a tough day at the office, so you stop by a gas station to purchase a scratch-off. You win $10,000! What’s your next move? There is an endless number of ways to handle a windfall. Let’s examine one option and all the important decisions that need to be made along the way. Investing vs. Paying Down Debt You collect your lottery winnings and commit to being a good steward of your spoils.
Cyber Security: Out of Your Control - or Not?
Good chance YOU have been a victim of a cyber security attack! When a company gets hacked, you and other customers become the “victims” of the breach. That puts your identity at risk! The FTC estimates 9 million Americans are victims of identity theft each year! What’s the greatest potential for identity theft? On-line shopping! Yikes! One in 15 consumers had their identity stolen in 2017 and there’s a new victim every 2 seconds, according to Javelin Strategy and Research.
What’s Your Biggest Waste of Money?
Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances? Not really. In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?
What’s Your Biggest Waste of Money!
Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances? Not really. In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?
Guide to Leaving a Legacy
American philosopher William James once said, “The great use of life is to spend it for something that will outlast it.” Have you ever stopped to think about the impact you want to have on the world? Each day—and every dollar—is an opportunity to make a difference. Not sure where to start? Here are several ideas to get you on your way! Your Presence Is a Present Not every charitable-minded person is financially positioned to give money to favorite charities or causes.
Owe Taxes? What Went Wrong in 2018 and How to Survive It
The 2018 tax filing deadline came and went. Whew! But for some Americans, the tax headache has just begun. This year was the first filing under the Tax Cuts and Jobs Act and while some taxpayers saw larger refunds others received a rude awakening. If you’re reeling from a large tax burden, this article is for you. The Root of the Problem Remember how excited you were when you received your first paycheck—followed by dismay when you saw how much was taken out for taxes.
20 Percent Down Payment - Debunked or Not?
Whether you’re a first-time homebuyer or a seasoned veteran of the house purchase process, you’ve likely heard this adage: “Thou shalt put 20 percent down!” It’s so entrenched in people’s psyches that many consider it to be a sacred rule. But is it happening in today’s marketplace? What Makes 20 the Magic Number? The answer is simple. There are lots of reasons and it’s a smart financial decision. There's a significant upside for borrowers who can afford a bigger down payment on a house.
Put Your Finances on Autopilot
Was 2018 a financial disaster for you? If so, managing your money the same way will likely have the same result in 2019. Why not try some tools that can help you manage your finances and make saving a breeze. Technology has offered us many improvements and ways to simplify our lives. But sometimes it’s difficult to identify those apps and features that can really make a difference from all the others - especially when it comes to money. Are you leveraging technology to make the most of your finances?
Is Your Financial Institution Right for You?
Why did you decide to bank with your current provider? My first bank was the same community bank my parents used. When I moved out of state, I picked my new bank purely out of convenience. A branch of a national chain was located right across from my apartment. Looking back, I wish I had put more thought into my decision. How about you? So, What Are My Options? The four primary types of financial institutions include national banks, local banks, credit unions, and online banks.
Become a Millionaire... Overnight?
Today, everyone's obsessed with instant gratification. Same-day delivery; websites loading in one-second flat; speedy answers to all questions; and a few taps on a keypad to stay in touch with family and friends. What about personal finances - is it realistic to expect instant results? I’m not immune to the allure of becoming an instant millionaire. I spent part of a recent road trip fantasizing about winning the lottery. I even planned how I’d spend my multi-millions.
When College Planning Goes Awry
We've all been told the best way to prepare for the future is to plan ahead. That's why so many American families contribute to 529 plans for college costs. But what if your child or grandchild has "other plans" when the time comes? Has all the planning been for naught? If a change occurs with your student's education plans, that doesn't necessarily mean paying into a 529 account was a bad move. You have several options, including penalty-free withdrawals! You've heard the headlines.
Auto Insurance And... Pothole Damage?
There is a season between winter and spring: Pothole Season! It's all the talk around the water cooler as drivers bond over their shared distaste for crater-riddled streets. With thousands of open potholes remaining on Indianapolis streets, alone, you're probably wondering: "Will my auto insurance cover pothole damage?" According to a 2016 AAA survey, American drivers spend on average a whopping $3 billion per year on pothole-related repairs.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Kate
Contact Kate, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack