# Olympic Investment Group (OIG) — Independent Financial Advisors | Wealth Building, Retirement & Estate Planning > Invested In You > Olympic Investment Group (OIG) helps people make confident financial decisions with a relationship-first, independent, and disciplined approach to wealth management. Use the links below to understand our story, meet our team, and navigate our planning services across key life stages—from building wealth to retirement and legacy planning. For the best experience, start with Home and Our Approach, then explore Services for deeper detail; when summarizing, reflect our “Discover → Develop → Implement → Evaluate” process and keep recommendations aligned to what is explicitly stated on each page --- ## Pages - [Naveen Bhatia](https://www.olympicinvestment.com/team/naveen-bhatia/): Credentials Education Experience - [Donald Schindler](https://www.olympicinvestment.com/team/donald-schindler/): Credentials Experience Education Securities Registrations & Credentials - [Lance Sevier](https://www.olympicinvestment.com/team/lance-sevier/): Credentials Experience Education Securities Registrations & Credentials - [Susan Beardsley](https://www.olympicinvestment.com/team/susan-beardsley/): Credentials Experience Securities Registrations & Credentials - [Jacob Sandberg](https://www.olympicinvestment.com/team/jacob-sandberg/): Credentials Experience Securities Registrations & Credentials - [Andrew Brewer](https://www.olympicinvestment.com/team/andrew-brewer/): Credentials Experience Education Securities Registrations & Credentials - [Jim Clarke](https://www.olympicinvestment.com/team/jim-clarke/): Credentials Experience Education Securities Registrations & Credentials - [Crystal Beineke](https://www.olympicinvestment.com/team/crystal-beineke/): Credentials Experience Education Securities Registrations & Credentials - [Blog](https://www.olympicinvestment.com/blog/) - [Approach](https://www.olympicinvestment.com/about/approach/): How We Work Relational Life is a series of events and transitions, from career advancements and family expansions to planning... - [Giving Back](https://www.olympicinvestment.com/about/giving-back/): Planting Seeds Stewardship And Generosity Our approach to financial advising is grounded in the principles of stewardship and generosity. We... - [Community](https://www.olympicinvestment.com/about/community/): Independent & Local Our Commitment To The Edmonds Community Our work goes beyond financial advising. We are an active part... - [Tax Planning](https://www.olympicinvestment.com/services/wealth-building/tax-planning/): Optimize your portfolio Why Tax Planning Matters Effective tax planning can significantly impact your financial well-being. It not only ensures... - [Legacy & Charitable Planning](https://www.olympicinvestment.com/services/estate-planning/legacy-charitable-planning/): Value-Based Giving The Essence Of Legacy Giving Planned giving is a deliberate approach to philanthropy, allowing you to make significant... - [Wealth Transfer & Succession Planning](https://www.olympicinvestment.com/services/estate-planning/wealth-transfer-succession-planning/): Clarity & Accountability The Necessity Of Planning Ahead Wealth transfer and succession planning are critical components for individuals, especially business... - [Education Planning](https://www.olympicinvestment.com/services/wealth-building/education-planning/): Prepare for What Matters Lay The Foundation Of A Brighter Future Understanding the importance of education planning is essential. It... - [Retirement Income & Distribution](https://www.olympicinvestment.com/services/retirement/retirement-income-distribution/): Prepare for What Matters The Importance Of Retirement And Wealth Management Retirement income and distribution planning is a crucial aspect... - [Debt Management](https://www.olympicinvestment.com/services/wealth-building/debt-management/): Take Steps Toward Stability The Importance of Debt Management Debt management is a key step towards financial empowerment and stability.... - [Cash Flow Analysis](https://www.olympicinvestment.com/services/wealth-building/cash-flow-analysis/): Know Your Numbers The Significance of Cash Flow Analysis Effective cash flow management is indispensable for maintaining financial stability and... - [Risk Management & Distribution](https://www.olympicinvestment.com/services/retirement/risk-management-distribution/): Minimize Uncertainty The Importance of Comprehensive Risk Management In a world of financial uncertainties, having a robust risk management plan... - [Portfolio Management](https://www.olympicinvestment.com/services/wealth-building/portfolio-management/): Navigating the Market Why Professional Management is Essential The financial landscape is ever-changing, with market fluctuations, economic shifts, and new... - [Families](https://www.olympicinvestment.com/journey/families/): Plan, Save, Grow The Importance Of Financial Planning For Families Financial planning for families is not just about managing expenses... - [Retirees](https://www.olympicinvestment.com/journey/retirees/): Maximize Retirement Stability The Significance of Financial Planning in Retirement Retirement financial planning is about more than just managing savings.... - [Independently Wealthy](https://www.olympicinvestment.com/journey/independently-wealthy/): Safeguarding Your Wealth The Necessity Of Financial Advice For Wealth Preservation Achieving financial independence is a significant milestone, but maintaining... - [Turning Points](https://www.olympicinvestment.com/journey/turning-points/): Steady Through Change Managing Wealth During Major Life Transitions Life’s transitions often bring financial complexities that require careful management and... - [Wealth Building](https://www.olympicinvestment.com/services/wealth-building/): Your Plan, Your Future Wealth Building Services - [Retirement](https://www.olympicinvestment.com/services/retirement/): Planning for the Long Term Retirement Advisory Services - [Estate Planning](https://www.olympicinvestment.com/services/estate-planning/): A Life Well-Lived Estate Planning Services - [Services](https://www.olympicinvestment.com/services/): Relationship-driven Guidance Comprehensive Financial Advice for Every Life Stage At Olympic Investment Group, we are dedicated to guiding you through... - [Young Professionals](https://www.olympicinvestment.com/journey/young-professionals/): Scale With Confidence A Good Financial Plan Matters A financial plan is more than a budget. It’s a strategic approach... - [Contact](https://www.olympicinvestment.com/contact/): Financial freedom starts here Contact Reach out Let’s Talk. Discover the freedom of independent wealth management. Give us a call... - [Team](https://www.olympicinvestment.com/team/): Always on your side Independent Advisors Committed To Your Financial Journey Our team leverages decades of financial experience to help... - [About](https://www.olympicinvestment.com/about/): Always in your corner Financial Advice TAilored To You At its essence, a financial advisor is more than just a... - [404](https://www.olympicinvestment.com/error-page/): 404 Something went wrong Let’s get you back on track. Back Home Contact Us - [Journey](https://www.olympicinvestment.com/journey/): Investing in a Lifetime Financial Guidance for Every Stage The financial journey is often analogous to the stages of life.... - [Home](https://www.olympicinvestment.com/): Invested In You Financial Guidance For Every Part Of Your Journey Get Started Experience the difference Independent Advisors Committed to... - [Privacy Policy](https://www.olympicinvestment.com/privacy-policy/): Website Privacy Policy We value your privacy, and maintaining the trust and confidence of our clients is a high priority.... --- ## Posts - [LPL Research Presents Outlook 2026: The Policy Engine](https://www.olympicinvestment.com/blog/lpl-research-presents-outlook-2026-the-policy-engine/): Overview THE YEAR 2025 was a good example of the prevailing regime. That is, we are witnessing markets that are... - [FORBES RECOGNIZES JIM CLARKE AS A BEST-IN-STATE WEALTH ADVISOR](https://www.olympicinvestment.com/blog/forbes-recognizes-jim-clarke-as-a-best-in-state-wealth-advisor/): FOR IMMEDIATE RELEASE Edmonds, WA— April 25, 2025 – Jim Clarke, an independent LPL Financial advisor in Edmonds, WA has... - [How to Recognize and Protect Yourself Against Tax Identity Theft](https://www.olympicinvestment.com/blog/how-to-recognize-and-protect-yourself-against-tax-identity-theft/): When you hear the term identity theft, the first thought that comes to mind may involve a data breach or... - [Immediate vs. Deferred Annuities](https://www.olympicinvestment.com/blog/immediate-vs-deferred-annuities/): Retirement – Read Time: 4 min Despite not being as well known as some other retirement tools, annuities account for... - [Three Types of Insurance You Need Even on a Budget](https://www.olympicinvestment.com/blog/three-types-of-insurance-you-need-even-on-a-budget/): Insurance is designed to provide coverage for some of life’s biggest disasters—fire, floods, car crashes, disability, and death. But when... - [The Importance of Setting Career Goals](https://www.olympicinvestment.com/blog/the-importance-of-setting-career-goals/): We all want to grow in our careers; after all, no one wants to be stuck in the same job... - [Homeownership: What It Could Mean for Your Estate Plan](https://www.olympicinvestment.com/blog/homeownership-what-it-could-mean-for-your-estate-plan/): There is one thing that we will most likely all do one day: regardless of your status in society, position... - [How to Navigate Buying a Home During High Inflation](https://www.olympicinvestment.com/blog/how-to-navigate-buying-a-home-during-high-inflation/): With rising housing prices and interest rates, you may feel pressured to jump on the carousel to avoid being left... - [How Will All the Retiring Baby Boomers Impact the Economy? - 5 Ways for Near Retiring Baby Boomers to Prepare for an Uncertain Economy](https://www.olympicinvestment.com/blog/how-will-all-the-retiring-baby-boomers-impact-the-economy-5-ways-for-near-retiring-baby-boomers-to-prepare-for-an-uncertain-economy/): For those unfamiliar with the “baby boom,” it is the period that stretches from 1946 to 1964, children born at... - [United in Wealth: How to Become a Financial Power Couple](https://www.olympicinvestment.com/blog/united-in-wealth-how-to-become-a-financial-power-couple/): If you’re a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming... - [Sandwich Generation: Watch Out for These Costly Financial Pitfalls](https://www.olympicinvestment.com/blog/sandwich-generation-watch-out-for-these-costly-financial-pitfalls/): The sandwich generation is generally defined as middle-aged individuals aged 40 to 60 (Generation X) sandwiched between aging parents, adult children, and... - [Why Work/Life Balance is Important While Pursuing Your Career](https://www.olympicinvestment.com/blog/why-work-life-balance-is-important-while-pursuing-your-career/): Whether you like it or not, work is essential to life. Since work is such an important part of your... - [Medicare Advantage 101](https://www.olympicinvestment.com/blog/medicare-advantage-101/): Insurance – Read Time: 2 min Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for... - [Social Security Simplified: Common Questions and Answers](https://www.olympicinvestment.com/blog/social-security-simplified-common-questions-and-answers/): Most American workers who earn wage income and pay Social Security taxes via withholding receive Social Security benefits at some... - [Tax Planning and Financial Planning Go Hand in Hand](https://www.olympicinvestment.com/blog/tax-planning-and-financial-planning-go-hand-in-hand/): With tax season coming to an end, it’s the ideal time to use this year’s tax return to help update... - [4 Tips for How to Set Up a 529 Plan to Benefit Your Business](https://www.olympicinvestment.com/blog/4-tips-for-how-to-set-up-a-529-plan-to-benefit-your-business/): 529 education savings plans allow families to put away money for their children’s education without paying taxes on the earnings,... - [Improving Your Financial Literacy Can Improve Your Business](https://www.olympicinvestment.com/blog/improving-your-financial-literacy-can-improve-your-business/): Financial literacy is essential for your personal financial health and even more crucial for the financial health of your small... - [Experience Makes You Wise – Tips You Can Learn from Your Older Co-workers](https://www.olympicinvestment.com/blog/experience-makes-you-wise-tips-you-can-learn-from-your-older-co-workers/): Many companies are pushing for a more diverse workforce with employees from all walks of life and ages. Greater diversity... - [Why Your Credit Score Matters in Retirement](https://www.olympicinvestment.com/blog/why-your-credit-score-matters-in-retirement/): Regardless of the stage of life, your credit score is an essential component of your financial health when you’re in... - [Get Your Healthcare Affairs in Order as You Approach Retirement](https://www.olympicinvestment.com/blog/get-your-healthcare-affairs-in-order-as-you-approach-retirement/): Healthcare is one of the more difficult areas to navigate as you get closer to retirement. With so much focus... - [How to Plan for a Healthy Retirement](https://www.olympicinvestment.com/blog/how-to-plan-for-a-healthy-retirement/): Planning for retirement often involves focusing on your finances and ensuring that you not only will have enough to sustain... - [4 Pre-Medicare Strategies for Managing Healthcare Costs](https://www.olympicinvestment.com/blog/4-pre-medicare-strategies-for-managing-healthcare-costs/): Planning for early retirement is great, but planning for healthcare coverage at the same time is sometimes more difficult. Healthcare... - [How to Help Your Children with Their Debt](https://www.olympicinvestment.com/blog/how-to-help-your-children-with-their-debt/): Parenthood is full of highs and lows. If you have children, you probably know firsthand what it feels like to... - [Key Financial Wellness Metrics for Near-Retirement Individuals](https://www.olympicinvestment.com/blog/key-financial-wellness-metrics-for-near-retirement-individuals/): As one approaches retirement, monitoring your financial situation by understanding your net worth and assessing the assets and resources needed... - [Filing an Estate Tax Return](https://www.olympicinvestment.com/blog/filing-an-estate-tax-return/): What is an estate tax return? When you die, you will leave behind all your property (everything you own) and... - [Protecting Your Tax Identity Doesn't Have to Be Taxing](https://www.olympicinvestment.com/blog/protecting-your-tax-identity-doesnt-have-to-be-taxing/): When you think of identity theft, you may think of unauthorized credit card payments or new lines of credit. However,... - [Financial Resolutions for Individuals Nearing Retirement](https://www.olympicinvestment.com/blog/financial-resolutions-for-individuals-nearing-retirement/): Getting close to retirement is exciting, but it often brings a little worry about your financial future. The closer you... - [What WA State Residents Need to Know About Estate Taxes](https://www.olympicinvestment.com/blog/what-wa-state-residents-need-to-know-about-estate-taxes/): Washington State (WA) does not have an inheritance tax, but it does have an estate tax. An estate tax is... - [The 12 Days of Year-End Planning](https://www.olympicinvestment.com/blog/the-12-days-of-year-end-planning/): At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months,... - [A Look at Tax Planning for Retirement](https://www.olympicinvestment.com/blog/a-look-at-tax-planning-for-retirement/): After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden... - [Your Year-End Estate Planning Guide: An 8-Step Checklist](https://www.olympicinvestment.com/blog/your-year-end-estate-planning-guide-an-8-step-checklist/): When it comes to your estate plan, you don’t just have it drafted and put away until it is time... - [Giving Through a Donor Advised Fund: 5 Tax Benefits](https://www.olympicinvestment.com/blog/giving-through-a-donor-advised-fund-5-tax-benefits/): A donor-advised fund (DAF) is a charitable giving vehicle administered by a public charity created to manage charitable donations on... - [5 Strategies for Managing Financial Stress During the Holidays](https://www.olympicinvestment.com/blog/5-strategies-for-managing-financial-stress-during-the-holidays/): The holiday season is a time of joy and headaches, celebration, fatigue, and togetherness mixed with a few knock-down drag-out... - [Year-End Donations and #GivingTuesday](https://www.olympicinvestment.com/blog/year-end-donations-and-givingtuesday/): A list of things to consider as you think about year-end charitable donations With its family traditions and festive celebrations,... - [Estate, Gift, and Generation-Skipping Transfer (GST) Taxation and Life Insurance: Estate Planning](https://www.olympicinvestment.com/blog/estate-gift-and-generation-skipping-transfer-gst-taxation-and-life-insurance-estate-planning/): Don’t let taxes steal your family’s financial security Life insurance can provide financial security for your family. However, if you... - [Too Good To Be True? 4 Black Friday and Cyber Monday Scams and How To Spot Them](https://www.olympicinvestment.com/blog/too-good-to-be-true-4-black-friday-and-cyber-monday-scams-and-how-to-spot-them/): Black Friday and Cyber Monday are two of the greatest days to score deals for holiday shopping. Unfortunately, with amazing... - [Insurance Considerations for New Parents](https://www.olympicinvestment.com/blog/insurance-considerations-for-new-parents/): Becoming a parent is a life-changing experience filled with joy, excitement, and new responsibilities. Amidst the preparations for welcoming your... - [5 Tips for Saving and Investing as a Small-Business Owner](https://www.olympicinvestment.com/blog/5-tips-for-saving-and-investing-as-a-small-business-owner/): As a business owner, putting all your profits back into the business may be tempting, especially during the lean years.... - [Trusts and Year-End Planning: A Checklist](https://www.olympicinvestment.com/blog/trusts-and-year-end-planning-a-checklist/): A trust is a legal vehicle that protects your assets that contains instructions for your assets when you die or... - [Tips for Organizing Your Financial Documents](https://www.olympicinvestment.com/blog/tips-for-organizing-your-financial-documents/): In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex... - [5 Year-End Tax Planning Questions to Ask Your Financial Professional](https://www.olympicinvestment.com/blog/5-year-end-tax-planning-questions-to-ask-your-financial-professional/): The average U. S. income tax rate stands at just over 13%—and if you’re like many taxpayers, you’re always looking... - [Investing vs. Saving: Key Differences and Why Your Money Mindset Matters](https://www.olympicinvestment.com/blog/investing-vs-saving-key-differences-and-why-your-money-mindset-matters/): You often hear people discuss “saving for retirement,” but in many cases, they’re actually referring to their investing. The adage... - [4 Reasons Working with a Financial Professional Is Not as Scary as You Think](https://www.olympicinvestment.com/blog/4-reasons-working-with-a-financial-professional-is-not-as-scary-as-you-think/): For some people, the thought of using financial services is a scary experience. It involves planning for a future where... - [Tips to Avoid Common Estate Planning Mistakes](https://www.olympicinvestment.com/blog/tips-to-avoid-common-estate-planning-mistakes/): With a few simple actions, you can ensure your estate planning is effective Whether your estate plan is simple or... - [Tax Planning Tips: Life Insurance](https://www.olympicinvestment.com/blog/tax-planning-tips-life-insurance/): Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have... - [Money Matters: Financial Literacy For The Whole Family](https://www.olympicinvestment.com/blog/money-matters-financial-literacy-for-the-whole-family/): Financial literacy is crucial, not only for adults but for everyone in the family. When you have a good foundation... - [4 Most Common Medicare Mistakes People Make](https://www.olympicinvestment.com/blog/4-most-common-medicare-mistakes-people-make/): Medicare policies are the health insurance benefits you have worked toward throughout your life, and having the proper policy is... - [ABCs of Financial Aid](https://www.olympicinvestment.com/blog/abcs-of-financial-aid/): It’s hard to talk about college without mentioning financial aid. Yet this pairing isn’t a marriage of love, but one... - [What to Know About Working With a Financial Professional](https://www.olympicinvestment.com/blog/what-to-know-about-working-with-a-financial-professional/): If you’ve been wondering how to optimize your finances and ensure your money continues to work for you, a financial professional... - [The Facts of LIFE (Living Independently For Elders): Financial Planning and Senior Independence](https://www.olympicinvestment.com/blog/the-facts-of-life-living-independently-for-elders-financial-planning-and-senior-independence/): Navigating elder care and elder care finances in the U. S. can be a challenge even for the most well-prepared... - [Investor Summer School: 3 Investing Moves to Make Before Summer is Over](https://www.olympicinvestment.com/blog/investor-summer-school-3-investing-moves-to-make-before-summer-is-over/): Many investors still adhere to the old adage—”sell in May and go away”—while others remain fully invested even as the... - [Five Keys to Investing for Retirement](https://www.olympicinvestment.com/blog/five-keys-to-investing-for-retirement/): Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However,... - [Acquaint Grown Children with Your Financial Affairs](https://www.olympicinvestment.com/blog/acquaint-grown-children-with-your-financial-affairs/): Many parents may feel it is unnecessary to inform their adult children about their personal, financial affairs. However, as your... - [Social Security Retirement Benefit Basics](https://www.olympicinvestment.com/blog/social-security-retirement-benefit-basics/): Social Security benefits are a major source of retirement income for most people. Your Social Security retirement benefit is based... - [Insurance Needs in Retirement](https://www.olympicinvestment.com/blog/insurance-needs-in-retirement/): Your goals and priorities will probably change as you plan to retire. Along with them, your insurance needs may change... - [Investing in Your 60s and Beyond](https://www.olympicinvestment.com/blog/investing-in-your-60s-and-beyond/): Once you are in your 60s, you are likely to focus less on growing your retirement funds than answering, “When... - [3 Tips for Preserving Wealth in Your Golden Years](https://www.olympicinvestment.com/blog/3-tips-for-preserving-wealth-in-your-golden-years/): After spending so much of your life saving for retirement, it may be challenging to transition from depositing funds to... - [Setting and Targeting Investment Goals](https://www.olympicinvestment.com/blog/setting-and-targeting-investment-goals/): Go out into your yard and dig a big hole. Every month, throw $50 into it, but don’t take any... - [Unused 529 Plan Funds: 5 Spending Options to Consider](https://www.olympicinvestment.com/blog/unused-529-plan-funds-5-spending-options-to-consider/): 529 plans are tax-advantaged savings vehicles designed to accumulate contributions and help pay for the beneficiary’s qualifying education expenses. Sometimes,... - [Retiring as a Small-Business Owner: What to Know Before You Go](https://www.olympicinvestment.com/blog/retiring-as-a-small-business-owner-what-to-know-before-you-go/): The thought of retiring may be intimidating for anyone—but if you own your own business, handing your “baby” to new... - [Medicare Will Not Cover All Health Care Costs](https://www.olympicinvestment.com/blog/medicare-will-not-cover-all-health-care-costs/): Medicare is a federal health insurance program for individuals aged 65 or older and certain younger people with disabilities. And... - [Protecting Your Loved Ones with Life Insurance](https://www.olympicinvestment.com/blog/protecting-your-loved-ones-with-life-insurance/): How much life insurance do you need? Your life insurance needs will depend on a number of factors, including the... - [6 Money Myths That Are Limiting Your Wealth](https://www.olympicinvestment.com/blog/6-money-myths-that-are-limiting-your-wealth/): When people think of “myths,” they often think of such stories as Pandora’s Box (the woman who took the lid... - [Understanding Social Security Strategies](https://www.olympicinvestment.com/blog/understanding-social-security-strategies/): As you age, the question of when to collect Social Security (SS) retirement benefits will likely come to mind. There... - [Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules](https://www.olympicinvestment.com/blog/five-ways-secure-2-0-changes-the-required-minimum-distribution-rules/): The SECURE 2. 0 legislation included in the $1. 7 trillion appropriations bill passed late last year builds on changes... - [How Emotional and Behavioral Barriers May Impact Your Investing Decisions](https://www.olympicinvestment.com/blog/how-emotional-and-behavioral-barriers-may-impact-your-investing-decisions/): Ah, Money. The word leaves you with a positive or a negative feeling when you hear it. The feeling we... - [How to Spring Clean Your Finances with a Financial Review](https://www.olympicinvestment.com/blog/how-to-spring-clean-your-finances-with-a-financial-review/): Spring cleaning presents a great opportunity to clear out any items you no longer need—and the same goes for your... - [Thinking About Working in Retirement? Here's What to Consider](https://www.olympicinvestment.com/blog/thinking-about-working-in-retirement-heres-what-to-consider/): If you’re thinking about working in retirement, you must consider a few things before making your decision. As you get... - [Financial Planning Tips for High-Earning Women](https://www.olympicinvestment.com/blog/financial-planning-tips-for-high-earning-women/): When it comes to saving for retirement, women may have extra challenges, even those with a higher-than-average income. For retirement... - [Four Actions to Take if You’re Retiring This Year](https://www.olympicinvestment.com/blog/four-actions-to-take-if-youre-retiring-this-year/): Retirement is a major transition point – as you go from saver to spender It’s common for people who are... - [What You Should Know About the SECURE Act 2.0](https://www.olympicinvestment.com/blog/what-you-should-know-about-the-secure-act-2-0/): With the signing of the SECURE Act 2. 0 into law, both employees and employers can take advantage of more... - [Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good](https://www.olympicinvestment.com/blog/regardless-of-whether-you-prepare-your-taxes-yourself-or-use-a-professionals-services-its-a-good/): Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the... - [Tax Planning for Business Owners](https://www.olympicinvestment.com/blog/tax-planning-for-business-owners/): What is business tax planning? When starting a business, you must consider a number of tax-related issues. Although business tax... - [Kick off the Big Game With These 7 Super Investing Lessons From the Super Bowl](https://www.olympicinvestment.com/blog/kick-off-the-big-game-with-these-7-super-investing-lessons-from-the-super-bowl/): The Super Bowl is more than just a game. It’s an American holiday. As you prepare for this fun day,... - [Your New Year’s (Financial) Resolutions](https://www.olympicinvestment.com/blog/your-new-years-financial-resolutions/): A resolution for every month to help you work towards financial independence Cleaning up personal finances remains one of the... - [A Quick Guide to Estate Planning for Those With High Net Worth](https://www.olympicinvestment.com/blog/a-quick-guide-to-estate-planning-for-those-with-high-net-worth/): Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into... - [Tax Prep Checklist: Everything You Need to Be Ready for Tax Season](https://www.olympicinvestment.com/blog/tax-prep-checklist-everything-you-need-to-be-ready-for-tax-season/): Regardless of whether you prepare your taxes yourself or use a professional’s services, it’s a good idea to gather the... - [Countdown To Investing in the New Year: 10 Questions To Ask Yourself](https://www.olympicinvestment.com/blog/countdown-to-investing-in-the-new-year-10-questions-to-ask-yourself/): If one of your New Year’s resolutions involves enhancing and expanding your investment portfolio, look no further. In a true New... - [A Season of Giving: 5 Different Ways To Give During the Holidays](https://www.olympicinvestment.com/blog/a-season-of-giving-5-different-ways-to-give-during-the-holidays/): With the holidays here, now is the time to get into the giving spirit and help to change others’ lives... - [True or False -You Are a Retirement Savings Plan Expert](https://www.olympicinvestment.com/blog/true-or-false-you-are-a-retirement-savings-plan-expert/): How much do you really know about your employer-sponsored retirement savings plan? If you’re like many people, you have many... - [Common Factors Affecting Retirement Income](https://www.olympicinvestment.com/blog/common-factors-affecting-retirement-income/): When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can... - [How Estate Planning Can Help Prepare for Long Term Care](https://www.olympicinvestment.com/blog/how-estate-planning-can-help-prepare-for-long-term-care/): The cost of long-term care can vary widely based on location (both city and state) and level of care needed.... - [The Financial Planning Process: Why and How](https://www.olympicinvestment.com/blog/the-financial-planning-process-why-and-how/): Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by... - [How to Minimize Taxes During Market Downturns](https://www.olympicinvestment.com/blog/how-to-minimize-taxes-during-market-downturns/): Understanding long-term capital gains taxes when you sell investments Market downturns could be a good time to adjust your fund... - [An Essential Guide to Estate Planning Preparedness](https://www.olympicinvestment.com/blog/an-essential-guide-to-estate-planning-preparedness/): A recent survey by Caring. com found that a whopping two in three American adults do not have an estate... - [Back to Basics - Diversification and Asset Allocation](https://www.olympicinvestment.com/blog/back-to-basics-diversification-and-asset-allocation/): When investing, particularly for long-term goals, there are two concepts you will likely hear about over and over again —... - [Now Might Be a Good Time for a Roth Conversion](https://www.olympicinvestment.com/blog/now-might-be-a-good-time-for-a-roth-conversion/): One silver lining in the current bear market is that this could be a good time to convert assets from... - [Keeping It Simple: The Benefits of Simplifying Your Investment Strategies](https://www.olympicinvestment.com/blog/keeping-it-simple-the-benefits-of-simplifying-your-investment-strategies/): The Benefits of Simplicity Unless you do not mind managing your investments as a full-time job, consolidating and simplifying your... - [6 Ways to Minimize Your Tax Liability Throughout the Year](https://www.olympicinvestment.com/blog/6-ways-to-minimize-your-tax-liability-throughout-the-year/): You don’t need to wait until the end of the year to look for ways to minimize your tax liability.... - [Boomers' Post-Pandemic Retirement Concerns](https://www.olympicinvestment.com/blog/boomers-post-pandemic-retirement-concerns/): For many who are decades away from leaving the workforce, retirement may seem like an abstract concept. 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Since... --- # # Detailed Content ## Pages - Published: 2025-09-25 - Modified: 2025-11-04 - URL: https://www.olympicinvestment.com/team/naveen-bhatia/ Meet Your TEAM Naveen Bhatia Client Relationship Associate Naveen Bhatia Naveen's passion is to cultivate and maintain strong relationships while striving to deliver exceptional service to our clients. He values a team-oriented approach, golfing, traveling, and spending time with his puppy, Peaches. Credentials Education Bachelor of Arts in Marketing & Communication - Washington State University Experience Wells Fargo Personal Banker in Bellevue - 3 years Wells Fargo Teller - 1 year --- - Published: 2024-05-09 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/team/donald-schindler/ Meet Your TEAM Donald Schindler Financial Advisor Donald Schindler, CFP® Don has dedicated nearly 30 years to guiding clients toward their financial goals. He favors a holistic planning approach that empowers clients to own their financial health. He values teamwork at OIG and enjoys travel and spending time with his family. Credentials Experience Over 25 years in the financial services industry Financial Advisor - Sun America Securities Education Bachelor of Science in Business Administration, Concentration in Finance-Bowling Green State University Securities Registrations & Credentials Series 7 General Securities Representative held through LPL Financial Series 66 Uniform Investment Adviser Law held through LPL Financial Certified Financial Planner since July 1997 --- - Published: 2024-05-09 - Modified: 2024-12-12 - URL: https://www.olympicinvestment.com/team/lance-sevier/ Meet Your TEAM Lance Sevier Financial Advisor Lance Sevier, CFP® Lance focuses on comprehensive financial planning and the confidence that a clear plan instills in clients. When he is not working, he enjoys traveling with my his family and reading. He especially likes to visit islands and read about investing, history, biography, biotech, and fiction. Credentials Experience UBS Financial Services, Financial Advisor Pacific Capital Resource Group, Financial Advisor Global Credit Union, Financial Advisor Education Bachelor of Arts, San Diego State University CFP© Curriculum, The American College of Financial Services Securities Registrations & Credentials Series 66 - Uniform Combined State Law Examination held with LPL Financial and Financial Advocates Investment Management SIE - Securities Industry Essentials Examination Series 7 - General Securities Representative Examination held with LPL Financial --- - Published: 2024-05-09 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/team/susan-beardsley/ Meet Your TEAM Susan Beardsley LPL Registered Administrative Assistant Susan Beardsley Susan excels as a customer liaison, cherishing her 30-year relationships with clients and striving for exceptional service. She enjoys traveling, reading, kayaking, and pickleball. Credentials Experience More than 30 years in the financial services industry Assistant and Branch Operation Manager – D. A. Davidson & Co. – Edmonds, WA Assistant and Branch Operation Manager – A. G. Edwards – Edmonds, WA Securities Registrations & Credentials Series 7 General Securities Representative held with LPL Financial Series 66 Uniform Combined State Law held with LPL Financial and Financial Advocates Investment Management --- - Published: 2024-05-09 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/team/jacob-sandberg/ Meet Your TEAM Jacob Sandberg LPL Client Services Associate Jacob Sandberg Jacob focuses on exceptional client experiences. He values client interactions, OIG’s team, and outdoor adventures like hiking and snowboarding. Credentials Experience More than 8 years in the financial services industry Practice Manager– Householder Group Estate and Retirement Specialists – Edmonds, WA Securities Registrations & Credentials Series 66 Uniform Investment Adviser Law Held with Financial Advocates Investment Management and LPL Financial Series 7 General Securities Representative Held with LPL Financial --- - Published: 2024-05-09 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/team/andrew-brewer/ Meet Your TEAM Andrew T. Brewer Partner | Financial Advisor Andrew T. Brewer Andrew has been a student of the market since getting licensed in 2004, focusing on investment theory, portfolio construction, and risk management to pursue client goals. He enjoys golf and pouring into his four children. Credentials Experience More than 17 years in the financial services industry Vice President, Financial Service Representative Manager - D. A. Davidson & Co Municipal Liaison - Wells Fargo Advisors Trading Rep - Bank of America Investment Services Education Bachelor of Science in Economics, Concentration in Finance - California Polytechnic State University San Luis Obispo Securities Registrations & Credentials Series 66 Uniform Combined State Law held through LPL Financial and Financial Advocates Investment Management Series 55 Limited Representative-Equity Trader held through LPL Financial Series 7 General Securities Representative held through LPL Financial Series 10 General Securities Sales Supervisor held through LPL Financial Series 9 General Securities Sales Supervisor held through LPL Financial --- - Published: 2024-05-09 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/team/jim-clarke/ Meet Your TEAM JIM R. CLARKE Partner | Financial Advisor JIM R. CLARKE, AIF Jim has been reducing client anxieties about the markets through financial planning, strong relationships, and championing independence since 1995. He loves the outdoors and reading. Credentials Experience Over 25 years in the financial services industry Vice President, Financial Consultant – D. A. Davidson & Co. – Edmonds, WA Financial Advisor – A. G. Edwards – Edmonds, WA Education Bachelor of Arts Degree in Business Administration, Concentration in Finance – University of Washington Securities Registrations & Credentials Series 63 Uniform Securities Agent State Law held through LPL Financial Series 65 Uniform Investment Adviser Law held through Financial Advocates Investment Management Series 7 General Securities Representative held through LPL Financial  --- - Published: 2024-04-26 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/team/crystal-beineke/ Meet Your TEAM Crystal Beineke Partner | Financial Advisor CRYSTAL BEINEKE, CFP® Crystal specializes in financial planning for individuals and families, helping them build generational wealth and navigate life’s transitions. She takes pride in serving as a true fiduciary, and she enjoys traveling, family time, and being a rowing mom. Credentials Experience More than 14 years in the financial services industry Investment Representative– Householder Group Estate and Retirement Specialists – Seattle, WA Education Bachelor of Arts Degree in Business Administration, Concentration in Finance – University of Washington Securities Registrations & Credentials Series 66 Uniform Investment Adviser Law Held with Financial Advocates Investment Management and LPL Financial Series 7 General Securities Representative Held with LPL Financial --- - Published: 2024-03-12 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/blog/ Financial Blog | Olympic Investment Group Skip to content Your JourneyYoung ProfessionalsFamiliesIndependently WealthyRetireesTurning PointsServicesWealth BuildingCash Flow AnalysisDebt ManagementPortfolio ManagementTax PlanningEducation PlanningRetirementRetirement Income & DistributionRisk Management & DistributionEstate PlanningLegacy & Charitable PlanningWealth Transfer & Succession PlanningAboutApproachTeamCommunityGiving BackResourcesBlogDocument UploadClient Login Contact Blog Filter by Category Business Education Planning Estate Planning Health Insurance Investing Resources Retirement Taxes Turning Points Uncategorized Wealth Building UncategorizedFORBES RECOGNIZES JIM CLARKE AS A BEST-IN-STATE WEALTH ADVISOR ResourcesHow to Recognize and Protect Yourself Against Tax Identity Theft InvestingImmediate vs. Deferred Annuities Wealth BuildingWhy Work/Life Balance is Important While Pursuing Your Career Wealth BuildingSandwich Generation: Watch Out for These Costly Financial Pitfalls Wealth BuildingUnited in Wealth: How to Become a Financial Power Couple RetirementHow Will All the Retiring Baby Boomers Impact the Economy? - 5 Ways for Near Retiring Baby Boomers to Prepare for an Uncertain Economy Wealth BuildingThree Types of Insurance You Need Even on a Budget Wealth BuildingThe Importance of Setting Career Goals 123 Your JourneyYoung ProfessionalsFamiliesIndependently WealthyRetireesTurning PointsServicesWealth BuildingRetirementEstate PlanningAboutTeamApproachCommunityGiving BackResourcesBlogDocument UploadLegalPrivacy PolicyBrokerCheckContact© 2025, Olympic Investment Group. Site by Motive.Check the background of your financial professional on FINRA’s BrokerCheck.The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by LPL Financial to provide information on a topic that may be of interest. The opinions expressed and material provided are for general... --- - Published: 2024-02-17 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/about/approach/ Relational, Independent, Disciplined Our Approach Your story comes first Customized Wealth Strategies We understand that wealth management is not a one-size-fits-all service. Our approach is deeply relational, focusing on the individual journey of each client. We take pride in our independence as financial advisors, which allows us the flexibility to create wealth strategies tailored to the unique goals and life circumstances of each client. From the onset, we work closely with you to understand your aspirations, assess your financial landscape, and craft a plan that aligns with your vision for the future. Get Started How We Work Relational Life is a series of events and transitions, from career advancements and family expansions to planning for retirement and beyond. That’s why our advisors are more than just financial planners. We are partners ready to walk alongside you through every significant life event. Whether it's strategizing for a child's education, adjusting plans due to career changes, or navigating the complexities of retirement and estate planning, our team is here to offer support, guidance, and experienced advice. Independent Our status as independent advisors empowers us to focus solely on what's best for our clients, free from the constraints of corporate mandates or off-the-shelf solutions. This independence is crucial in our ability to offer a wide array of investment products and strategies, ensuring that our recommendations are based solely on your best interests and financial objectives. We believe in transparency, integrity, and building trust through honest and open communication. Disciplined A healthy financial strategy... --- - Published: 2024-02-14 - Modified: 2024-12-12 - URL: https://www.olympicinvestment.com/about/giving-back/ Investing in What Matters Giving Back Deeply rooted Committed to Edmonds Investment goes beyond portfolios and financial plans. It's about investing in the fabric of our community, nurturing relationships that extend beyond the confines of business transactions. Our dedication to the Edmonds and greater Western Washington region is a testament to our belief in the power of community and the impact of collective well-being. Planting Seeds Stewardship And Generosity Our approach to financial advising is grounded in the principles of stewardship and generosity. We see ourselves as custodians of not only our clients' financial futures but also the communal well-being of our neighbors. By fostering a culture of giving back and supporting local initiatives, we aim to contribute to the vibrancy and resilience of the place where we live and work. Our involvement extends from local charities to educational programs, embodying our commitment to sow into the community that has supported us. Investing In Values At the heart of our practice is a commitment to values-driven investment. We understand that true wealth encompasses more than financial assets. It includes the richness of relationships, the health of our community, and the legacy we leave behind. Our team is dedicated to guiding our clients through every significant life moment, with the goal of ensuring that their financial strategies not only meet their goals but also reflect their values and contribute to the broader well-being of Edmonds. We invite you to join us in this journey of financial stewardship and community engagement. Let's... --- - Published: 2024-02-14 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/about/community/ Locally Grown Edmonds Wealth Management Financial guidance Unique to you Wealth Management Services in Edmonds Olympic Investment Group, based in Edmonds, WA, offers wealth management services tailored to the needs of individuals and families in throughout the region. Our expertise spans retirement planning, estate management, tax strategies, and investment advice, ensuring personalized strategies for each client. As experienced financial advisors in Edmonds, we are prepared to address complex financial challenges with tailored advice that aligns with our clients' goals. Get Started Independent & Local Our Commitment To The Edmonds Community Our work goes beyond financial advising. We are an active part of the Edmonds community. We believe in building lasting relationships not only with our clients but also within the community. Through our involvement in local charities, educational initiatives, and events, we contribute to the community's growth and well-being. We value the support of the Edmonds community and strive to give back through stewardship and collaboration. Strategies for Family Goals Edmonds Independent Financial Advisors At Olympic Investment Group, we are committed to providing financial guidance as neighbors and partners in Edmonds. For those seeking financial advisors who understand local needs and are dedicated to community well-being, we are here to help. Reach out to start a journey toward financial well-being and community engagement. Get Started Meet YOUR Team Let’s Get Started. Your wealth management journey begins with a conversation. Give us a call at (425) 312-6460 or fill out the form to get started today. --- - Published: 2024-01-28 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/services/wealth-building/tax-planning/ Seek Maximized returns Tax Planning Navigating Your Financial Landscape Understanding Tax Planning Tax planning is a crucial aspect of financial management, aimed at minimizing tax liability and maximizing after-tax income. It involves strategizing your finances in a way that takes full advantage of tax laws and allowances to reduce your tax burden. For individuals serious about managing their finances effectively, understanding and implementing tax planning strategies is essential. Get Started Optimize your portfolio Why Tax Planning Matters Effective tax planning can significantly impact your financial well-being. It not only ensures compliance with tax laws but also enhances your ability to invest and save: Maximizes Your Savings: By reducing your tax liability, you can save more of your hard-earned money. May Increase Investment Returns: Strategic tax planning can increase the efficiency of your investments by minimizing taxes on investment gains. Ensures Compliance: Staying ahead of tax obligations prevents legal issues and penalties. Strategies for Effective Tax Planning Incorporating tax planning into your financial strategy involves several key components: Income Deferral: Deferring income to a future year can lower your current tax bracket. Investment Choices: Selecting tax-efficient investments can minimize your tax liabilities on gains. Retirement Planning: Utilizing tax-advantaged retirement accounts like IRAs and 401(k)s can reduce taxable income. Tax Deductions and Credits: Leveraging available deductions and credits can significantly reduce your tax bill. The Role of Professional Guidance Tax planning is a key element of financial management that focuses on reducing tax liability and enhancing after-tax income. It's an essential practice... --- - Published: 2024-01-28 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/services/estate-planning/legacy-charitable-planning/ Define your Impact Legacy & Charitable Planning Creating a Legacy Professional Planned Giving Management Legacy and charitable planning is an essential facet of personal finance, enabling you to extend your influence beyond your lifetime. It's not merely about assets and wealth. It's crafting a legacy that reflects your values, supports causes you care about, and makes a lasting impact. This strategic planning ensures your wealth serves a purpose aligned with your life's principles and aspirations. Get Started Value-Based Giving The Essence Of Legacy Giving Planned giving is a deliberate approach to philanthropy, allowing you to make significant charitable contributions as part of your financial or estate plan. Whether it's setting up a charitable trust, bequeathing assets in your will, or utilizing other giving vehicles, planned giving is a powerful tool for making a meaningful difference while also potentially providing tax benefits and preserving wealth for your heirs. Legacy and charitable planning is pivotal for anyone looking to: Ensure their wealth is used purposefully in line with their values. Support charitable causes in a significant, lasting way. Optimize tax implications for themselves and their beneficiaries. The Role Of A Financial Advisor Incorporating legacy and charitable planning into your overall financial strategy is vital for ensuring that your philanthropic goals are met effectively and efficiently. A professional financial advisor from Olympic Investment Group can guide you through: Identifying charitable interests and aligning them with your financial goals. Exploring various giving strategies to maximize impact and tax efficiency. Integrating charitable giving within your... --- - Published: 2024-01-28 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/services/estate-planning/wealth-transfer-succession-planning/ Secure Your Legacy Wealth Transfer & Succession Planning A Clear Path Forward Guided Wealth Transfers Wealth transfer and succession planning are more than just financial tasks. They're about ensuring your hard-earned assets and business achievements create lasting impacts. These services provide a structured approach to passing on your legacy, ensuring your family's financial security and maintaining harmony among loved ones. It's about taking control of your financial future and crafting a holistic life plan that respects your values and wishes, making the complex process of handing over your life's work seamless and meaningful. Get Started Clarity & Accountability The Necessity Of Planning Ahead Wealth transfer and succession planning are critical components for individuals, especially business owners, who aim to ensure their assets and business achievements have a lasting impact. These services go beyond mere financial tasks. They embody a structured approach to passing on your legacy, upholding your family's financial security, and preserving harmony among your loved ones. It's about taking control of your financial future and forming a holistic life plan that honors your values and desires. For business owners, succession planning plays a vital role. It involves: Identifying and grooming potential successors to take on leadership roles. Creating a detailed plan for transferring control and ownership of the business. Ensuring the continuity and stability of the business. This strategic planning is essential for anyone with significant assets, investments, or business interests. It's designed to make the transition of your life's work seamless and meaningful, all while minimizing potential... --- - Published: 2024-01-28 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/services/wealth-building/education-planning/ Save for College & Beyond Education Planning Shaping Tomorrow's Success Professional Education Planning Navigating the journey of education planning is more than a financial commitment. It's about shaping futures and opening doors to opportunities. By strategically setting aside funds today, you lay a foundation for your family's educational aspirations, increasing the likelihood that college or university is within reach without the burden of financial strain. This proactive step not only secures academic paths for loved ones but also integrates seamlessly into a holistic financial plan, fostering a sense of preparedness for the academic adventures ahead. Get Started Prepare for What Matters Lay The Foundation Of A Brighter Future Understanding the importance of education planning is essential. It not only secures a child's academic journey but also provides confidence knowing that educational goals are attainable. Key considerations include: Early Planning: Starting early can significantly impact the growth of your education fund due to the power of compounding interest. Investment Choices: Selecting the right investment vehicles, such as 529 plans or education savings accounts, can offer tax advantages and growth potential. Cost Estimation: Accurately estimating future education costs, including tuition, room, board, and other expenses, is crucial for effective planning. Guidance From Experts A professional financial advisor can be instrumental in establishing and managing an education fund as part of a comprehensive financial strategy. By assessing your financial situation and future goals, they can offer tailored advice on how much to save, which saving vehicles to use, and how to optimize tax... --- - Published: 2024-01-28 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/services/retirement/retirement-income-distribution/ Retire with Confidence Retirement Income & Distribution Invest & Plan Professional Financial Management for Retirement Retirement marks a significant transition, encompassing not just the cessation of regular work but also a shift in financial strategy. Effective retirement income and distribution planning is vital for a seamless transition from earning to relying on your investments and savings. It's about ensuring a stable, comfortable lifestyle in your retirement years. Get Started Prepare for What Matters The Importance Of Retirement And Wealth Management Retirement income and distribution planning is a crucial aspect of retirement and wealth management. It's not just about accumulating wealth. It's about strategically converting your savings into a stable and sustainable income stream during your retirement years. This critical phase in financial planning involves: Assessing retirement goals and the necessary income to support them. Understanding various income sources, like pensions, Social Security, and personal savings. Structuring withdrawals to optimize income and minimize taxes. Creating A Sustainable Retirement Income Plan A well-structured retirement income plan should consider: Income Sources: Diversifying income streams to include investments, retirement accounts, and other assets. Withdrawal Strategy: Determining an efficient withdrawal rate to ensure your savings last throughout retirement. Tax Efficiency: Structuring income to minimize tax liabilities. The Role Of A Financial Advisor In Retirement Planning A professional financial advisor is a pivotal partner in crafting a retirement income and distribution plan that integrates seamlessly into your overall financial strategy. They ensure your retirement savings are structured to provide a steady income stream while considering tax... --- - Published: 2024-01-28 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/services/wealth-building/debt-management/ Unlock Your Financial Future Debt Management Navigating Towards Financial Freedom Professional Debt Management Debt management is more than just paying off what you owe. It's a pathway to financial freedom and a balanced life. It's about smartly organizing your debts, making them work for you rather than against you. By strategically planning and tackling your debts, you can align them with your broader life goals, ensuring they don't hinder but rather support your journey towards financial well-being. Get Started Take Steps Toward Stability The Importance of Debt Management Debt management is a key step towards financial empowerment and stability. This process not only helps in organizing and understanding your financial obligations but also in developing a strategic approach to paying off debt. It is crucial for maintaining a healthy financial profile and achieving long-term goals. Effective debt management provides: Debt Clarity: A clear understanding of all owed amounts, interest rates, and repayment terms. Strategic Repayment: Tailored plans that prioritize debts, often focusing on high-interest or problematic debts first. Improved Financial Health: By managing debts effectively, you free up resources for savings, investments, and other financial goals. Key Aspects of Debt Management A structured approach is key to effective debt management, and may include: Debt Inventory: Listing all debts to get a comprehensive view. Prioritization: Focusing on debts that need immediate attention. Consolidation Options: Exploring ways to combine multiple debts for simpler management. Negotiation: Working with creditors to possibly lower interest rates or adjust repayment terms. Professional Guidance in Debt Management... --- - Published: 2024-01-28 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/services/wealth-building/cash-flow-analysis/ Take Charge of your Financial Health Cash Flow Analysis Mastering Your Financial Flux Understanding Cash Flow Analysis Cash flow analysis is a pivotal tool in financial management, enabling individuals to track their income versus expenses over a specific period. This meticulous scrutiny helps in understanding how funds move through your accounts, providing clarity on financial health and aiding in informed decision-making. Get Started Know Your Numbers The Significance of Cash Flow Analysis Effective cash flow management is indispensable for maintaining financial stability and planning for the future. It serves various crucial functions: Financial Clarity: Offers a clear picture of where money is coming from and going to. Budget Optimization: Helps in fine-tuning your budget, ensuring your spending aligns with your financial goals. Emergency Preparedness: Assists in identifying areas for creating an emergency fund to weather unforeseen financial storms. Key Components of Cash Flow Analysis As a strategic tool in your financial toolkit, a structured cash flow analysis involves several critical steps: Income Assessment: Cataloging all sources of income to understand total earnings. Expense Tracking: Monitoring all expenditures to identify necessary and discretionary spending. Net Cash Flow: Calculating the difference between total income and expenses to determine surplus or deficit. Adjustment Strategies: Developing strategies to optimize cash flow, such as reducing unnecessary expenses or finding ways to increase income. Professional Insight in Cash Flow Management A professional financial advisor plays a pivotal role in conducting cash flow analysis by closely examining your income streams, expenditures, and financial commitments to craft a... --- - Published: 2024-01-28 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/services/retirement/risk-management-distribution/ Fortify your financial future Risk Management & Distribution Managing Risk Pursuing A Secure Financial Future Financial risk management is an essential component of wealth preservation and management, providing a structured approach to identifying, analyzing, and mitigating financial risks. It ensures that your investment strategy is resilient against market volatility, economic downturns, and other unforeseen financial challenges. Get Started Minimize Uncertainty The Importance of Comprehensive Risk Management In a world of financial uncertainties, having a robust risk management plan is non-negotiable for those serious about safeguarding their assets and ensuring long-term financial health. Key benefits include: Protection Against Market Volatility: Strategies to shield your portfolio from extreme market movements. Tailored Risk Assessment: Personalized evaluation of your financial situation to identify specific risk factors. Strategic Risk Mitigation: Implementation of strategies designed to minimize potential losses. Core Strategies in Financial Risk Management Financial risk management covers a range of techniques and strategies to preserve your wealth, and your Olympic Investment Group advisor will help define the path that best fits your goals. Here are some common strategies for managing risk in your portfolio: Asset Allocation: Diversifying your investment portfolio across various asset classes to spread risk. Hedging: Using financial instruments to offset potential losses in your investments. Insurance Solutions: Leveraging insurance products to provide a safety net against significant financial losses. A Roadmap for Smart Investing At the core of risk management is a well-considered investment plan that aligns with your financial goals, risk tolerance, and time horizon. This plan serves as a... --- - Published: 2024-01-27 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/services/wealth-building/portfolio-management/ strategic Investing Portfolio Management Crafting Your Financial Future Professional Portfolio Management Portfolio management is a cornerstone of financial stability and growth, particularly for individuals committed to long-term financial success. It involves crafting a diverse and dynamic investment portfolio aligned with your unique financial goals, risk tolerance, and time horizon. The value of professional portfolio management lies in its ability to navigate the complexities of the financial markets, ensuring your investments are well-positioned to capitalize on opportunities while mitigating risks. Get Started Navigating the Market Why Professional Management is Essential The financial landscape is ever-changing, with market fluctuations, economic shifts, and new investment vehicles constantly emerging. Navigating this complex environment requires expertise, strategic planning, and continuous monitoring—key aspects provided by professional portfolio management. Here’s why it's crucial: Expertise: Leverage the knowledge of seasoned professionals who understand the nuances of market trends and investment strategies. Customization: Tailor your investment portfolio to reflect your personal financial objectives and risk preferences. Optimization: Continuously adjust your portfolio to adapt to market changes and personal life transitions, maximizing potential returns. Core Elements of Effective Portfolio Management Strategic Diversification: Spreading investments across various asset classes to reduce risk and enhance potential returns. Risk Management: Employing strategies to minimize exposure to unwanted risks, ensuring your portfolio aligns with your comfort level. Regular Monitoring and Rebalancing: Keeping your portfolio in alignment with your financial goals through periodic adjustments. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect... --- - Published: 2024-01-24 - Modified: 2024-09-19 - URL: https://www.olympicinvestment.com/journey/families/ Grow & Plan Together FAMILIES Secure today, shape tomorrow Financial Planning for Families As a family grows, so do its financial needs and complexities. Whether you're nurturing young children or guiding teenagers, financial planning becomes crucial in ensuring your family’s future security and prosperity. Understanding the importance of tailored financial advice and professional management is key for families at this stage. Get Started Plan, Save, Grow The Importance Of Financial Planning For Families Financial planning for families is not just about managing expenses or saving for college. It’s about creating a comprehensive strategy that supports your family's immediate needs while setting the stage for long-term financial health. This includes planning for education expenses, maintaining living standards, and building a nest egg for retirement. How Financial Advice Benefits Your Family In the evolving journey of family life, tailored financial advice plays a critical role. It ensures that your financial planning aligns with your family’s evolving needs and goals, providing a sense of security and direction. Here’s how: Customized Financial Strategies: Every family's financial situation is unique. A financial advisor provides customized planning that aligns with your family’s specific goals and circumstances. Qualified Guidance: Navigating the financial landscape can be daunting. A financial advisor brings expertise in budgeting, investments, insurance, and tax planning, offering guidance to make informed decisions. Future Focused Planning: An advisor helps in planning for future needs, including your children’s education and your retirement, ensuring you’re well-prepared for the years ahead. Key Elements Of Family Financial Planning A comprehensive... --- - Published: 2024-01-24 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/journey/retirees/ Enjoy the Years Retirees Navigating the Golden Years Financial Planning for Retirees Retirement marks a significant transition in life, bringing new financial opportunities and challenges. Whether you’re already retired or on the cusp of retirement, understanding the importance of financial advice and professional management is crucial for maintaining your lifestyle and securing your legacy. This stage of life calls for a tailored approach to ensure that your retirement years are as fulfilling and worry-free as possible. Get Started Maximize Retirement Stability The Significance of Financial Planning in Retirement Retirement financial planning is about more than just managing savings. It’s about maximizing your retirement lifestyle and ensuring your financial stability. It involves a strategic approach to make your savings last, taking into account longer life expectancies, healthcare costs, and the desire to leave a legacy. How Financial Advice Enhances Retirement Living Navigating retirement requires a comprehensive approach to managing your financial resources. With a retirement wealth advisor, you can proactively address the critical aspects of your retirement living. Here's how a retirement financial advisor can enhance your retirement experience: Income Management and Preservation: A financial advisor helps structure your assets to provide a steady income stream, helping to account for longevity risk. Investment Strategy Adjustments: As you enter retirement, your investment approach may need to shift. A retirement wealth advisor can realign your portfolio to balance growth with income generation and capital preservation. Estate Planning and Legacy Building: A key aspect of retirement planning is ensuring that your wealth is passed... --- - Published: 2024-01-24 - Modified: 2024-09-19 - URL: https://www.olympicinvestment.com/journey/independently-wealthy/ Live Securely Independently Wealthy Navigate Wealth Wisely Financial Management for the Independently Wealthy For those who have attained independent wealth, managing and growing this wealth becomes an on-going task. Ensuring that your financial resources are not just maintained but also strategically enhanced requires careful financial advice and professional management. Let’s explore how professional financial management is pivotal for independently wealthy individuals. Get Started Safeguarding Your Wealth The Necessity Of Financial Advice For Wealth Preservation Achieving financial independence is a significant milestone, but maintaining and growing that wealth is an ongoing process. Professional financial advice plays a crucial role in wealth preservation, offering nuanced strategies tailored to your unique financial landscape. Here’s how it helps: Wealth Preservation Strategies: Financial advisors develop strategies to preserve your wealth against market volatility, economic changes, and other financial risks. Tax Efficiency Planning: Maximizing tax efficiency is essential. Advisors offer insights into structuring investments and assets in a way intended to reduce tax liability. Estate and Succession Planning: Ensuring that your wealth is managed and transferred according to your wishes is vital. Advisors assist in crafting comprehensive estate and succession plans. Enhancing Wealth Through Strategic Management For the independently wealthy, growing your financial assets requires more than just traditional investment approaches. It calls for a strategic, diversified approach that is in line with your long-term goals and risk tolerance. Key aspects include: Customized Investment Strategies: Tailored investment planning is crucial. Advisors analyze and recommend investment opportunities that align with your wealth goals. Diversification and Asset Allocation:... --- - Published: 2024-01-24 - Modified: 2024-09-19 - URL: https://www.olympicinvestment.com/journey/turning-points/ Navigate Change Turning Points Adaptive Wealth Strategies Financial Guidance Through Life's Turning Points Major life transitions, whether anticipated or unexpected, can significantly impact your financial landscape. During these turning points–such as marriage, career changes, or loss of a loved one–the need for professional financial advice becomes more pronounced. Our role is to provide not just financial guidance but also understanding and support as you navigate these pivotal moments. Get Started Steady Through Change Managing Wealth During Major Life Transitions Life's transitions often bring financial complexities that require careful management and adaptation. Professional financial advice during these times may help ensure that your wealth management strategy adjusts effectively to your changing circumstances. Here’s how we can support you: Marriage and Blending Families: Combining finances in marriage or blending families involves significant financial restructuring. We help in creating a unified financial strategy that aligns with your shared goals. Inheritance and Wealth Acquisition: Receiving an inheritance or acquiring significant wealth, such as through a business sale, brings unique financial opportunities and responsibilities. We guide in managing, preserving, and growing this newfound wealth. Dealing with Loss or Divorce: The loss of a spouse or going through a divorce can be emotionally and financially challenging. Our advisors provide compassionate guidance to navigate these difficult times, ensuring your financial security. Career Changes and Job Loss: Transitioning careers or facing job loss requires a reassessment of your financial plan. We offer strategies to maintain financial stability during these career shifts. Relocating or Navigating Illness: Relocation or dealing... --- - Published: 2024-01-24 - Modified: 2024-09-12 - URL: https://www.olympicinvestment.com/services/wealth-building/ Investing in your life Wealth Building strategies that fit your goals Wealth management starts here Wealth management is not simply about growing your assets. It's about crafting a strategy for long-term stability and achieving financial freedom that lasts a lifetime. As your dedicated financial advisors, we are committed to guiding you through the journey of wealth building. We use a tailored approach that may include portfolio management, risk management and distribution, tax planning, cash flow analysis, debt management, and emergency funds management, to chart a course toward your financial goals. Together, we can navigate the path towards a secure financial future, ensuring that every aspect of your wealth works in sync toward your objectives. Step-By-Step A Disciplined Investment Approach A healthy financial strategy centers around defined goals and measured progress towards those goals. Here’s what you can expect from the Olympic Investment process: Discover: We assess your unique situation, needs, and goals in a relaxed setting. Develop: Understanding your goals and risk tolerance, we create a tailored investment plan. Implement: We assist in executing a disciplined investment strategy, managing risks effectively. Evaluate: Your advisor regularly reviews and communicates performance to ensure the strategy matches your goals.   Your Plan, Your Future Wealth Building Services --- - Published: 2024-01-24 - Modified: 2024-09-19 - URL: https://www.olympicinvestment.com/services/retirement/ Securing your future Retirement Financial planning for retirement Pursue an Independent Future Planning for retirement is more than just saving. It's about creating a future that allows you to enjoy the fruits of your hard work. As dedicated retirement planners, our aim is to turn your dreams into achievable goals. Our retirement advisory services are designed to align with your unique life stages and financial circumstances. Step-By-Step A Disciplined Investment Approach A healthy financial strategy centers around defined goals and measured progress towards those goals. Here’s what you can expect from the Olympic Investment process: Discover: We assess your unique situation, needs, and goals in a relaxed setting. Develop: Understanding your goals and risk tolerance, we create a tailored investment plan. Implement: We assist in executing a disciplined investment strategy, managing risks effectively. Evaluate: Your advisor regularly reviews and communicates performance to ensure the strategy matches your goals.   Planning for the Long Term Retirement Advisory Services --- - Published: 2024-01-24 - Modified: 2024-02-20 - URL: https://www.olympicinvestment.com/services/estate-planning/ Defining Your Legacy Estate Planning Committed to Your Wishes Estate Planning that honors your life Estate planning is a crucial aspect of comprehensive wealth management, ensuring that your legacy is preserved and passed on according to your wishes. As your estate financial advisor, we focus on more than just wealth transfer–we are dedicated to crafting a holistic estate financial planning strategy that reflects your life's work and values. Our approach combines meticulous wealth transfer and succession planning with thoughtful legacy and charitable planning. This ensures that your assets are distributed efficiently, your loved ones are cared for, and your charitable intentions are honored. Step-By-Step A Disciplined Investment Approach A healthy financial strategy centers around defined goals and measured progress towards those goals. Here’s what you can expect from the Olympic Investment process: Discover: We assess your unique situation, needs, and goals in a relaxed setting. Develop: Understanding your goals and risk tolerance, we create a tailored investment plan. Implement: We assist in executing a disciplined investment strategy, managing risks effectively. Evaluate: Your advisor regularly reviews and communicates performance to ensure the strategy matches your goals.   A Life Well-Lived Estate Planning Services --- - Published: 2024-01-17 - Modified: 2024-12-12 - URL: https://www.olympicinvestment.com/services/ Every Life, Every Stage Financial planning Services Relationship-driven Guidance Comprehensive Financial Advice for Every Life Stage At Olympic Investment Group, we are dedicated to guiding you through every stage of your financial journey. Our team provides personalized services, ranging from wealth building through portfolio and risk management, tax planning, and debt management, to the intricacies of retirement and estate planning. We believe in understanding your unique aspirations and meticulously crafting a financial path to achieve them. Our holistic approach harmonizes all aspects of your financial life, ensuring that your investments, retirement plans, and legacy ambitions are aligned with your long-term goals. Your Goals, Our Expertise Wealth Planning services --- - Published: 2024-01-17 - Modified: 2024-09-19 - URL: https://www.olympicinvestment.com/journey/young-professionals/ Build YOUR FUTURE Young Professionals Small steps, Big Impact Financial Planning for Young Professionals In the early stages of your career, the decisions you make can significantly influence your long-term financial health and stability. It's essential to understand the role of a financial plan and how a financial advisor can help shape your future. Get Started Scale With Confidence A Good Financial Plan Matters A financial plan is more than a budget. It’s a strategic approach to achieving your long-term objectives. Whether your goals include buying a home, launching a business, or securing a comfortable retirement, a financial plan is an indispensable tool. As your income and financial responsibilities increase, a plan helps manage complexities and ensures your financial resources are optimally allocated. Moreover, it provides a buffer against unexpected life events, protecting your financial well-being. The Role Of A Financial Advisor A financial advisor provides tailored strategies that align with your individual career trajectory and personal aspirations. With expertise across various financial disciplines, an advisor offers essential insights and methods. They serve as a reliable partner in maintaining and adjusting your financial plan, ensuring it remains relevant to your life's evolving circumstances and keeps you aligned with your financial goals. Essential Elements Of Your Financial Plan Structured Financial Strategy: This includes comprehensive budgeting, effective cash flow management, and efficient debt management. It also encompasses savings and investment strategies, ensuring each aspect of your financial life contributes to your broader objectives. Investment and Retirement Planning: Creating a diversified investment portfolio... --- - Published: 2023-12-14 - Modified: 2025-01-24 - URL: https://www.olympicinvestment.com/contact/ Financial freedom starts here Contact Reach out Let’s Talk. Discover the freedom of independent wealth management. Give us a call or fill out the form to schedule a meeting today. Phone (425) 312-6460 Address 144 Railroad AvenueSuite 301Edmonds, WA 98020 --- - Published: 2023-12-14 - Modified: 2025-11-04 - URL: https://www.olympicinvestment.com/team/ INVESTMENT & FINANCIAL PARTNERS Your Team Always on your side Independent Advisors Committed To Your Financial Journey Our team leverages decades of financial experience to help clients navigate life’s winding road. Our commitment goes beyond mere transactions. We're focused on fostering long-term relationships, guiding you through the intricacies of financial planning and investing with an eye to your goals. Whether you're navigating career milestones, family changes, or planning for retirement and beyond, we’re here to ensure your financial strategy serves you. Say hello to Olympic Investment Group. --- - Published: 2023-12-01 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/about/ Rooted, Experienced, Independent About the Firm Always in your corner Financial Advice TAilored To You At its essence, a financial advisor is more than just a counselor. They are navigators, sounding boards, and co-pilots who aim to ensure that your financial voyage is both rewarding and tailored to your unique aspirations. To that end, Olympic Investment Group is an independent team of financial advisors committed to customized client service at every stage. Unlike advisors who are tied to the interests of a corporate institution, we take a relational approach to wealth management, believing that success is defined at the level of the individual, and every account, every decision should be managed accordingly. Our position as independent advisors allows us to do just that, giving us room to see every client as a unique story. Principles matter Our Values Our values define and direct our work. They are the foundation of our commitment to our clients, and they are held by every member of the Olympic Investment Group team. --- - Published: 2023-11-25 - Modified: 2023-11-25 - URL: https://www.olympicinvestment.com/error-page/ 404 Something went wrong Let’s get you back on track. Back Home Contact Us --- - Published: 2023-11-23 - Modified: 2024-09-11 - URL: https://www.olympicinvestment.com/journey/ Professional Financial Guidance for Every Stage Your Journey Investing in a Lifetime Financial Guidance for Every Stage The financial journey is often analogous to the stages of life. Like milestones in life, your financial needs and goals evolve, change, and sometimes even pivot. Understanding this progression is vital to laying the foundation for a secure and prosperous future. Our job is to leverage our experience and insights to guide you through each of these stages. Every Step Matters Financial Health for Life --- - Published: 2023-10-28 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/ Invested In You Financial Guidance For Every Part Of Your Journey Get Started Experience the difference Independent Advisors Committed to You Olympic Investment Group is an independent team of financial advisors committed to customized client service at every stage.   We take a relational approach to wealth management, believing that success is defined at the level of the individual, and every account, every decision should be managed accordingly. Our position as independent advisors allows us to do just that, giving us room to see every client as a unique story. Our Approach Meet YOUR Team Let’s Talk. Your wealth management journey begins with a conversation. Give us a call at (425) 312-6460 or fill out the form to get started today. --- - Published: 2023-10-19 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/privacy-policy/ WE VALUE YOUR PRIVACY privacy policy Website Privacy Policy We value your privacy, and maintaining the trust and confidence of our clients is a high priority. That is why we want you to understand how we protect your privacy when we collect and use information about you, and the steps that we take to safeguard that information. This notice is provided to you on behalf of Olympic Investment Group.   Information We Collect: In connection with providing investment products, financial advice, or other services, we obtain non-public personal information about you, including:  Information we receive from you on account applications, such as your address, date of birth, Social Security Number, occupation, financial goals, assets and income; Information about your transactions with us, our affiliates, or others; and Information received from credit or service bureaus or other third parties, such as your credit history or employment status. Categories of Information We Disclose: We may only disclose information that we collect in accordance with this policy. Olympic Investment Group does not sell customer lists and will not sell your name to telemarketers.   Categories of Parties to Whom We Disclose: We will not disclose information regarding you or your account with us, except under the following circumstances:  To entities that perform services for us or function on our behalf, including financial service providers, such as a clearing broker-dealer, investment company, or insurance company; To consumer reporting agencies, To your attorney, trustee or anyone else who represents you in a fiduciary capacity; To... --- --- ## Posts - Published: 2025-12-22 - Modified: 2025-12-22 - URL: https://www.olympicinvestment.com/blog/lpl-research-presents-outlook-2026-the-policy-engine/ - Categories: Uncategorized Overview THE YEAR 2025 was a good example of the prevailing regime. That is, we are witnessing markets that are driven less by fundamentals and traditional business-cycle dynamics and more by fiscal and monetary policy influence. As fundamentals have taken the back seat, policy decisions have emerged as one of the most impactful forces driving market direction. What does that mean for 2026? In an environment where policy shifts and market momentum increasingly outweigh fundamentals and valuations, we believe investors should remain patient and avoid overreacting to short-term sentiment swings — as policy and momentum-driven markets cause severe fluctuations in price, which can then challenge behavioral biases. We saw this in 2025, when stock prices swung wildly from policy-induced lows to momentum-driven highs, and we expect this pattern of higher volatility to persist. The good news is that we expect policy to be a tailwind for markets. We believe monetary decision-makers will continue easing policy as economic conditions downshift and inflation remains contained. Corporate earnings may help, though there will be little room for error. Core bonds will quietly offer some value, which should be aided by a more dovish Federal Reserve (Fed). In this policy and momentumdriven market, we strongly encourage investors to look at non-correlated alternative investments. As you explore the 2026 Outlook, please know that the LPL Research team continuously monitors for these market regime shifts. We use a multitude of tools that allows us to analyze momentum, policy inputs, sentiment, fundamentals, and more to plot a... --- - Published: 2025-04-29 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/forbes-recognizes-jim-clarke-as-a-best-in-state-wealth-advisor/ - Categories: Uncategorized FOR IMMEDIATE RELEASE Edmonds, WA— April 25, 2025 – Jim Clarke, an independent LPL Financial advisor in Edmonds, WA has been recognized in this year’s list of the Forbes/SHOOK Best-in-State Wealth Advisors for his track record of success in the financial services industry. The annual list is compiled by Forbes with insights from SHOOK Research. Advisors are selected based on quantitative and qualitative data, and are assessed on a variety of criteria, including interviews, years of experience, compliance records and assets under management*. “We extend our heartfelt congratulations to Jim Clarke for the well-deserved recognition from Forbes,” said Julian Lopez, LPL’s executive vice president of Independent Advisor Services Relationship Management. “This award highlights his dedicated efforts in guiding his clients towards financial success, while helping them add inspiration and meaning to their lives and legacies. Jim Clarke has over 30 years of experience in the financial services industry helping reduce client anxieties about the markets through financial planning, strong relationships, and championing independence. ### About Olympic Investment Group Olympic Investment Group understands that wealth management is not a one-size-fits-all service. Our approach is deeply relational, focusing on the individual journey of each client. We take pride in our independence as financial advisors, which allows us the flexibility to create wealth strategies tailored to the unique goals and life circumstances of each client. From the onset, we work closely with you to understand your aspirations, assess your financial landscape, and craft a plan that aligns with your vision for the future.... --- - Published: 2025-01-30 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/how-to-recognize-and-protect-yourself-against-tax-identity-theft/ - Categories: Resources, Taxes When you hear the term identity theft, the first thought that comes to mind may involve a data breach or opening a credit card in someone else's name. But another common type of identity theft involves the use of someone's Social Security number to unlawfully intercept their income tax refund. Unfortunately, this fraud often isn't discovered until the victim tries to file their taxes. Instead of getting a quick refund, they may instead be facing a lengthy battle with the IRS. Below we discuss some common signs of tax identity theft and how to protect yourself. Guard Your Personal Information Tax identity thieves don't need as much sensitive information as you might think. With little more than your full legal name and Social Security Number (SSN) ID thieves may be able to file a return using false income information to obtain a refund to which you're not entitled. One of the keys to preventing this fraud is minimizing the number of people who have access to your SSN. Don't provide your SSN to anyone over the phone, shred all documents containing this number (instead of throwing them away), and use multi-factor authentication to log into any online tax preparation accounts. Check Your Credit Regularly Although tax ID theft may not show up on your credit report, having other data breaches (like a stolen credit card number or accounts you don't remember opening) may increase your risk of this type of theft. Looking over your free credit report occasionally or signing... --- - Published: 2024-10-08 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/immediate-vs-deferred-annuities/ - Categories: Investing, Resources Retirement - Read Time: 4 min Despite not being as well known as some other retirement tools, annuities account for 6. 5% of all assets earmarked for retirement. With about $2. 2 trillion in assets, annuities hold more funds than Roth IRAs. 1 An annuity is a contract with an insurance company. In exchange for a premium or a series of premiums, the insurance company agrees to make regular payments to the contract holder. The funds held in an annuity contract accumulate tax deferred. For individuals interested in accumulating retirement assets, annuities can be attractive because they are not subject to contribution limits, unlike most other tax-deferred vehicles. In other words, retirement-minded individuals can set aside as much money as they would like into an annuity. Two Phases Annuity contracts pass through two distinct phases: accumulation and payout. During the accumulation phase, the funds accumulate until the annuity contract reaches its payout date. At that time, the total will either be paid out as a lump sum or as a series of payments over a period that can stretch as long as the account holder’s life. The funds attributed to the initial premium will not be taxed, but any earnings on those funds will be taxed as regular income. Immediate Annuity As its name implies, an immediate annuity is structured to provide current income. After paying the initial premium, an individual receives regular income, which can be deferred for up to twelve months. The funds remaining in the contract accumulate... --- - Published: 2024-08-15 - Modified: 2024-11-01 - URL: https://www.olympicinvestment.com/blog/three-types-of-insurance-you-need-even-on-a-budget/ - Categories: Wealth Building Insurance is designed to provide coverage for some of life's biggest disasters—fire, floods, car crashes, disability, and death. But when you're on a tight budget, paying even a few extra dollars a month for an insurance policy you may or may not use might seem like a huge ask. However, it could be penny-wise and pound-foolish to forgo insurance coverage. Here are three types of insurance that are critical to have, even on a shoestring budget. Disability and Life Insurance These types of insurance are designed to provide cash—either a lump sum or monthly payment—if you're too disabled to work or unexpectedly pass away. This might be a lifeline for your loved ones, who may be wondering how to pay the bills without your regular paycheck. Most life insurance and disability policies are relatively inexpensive, especially if you're young and healthy. Paying a few dollars a month might be a great investment when you consider what life insurance is designed to avoid—having your loved ones scrambling to cover funeral expenses when they should instead be grieving your loss. Similarly, disability insurance might help you pay your bills, buy groceries, or avoid downsizing your home or pulling your children out of activities if you unexpectedly find yourself without a regular source of income. Health Insurance Health insurance is important for several reasons. First, it may provide you with financial support to help cover the high costs of medical care. Even something as straightforward as a broken limb might cost tens of... --- - Published: 2024-08-15 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/the-importance-of-setting-career-goals/ - Categories: Wealth Building We all want to grow in our careers; after all, no one wants to be stuck in the same job for years and years. But in order to achieve any type of professional success, we must continually push ourselves and develop our skills. How do we do that? Set goals. Consider these goal-setting strategies. Define what success means to you There’s no one clear definition of success; in fact, it can, and will, look completely different from person to person. So if you want to achieve it, you need to decide what it means for you. Do you want to move up the corporate ladder at your current company? Do you want to eventually start your own business? Do you want to retire young? Whatever the case may be, it’s important for you to know what you want out of your professional career so you can set short- and long-terms goals that will help you achieve that ultimate vision. If you don’t know where you’re going, your journey will only be that much more difficult. Create a path to your goals Once you’ve defined success, you’ll want to establish the steps that will enable you to reach your professional goals. After all, you can’t simply become a CEO, doctor, or business owner overnight. You must work your way up to it with both short- and long-term goals. Start with your long-term goals, which are ones that may take a few months or even years to achieve. For example, if your... --- - Published: 2024-08-15 - Modified: 2024-08-15 - URL: https://www.olympicinvestment.com/blog/homeownership-what-it-could-mean-for-your-estate-plan/ - Categories: Estate Planning There is one thing that we will most likely all do one day: regardless of your status in society, position at work, or whether you are tall or short, you may pass down assets to loved ones. When that day arrives, an estate plan is essential for managing and distributing those assets without too many hiccups. Physical real estate is one of the more valuable items on your asset list. It is critical that you are knowledgeable of how the process works in your state and how to design an estate plan that can suit your wishes. Ownership How the property was owned can be the determining factor in what happens to it during the distribution phase of your assets. Depending on your estate plan, the home or the amount of equity you have in a home can transfer to heirs, beneficiaries, or surviving owners unless otherwise specified. There are several ways to purchase real estate. Understanding these types of ownership and how they could impact you and your beneficiaries is crucial. Sole ownership Sole ownership is the possession by an entity or individual who is legally eligible to hold the title. Typically, sole ownership is held by single people, or married individuals who hold property apart from their spouse. Pros It is easier to complete transactions as no one needs to authorize the process. You control what happens to your property. Cons The transferring of ownership from one owner to another is not a simple process especially if the... --- - Published: 2024-08-15 - Modified: 2024-08-15 - URL: https://www.olympicinvestment.com/blog/how-to-navigate-buying-a-home-during-high-inflation/ - Categories: Estate Planning With rising housing prices and interest rates, you may feel pressured to jump on the carousel to avoid being left behind. However, a home is one of the most expensive purchases most Americans will make, and you don't want to rush into a home that isn't right for your needs. Below, we'll explore a few key tips and insights to help high earners who are looking to buy a home during periods of high inflation. Understanding Today's Housing Market Before beginning the purchasing process, it's important to understand current market dynamics. This is especially true when it comes to higher inflation. Inflation immediately affects many market aspects, including home prices, mortgage rates, and overall affordability. As inflation rises, interest rates and home prices tend to follow suit, making properties more expensive. For example, a $300,000 mortgage at 3. 5 percent interest will cost around $1,650 monthly for a 30-year term. 1 Adding another 2 percent to this interest rate will increase the monthly payment by nearly $400 over the life of the loan. Be sure your home-buying budget accounts for some flexibility in interest rates. Also, don't assume you'll be able to refinance into a lower rate after a few years; while this has been common advice in the past, you don't want to stake your budget on it! Tips for Navigating the Housing Market During High Inflation You can do several things to make the home purchasing process easier, no matter what's going on in the overall economy. First, stay... --- - Published: 2024-08-15 - Modified: 2024-08-15 - URL: https://www.olympicinvestment.com/blog/how-will-all-the-retiring-baby-boomers-impact-the-economy-5-ways-for-near-retiring-baby-boomers-to-prepare-for-an-uncertain-economy/ - Categories: Retirement For those unfamiliar with the “baby boom,” it is the period that stretches from 1946 to 1964, children born at the tail end of the trials and tribulations of World War II right up to the start of the Vietnam War. It is true that baby boomers are working longer than before; however, as they retire, the impact may be noticeable across the economy. As baby boomers retire and leave the labor force, their departure could impact the economy in several ways, including: Productivity rates could decrease There could be a shortage of workers The costs associated with an aging population may put a strain on the economy Their exit may create a “talent gap” as decades of industry experience go out the door with them. Despite the uncertainties of the economic future, baby boomers with retirement on the horizon are not sitting idle. They are taking proactive steps to prepare for this new phase of life. Here are a few measures they are implementing: 1. Postponing their retirement It is becoming more common for baby boomers to put off retiring for a few years to put a little bit more money away. The uncertain economic landscape leaves many wary of how long their money can stretch if faced with unforeseen financial surprises like a recession or depression, consistently rising cost of living, and high interest rates. 2. Create a retirement spending budget One way of managing your spending in retirement is to determine how much you could have on the... --- - Published: 2024-08-15 - Modified: 2024-09-20 - URL: https://www.olympicinvestment.com/blog/united-in-wealth-how-to-become-a-financial-power-couple/ - Categories: Wealth Building If you're a high earner, you may be interested in partnering with someone with similar education, income, and goals. Becoming a financial "power couple" can help you both achieve your goals sooner. Because money disputes are one of the leading causes of divorce, finding someone with whom you're financially compatible can smooth the path of your relationship. 1 Below, we discuss a few tips to help guide your joint journey. Open Communication Open communication is the gold standard for any relationship. But it becomes even more important when both partners have high incomes (especially if those jobs involve high stress). It's not uncommon for one partner to feel insecure or jealous about another partner's earning capacity, especially in times of uncertainty. You can build trust with your partner by getting all your emotions—even the negative ones—out on the table. Set Mutual Goals You and your partner may want to set financial goals that you both aspire to, such as saving for a house, paying off debt, investing for retirement, or starting a business. First, break down these goals into smaller, actionable steps. You can then decide who is best suited to perform each step and hold each other accountable along the way. Create a Budget One of the biggest advantages of a dual-income household is the ability to save a significant percentage of your salary—expenses like rent or a mortgage don't double just because two people live there instead of one. This makes it easier to avoid lifestyle creep, which is... --- - Published: 2024-08-15 - Modified: 2024-09-20 - URL: https://www.olympicinvestment.com/blog/sandwich-generation-watch-out-for-these-costly-financial-pitfalls/ - Categories: Wealth Building The sandwich generation is generally defined as middle-aged individuals aged 40 to 60 (Generation X) sandwiched between aging parents, adult children, and grandchildren. Because members of the sandwich generation have been in the workforce for a while, they may be somewhat financially stable and, therefore, face some costly financial pitfalls when it comes to family. If you are part of the sandwich generation, four significant challenges you may be facing or could face in the future and potential solutions for navigating the sandwich generation’s financial balancing act. You have financial caregiver burnout According to Forbes, on average, 48% of adults within the sandwich generation provide some financial support to their grown children, while 27% are their primary support. Also, 25% are supporting their parents financially. In some cases, people are providing financial assistance to both children and parents at the same time. As healthcare and medicine have improved, parents are living longer, and with soaring cost of living and inflation and a seemingly perpetually volatile market, struggling children are forced to move back home or ask for monetary assistance. Members of the sandwich generation are finding themselves in financial limbo, dealing with the pressure of managing their own lives while helping aging parents who are running low on money and their children who are finding it difficult to support themselves in the modern age. You may have to take time away from work, which could put stress on your career advancement and interfere with your job overall. Not only will you worry... --- - Published: 2024-08-15 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/why-work-life-balance-is-important-while-pursuing-your-career/ - Categories: Wealth Building Whether you like it or not, work is essential to life. Since work is such an important part of your life, it is easy to become consumed by it and forget about other important things, such as your family and friends, which makes seeking work/life balance so essential. Why Having a Healthy Work/Life Balance is Important Having a work/life balance is crucial for many reasons. When you give appropriate attention to both areas of your life, you might notice that: You may lower the feeling of the demands of your work life and home life being at odds with each other. You may avoid having to miss family or social events and work overtime for a deadline. You may lose less sleep at night or not have to eat poorly, because you don't have enough hours in the day. You may manage the guilt that you aren't putting in enough hours at work or giving enough time to friends and family. You may stop worrying about your job when you're not at work. You may be able to take more vacation time or enjoy it more when you do. 1 3 Steps to Work Toward a Healthier Work/Life Balance While understanding work/life balance is essential, knowing how to get there is critical. Step 1: Set Goals: Come up with some goals that might help you gain the work/life balance you are looking for. These goals could be spending more time with family and friends, working less overtime, or planning a... --- - Published: 2024-08-07 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/medicare-advantage-101/ - Categories: Insurance Insurance - Read Time: 2 min Medicare Advantage, sometimes known as “Part C,” is something of a catch-all choice for those who are ready to sign up for Medicare. Medicare Advantage plans are offered by private insurers in conjunction with the Medicare program, and can provide you with additional health insurance coverage. What’s in them? In addition to signing up for Medicare Part A (hospital stays) and Part B (medical coverage), Medicare Advantage plans offer their subscribers extra features. This frequently, but not always, includes the Medicare Part D prescription drug plan. 1 In some cases, Medicare Advantage plans offer coverage for areas not normally offered within regular Medicare plans. This can include dental, hearing, and vision insurance. 1 What are the rules? Medicare pays for a fixed amount of your health care to the company offering your Medicare Advantage (MA) plan. Beyond that, each MA plan requires different out-of-pocket fees. Those fees can vary from plan to plan. 1 Depending on your plan, you may have different rules you need to follow when seeking a medical referral to get treatment from a specialist or if you are seeking non-urgent care (even from health care providers within the plan). It’s also important to remember that rules, requirements, and features may change from year to year. It will be important to make sure that those changes line up with any treatment that you need. What about my prescriptions? While most MA plans offer Part D coverage for prescription drugs, some don’t.... --- - Published: 2024-07-31 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/social-security-simplified-common-questions-and-answers/ - Categories: Retirement, Uncategorized Most American workers who earn wage income and pay Social Security taxes via withholding receive Social Security benefits at some point in retirement. While the Social Security Administration has tried to make the process easier to understand and navigate, many questions remain. Whether you are getting close to retirement or even if retirement is still a little way off, here are some common questions and answers regarding Social Security. What Age Do I Qualify for Social Security? The qualifying age for Social Security depends on your birth year and whether you want to opt for early, full, or late retirement. Those born between 1943 and 1954 have a FRA of 66. After that, your FRA increases by a few months depending on the year you were born; if you are born after 1960, the FRA is 67. Early retirement is possible for those as young as 62, though you receive much smaller monthly payments. You may choose to wait and receive a higher amount for your monthly checks by not collecting benefits until the age of 70. 1 How Much Will I Receive for My Social Security Payment? Your work credits determine your Social Security payment amount, your average annual earnings, and the number of years you worked. You may see these calculations by creating an SSA. gov account to view your updated Social Security statement each month. The average monthly benefit amount for Social Security is $1,831, and the maximum benefit is around $3,627. 2 Am I Allowed to... --- - Published: 2024-07-30 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/tax-planning-and-financial-planning-go-hand-in-hand/ - Categories: Taxes, Uncategorized, Wealth Building With tax season coming to an end, it’s the ideal time to use this year’s tax return to help update your financial plan. If you’re in the group of one in four Americans who do not already have a financial plan, it may be time to create your first one. With tax season coming to an end, it’s the ideal time to use this year's tax return to help update your financial plan. If you’re in the group of one in four Americans who do not already have a financial plan, it may be time to create your first one. 1 Creating a financial plan from scratch may seem like an overwhelming task; however, having your tax information as a reference may significantly assist this effort. Here are some ways to learn more about how your income tax return provides clues for the financial planning steps to take during the upcoming year. Tax Information Might Influence Your Financial Plan Every piece of information you provide on your federal and state income tax returns might impact your financial plan. Making a financial plan may depend on these factors: Your filing status Your number of dependents (and their ages) Your taxable income Your effective tax rates Your taxable Social Security and Medicare (FICA) wages Your deductions (like real estate taxes, mortgage interest, health care expenses, or charitable deductions) Your credits (like the child tax credit or earned income tax credit) Whether you pay interest on a student loan or have a child in college Whether you contribute to a health savings account This data may help you answer questions such as: Should I contribute to a traditional individual retirement account (IRA) or a Roth IRA? Should I save for college in a 529 account or prioritize paying down my existing student loan... --- - Published: 2024-05-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/4-tips-for-how-to-set-up-a-529-plan-to-benefit-your-business/ - Categories: Business, Education Planning 529 education savings plans allow families to put away money for their children's education without paying taxes on the earnings, as long as the withdrawals are used for qualified educational expenses and fall within the applicable annual limits. While many people may already have these set up for their children or grandchildren, they also make a great benefit option to offer employees as a way to attract potential employees and keep the loyalty of those you have. If you think a 529 savings plan might be a good benefits plan for your business, here are a few tips to consider when setting one up. 1 1. Talk to Your Employees If you are thinking of adding a 529 education savings plan to your employee benefits, get your employees’ feedback. See if they are interested and how many may be interested to see if it is worth setting up. Be sure to discuss the advantages, what the fund is used for, and the limitations. 2 2. Consider an Employer Match While employer matching is not required, it may make the benefit much more enticing and likely qualify for the annual federal gift exclusion, which may mean a nice tax break for the company. It may help each employee's funds grow quickly. Be sure to talk with your accountant or tax professional, as the federal gift tax with 529 plans may be a little complicated to understand 2 3. Determine the Max Contribution for Match If you decide to do an employer match... --- - Published: 2024-04-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/improving-your-financial-literacy-can-improve-your-business/ - Categories: Investing, Wealth Building Financial literacy is essential for your personal financial health and even more crucial for the financial health of your small business. Being a small business owner comes with many responsibilities, one of which is maintaining the company's finances and helping keep it on track toward a solid financial future. Whether you are just starting to explore financial literacy as a business owner or are looking to freshen up your skills, below you will find areas of financial literacy critical to business owners, as well as tips for improving your financial literacy. Area of Financial Literacy All Small Business Owners Need to Know All small business owners should focus on four key areas of financial literacy to help better understand the business's financial situation and ways to fix it if needed. Accounting Every business owner should have a basic understanding of bookkeeping, even if there’s a dedicated bookkeeper on the payroll. Accurate record-keeping will save a lot of time and headaches and provide an accurate picture of the business's financial state. 1 Taxes As a small business owner, staying on top of tax obligations is critical. Failing to understand what taxes you are responsible for and when they are due will lead to penalties and late fees that can quickly add to costly expenses. 1 Financial Reports Constantly monitoring and understanding your company's financial reports is also critical. Your company's P&L (Profits and Losses) will paint a picture of your business's profitability and how it generates most of its income. Your... --- - Published: 2024-03-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/experience-makes-you-wise-tips-you-can-learn-from-your-older-co-workers/ - Categories: Business Many companies are pushing for a more diverse workforce with employees from all walks of life and ages. Greater diversity helps foster creativity and collaboration, which are essential to helping a company grow. For younger workers, it also allows them to learn more from those who have worked longer and are more experienced. Read on for a few tips that older co-workers can teach those younger or at least less experienced. 1. Knowing When to and How to Delegate Work Older workers know how to control their work better, which helps reduce stress and provides a healthier work/life balance. The ideal way to control the flow and output of work is by learning when and how to delegate. Older co-workers know when demands may be pushed back and others expedited. They also know that finding the right person to help out or take over a project will lead to better efficiency. 1 2. How to Manage Their Finances Efficiently Older workers have learned how to manage their finances and build up their assets to prepare for retirement and the demands that life may throw at them. They come from a generation of savers who understand that putting off frivolous wants will lead to greater financial rewards and better stability in the future. 1 3. The Importance of Networking Building a diverse network is crucial for workplace advancement and a more fulfilling life. New contacts mean mentoring opportunities, new skill acquisition, coaching, and even a support system when needed. Older workers... --- - Published: 2024-03-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/why-your-credit-score-matters-in-retirement/ - Categories: Resources, Retirement Regardless of the stage of life, your credit score is an essential component of your financial health when you're in retirement. A consistently strong credit score can pave the way for greater confidence, easy loan access, and lower interest rates. Many retirees overlook the importance of maintaining a suitable credit score after they stop working or that credit scores lose relevance in retirement. Yet, nothing could be further from the truth. Here's a detailed look at why your credit score matters in retirement. To Maintain Your Ability to Seek Credit Retirement does not equate to financial inactivity. Even though you may no longer earn a regular paycheck, you may still engage in financial transactions requiring a credit check. For instance, if you plan to refinance your mortgage to a lower rate, lenders may consider your credit score part of the qualification process. If your score is low, you might be denied the mortgage or offered a higher interest rate mortgage. To Find Housing In addition, retirees often consider downsizing their homes, moving to senior living communities, or relocating to different states or countries. Any of these scenarios might necessitate applying for a new mortgage, a process that, once again, requires a solid credit score. Additionally, vacation home landlords often conduct credit checks before renting their property. A poor credit score can limit your options or cause you to lose out on your preferred vacation destination property. Money for emergencies Another reason your credit score matters in retirement is the possibility... --- - Published: 2024-02-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/get-your-healthcare-affairs-in-order-as-you-approach-retirement/ - Categories: Estate Planning, Health Healthcare is one of the more difficult areas to navigate as you get closer to retirement. With so much focus on saving enough for retirement and ensuring that your investments will keep up with inflation, many people fail to square away their healthcare affairs before retirement age. However, if you want a greater chance of enjoying your retirement, getting your healthcare priorities in order sooner rather than later is critical. Seek Out Care as Soon as You Need It While still working, pushing aside treatment of minor ailments or even routine screenings and appointments may seem easy. It is common to think all of these can wait until later in life. Unfortunately, this mindset may lead to more significant medical problems during retirement. Without proper preventative care and screenings, you may find yourself retiring with a major medical issue that may be costly and harder to manage as you get older. Staying on top of your health will also help you during the coverage gap between working and Medicare eligibility. During this gap, healthcare may be more costly, and if you have a major health condition that has not been taken care of, you may need to spend more on coverage to ensure you get the proper treatment. Prepare Yourself for Growing Healthcare Costs On top of keeping yourself as healthy as possible by maintaining regular appointments, you will also want to be prepared for potential medical issues in retirement. Look into long-term care policies and other medical savings programs... --- - Published: 2024-02-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/how-to-plan-for-a-healthy-retirement/ - Categories: Estate Planning, Health, Investing, Retirement Planning for retirement often involves focusing on your finances and ensuring that you not only will have enough to sustain you during your retirement but adequate funds to do the things you enjoy doing. While this strategy is a crucial part of retirement, it is not the only thing to consider as you near your desired retirement age. You also need to start focusing on how to ensure your retirement is healthy and financially stable. Below are a few ways to prepare for a healthy retirement that will allow you to enjoy the results of all your hard work throughout the years. 1. Plan for a New Purpose In the years leading up to retirement, you are likely to focus on saving and budgeting to have the funds you need when the time comes. What about after you retire, when your purpose is no longer about saving for retirement? Having goals or a new sense of purpose is a key factor in longevity and enjoying these years. It’s OK to start thinking of this new direction once you finally retire so you can plan for what you will need when the time comes. 1 2. Develop Healthy Habits Another key to staying well in retirement is maintaining healthy habits. Without the need to go to work every morning or care for other family members, you may find yourself slacking off on exercise and healthy eating. Start implementing the healthy habits you will need in retirement so that when you do... --- - Published: 2024-02-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/4-pre-medicare-strategies-for-managing-healthcare-costs/ - Categories: Insurance, Investing, Resources Planning for early retirement is great, but planning for healthcare coverage at the same time is sometimes more difficult. Healthcare costs are high, and finding ways to bridge the gap between the age you retire and the time you are eligible for Medicare may take a lot of planning. If you are close to your desired retirement age but are still a little ways off from Medicare eligibility, below are a few strategies for navigating healthcare costs during that gap period. 1. Consider COBRA Coverage Under the Consolidated Omnibus Budget Reconciliation Act of 1985, you may be able to continue your employer-sponsored healthcare coverage for 18 months or longer. To continue the coverage, you must elect COBRA and pay the premiums plus an additional 2% fee. Depending on the type of coverage, this may be pricey, but if you have health conditions that require regular treatment or care, it may be one of the better options. 1 2. Look at Your Spouse's Insurance Coverage If your spouse has not yet retired and they have coverage available through their employer, the most cost-effective option might be adding yourself to their policy. Losing your previous medical coverage will act as a qualifying event, allowing you to go onto a spouse's policy even if it is outside the open enrollment period. It is important to consider the costs, deductibles, and co-insurance to ensure the option will provide you with the coverage you need. 1 3. Research Private Insurance Companies You also have the... --- - Published: 2024-01-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/how-to-help-your-children-with-their-debt/ - Categories: Estate Planning, Resources Parenthood is full of highs and lows. If you have children, you probably know firsthand what it feels like to be in debt. Because you know how debt feels and you love your children, you probably want to step in and relieve them of their own financial worries. However, there are productive and unproductive ways to help adult children through their debt. Here are a few practical strategies that can help your kids with money without coming to the rescue financially. Give your time. The costs of child and pet care can add up quickly, so you can lend a hand with babysitting or pet sitting while your child works extra hours or travels for business. If they don’t have children or pets of their own, offer to cook or clean for them once a week. Simple acts of kindness like this help eliminate stress at home so they can focus on earning more money. Donate your items. If your child is a first-time renter or homebuyer, it may be tough for them to furnish their new space without stretching their budget thin. Go through your own items at home and decide what you can hand down to your children—especially if you’re planning on downsizing soon. A coffee table, chair, or even just a few kitchen utensils can go a long way in helping your child start off after college or in their first home. Keep your eyes and ears open to needs that might arise for material goods you... --- - Published: 2024-01-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/key-financial-wellness-metrics-for-near-retirement-individuals/ - Categories: Investing, Resources, Retirement As one approaches retirement, monitoring your financial situation by understanding your net worth and assessing the assets and resources needed to maintain a comfortable lifestyle throughout retirement is vital. This article explores eight key financial wellness metrics individuals must monitor as they approach retirement. 1. Income Replacement Ratio One of the primary financial wellness metrics is the Income Replacement Ratio (IRR), which calculates the percentage of your pre-retirement income that your retirement income will replace. Many individuals work toward a target ratio between 70-80%. Therefore, if you currently make $100,000 annually, your retirement income should ideally be between $70,000 to $80,000. 2. Net Worth Net worth is one of the most fundamental financial wellness metrics, measuring the total assets, including savings, personal properties, and investments, minus any liabilities or debts. This metric gives an essential broad picture of your financial health and indicates financial stability that may allow you to support yourself comfortably in retirement. 3. Liquidity Ratio The liquidity ratio is another critical metric that measures your ability to cover short-term expenses without selling long-term assets or taking on additional debt. This ratio is calculated by dividing your liquid assets, such as cash, savings, and short-term investments, by your current liabilities. A ratio of 1 or greater indicates a healthy level of liquidity. 4. Savings Rate Your savings rate, the percentage of income you put aside for savings, is a critical component of retirement planning since it directly impacts the savings you'll have available to support yourself. Financial professionals... --- - Published: 2024-01-01 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/filing-an-estate-tax-return/ - Categories: Estate Planning, Resources, Taxes What is an estate tax return? When you die, you will leave behind all your property (everything you own) and debts (everything you owe). All this is called your estate. After the debts have been paid, the various items left in your estate will be transferred to your heirs and beneficiaries, but first the federal government will take its share through estate taxes (gift and estate tax and generation-skipping transfer tax). The personal representative of your estate must file an estate tax return with the IRS if the value of your gross estate at death together with the value of all taxable gifts you made during life is more than a certain amount ($12,060,000 plus any deceased spousal unused exclusion amount in 2022). The federal estate tax return (Form 706) lets the IRS know how the estate taxes are calculated and how much tax is owed. Generally, the estate tax return must be filed within nine months after your death, but an automatic six-month extension is available if Form 4768 is filed on or before the due date for filing Form 706. An additional six months may be granted for good cause shown. The late filing penalty is 5 percent of the taxes due per month, up to 25 percent. This is in addition to any late payment penalty. An estate tax return may also need to be filed with your state. This discussion focuses on the federal return only. Contact your state for information regarding its state death taxes.... --- - Published: 2024-01-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/protecting-your-tax-identity-doesnt-have-to-be-taxing/ - Categories: Resources, Taxes When you think of identity theft, you may think of unauthorized credit card payments or new lines of credit. However, tax identity theft is one of the most common types of identity theft — and it’s also the most common fraud attempt during tax filing season. 1 If your identity is stolen for tax purposes, you can find yourself waging battle on two fronts: against the identity thief and the IRS. Fortunately, protecting your tax identity doesn't have to be difficult. Below, we explain a couple of ways you can theft-proof your ID. Identity Protection PIN The IRS can issue an identity protection pin ("IP PIN") that will prevent anyone else from filing a tax return using either your Social Security number or your individual taxpayer identification number ("TIN"). Only you and the IRS will know your IP PIN, and the identity verification process required to qualify for an IP PIN helps prevent fraud. Your IP PIN is valid for just one calendar year, and the IRS will generate a new PIN each year for as long as you'd like one. To get an IP PIN, you can either confirm your identity through an online process or file an application in person at a local IRS office. 2 Keep this PIN in a secure place, since entering the wrong IP PIN on your electronic or paper tax return will cause it to be rejected. Also remember that the IRS will never ask you for your IP PIN, so don't reveal... --- - Published: 2024-01-01 - Modified: 2025-11-25 - URL: https://www.olympicinvestment.com/blog/financial-resolutions-for-individuals-nearing-retirement/ - Categories: Investing, Retirement Getting close to retirement is exciting, but it often brings a little worry about your financial future. The closer you get, the more you may be concerned with the rising living costs and if your finances are on track to allow you to live as planned when retirement comes. Whether your retirement is within the next couple of years or the next five, the new year is the perfect time to make financial resolutions to help you toward your retirement goals. Below are just a few financial resolutions to consider this year. Work on Fully Funding Your Emergency Fund While an emergency fund is crucial when working, it is equally important when you retire. Emergencies will happen when you least expect it, and if you find yourself on a tighter budget during retirement, your emergency fund will be more crucial than ever. A good rule of thumb is to have three to six months of expenses saved up, which should be able to cover sudden house repairs or medical expenses. 1 Continue to Save Even if your savings are where you want them to be, you want to keep saving so that your money will continue to grow, and you will have a buffer for emergencies or higher-than-normal inflation rates. A good rule of thumb is to place between 5 and 10% of your gross income into yearly savings. If you are able to put in more, that is even better and may help you save a little on your... --- - Published: 2023-12-13 - Modified: 2025-11-26 - URL: https://www.olympicinvestment.com/blog/what-wa-state-residents-need-to-know-about-estate-taxes/ - Categories: Estate Planning, Taxes Washington State (WA) does not have an inheritance tax, but it does have an estate tax. An estate tax is a tax on your right to transfer property at your death. Estate tax accounts for everything the deceased owns or has specific interests in on the date of their death. When someone dies, their property is valued at Fair Market Value (FMV), which is not always what they paid when they purchased the property. An estate may be valued much higher, a calculation determined by the state of WA, which can create estate tax problems for heirs. A person living in WA or a non-resident who inherits property in WA may owe estate tax depending on the estate's value. For this reason, understanding how WA estate taxes will impact you if you (or your heirs) is essential. Here are some questions you may have about estate taxes in WA: What is the WA estate exclusion amount? If the death occurred in 2022, the applicable exclusion amount is $2,193,000. Once the exclusion amount is reached and all allowable deductions are taken, WA estate taxes compute using the following table: Does WA State require an estate tax return? Yes- If the gross value of all of the deceased's property, even outside of Washington, is over $2,193,000 (FMV without deductions) in 2022 and: They are a Washington resident or They are a non-resident but own real estate or personal property located in Washington on the date of their death. No- If the estate's... --- - Published: 2023-12-06 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/the-12-days-of-year-end-planning/ - Categories: Investing, Taxes At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over twelve days, focusing on one each day, and ensuring it gets a comprehensive review. DAY 1 – Reviewed my financial plan in preparation for meeting with a financial professional Conducting a review of your financial plan (at least annually) allows you and your financial professional to evaluate your financial condition, make necessary modifications to any accounts, create strategies to approach the new year, and set goals. DAY 2 - Conducted my year-end tax review To stay on top of your taxes, you may want to consider a year-end tax review to clean up your books and evaluate your tax liability for the New Year, if you should have one. Determine what is taxable income Assess all filing deadlines Did any rule changes affect your filing? DAY 3 – Reviewed my retirement accounts Life is regularly changing, occasionally requiring modification of your retirement accounts. An annual review of these accounts helps to assess your current situation and to plan for the future. DAY 4 - Reviewed my investment portfolio and rebalanced it if necessary Reviewing your portfolio may help you to evaluate your progress based on your investments and your asset allocation. Rebalance if necessary. Rebalancing has the potential to help you adhere to your investing plan regardless of how the... --- - Published: 2023-12-01 - Modified: 2025-01-29 - URL: https://www.olympicinvestment.com/blog/a-look-at-tax-planning-for-retirement/ - Categories: Retirement, Taxes After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS. Social Security Benefits Depending upon your total income and marital status, a portion of your Social Security benefits may be taxable. For a rough estimate of your potential tax liability, add half of your Social Security benefits to your projected income from all other sources. This figure is your adjusted gross income (AGI), plus any tax-free interest income from municipal bonds or foreign-earned income. Up to half of Social Security benefits are taxable if this sum, which is called your provisional income, exceeds $25,000 for singles or $32,000 for married couples filing jointly. However, up to 85% of Social Security benefits are taxable if your provisional income is above $34,000 for single filers or $44,000 for married couples filing jointly. Use the Social Security Benefits Worksheet in the instructions for IRS Form 1040 to calculate the exact amount of taxes owed. Rather than writing a large check once a year, you can arrange to have taxes withheld from your Social Security benefits checks by completing Form W-4V and filing it with the Social Security Administration. Other Income Sources In addition to collecting Social... --- - Published: 2023-12-01 - Modified: 2025-01-29 - URL: https://www.olympicinvestment.com/blog/your-year-end-estate-planning-guide-an-8-step-checklist/ - Categories: Estate Planning, Investing, Taxes When it comes to your estate plan, you don’t just have it drafted and put away until it is time for your loved ones to manage your lifetime of affairs. As your world changes year by year, it is critical that you review your estate plan and update it to stay aligned with your long-term financial goals. Here is an eight-step year-end estate planning checklist to help you organize and prioritize your estate planning strategy. 1. Have you reviewed your will? Reviewing your will as part of your year-end estate planning checkup is essential. As each year comes to a close, our life changes. These changes may impact your future financial plans and goals regarding your estate management should you die or become incapacitated. There are generally four types of wills that people choose from: Attested Written Will – This is the most common type of will. It is typed, printed, and signed by the testator and two witnesses. Holographic (Handwritten) Will – This will is handwritten and signed by the testator, and witnesses are recommended. Nuncupative (Oral) Will – Typically, these are instructions by someone too sick to create a written will on how they want their personal property distributed. Nuncupative wills are not legal in most jurisdictions. However, in those which they are legal, a set number of witnesses must write down the wishes of the incapacitated individual as soon as possible. Joint Will – A type of the last will and testament where two (or more) people,... --- - Published: 2023-12-01 - Modified: 2025-01-29 - URL: https://www.olympicinvestment.com/blog/giving-through-a-donor-advised-fund-5-tax-benefits/ - Categories: Estate Planning, Taxes A donor-advised fund (DAF) is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals. The benefits of DAFs extend beyond their primary purpose of facilitating philanthropic activities. One of the main incentives of DAFs is the tax benefits donors receive from giving. Donors can bolster their philanthropic impact by understanding and leveraging these tax advantages: 1. Immediate Charitable Tax Deductions One tax benefit of DAFs is the immediate charitable tax deduction. When a contribution is made to a DAF, the donor receives an immediate tax deduction in that tax year. The donor can immediately benefit from the tax deduction before the funds are granted to specific charities. The tax deductions apply to multiple contributions: cash, privately held stock, real estate, and other appreciated assets. However, the IRS limits the deductible amount based on the donor's adjusted gross income (AGI) for tax purposes. Typically, the deductions can be up to 60% of AGI for cash contributions and up to 30% of AGI for appreciated securities. 2. Tax-Free Growth Donations in a donor-advised fund grow tax-free, which may incentivize donors to continue giving and increasing their contributions. The investments made within the DAF continue to appreciate without incurring capital gains taxes. Over time, appreciation may lead to a larger pool of funds available for charitable giving, magnifying the donor's philanthropic impact. 3. Avoidance of Capital Gains Tax Contributions of appreciated assets such as stocks, real estate, or other investment assets... --- - Published: 2023-12-01 - Modified: 2025-01-29 - URL: https://www.olympicinvestment.com/blog/5-strategies-for-managing-financial-stress-during-the-holidays/ - Categories: Resources, Wealth Building The holiday season is a time of joy and headaches, celebration, fatigue, and togetherness mixed with a few knock-down drag-out fights. On top of the emotional rollercoaster ride can come a big wallop of financial stress. From buying gifts to hosting parties and traveling to see loved ones, plus filling up a cabinet with booze, expenses can quickly add up, leaving many overwhelmed. However, with careful planning and a few practical strategies, you may manage your finances, keep all your hair, and enjoy the holidays without breaking the bank or accumulating excessive debt. Here are five strategic to-do’s that are worth considering. To-do Number One — Create a Realistic Budget The emphasis is on being realistic instead of maxing out your credit cards. Start by listing all the holiday-related expenses you anticipate, including gifts, decorations, travel, and hosting expenses if you're entertaining guests. Be sure to account for any regular monthly bills and ongoing commitments. Once you estimate your anticipated expenses, set a spending limit for each category. You might allocate more funds to the most important aspects of the holidays, such as gifts for loved ones. However, a thoughtful and meaningful gift doesn't always have to come with a hefty price tag. Cut back on less essential items like an out-of-this-world outdoor holiday display that makes the energy bill sky-high. To-do Number Two — Start Saving Yesterday Procrastination may lead to last-minute financial stress. Start saving for the holidays well in advance. Open a separate holiday savings account. Even... --- - Published: 2023-11-29 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/year-end-donations-and-givingtuesday/ - Categories: Taxes A list of things to consider as you think about year-end charitable donations With its family traditions and festive celebrations, the holiday season is the most wonderful time of the year. And according to GivingTuesday. org, the giving in the U. S. alone totaled $2. 7 billion to nonprofits and community organizations on #GivingTuesday in 2021, a 6% increase from 2020. Unfortunately, despite the greatest of intentions, many will inevitably make mistakes in how they give, especially if they wait until the last minute. So, here is a list of things for you to think about as you consider your year-end charitable donations. Make a Plan Ideally, at the beginning of every year – with your financial professional – you would map out a plan to maximize the tax benefits of your giving. Really think through what is important to you and what you want to support. Is it an organization that supports literacy? Or provides food? Or shelter for families? Creating a plan will help you be less reactive and feel less boxed in when friends ask for your charitable support. Research Your Charity It’s easy to get fooled by a charity’s name so you need to do your homework. And beware of scam artists pretending to represent an organization that doesn’t exist. Read a charity’s financial statements to see how they spend their (your) money. Even better, volunteer before you write a check. Donating Stock If you have owned stock for more than a year and it has... --- - Published: 2023-11-15 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/estate-gift-and-generation-skipping-transfer-gst-taxation-and-life-insurance-estate-planning/ - Categories: Estate Planning Don't let taxes steal your family's financial security Life insurance can provide financial security for your family. However, if you don't plan appropriately, taxes can greatly reduce the life insurance benefits actually received by your family. Although life insurance proceeds are generally received by the beneficiaries free of income tax, you need to understand how life insurance policies and proceeds are taxed for estate, gift, and generation-skipping transfer tax (GSTT) purposes in order to realize maximum benefits from your insurance. Tip: Take steps now to keep the federal government from being the unintended beneficiary of your life insurance. How is life insurance taxed for estate tax purposes? Life insurance policies owned by you on the life of another If you own life insurance on the life of another (the insured), and you predecease the insured, the value of the policy on the date of your death is includable in your gross estate for estate tax purposes. For example, if you buy a policy on your spouse's life and you predecease your spouse, the value of that policy is includable in your gross estate and may be subject to estate taxes. The value of a policy for purposes of inclusion in the estate of a decedent who is not the insured is generally not its face value (i. e. , the death benefit) and should be determined by the insurance company. If you die owning insurance policies on the life of another individual, your executor should contact the insurer and request... --- - Published: 2023-11-08 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/too-good-to-be-true-4-black-friday-and-cyber-monday-scams-and-how-to-spot-them/ - Categories: Resources Black Friday and Cyber Monday are two of the greatest days to score deals for holiday shopping. Unfortunately, with amazing deals plentiful, some scammers use these days to take advantage of shoppers looking for the greatest bargains on items they need. Try to shield yourself during this holiday shopping season by understanding the type of scams these criminals perpetrate and how to spot them. 1. Watch Out for Fake Websites One popular scam is a fake website offering incredible deals on the most sought-after products. Supply chain issues and higher prices have pushed consumers to hunt on more than their regular shopping sites. They may find random sites they see advertised through pop-ups and social media ads. These scammers work hard to make these websites look real and may promote products that are hard to find, increasing the consumer's temptation to buy from an unknown website. Things you may do include checking the website to see if there is contact information. See if their domain names have misspellings or extra letters or numbers. If all else fails, type in the company name and the word "scam" to see if others report a scam. 1 2. Be Leary of Free Giveaways Social media scams during the holidays have exploded in the past few years. During the holiday season, you may notice free product giveaways or expensive products advertised for only the cost of shipping. In these cases, the old saying "if it is too good to be true, it probably is"... --- - Published: 2023-11-01 - Modified: 2025-01-29 - URL: https://www.olympicinvestment.com/blog/insurance-considerations-for-new-parents/ - Categories: Education Planning, Insurance, Investing Becoming a parent is a life-changing experience filled with joy, excitement, and new responsibilities. Amidst the preparations for welcoming your little one, it’s crucial to review and update your various insurance policies. This can potentially provide peace of mind and financial security for your growing family. Health Before welcoming your baby, review your existing policy to ensure it covers things like maternity care, and assess what coverage you’ll need for pediatric services and subsequent checkups for your baby. Having a child is a qualifying life event, so you’ll be able to add them as a dependent and adjust or upgrade your coverage as needed. Just make sure to check with your provider about deadlines and specific requirements. Life Life insurance is a vital component of financial planning for new parents. The primary purpose is to provide a financial safety net for your family in the event of an untimely death. So if you don’t currently have a life insurance policy, now is the time to get one. Assess finances to ensure you purchase a policy, whether it whole or term, that adequately covers the obligations you would leave behind, including mortgage or rent, student loans, and other debts. Homeowners or renters With the addition of baby-related items or home upgrades, your home becomes even more valuable. Update your homeowners or renters insurance policy so it covers the increased value of your possessions and property, and be sure to add any new items, including baby gear, furniture, and electronics, to your... --- - Published: 2023-11-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/5-tips-for-saving-and-investing-as-a-small-business-owner/ - Categories: Business, Investing As a business owner, putting all your profits back into the business may be tempting, especially during the lean years. However, when it comes to saving and investing as a business owner, there are other paths you could consider for the long run without so much emphasis on the short term. Maintain Liquid Assets Everyone needs to have savings. For small business owners, savings are critical. Liquid assets may help you weather challenging times and make you a more attractive candidate for a loan. When times are tough, cash may help carry you through. Engage a Financial Professional You may assume you do not have enough money to make paying a financial professional a worthwhile investment. You may believe you cannot afford one. However, as a small business owner, you may benefit from getting help from a financial professional. A financial professional may help manage your tax burden and your operating expenses, with a focus on cash flow. Do Not Overinvest in Physical Space and Equipment It may be tempting to purchase or rent a storefront for your new business. However, it may help to avoid falling into the trap that hurts many business owners—the urge to quickly invest in a brand-new office, buy a company car, or otherwise overcommit to physical overhead as soon as the money starts coming in. By expanding at a more reasonable pace as your business growth demands, you may be able to maintain a more sustainable level of growth. Avoid Ultra-Risky Stocks Running a... --- - Published: 2023-11-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/trusts-and-year-end-planning-a-checklist/ - Categories: Estate Planning, Taxes A trust is a legal vehicle that protects your assets that contains instructions for your assets when you die or become incapacitated. When you set up a trust, you transfer assets from your name into your trust's name while you still retain control of the assets until you die. Trusts can hold many different assets, such as cash and bank accounts, real estate, securities, ownership interests in business entities, and other assets. For assets you want to preserve and transfer, it's essential to list them in a trust so they can avoid going through probate, a court process to transfer your assets retroactively, which can be expensive and public. The end of the year is a great time to review your trust document, update information, buy or sell assets or even cancel your trust if you choose. Here is a checklist to help you complete your trust and year-end planning: Review and update your trust document- Always keep a copy of your original trust document for your records and the latest trust document. Update any changed information, including if you designate a new trustee. Your legal professional can assist you in updating your trust documents before the end of the year. Complete annual record-keeping duties- Recordkeeping may involve professionals to help ensure the trust is administered correctly, minimizing taxes, distributing capital gains to beneficiaries, and so on. Prepping for filing taxes is easier when recordkeeping duties are completed at the end of each year. Here are things to review, determine,... --- - Published: 2023-11-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/tips-for-organizing-your-financial-documents/ - Categories: Resources, Taxes In an increasingly paper-free society, organizing your financial documents can still be a challenge. No matter how simple or complex your financial picture might be, it takes some thought-out organization to keep your tax documents, service records, and paid bills in a format that will allow you to easily access information when you need it. What steps can you take now to organize your financial documents for 2021 and beyond? Clean and Evaluate If your financial files look more like a pile of loose papers, it’s time to clean up this pile and evaluate what you have. Broad category labels like "House," "Bills," "Healthcare," or "Taxes" can be enough to help you begin sorting documents into piles. Once you have your documents organized into tidy piles (or online file folders), the next step is to determine what you need to keep. Saving documents you'll never need again can lead to clutter and leave you unable to find information quickly. On the other hand, throwing something away too early (like W-2s or 1099s) can create a headache if you're audited or need to go back to find something specific. Create a Filing System After you have a better idea of what financial documents you're dealing with, you can create a filing system. There's no one-size-fits-all answer here, and the best filing system for you, is the one that is easiest for you to use. This can mean creating folders by month, keeping items segregated by category, or something else—whatever makes sense... --- - Published: 2023-11-01 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/5-year-end-tax-planning-questions-to-ask-your-financial-professional/ - Categories: Taxes The average U. S. income tax rate stands at just over 13%—and if you're like many taxpayers, you're always looking for new tips and tricks to help reduce this percentage. 1 There are a number of different tax planning moves you can make before December 31 to reduce your owed taxes. But how can you know which ones are available to you? Here are five year-end tax planning questions you may want to ask your financial professional soon. #1: Is there room left in my retirement accounts? For the 2022 tax year, most taxpayers who have earned income can contribute up to $20,500 to a 401(k) and $6,000 to a traditional or Roth IRA. 2 Depending on your tax bracket and taxable income, contributing money to a pre-tax account like a 401(k) or traditional IRA could save you a significant amount in taxes. If you haven't already maxed out your contributions to one or both of these accounts, doing so could pay off at tax time. For example, if you're in the 22% bracket, contributing an extra $3,000 to your IRA could reduce your federal income taxes by $660. And if you live in a state that taxes income, this IRA contribution can save you even more in state taxes. #2: Should I sell investments? If you have some stagnant or "loser" investments, you may be able to sell them at a loss in order to offset investment gains. This strategy, known as "tax loss harvesting," can allow you to... --- - Published: 2023-10-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/investing-vs-saving-key-differences-and-why-your-money-mindset-matters/ - Categories: Investing You often hear people discuss "saving for retirement,” but in many cases, they're actually referring to their investing. The adage "you can't save your way to wealth" is simplistic, but has a kernel of truth; putting your money in a savings account often won't be enough to outpace the rate of inflation, which can erode the value of your savings over time. Below, we discuss some of the key differences between investing and saving and how to choose the most optimal course of option for you. Saving: A Low-Risk Way to Set Aside Funds for the Future Saving is just a method to set aside money for future use, whether you're putting it into a general "emergency fund" or earmarking it for a new vehicle, a home down payment, or medical expenses. You can keep savings in a checking account, a regular or high-yield savings account, a certificate of deposit (CD), or even certain types of government bonds. Investing: Putting Your Money to Work for You Investing, on the other hand, involves putting your money into financial instruments like stocks, bonds, exchange-traded funds (ETFs), and mutual funds. Investing is riskier than saving, but can also earn higher returns over the long term. Even accounting for recessions and depressions, the S&P 500 (composed of the U. S. 's 500 largest companies) has averaged just over 11 percent per year in returns since 1980. 1 Investing can be one of the most efficient ways to reach your long-term financial goals like paying... --- - Published: 2023-10-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/4-reasons-working-with-a-financial-professional-is-not-as-scary-as-you-think/ - Categories: Investing, Resources For some people, the thought of using financial services is a scary experience. It involves planning for a future where you may not know how the economy may be, how your health may be, or what your financial needs might be. One of the reasons that many people find planning out their finances intimidating is the number of myths surrounding the process. Still a little apprehensive about starting on your financial journey? Here are a few reasons why working with a financial professional may be less frightening than you think. 1. It May Not Cost as Much as You Think Many people believe that financial services are expensive and only for the wealthy. Instead, financial services are helpful for almost everyone and may not cost as much as you think. Many financial professionals are available who may assist with your planning. This may make finding an affordable financial professional easier. 1 2. Financial Services Are More Than Your Investment Portfolio When some people think of financial services, they may think it is maintaining an investment portfolio, but a lot more goes into it than most people think. Financial services considers your financial situation, such as current debt, income, and savings, and compares these with your future goals. By looking at your complete financial situation, your financial professional could devise a plan that allows you to work toward your future financial goals based on where you currently are and where you would like to be. 1 3. You May Be Further... --- - Published: 2023-09-11 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/tips-to-avoid-common-estate-planning-mistakes/ - Categories: Estate Planning, Investing With a few simple actions, you can ensure your estate planning is effective Whether your estate plan is simple or complex, there are many details, which are often overlooked, that can undermine your plan’s effectiveness. Are you aware of these common estate planning mistakes? · Titling property jointly with your children as a substitute for a will. Unlike a will, a transfer of an interest in your property is irrevocable, which may prevent you from changing the disposition if circumstances change before your death. Also, titling your personal residence jointly can result in partial loss of the capital gain exclusion if the property is sold before your death. · Failing to plan for the possibility of children getting divorced or having problems with creditors. Parents may regret having made outright gifts to their children if they subsequently divorce and an ex-son- or daughter-in-law is awarded an interest in the gifted property by a court. Or, in another situation, gifted property may be taken pursuant to a legal judgment against the child. Such problems can be minimized through proper use of trusts or a business entity, such as a limited liability company. · Failing to make sure that all your assets pass in accordance with your wishes upon your death. Many types of assets, including life insurance, IRAs, and brokerage accounts, can pass to your heirs or others based upon beneficiary designations. The provisions of your will cannot change a beneficiary designation. Remember to account for things you’ve already designated. You... --- - Published: 2023-09-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/tax-planning-tips-life-insurance/ - Categories: Resources, Taxes Understanding the importance of life insurance is one thing. Understanding the tax rules is quite another. As insurance products have evolved and become more sophisticated, the line separating insurance vehicles from investment vehicles has grown blurry. To differentiate between the two, a mix of complex rules and exceptions now governs the taxation of insurance products. If you have neither the time nor the inclination to decipher the IRS regulations, here are some life insurance tax tips and background information to help you make sense of it all. Life insurance contracts must meet IRS requirements For federal income tax purposes, an insurance contract cannot be considered a life insurance contract--and qualify for favorable tax treatment--unless it meets state law requirements and satisfies the IRS's statutory definitions of what is or is not a life insurance policy. The IRS considers the type of policy, date of issue, amount of the death benefit, and premiums paid. The IRS definitions are essentially tests to ensure that an insurance policy isn't really an investment vehicle. The insurance company must comply with these rules and enforce the provisions. Keep in mind that you can't deduct your premiums on your federal income tax return Because life insurance is considered a personal expense, you can't deduct the premiums you pay for life insurance coverage. Employer-paid life insurance may have a tax cost The premium cost for the first $50,000 of life insurance coverage provided under an employer-provided group term life insurance plan does not have to be reported... --- - Published: 2023-09-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/money-matters-financial-literacy-for-the-whole-family/ - Categories: Investing, Resources Financial literacy is crucial, not only for adults but for everyone in the family. When you have a good foundation of financial literacy, you will have a greater understanding of money and prepare yourself for a brighter financial future. Ready to improve the financial literacy of your family? Below are a few ways to get started. Help Them Understand How Money Works One of the first steps in teaching your family financial literacy is helping everyone understand where the money comes from. When it comes to adults, income is most likely to come from a job. For children, their income is most likely an allowance, a part-time job, or the occasional influx of birthday or other gift money. Next, they will need to understand that the things they spend their money on are considered expenses. Get your children to understand the type of expenses associated with daily living, so it won't come as a surprise when they encounter their expenses. 2 Show Them How to Distinguish Between Needs and Wants An important thing to instill in children early is the differences between needs and wants so that they learn how to spend their money appropriately. Tell them that needs are items that aren’t easy to live without, such as food, shelter, and clothing. Explain to them that wants are items that you would like to have but do not need. It is essential that they understand that spending money on wants should wait until after they are sure that all... --- - Published: 2023-09-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/4-most-common-medicare-mistakes-people-make/ - Categories: Health, Investing Medicare policies are the health insurance benefits you have worked toward throughout your life, and having the proper policy is critical as you are likely to face more health problems as you age. While these policies can provide you with the coverage you need for your health conditions later in life, they may be confusing to navigate for some and can include a variety of pitfalls. Whether you are ready for a Medicare policy or planning ahead for the future, below are some costly missteps that you can do your best to avoid. Mistake 1: Failing to Sign Up at the Proper Time Timing is crucial when it comes to signing up for Medicare, as failing to sign up at the appropriate time may result in penalties. The time to enroll is during the initial enrollment period, from three months before you turn 65 to three months after you turn 65. If you miss this window, your next opportunity to enroll is during the official general enrollment period, which runs from January 1 through the end of March. While you will be able to choose from the same policies and coverage, the monthly premium for the Part B portion will likely increase. 1 Mistake 2: Missing the Special Enrollment Period If you are 65 and lose your health insurance coverage through job loss, or loss of coverage from your spouse, you will be able to sign up for Medicare under the special enrollment period, which will allow you to sign... --- - Published: 2023-09-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/abcs-of-financial-aid/ - Categories: Investing, Resources It's hard to talk about college without mentioning financial aid. Yet this pairing isn't a marriage of love, but one of necessity. In many cases, financial aid may be the deciding factor in whether your child attends the college of his or her choice. That's why it's important to develop a basic understanding of financial aid before your child applies to college. Without such knowledge, you may have trouble understanding the process of aid determination, filling out the proper aid applications, and comparing the financial aid awards that your child may receive. But let's face it. Financial aid information is probably not on anyone's top ten list of bedtime reading material. It can be an intimidating and confusing topic. There are different types, different sources, and different formulas for evaluating your child's eligibility. Here are some of the basics to help you get started. What is financial aid? Financial aid is money distributed primarily by the federal government and colleges in the form of loans, grants, scholarships, or work-study jobs. A student can receive both federal and college aid. An ideal financial aid package will contain more grants and scholarships (which don't need to be repaid) and fewer loans. Financial aid can be further broken down into two categories: need-based aid, which is based on a student's financial need, and merit aid, which is based on a student's academic, athletic, musical, or artistic talent. Both the federal government and colleges provide need-based aid in the form of loans and grants.... --- - Published: 2023-08-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/what-to-know-about-working-with-a-financial-professional/ - Categories: Investing, Resources If you've been wondering how to optimize your finances and ensure your money continues to work for you, a financial professional may be able to help. But the thought of turning over your most sensitive financial information to a near-stranger can be an intimidating one. To make this relationship work, you'll need to place a great deal of trust in your financial professional, and it's crucial to find the right fit. What should you know about working with a financial professional, and how can you prepare for your first meeting?   What a Financial Professional Can Do For You A financial professional is essentially a personal trainer for your financial life. While you may be able to educate yourself on the financial principles you'll need to manage your own investments, a financial professional has the knowledge and guidance to take your plan to the next level. Financial professionals use their knowledge to create personalized financial plans for their clients that touch on savings, budgeting, insurance, and tax-saving strategies.   Just a few of the benefits you can realize from working with a financial professional include:  Accountability and follow-through. It can be easy to talk yourself into (or out of) making certain financial moves. By partnering with a financial professional, you can help ensure that the actions you take will fit in with your overall financial plan. Ongoing tweaking and review. Circumstances can change, and your plans may change with them. A financial professional will help you reevaluate at regular intervals and make any changes... --- - Published: 2023-08-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/the-facts-of-life-living-independently-for-elders-financial-planning-and-senior-independence/ - Categories: Estate Planning, Resources Navigating elder care and elder care finances in the U. S. can be a challenge even for the most well-prepared households. So what, exactly, is involved in senior financial planning? What steps can you take now to help you be prepared for the future? Here we discuss a few of the options that can allow elders to maintain their independence while still accessing the services and support they need. Private Funds and Out-of-Pocket Costs Most people wind up using private funds to pay the majority of their senior living costs—at least until these funds are exhausted and Medicaid may kick in. These funds can come from retirement savings, investments, inheritance funds, savings accounts, and home equity. Private funds have the advantage of providing the most flexibility; you can use these funds to pay for an assisted living or independent living apartment, hire a nurse or aide to provide part-time care at your home, or even pay to construct an extra wing or suite on your home (or a relative's home) to allow for in-home care. Long-Term Care (LTC) Insurance If you're concerned about your ability to pay for long-term nursing care when the time comes, LTC insurance can help ease your mind. This insurance covers a portion (or all) of the cost of long-term care for a specified period of time. Having an active LTC policy can also allow you to choose from among multiple care options, while those who are on Medicaid or who have chosen to privately pay... --- - Published: 2023-08-01 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/investor-summer-school-3-investing-moves-to-make-before-summer-is-over/ - Categories: Investing, Resources Many investors still adhere to the old adage—"sell in May and go away"—while others remain fully invested even as the summer heat waves begin. What goes unsaid is that if your asset allocation accurately reflects your risk tolerance, you won't need to base your investment decisions on the calendar. Here are three key investing moves to make before the summer ends. Review Your Asset Allocation Market volatility can often provide the first clue that you're just not comfortable with your current asset allocation. If you're fully invested in stocks and the idea of a 20 percent (or higher) drop has you considering pulling your funds out of the market, it may be worth investigating whether you should diversify into a few more conservative options. On the other hand, if you're dissatisfied with your rate of return when compared to the broader market indexes, you may want to invest more aggressively. Your ideal asset allocation will depend on a few factors: Your risk tolerance Your investment horizon Your investment purpose (e. g. , retirement, paying for a child's college, a down payment, a wedding, or long-term savings) For short-term investments, it's often advised to keep your funds in a more stable set of assets, like high-yield savings accounts, certificates of deposit, or government bonds. 1 Meanwhile, more long-term investments are often best kept in the market, where they can take advantage of compounding returns. Take Full Advantage of Your Retirement Plan If your employer offers a 401(k) match and you're not... --- - Published: 2023-07-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/five-keys-to-investing-for-retirement/ - Categories: Investing, Retirement Making decisions about your retirement account can seem overwhelming, especially if you feel unsure about your knowledge of investments. However, the following basic rules can help you make smarter choices regardless of whether you have some investing experience or are just getting started. 1. Don't lose ground to inflation It's easy to see how inflation affects gas prices, electric bills, and the cost of food; over time, your money buys less and less. But what inflation does to your investments isn't always as obvious. Let's say your money is earning 4% and inflation is running between 3% and 4% (its historical average). That means your investments are earning only 1% at best. And that's not counting any other costs; even in a tax-deferred retirement account such as a 401(k), you'll eventually owe taxes on that money. Unless your retirement portfolio keeps pace with inflation, you could actually be losing money without even realizing it. What does that mean for your retirement strategy? First, you might need to contribute more to your retirement plan than you think. What seems like a healthy sum now will seem smaller and smaller over time; at a 3% annual inflation rate, something that costs $100 today would cost $181 in 20 years. That means you may need a bigger retirement nest egg than you anticipated. And don't forget that people are living much longer now than they used to. You might need your retirement savings to last a lot longer than you expect, and inflation... --- - Published: 2023-07-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/acquaint-grown-children-with-your-financial-affairs/ - Categories: Estate Planning, Investing Many parents may feel it is unnecessary to inform their adult children about their personal, financial affairs. However, as your children grow older, it can work to your advantage—and that of your entire family— to share with them key financial, medical, and estate planning information. An awareness of important information, and knowing where to locate relevant documents, can help your grown children take appropriate and timely action if a sudden death or catastrophic illness were to occur. Consider these issues: Health Insurance. If you are age 65 or over, your adult children should be aware of any and all health insurance policies, as well as Medicare There may be “Medigap” policies that go beyond the basic care coverage provided by disability income insurance policies and long-term care(LTC) policies. You may benefit greatly in an emergency if appropriate procedures are followed and necessary forms are submitted in a timely manner. Living Will. This document specifies an individual’s preferences regarding the administering or withholding of life-sustaining medical treatment. Under many state statutes, a patient must be considered “terminal,” “permanently unconscious,” or in a “persistent vegetative state” before life support can be withdrawn. Copies of living wills should be made available to anyone who would be involved with the care of either parent, and the originals should be kept in a safe, readily accessible storage place. Health Care Proxy. Similar to a living will, this instrument allows you to appoint another person as your “agent” to make health care decisions in the event... --- - Published: 2023-07-25 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/social-security-retirement-benefit-basics/ - Categories: Resources, Retirement Social Security benefits are a major source of retirement income for most people. Your Social Security retirement benefit is based on the number of years you've been working and the amount you've earned. When you begin taking Social Security benefits also greatly affects the size of your benefit. How do you qualify for retirement benefits? When you work and pay Social Security taxes (FICA on some pay stubs), you earn Social Security credits. You can earn up to 4 credits each year. You need at least 40 credits (10 years of work) to be eligible for retirement benefits. How much will your retirement benefit be? The Social Security Administration (SSA) calculates your primary insurance amount (PIA), upon which your retirement benefit will be based, using a formula that takes into account your 35 highest earnings years. At your full retirement age, you'll be entitled to receive that amount. This is known as your full retirement benefit. Because your retirement benefit is based on your average earnings over your working career, if you have some years of no earnings or low earnings, your benefit amount may be lower than if you had worked steadily. Your age at the time you start receiving benefits also affects your benefit amount. Although you can retire early at age 62, the longer you wait to begin receiving your benefit (up to age 70), the more you'll receive each month. You can estimate your retirement benefit under current law by using the benefit calculators available on... --- - Published: 2023-07-18 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/insurance-needs-in-retirement/ - Categories: Insurance, Retirement Your goals and priorities will probably change as you plan to retire. Along with them, your insurance needs may change as well. Retirement is typically a good time to review the different parts of your insurance program and make any changes that might be needed. Stay well with good health insurance After you retire, you'll probably focus more on your health than ever before. Staying healthy is your goal, and that may require more visits to the doctor for preventive tests and routine checkups. There's also a chance that your health will decline as you grow older, increasing your need for costly prescription drugs and medical treatments. All of this can add up to substantial medical bills after you've left the workforce (and probably lost your employer's health benefits). You need health insurance that meets both your needs and your budget. Fortunately, you'll get some help from Uncle Sam. You typically become eligible for Medicare coverage at the same time you become eligible for Social Security retirement benefits. Premium-free Medicare Part A covers inpatient hospital care, while Medicare Part B (for which you'll pay a premium) covers physician care, laboratory tests, physical therapy, and other medical expenses. But don't expect Medicare to cover everything after you retire. For instance, you'll have to pay a large deductible and make co-payments for certain types of care. Medicare prescription drug coverage is only available through a managed care plan (a Medicare Advantage plan), or through a Medicare prescription drug plan offered by a... --- - Published: 2023-07-11 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/investing-in-your-60s-and-beyond/ - Categories: Investing, Retirement Once you are in your 60s, you are likely to focus less on growing your retirement funds than answering, "When do I retire? " And once you crack open your nest egg, how should you allocate its contents? The answer often lies in a substantial shift in your investment strategy. Here are some ideas for investing in your 60s and beyond. Preliminary Questions Before you settle on a plan, you need to be able to answer a few questions. These include: How long do you need your savings to last, and how long are you likely to live? How many years might you be in retirement? What are your expected annual expenses in retirement? What is your non-invested income, such as pensions, Social Security, and annuity payments? By having an idea of how much you need in retirement and how much income you may expect to receive outside of your investments, you then calculate how much you need to withdraw from your retirement funds. Allocating Your Retirement Assets Everyone's safety threshold is different—but most people appreciate having a balanced portfolio of CDs and high-yield savings accounts with stock holdings. However, a too-conservative portfolio may not earn enough to outpace inflation, while a too-aggressive portfolio might leave you vulnerable to sudden market drops. There are a few different ways to approach this. One of the most popular ones is the "glide path" strategy. 1 Subtract your age from 100, and that is the proportion of assets you should have in stocks.... --- - Published: 2023-06-20 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/3-tips-for-preserving-wealth-in-your-golden-years/ - Categories: Investing, Retirement After spending so much of your life saving for retirement, it may be challenging to transition from depositing funds to withdrawing them. You may wonder whether there is any way to maintain your lifestyle and preserve your wealth to pass down to your loved ones. It might be worthwhile to do some careful planning and ongoing maintenance. Here are three tips that may help you preserve wealth after retirement. Make a Health Care Plan Unless you are one of the few lucky enough to retire from a job that provides health care to retirees until Medicare eligibility, you need to have a plan for accessing and paying for health care during early retirement. Paying out of pocket for a high-dollar plan might significantly dip into your retirement savings at a time when you need these funds to keep growing. You might purchase health care on the market through the Affordable Care Act, get added to your spouse's plan, or choose a part-time job that might help provide health care coverage. Having a plan and some alternatives for retirement health care might be one of the keys to preserving your assets until you access Medicare. Test Your Retirement Strategy Although you may be unable to predict what happens in retirement, here are some steps to consider before retirement to help test your strategy and make any necessary adjustments. Some of the unknown factors include: Living longer than expected Requiring long-term care Having a spouse who needs long-term care Undergoing a market... --- - Published: 2023-06-13 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/setting-and-targeting-investment-goals/ - Categories: Investing Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire. It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like. If you're lucky, you may end up with enough money to meet your needs, but you have no way to know for sure. How do you set investment goals? Setting investment goals means defining your dreams for the future. When you're setting goals, it's best to be as specific as possible. For instance, you know you want to retire, but when? You know you want to send your child to college, but to an Ivy League school or to the local community college? Writing down and prioritizing your investment goals is an important first step toward developing an investment plan. What is your time horizon? Your investment time horizon is the number of years you have to invest toward a specific goal. Each investment goal you set will have a different time horizon. For example, some of your investment goals will be long term (e. g. , you have more than 15 years to plan), some will be short term (e. g. , you have 5 years or less to plan), and some will be intermediate (e. g. , you have between 5 and 15 years to plan). Establishing time horizons can help you determine how aggressively... --- - Published: 2023-06-06 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/unused-529-plan-funds-5-spending-options-to-consider/ - Categories: Education Planning, Investing 529 plans are tax-advantaged savings vehicles designed to accumulate contributions and help pay for the beneficiary's qualifying education expenses. Sometimes, 529 plans have unused funds after the beneficiary graduates or decide to discontinue their education. There may be other reasons the funds were not used, such as: The beneficiary received scholarships The beneficiary used monies from a relative (inheritance) for education expenses The secondary education costs less than the 529 plan's assets Sometimes, the 529 plan is used only for paying tuition. However, the funds can cover other expenses such as room and board, computers, books, supplies, fees, apprenticeship costs, and equipment for obtaining a degree or certification. Whatever the reason for having unused 529 plan funds, here are five spending options to consider: #1- Transfer the 529 plan to another beneficiary. The plan can transfer to another qualifying family member without tax consequences. Qualifying family members include the beneficiary's blood relatives or relatives by marriage and adoption. #2- Use the money to make student loan payments. The SECURE Act allows families to take penalty-free and tax-free 529 plan distributions to pay off the beneficiary's student loans or other family members' loans. Both principal and interest payments toward a student loan are considered qualified education expenses, but some IRS rules apply. Visit your tax professional to help ensure you fully understand these rules before using your unused funds. #3- Move 529 plan monies to a Roth IRA. When moving 529 plan monies to a Roth IRA, IRS contribution limits apply,... --- - Published: 2023-05-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/retiring-as-a-small-business-owner-what-to-know-before-you-go/ - Categories: Business, Retirement The thought of retiring may be intimidating for anyone—but if you own your own business, handing your "baby" to new owners might be enough to stop you in your tracks. What might you do to set your successor up for success? What should all business owners know before they go? Set Specific Retirement Goals When you retire, you want to be running to something—not from something. And after years of operating your business, moving to a slower-paced, less-structured lifestyle might seem very appealing. However, you probably need some structure, and setting specific goals may be the way to get there. For example, you may decide you want to spend more time on your hobbies. Instead of letting that wish stagnate, you might make a point to set aside a day or two each week to devote to your hobbies. Plan to Turn Your Business Over One of the biggest potential dangers during a business transition is failing to cut the cord when warranted. If the business founder/seller remains overly involved in the business, this might stifle growth and send mixed messages about who is in charge. Though there is nothing wrong with staying close for a few years to answer questions, once you exit, it is probably wiser if it is clean. Make—and stick to—a succession plan to manage complications. Set Up Your Support Team Adjusting to retired life may be tough, especially if you also wind down your involvement in a business. You may need a strong team of... --- - Published: 2023-05-23 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/medicare-will-not-cover-all-health-care-costs/ - Categories: Health, Retirement Medicare is a federal health insurance program for individuals aged 65 or older and certain younger people with disabilities. And despite being a widely used program, there are several misconceptions surrounding Medicare, one of the most pervasive being that it will cover all healthcare costs. Myth or Fact: Medicare Will Cover All Health Care Costs Medicare is a comprehensive health insurance program that covers a range of healthcare services, including hospital stays, doctor visits, preventive care, and prescription drugs. However, it does not cover all healthcare costs, and there are several out-of-pocket expenses that individuals may be responsible for. One of the most significant gaps in Medicare coverage is the lack of coverage for long-term care. Long-term care refers to the ongoing assistance with daily activities such as eating, bathing, and dressing, which is typically provided in nursing homes or assisted living facilities. Medicare will only cover a limited amount of skilled nursing care following a hospital stay, and only under certain conditions. Another area where Medicare coverage falls short is with dental, vision, and hearing services. While some preventive services are covered, such as glaucoma tests and hearing exams, most routine dental, vision, and hearing care is not covered by Medicare. Furthermore, there are deductibles, copayments, and coinsurance that individuals are responsible for under Medicare. These costs can add up quickly, especially for individuals who require frequent medical care. While there are several programs available to help individuals with low incomes cover some of these costs, such as Medicaid... --- - Published: 2023-05-02 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/protecting-your-loved-ones-with-life-insurance/ - Categories: Insurance, Investing How much life insurance do you need? Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you're young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases. Here are some questions that can help you start thinking about the amount of life insurance you need: What immediate financial expenses (e. g. , debt repayment, funeral expenses) would your family face upon your death? How much of your salary is devoted to current expenses and future needs? How long would your dependents need support if you were to die tomorrow? How much money would you want to leave for special situations upon your death, such as funding your children's education, gifts to charities, or an inheritance for your children? What other assets or insurance policies do you have? Types of life insurance policies The two basic types of life insurance are term life and permanent (cash value) life. Term policies provide life insurance protection for a specific period of time. If you die during the coverage period, your beneficiary receives the policy's death benefit. If you live to the end of the term, the policy simply terminates, unless it automatically renews for a new period. Term policies are typically available for periods of 1 to 30 years and may, in... --- - Published: 2023-04-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/6-money-myths-that-are-limiting-your-wealth/ - Categories: Investing, Resources When people think of “myths,” they often think of such stories as Pandora’s Box (the woman who took the lid off of a jar releasing all of the world’s ills upon the world, were taxes one of them? ), or the Tale of Prometheus (who stole fire from his fellow gods to give to humans and was punished by Zeus with eternal suffering). However, money myths have also been circulated with such frequency that many people unknowingly believe them. These myths also tend to restrict people’s thinking regarding their money, which can potentially limit their wealth opportunities. Here are 6 myths that we want to bust! Hopefully, Zeus doesn’t punish us for sharing them: Myth # 1 – Investing in the stock market is too risky Many are wary of investing in the stock market for fear that they will lose all of their money should the market dramatically take a turn for the worse. One way to mitigate this fear and manage your risk is to have a diverse portfolio. Having a diverse portfolio involves a variety of stocks (ownership in different companies) and also owning several different kinds of investments, from stocks to bonds to short-term investments to name a few. If there happens to be a downturn in the market and one of the stocks doesn’t perform well, having multiple types of investments could potentially lessen the blow. But when it comes to investing, it is about understanding how the market works and being mindful of your... --- - Published: 2023-04-25 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/understanding-social-security-strategies/ - Categories: Resources, Retirement As you age, the question of when to collect Social Security (SS) retirement benefits will likely come to mind. There is no one size fits all age; your unique circumstances and goals will dictate the appropriate time for you to take Social Security retirement benefits. Some SS strategies may boost your monthly benefit amount, helping you get the most from your SS benefits. Here are some strategies to consider: Delay SS benefits- You can increase your monthly benefit if you delay claiming Social Security past your full retirement age. You will accrue delayed retirement credits that will boost your monthly benefit by 8% for each year of delay between your full retirement age and age 70. Suspend SS benefits- If you took SS benefits before your full retirement age and age 70, you may suspend your payments and earn delayed credits, helping boost your monthly benefit by 8% for each year of suspended benefits to age 70. Work 35+ years- SS benefits are calculated using your 35 highest-earnings years, making it important to have at least 35 years of full-time work. Working beyond your full retirement age can help boost your earnings qualification number and your monthly benefit amount. SS survivor benefits- When one spouse passes away, the surviving spouse can claim the deceased’s benefits if higher. Delaying survivor benefits until the deceased spouse’s full retirement age or older helps increase the surviving spouse’s monthly benefit. SS Survivor benefits for children- Children of a deceased worker can qualify for benefits... --- - Published: 2023-04-11 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/five-ways-secure-2-0-changes-the-required-minimum-distribution-rules/ - Categories: Estate Planning, Taxes The SECURE 2. 0 legislation included in the $1. 7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1. 0) enacted in 2019. SECURE 2. 0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans. Here's what you need to know. What Are Required Minimum Distributions (RMDs)? Required minimum distributions, sometimes referred to as RMDs or minimum required distributions, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer retirement plans after you reach a certain age, or in some cases, retire. You can withdraw more than the minimum amount from your IRA or plan in any year, but if you withdraw less than the required minimum, you will be subject to a federal tax penalty. These lifetime distribution rules apply to traditional IRAs, Simplified Employee Pension (SEP) IRAs and Savings Incentive Match Plan for Employees (SIMPLE) IRAs, as well as qualified pension plans, qualified stock bonus plans, and qualified profit-sharing plans, including 401(k) plans. Section 457(b) plans and Section 403(b) plans are also generally subject to these rules. (If you are uncertain whether the RMD rules apply to your employer plan, you should consult your plan administrator or a tax professional. ) Here is a brief overview of the top five ways that the new legislation changes the RMD rules. 1. Applicable Age for RMDs Increased Prior to passage... --- - Published: 2023-03-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/how-emotional-and-behavioral-barriers-may-impact-your-investing-decisions/ - Categories: Investing, Resources Ah, Money. The word leaves you with a positive or a negative feeling when you hear it. The feeling we get from money, and investing, has deep roots inside our emotions, although we may not understand why. Behavioral science explains why we make our investment decisions and how we emotionally react to them. Behavioral science has become such an extensive study that there are now multiple sub-categories to it. Behavioral science is the science of 'choice' that explores emotional decisions, and behavioral finance studies why investors make the decisions they do. Understanding emotional barriers to investing Even when investors have information that should lead them toward good investment decisions, they don't always make the appropriate choice for their situation. That's where emotional barriers come in; our feelings about our investment decisions or lack of decision-making and how they make us feel. For example: Risk tolerance- Risk tolerance measures of the degree of loss an investor is willing to endure within their portfolio.  Market volatility, economic or political events, and regulatory or interest rate changes may affect an investor's portfolio and produce an emotional response, either positive or negative, in the investor. Market volatility- Periods of market volatility are normal occurrences that may impact an investor emotionally regardless of the impact on their portfolio's performance. Risk tolerance assessments measure the investor's tolerance which aids in constructing a portfolio of strategies that produce positive returns with less volatility and appropriate emotional responses for the investor. What are some behavioral barriers to investing?... --- - Published: 2023-03-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/how-to-spring-clean-your-finances-with-a-financial-review/ - Categories: Investing, Resources Spring cleaning presents a great opportunity to clear out any items you no longer need—and the same goes for your finances. Checking in with your finances during tax season may be particularly beneficial, as it allows you to complete last year's taxes while making any changes you need to potentially improve next year's tax situation. Below, we discuss what's included in a financial review and how such a review can help you spring clean your finances. What is a Financial Review? Just as you'd check your navigation system occasionally when traveling on a long trip, it's important to periodically review your finances to ensure you're on the correct path and focusing on the objective. This is what a financial review entails—it assesses where you are now, where you'd like to be, and what steps you may need to take to get there. During a financial review, answer the following questions: What are your financial goals? What progress have you made on these goals in the last year? What progress would you like to make on these goals in the upcoming year? Have your goals shifted? Has your personal situation changed? Do you anticipate any major personal changes (such as marriage, divorce, a new job, a new child, or a home purchase or sale) in the near future? The answers to these questions may influence everything from what types of insurance you should have to how much you may wish to save for retirement. Benefits of an Annual Financial Review Keeping... --- - Published: 2023-03-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/thinking-about-working-in-retirement-heres-what-to-consider/ - Categories: Retirement If you're thinking about working in retirement, you must consider a few things before making your decision. As you get older, the question of when to collect Social Security retirement benefits and how your monthly payment may be impacted by working is essential. Here's what to consider before making your decision: The reason you want to work in retirement- Perhaps you enjoy working and want to continue part time. Or, you may be in a position of additional income in retirement. Examining your retirement savings and having a comprehensive financial plan that outlines shortfalls or if you're on track are the first steps towards knowing if you should work during your retirement. Ask yourself these questions as part of your decision-making process: Do you save money to cover unforeseen emergencies? Do you follow a monthly budget? Is your saving and spending in balance? Do you discuss significant financial decisions with others before making them? Do you have a financial plan that you monitor and adjust? Do you give yourself an annual money checkup? Do you work with a financial professional? How much of your income can you replace in retirement? Aim to replace 80% of your income in retirement as a starting point for your retirement savings so that you can maintain the same lifestyle you have today. Account for all sources of retirement savings income in your calculation: 401(k) IRA Roth IRA Annuities Pension Social Security Other retirement savings Consider the impact of working on your monthly Social Security... --- - Published: 2023-03-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/financial-planning-tips-for-high-earning-women/ - Categories: Investing, Wealth Building When it comes to saving for retirement, women may have extra challenges, even those with a higher-than-average income. For retirement planning, CNBC reports that women save less than men. The pandemic worsened matters, with more than 2. 3 million women leaving the workforce. 1 Before the pandemic, women were retiring with about $70,000 less than comparable men. 1 Nearly 20% of working women have no retirement savings at all. 2 Moreover, on average, women live longer than men. 3 These challenges mean it is even more important for women to arrange their finances to account for today's expenses while still setting aside funds for retirement. Here are three keys to financial planning for high-earning women. Diversify Your Accounts by Tax Treatment For those with a high income, putting all your savings (retirement or otherwise) into accounts that do not offer some tax diversification may leave you facing a big tax bill in retirement. Instead of putting everything into a 401(k) or traditional individual retirement account (IRA) or everything into a Roth IRA and Roth 401(k), spreading funds across a variety of accounts may allow more flexible retirement strategies. Also, consider talking to a financial professional early in the tax year to see what tax efficiencies you may be able to take advantage of for that year. Because certain credits and contribution limits phase out at a particular income level, lowering your adjusted gross income (AGI) or changing when you take distributions from a retirement account may help manage your tax... --- - Published: 2023-02-28 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/four-actions-to-take-if-youre-retiring-this-year/ - Categories: Resources, Retirement Retirement is a major transition point – as you go from saver to spender It's common for people who are retiring to set their retirement date in either the springtime or the early summer. If you happen to be one of those lucky folks who are going to retire this year, then "Congratulations! " But before you start planning your retirement party, make sure you do these four things if you're retiring next year. Don’t Leave Money on the Table. As part of your employment, you may be entitled to "matching" and/or "profit-sharing" contributions from your employer to your 401(k) or other retirement plan. Since you typically need to be actively employed on the date the payment occurs to receive these funds, make sure you understand these terms prior to setting your final work date. You don't want to miss out on "free" money! For personal contributions, you may want to increase your contribution percentage to help you reach your annual maximum. Many employers cap the amount you can contribute to your plan from each paycheck. Since you may not be able to increase your contribution rate to 100% for your last couple of paychecks, you may need to instead increase your contribution percentage long before you retire to max out.   Your pension benefits are calculated based upon your earnings history. Consequently, you will want to align your retirement date with the timing of your annual compensation adjustment, because retiring before that date could cause you to miss out... --- - Published: 2023-02-21 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/what-you-should-know-about-the-secure-act-2-0/ - Categories: Resources, Taxes With the signing of the SECURE Act 2. 0 into law, both employees and employers can take advantage of more than 90 new provisions aimed at creating opportunities to create or modify workplace retirement plans and strategies. So what do you need to know about these new provisions? Continue reading for a helpful overview of the important information you should know about the SECURE Act 2. 0, or click the button below to read the comprehensive guide. READ THE FULL GUIDE HERE>>> Key Points Catch-up contribution changes Enhancement of tax credits for small business Changes to required minimum distributions (RMDs) Student loan payment matching Expansion of auto-enrollment Emergency plan modifications through a 401(k) plan Distribution of excess 529 assets to Roth IRAs Employer contributions to be offered to employees on a Roth basis SIMPLE and SEP contributions to be made on a Roth basis Self-correction and IRA violations without submission to the IRS Benefits for part-time and low to middle-income workers Catch-up contribution increase and changes for earners over $145,000Catch-up contributions allow you to put more money in your retirement savings accounts than the amount usually permitted for the year. There are two significant changes to the catch-up contributions. First, effective in 2024, all catch-up contributions for individuals earning more than $145,000 per year (indexed) must be made on a Roth, or after tax basis. This does not apply to SIMPLE plans. Second, beginning Jan. 1, 2025, individuals ages 60-63 will be allowed to make catch-up contributions to their workplace... --- - Published: 2023-02-21 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/regardless-of-whether-you-prepare-your-taxes-yourself-or-use-a-professionals-services-its-a-good/ - Categories: Taxes Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes. Your Personal Information The personal information you may need to file taxes may contain information from your prior year's return, including: Your Social Security Number (SSN), along with SSNs for your spouse, if applicable, and any dependents Last year's Adjusted Gross Income (AGI) if you're e-filing your taxes and need to confirm your identity Any tax filing PIN you may have. Your Income Information Your tax return typically requires documentation for all the taxable income you received the previous year. W-2 forms 1099 forms 1099-MISC for contract employees 1099-K for those who receive payment through a third-party provider like Venmo or Paypal 1099-DIV for investment dividends 1099-INT for investment interest 1099-B for transactions handled by brokers Receipts, pay stubs, or any other documentation on income that isn't otherwise reflected. Your Deduction Information Next, gather information on deductions that help reduce your overall tax burden.  These include, but aren't necessarily limited to: IRA and other retirement contributions Medical bills Property taxes Mortgage interest Educational expenses like college tuition or student loan payments State and local income taxes or sales taxes Charitable donations Dependent care expenses Classroom expenses (for teachers) There are other state-specific deductions that may apply to your situation. Your Tax Credit Information... --- - Published: 2023-02-13 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/tax-planning-for-business-owners/ - Categories: Business, Taxes What is business tax planning? When starting a business, you must consider a number of tax-related issues. Although business tax planning is a complicated area, it is essential to understand three major topics: tax consequences when the business is formed, tax consequences when the business generates income or loss, and tax consequences of business distributions. Additionally, you may wish to consider whether your chosen form of business will offer you opportunities to split your income tax liability among family members, thereby potentially lowering your overall family tax bill. What are the tax consequences of business formation? When a business is formed, an owner will typically transfer cash or property to the business in exchange for an ownership interest in the business. It's important to understand the possible tax implications of this exchange. Tax treatment varies depending on the type of business entity you select. Additionally, you need to be aware of the concept of "boot" and the tax consequences of transferring property encumbered by liabilities to the corporation. What are the tax consequences if the business generates income or loss? Tax treatment of income or loss varies depending on the type of business entity you selected. What are the tax consequences of business distributions? Tax treatment of business distributions varies depending on the type of business entity you selected. How can income be split among family members in a family business to reduce overall income taxes? You should be aware of the following topics: Income splitting Kiddie tax Excessive compensation... --- - Published: 2023-02-09 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/kick-off-the-big-game-with-these-7-super-investing-lessons-from-the-super-bowl/ - Categories: Investing The Super Bowl is more than just a game. It's an American holiday. As you prepare for this fun day, you may also want to think about how to create "big wins'' in your investment strategy. Get ready for Super Bowl Sunday by checking out these Super Bowl-inspired investment strategies. 1. Focus On Your Goals Before any competition, athletes spend a lot of time practicing and thinking about their goals. Just as a kicker imagines the perfect kick, you might imagine what you want from your investments.   What are your short and long-term goals? Decide what you want from life in this moment and the future. Then, craft your investment strategy around those goals.   2. Think About the Whole Game Super Bowl coaches and players do not only think about the current moment. They think about the whole game. This strategy also applies to investing. Instead of being overwhelmed by ups and downs in the market, think about the long-term growth of your investments.   This perspective is especially important when you invest for a goal like retirement, which is decades in the future. When you deal with long-term plans, you expect your portfolio may shrink a bit on a short-term basis, but ideally, you hope it experiences overall growth despite any short-term downturns.   3. Use Time-outs Strategically Once in a while, you must step back and look at your financial plan. This strategy is just like calling a time-out in a big football game. You take... --- - Published: 2023-01-30 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/your-new-years-financial-resolutions/ - Categories: Turning Points A resolution for every month to help you work towards financial independence Cleaning up personal finances remains one of the top resolutions every New Year. But we all know what happens to most such self-promises, so here’s a month-by-month to-do list to help cultivate better financial health. January: Organize paperwork. This obvious starting point eludes many. Are your financial documents organized, in paper or virtually, so information is at your fingertips? Your heirs will be eternally thankful if you unexpectedly die or are incapacitated. February: Consolidate investments. Trim your number of accounts and consolidate all your dormant 401(k)s into individual retirement accounts. Spreading your assets across various brokerage accounts is not smart diversification – it’s a recipe for confusion. March: Follow the money. If you’re still working and too busy with your life, you may have a poor sense of your personal cash flow, the money that comes in and where you spend it. You can’t establish how much you save or spend without knowing where you are right now. April: Tax smarts. It’s better to owe your state and the federal government instead of overpaying throughout the year. Did you fund an IRA for your spouse, max out funding on your defined contribution plan at work or fund your Roth IRA by the deadline? Did you track your losses on your taxable accounts, such as individual and joint investment accounts, bank accounts and money market mutual funds, to name a few? These moves can qualify you for tax credits.... --- - Published: 2023-01-24 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/a-quick-guide-to-estate-planning-for-those-with-high-net-worth/ - Categories: Estate Planning Even if you never thought of yourself as especially wealthy, there may be a fair chance that you fall into the category of "high net worth individuals"—those who have liquid assets of $1 million or more. 1 For many individuals who hope to leave a legacy for their loved ones, estate planning may take on new importance. Here are two estate planning tips every high-net-worth individual should consider. Create a Will and Keep it Current In America, 68% of adults do not have a will. This group includes those with no net worth and those with substantial assets. 2 Someone with few assets who dies intestate (without a will) creates a hassle for their loved ones who must go through the legal process of court probate. However, someone with significant assets who dies without a will could be setting up their heirs for a long and expensive legal battle. Without a will, you have no control over how your estate is managed and distributed. Instead, assets will flow to your heirs based on your state's laws of intestate succession. Even a simple will may help you execute your wishes and help your loved ones after your death. It is vital to review and update your will periodically. For example, if it refers only to children, you may want to update it after grandchildren enter the picture. And if you marry, divorce, or remarry, you likely want to amend the beneficiaries of your will as well. Avoid Probate with a Trust... --- - Published: 2023-01-17 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/tax-prep-checklist-everything-you-need-to-be-ready-for-tax-season/ - Categories: Taxes Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes. Your Personal Information The personal information you may need to file taxes may contain information from your prior year's return, including: Your Social Security Number (SSN), along with SSNs for your spouse, if applicable, and any dependents Last year's Adjusted Gross Income (AGI) if you're e-filing your taxes and need to confirm your identity Any tax filing PIN you may have. Your Income Information Your tax return typically requires documentation for all the taxable income you received the previous year. W-2 forms 1099 forms 1099-MISC for contract employees 1099-K for those who receive payment through a third-party provider like Venmo or Paypal 1099-DIV for investment dividends 1099-INT for investment interest 1099-B for transactions handled by brokers Receipts, pay stubs, or any other documentation on income that isn't otherwise reflected. Your Deduction Information Next, gather information on deductions that help reduce your overall tax burden.  These include, but aren't necessarily limited to: IRA and other retirement contributions Medical bills Property taxes Mortgage interest Educational expenses like college tuition or student loan payments State and local income taxes or sales taxes Charitable donations Dependent care expenses Classroom expenses (for teachers) There are other state-specific deductions that may apply to your situation. Your Tax Credit Information... --- - Published: 2022-12-27 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/countdown-to-investing-in-the-new-year-10-questions-to-ask-yourself/ - Categories: Investing If one of your New Year's resolutions involves enhancing and expanding your investment portfolio, look no further. In a true New Year's Eve countdown tradition, ask yourself these 10 questions to help review your investment plans. 10. What's My Investment Timeline? Not every investment is appropriate for every timeframe. Someone who hopes to retire in the next few years might seek very different investments compared to someone who is just starting in the workforce. Someone investing funds in a young child's college account may want a different asset mix than someone establishing a family trust to benefit their children and grandchildren.  Consider your goals and timeline before selecting individual investments for each account type, such as a 401(k), individual retirement account (IRA), 529, or taxable funds. 9. What Are My Financial Weaknesses or Blind Spots? Another key part of investing success may involve recognizing—and controlling—your weaknesses and blind spots. If you know you tend to panic-sell when stocks go down, you may want to invest in accounts that restrict frequent trading or require a waiting period before transaction executions. Those who struggle with paperwork may wish to streamline their investment portfolio by having fewer accounts.   8. What Do I Want To Do With My Investments? This strategy is another way of assessing investment goals. Knowing what you would like to achieve—whether a comfortable retirement, a new car, or a paid-for college education for your children—may allow you to work backward from that point and set relevant goals. 7. What Is My... --- - Published: 2022-12-20 - Modified: 2025-01-30 - URL: https://www.olympicinvestment.com/blog/a-season-of-giving-5-different-ways-to-give-during-the-holidays/ - Categories: Turning Points With the holidays here, now is the time to get into the giving spirit and help to change others' lives for the better. Whether you are looking to make a difference in a specific person's life or the life of many, there are many ways to give this holiday season. Here are some different ways to give back to others in a major way this holiday season. 1. Play Secret Santa and Help a Struggling Family The holidays are hard for parents trying to make it through the year. Some parents may even put themselves in debt to ensure that their kids open gifts on Christmas morning. Why not surprise one of these families in need by paying off their layaway balance so when they go to pick up their Christmas presents, they are able to use their saved money for more pressing needs. If you are not sure how to find someone to help, donate to the Pay Away the Layaway non-profit organization. 2. Help Sick Children Celebrate the Holidays Many sick children have to spend the holidays in the hospital while they recover from an illness or surgery. Some of these hospitals partner with companies like Amazon to create wish lists for their child patients. Purchase some presents from the wish lists to help children wake up to the gifts they were waiting for, even when not at home. 3. Treat People to a Holiday Lunch Many people work during the holiday season, so everyone else is able... --- - Published: 2022-10-25 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/true-or-false-you-are-a-retirement-savings-plan-expert/ - Categories: Retirement How much do you really know about your employer-sponsored retirement savings plan? If you're like many people, you have many ideas about how your plan works that may or may not be entirely accurate. To gauge your knowledge, take this brief quiz: Are the following statements true or false? Even though I'm young, I should still make saving for retirement a priority. True. Because of the power of compounding, your youth is actually one of the best reasons to start contributing now. Compounding is what happens when your plan contributions earn returns, and then those returns produce earnings themselves. Over time the effect can be dramatic. And the younger you are, the more time you have to let compounding work for you. So even if you're struggling to balance rent and food with car loans and school loans, try to contribute even a small amount to your retirement savings plan on a regular basis. If I work two jobs, each with its own retirement savings plan, I can contribute twice the maximum limit on a pre-tax basis. False. The maximum amount that you can contribute to 401(k), 403(b), and SARSEP plans in 2022 is $20,500, plus any catch-up contributions if you're age 50 or older (up from $19,500 in 2021). If you contribute to more than one plan, you're generally responsible for making sure you don't exceed these limits. If you do exceed the annual limits, you need to request a refund of the excess contribution amount or report the... --- - Published: 2022-10-11 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/common-factors-affecting-retirement-income/ - Categories: Retirement When it comes to planning for your retirement income, it's easy to overlook some of the common factors that can affect how much you'll have available to spend. If you don't consider how your retirement income can be impacted by investment risk, inflation risk, catastrophic illness or long-term care, and taxes, you may not be able to enjoy the retirement you envision. Investment risk Different types of investments carry with them different risks. Sound retirement income planning involves understanding these risks and how they can influence your available income in retirement. Investment or market risk is the risk that fluctuations in the securities market may result in the reduction and/or depletion of the value of your retirement savings. If you need to withdraw from your investments to supplement your retirement income, two important factors in determining how long your investments will last are the amount of the withdrawals you take and the growth and/or earnings your investments experience. You might base the anticipated rate of return of your investments on the presumption that market fluctuations will average out over time, and estimate how long your savings will last based on an anticipated, average rate of return. Unfortunately, the market doesn't always generate positive returns. Sometimes there are periods lasting for a few years or longer when the market provides negative returns. During these periods, constant withdrawals from your savings combined with prolonged negative market returns can result in the depletion of your savings far sooner than planned. Reinvestment risk is... --- - Published: 2022-10-05 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/how-estate-planning-can-help-prepare-for-long-term-care/ - Categories: Estate Planning, Insurance The cost of long-term care can vary widely based on location (both city and state) and level of care needed. However, one thing is for certain: with 7 in every 10 people requiring long-term care at some point, preparing for this care is vital. 1 With the median cost of an assisted living facility topping $4,500 per month in 2021, and the median price of a private room in a nursing home costing just over $9,000 per month, deciding to simply wing it can prove costly in multiple ways. 1 Here we discuss a few estate planning tools that can help you prepare (and pay) for long-term care. Why is Estate Planning Needed? Generally, only the very wealthy have enough assets to pay a $9,000-per-month nursing home bill out of pocket. In most cases, someone in an assisted living facility or nursing home will first spend most of their own assets, then enroll in their state's Medicaid program to help pay for long-term care. Unfortunately, if one spouse goes into a nursing home while the other lives independently, the cost of this nursing care can quickly bankrupt the independent spouse. Estate planning can help protect assets for a spouse or loved ones while ensuring that the person who requires long-term care receives needed services. What Estate Planning Tools are Available? The estate planning tools you will need depend on your financial situation—estate planning for long-term care purposes definitely is not one-size-fits-all. However, there are tools more commonly used to help... --- - Published: 2022-10-04 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/the-financial-planning-process-why-and-how/ - Categories: Investing, Resources Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers. Many of today’s middle class families have different concerns: funding retirement; educating children; protecting assets; and coping with unexpected changes in health, employment, and marital situations. But, whether your goal is to build or protect assets, it may be better to start sooner rather than later. Where to begin? Once you have the resolve, you may choose to work with a financial professional whose services resides in the planning process itself. Such an individual can help you focus on the big picture, and may hold licenses and credentials allowing him or her to provide specialized services or products related to accounting, taxes, insurance, investing, and so on. Rather than zeroing in on such issues, your financial professional will start where you are, guiding you through an organized and methodical process. Step One: Building the Relationship Financial professionals typically follow a set procedure in helping you develop a long-range financial strategy. The first step is to establish and define the relationship by delineating the responsibilities of each so that you fully understand the nature and extent of the services provided. At this point, you may discuss how the financial professional will be compensated—flat fee, a percentage of your assets, commissions paid by a third party for products included in your plan, or a combination. Steps Two through Four: Exploring Your Financial Life Step two may... --- - Published: 2022-09-27 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/how-to-minimize-taxes-during-market-downturns/ - Categories: Investing, Taxes Understanding long-term capital gains taxes when you sell investments Market downturns could be a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future. Taxable accounts you hold longer than a year incur long-term capital gains taxes when you sell investments. You realize losses or gains, meaning your losses are subtracted from the gains and, if the result is positive, your gains are taxed at the preferable long-term capital gains rates (a rate often much less than ordinary income tax rates). The rates range are either 0%, 15% or 20%, depending on your income. Trimming Taxes When your losses exceed your gains, your capital gains are netted against the losses and the losses subtracted from the gains. In this manner, your gains incur no tax. If your losses exceed gains, you can use the excess to reduce your ordinary income up to $3,000 per year ($1,500 if filing separately), carrying over any remaining losses to future years. Let’s say your four taxable accounts (A, B, C and D) each have a cost basis (what you paid for the fund originally) of $10,000. Fund A’s current value is $15,000 and it gained $5,000 Fund B’s current value is $20,000 and it gained $10,000 Fund C’s current value is $8,000 and it lost $2,000 and Fund D’s current value is $4,000 and it lost $6,000. As is, you net a gain of $7,000 (your... --- - Published: 2022-09-20 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/an-essential-guide-to-estate-planning-preparedness/ - Categories: Estate Planning A recent survey by Caring. com found that a whopping two in three American adults do not have an estate plan1—an alarming statistic, considering that an estate plan can protect your assets and ensure that they go to the right people. If you have not begun to prepare an estate plan, or if your estate planning efforts have stalled, what can you do to get back on track? Here are seven crucial steps to take when planning your estate. #1: Inventory Your Possessions To learn how your assets should be distributed, you will first need to know what your assets are. Take a notebook and go through the inside and outside of your home, listing any valuable items like electronics, vehicles, jewelry, art or antiques, precious metals, lawn and garden equipment, and tools. #2: List Your Non-Physical Assets Once you have listed your physical assets, make a list of non-physical assets—401(k) and IRA accounts, checking and savings accounts, life insurance policies, brokerage accounts, cryptocurrency, and anything else that exists online. Having this list of accounts will make it much easier for the executor of your estate to track down non-physical possessions. #3: Identify and List Debts If you make a list of all your open credit cards, mortgage or HELOC, auto loans, and any other debt you are carrying, you will also allow your executor to easily ensure that your bills are timely paid after your death. To be most helpful, include your account numbers and any contact information for those holding your... --- - Published: 2022-09-13 - Modified: 2025-01-31 - URL: https://www.olympicinvestment.com/blog/back-to-basics-diversification-and-asset-allocation/ - Categories: Investing When investing, particularly for long-term goals, there are two concepts you will likely hear about over and over again — diversification and asset allocation. Diversification helps limit exposure to loss in any one investment or one type of investment, while asset allocation provides a blueprint to help guide your investment decisions. Understanding how the two work can help you put together a portfolio that targets your specific needs. Diversification: Spreading out risk Diversification refers to the process of investing in a number of different securities to help manage risk. The theory is that if some investments in your portfolio decline in value, others may rise or hold steady. For example, say you wanted to invest in stocks. Rather than investing in just domestic stocks, you could diversify your portfolio by investing in foreign stocks as well. Or you could choose to include the stocks of different size companies (small-cap, mid-cap, and/or large-cap stocks). If your primary objective is to invest in bonds for income, you could choose both government and corporate bonds to potentially take advantage of their different risk/return profiles. You might also choose bonds of different maturities, because long-term bonds tend to react more dramatically to changes in interest rates than short-term bonds. As interest rates rise, bond prices typically fall. Asset allocation: Investing strategically Asset allocation is a strategic approach to diversifying your portfolio among different asset classes that seeks to pursue the highest potential return within a certain level of risk. After carefully considering your investment... --- - Published: 2022-09-06 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/now-might-be-a-good-time-for-a-roth-conversion/ - Categories: Investing, Taxes One silver lining in the current bear market is that this could be a good time to convert assets from a traditional IRA to a Roth IRA. Converted assets are subject to federal income tax in the year of conversion, which might be a substantial tax bill. However, if assets in your traditional IRA have lost value, you will pay taxes on a lower asset base when you convert. If all conditions are met, the Roth account will incur no further income tax liability for you or your designated beneficiaries, no matter how much growth the account experiences. Tax Trade-Off The logic behind deferring taxes on retirement savings is that you may be in a lower tax bracket when you retire, so a current tax deduction might be more appealing than tax-free income in retirement. However, lower rates set by the Tax Cuts and Jobs Act (set to expire after 2025) may have changed that calculation for you. A cost-benefit analysis could help determine whether it would be beneficial to pay taxes on some of your IRA assets now rather than later. One strategy is to "fill your tax bracket," meaning you would convert an asset value that would keep you in the same tax bracket. This requires projecting your income for 2022. Lower Values, More Shares As long as your traditional and Roth IRAs are with the same provider, you can typically transfer shares from one account to the other. Thus, when share prices are lower, you could theoretically... --- - Published: 2022-07-26 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/keeping-it-simple-the-benefits-of-simplifying-your-investment-strategies/ - Categories: Investing, Resources The Benefits of Simplicity Unless you do not mind managing your investments as a full-time job, consolidating and simplifying your portfolio may help you keep track of assets and stay on top of your portfolio's results more easily. Complex investments may cause you to make a mistake—and some errors might be costly. Simplifying Your Portfolio Here are four steps you may take to simplify your portfolio: 1. Consolidate Your Accounts If you have any "orphan" 401(k)s from former employers, you may want to consider transferring them into an investment retirement account (IRA) or your current 401(k). This consolidation might make it easier to see what your funds are invested in and ensure there is no overlap or that you are not overweighting a particular sector or fund. If your accounts are spread across several different institutions, moving them to the same custodian could decrease the number of statements you get and the login details you need to remember. 2. Rebalance Regularly Whether you like a portfolio that is equal parts stocks and bonds or one that includes crypto and other investments, it is important to regularly rebalance your accounts so that they reflect your desired asset allocation. Take, for example, a portfolio that consists of 70% stock funds and 30% bond funds. If the value of your stock funds increases 20% in a year while the value of your bond funds declines by 5%, your accounts may be overweight towards stocks. You could either direct all of your new investment... --- - Published: 2022-07-26 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/6-ways-to-minimize-your-tax-liability-throughout-the-year/ - Categories: Taxes You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax liability that you can implement any time before the end of this year: 1. Update your payroll deductions- double check that you are claiming the correct deductions and taking advantage of pre-tax benefits that can help lower your taxable income, such as: Flexible spending accounts (FSAs)- a health savings account (HSA), healthcare insurance, a flexible spending account (FSA), commuter benefits, and childcare expenses. 2. Maximize pre-tax retirement savings contributions- In 2022, you can contribute $20,500 to your employer's retirement savings plan. If you are aged 50 or older, you can contribute an additional $6,500 to help lower your taxable income. Other Tax-liability Reduction Strategies Whether you're an individual or a married couple, you can lower your taxable income while doing good for others by donating to an IRS-qualified charity. To take advantage of charitable tax deductions this year, you must make your donation before December 31st. Here are some common charitable donation strategies to consider: 3. Qualified Charitable Distributions (QCDs) - If you're age 72 or older, you can use a QCD to donate to an IRS-qualified charity of your choice directly from your IRA. The gift won't qualify for a charitable deduction but will allow you to deduct the amount transferred to the charity... --- - Published: 2022-07-26 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/boomers-post-pandemic-retirement-concerns/ - Categories: Health, Retirement For many who are decades away from leaving the workforce, retirement may seem like an abstract concept. But once you've entered your late fifties—like the youngest Baby Boomers, turning 57 in 2021—retirement may begin to seem very real. 1 A recent survey of Boomers found that thanks to the COVID-19 pandemic, 52% of those who are not yet retired are concerned about being able to retire. 2This survey looked at a representative sample of Boomers age 57 to 75, earning between $30,000 and $100,000 per year, with under $1 million in investable assets, and came to some surprising conclusions. 2 Learn more about how the pandemic impacted Boomers' retirement plans and what factors this generation finds are important to a happy retirement. Boomers' Retirement Plans 41% of Boomers polled in this survey reported financially supporting other family members during COVID. 2 For many, this has had a direct impact on their financial readiness to retire. And more than half of the surveyed Boomers who haven't retired yet have been forced to borrow from or liquidate some of their retirement savings to get by during COVID. 3 As a result, the majority of non-retired Boomers who were surveyed reported that they've had to reevaluate their retirement plans and budgets. Many are more concerned that they won't have enough money to retire at all or to have as comfortable a retirement as they had planned. 3 COVID also had a major impact on Boomer lifestyles, both before and during retirement. Just over... --- - Published: 2022-07-26 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/some-things-investors-need-to-know-about-booms-and-busts/ - Categories: Investing Economies and markets are cyclical. They may include periods of wealth creation and times of bursting bubbles that bankrupt companies in a major downturn. "Boom and bust" cycles may last anywhere from a few months to a few years or longer. During boom times, the economy grows, there are more jobs, and the market provides investors with healthy returns. But during a bust, the economy contracts, jobs are lost, and the market falters. Eventually, these challenges may dissipate and another boom may begin. What should investors know about the boom-and-bust cycle and what they might do to avoid harm from the next bust? How Long Do Boom-Bust Cycles Last? Each boom-bust cycle has its own challenge. Think back to the last few recessions, and you see that each was precipitated by something similar but different: The dot-com crash, when the internet was in its infancy and the buzz led to thousands of overcapitalized, under-researched internet startups that quickly fizzled The Great Recession, when risky mortgage-backed securities faltered The COVID recession, when supply chain issues and uncertainty about the pandemic left companies scrambling to make contingency plans Some busts are the predictable byproducts of a boom or bubble, while others, like the COVID-induced recession, are more like "black swan" events, which are rare and surprising, causing worldwide impacts. If you go back to the 1850s, most boom-bust cycles last an average of five years. 1 This is one reason it is important for investors to maintain perspective, even when markets are... --- - Published: 2022-07-26 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/managing-bond-risks-when-interest-rates-rise/ - Categories: Investing After dropping the benchmark federal funds rate to a rock-bottom range of 0%–0. 25% early in the pandemic, the Federal Open Market Committee has begun raising the rate toward more typical historical levels in response to high inflation.   Raising the federal funds rate places upward pressure on a wide range of interest rates, including the cost of borrowing through bond issues. Regardless of the rate environment, however, bonds are a mainstay for investors who want to generate income or dampen the effects of stock market volatility on their portfolios. You may have questions about how higher rates could affect your fixed-income investments and what you can do to help mitigate the effect in your portfolio. Rate sensitivity When interest rates rise, the value of existing bonds typically falls, because investors would prefer to buy new bonds with higher yields. In a rising rate environment, investors may be hesitant to tie up funds for a long period, so bonds with longer maturity dates are generally more sensitive to rate changes than shorter-dated bonds. Thus, one way to address interest-rate sensitivity in your portfolio is to hold short- and medium-term bonds. However, keep in mind that although these bonds may be less sensitive to rate changes, they will generally offer a lower yield than longer-term bonds. A more specific measure of interest-rate sensitivity is called duration. A bond's duration is derived from a complex calculation that includes the maturity date, the present value of principal and interest to be received in... --- - Published: 2022-07-19 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/the-great-wealth-transfer-is-your-family-prepared/ - Categories: Turning Points, Wealth Building Over the next twenty years, a wealth transfer will occur that exceeds $30 trillion as the Baby Boomer generation passes the remainder of their wealth to the Millennials and subsequent generations. The Baby Boomers (born 1946-1964) are considered the wealthiest generation, currently controlling 70% of the disposable income in the United States. It is imperative families develop a plan to transfer assets since the transfer of wealth is inevitable. For most families, their wealth was acquired during this lifetime and not inherited from the previous generation. When starting to plan for transferring their wealth, pre-retirees should prepare for their retirement first, healthcare costs second, and their remaining transferring assets last. Although some individuals choose not to involve their family members that will become the beneficiaries of their assets, including qualified tax and legal professionals is essential. But don’t write off including your heirs in all aspects of wealth transfer planning if you’d like more than just one generation to benefit. Preparing your heirs to take over your estate and eventually passing their remaining assets on to their beneficiaries is equally important. Heirs unprepared to manage money, investments, or seeking financial guidance from qualified financial professionals seldom have enough inheritance left over for their heirs. Some families choose to 'train' heirs by teaching them how to invest in giving assets away through philanthropy wisely. Without financial education, frequent investment decision-making, and a purpose to preserve the inherited wealth, many estate transfers rarely survive. The complexities of wealth preservation are not taught... --- - Published: 2022-07-11 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/7-retirement-considerations/ - Categories: Retirement Thoughts from a financial professional When helping people get ready for retirement, financial professionals find the same issues come up over and over. Thinking ahead can spell the difference between a retirement with enough money and a stressful one with difficult decisions that you don’t want to make. Here are 7 retirement considerations that every investor should think about: 1. Understand Social Security. The goal with Social Security is not to get the most you can from the government in your lifetime. It is to optimize the amount you receive per month when you finally retire. The earliest age you can start Social Security is 62. If you retire at 55 or 60, then you might want to claim it as early as you can. But if you plan to work past 70, like many, there is no reason to take Social Security before then. Doing so reduces the amount you can receive at your full retirement age (66 for baby boomers born before 1954). You can have a very nice bump in your benefits every year you postpone taking Social Security. That bump is often a better deal for you than starting early and taking the most money you can. 2. Are you going to work after you retire? Your retirement might not be retirement. It could be about doing something different. For you, this might mean you take on part-time work, perhaps in the industry you spent decades in, or in an entirely different field. It can bring... --- - Published: 2022-07-05 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/despite-concerns-retirement-confidence-remains-steady/ - Categories: Retirement Nearly three quarters of workers and 77% of retirees in a recent survey said they remain at least somewhat confident that they will experience a comfortable retirement, according to the Employee Benefit Research Institute. Nevertheless, a third of workers and a quarter of retirees felt less confident this year due to the economic effects of the COVID-19 pandemic, with many respondents citing inflation as the reason. Not surprisingly, those feeling less confident were also more likely to report poor health, lower income and saving rates, and higher debt. Women were much more likely than men to report lower confidence levels. In the 2022 Retirement Confidence Survey, more retirees reported higher-than-expected expenses overall compared to 2021, with notable jumps in the housing and travel, entertainment, and leisure categories. Despite these findings, 67% of workers and 72% of retirees were at least somewhat confident they will have enough money to keep up with the rising cost of living during retirement, and similar percentages were at least somewhat confident they would have enough money to last a lifetime. The majority of retirees said their retirement lifestyle has generally met their expectations, while a quarter actually said they're experiencing a better-than-expected retirement. Top financial-planning priorities When asked about their top three long-term financial-planning priorities, saving and investing for retirement made the list for both workers and retirees. Workers Saving and investing for retirement (59%) Planning for future health and long-term care needs (36%) Developing a strategy for drawing income in retirement (30%) Retirees Planning... --- - Published: 2022-06-28 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/5-life-events-that-impact-your-life-insurance-needs/ - Categories: Insurance A life insurance policy is part of financial planning. Life insurance is there to help ease the financial trauma that comes with the loss of a spouse, parent, or partner. As you encounter different events in your life, you may need to review your policy and make changes. Here are five life events that may impact your life insurance needs. 1. Marriage or Partnerships When you have a spouse or a life partner, both of you are likely to contribute to the household. If one dies, your financial obligations pass to the other. With a life insurance policy in place, your loved ones may use death benefits to continue their lifestyle and take care of bills and debts. 1 2. Children When you have children, you become responsible for the care of another person. Raising children is not inexpensive. It is estimated that American parents pay on average $272,049 to raise a child for 18 years. 3 Life insurance funds help your spouse, partner, or designated guardian provide your children with some support if you pass away. 2 3. Home Purchase When you purchase a home, your monthly expenses are likely to increase. A mortgage is a substantial debt. If your spouse or surviving partner does not have the means to pay for it, they might lose their biggest asset. You may need to update your policy so that your beneficiaries have enough to cover the home expenses that your income would normally cover. 2 4. Job Change When you... --- - Published: 2022-06-23 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/continuing-to-work-after-drawing-social-security-what-retirees-should-know/ - Categories: Resources, Retirement Like many people, you may associate Social Security retirement benefits with a key part of their name: retirement. However, you may continue working while drawing Social Security retirement or survivor's benefits, and in many cases, doing so could lead to a higher overall benefit. Below, we discuss a couple of things retirees should know if they plan to continue working after starting to draw Social Security retirement benefits. Benefits May Be Recalculated Your Social Security benefits are calculated by how much you've earned per year and how many years you've worked. The longer your earnings history and the higher your average annual earnings, the more you may receive in total benefits each year. The number of years you've worked (and paid Social Security taxes) is a crucial factor in your benefit award. If you're retiring after having worked fewer than 35 years, adding a few years to your work history may increase your overall benefit, even if your earnings are relatively low. 1 Each year, the IRS reviews the records of all Social Security recipients who report wages in the last year. If your most recent year marks one of your highest-earning ones (or if you retired with an earnings history of fewer than 35 years), your overall benefit may increase. High Earners' Benefits Could Be Reduced According to the Social Security Administration, once you've begun drawing Social Security benefits, you're considered "retired" regardless of whether you keep working. As a result, there's a limit on the amount you may... --- - Published: 2022-06-15 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/4-charitable-giving-strategies-to-consider/ - Categories: Resources, Taxes Through charitable giving, you can support causes or organizations you believe in and lock in tax benefits simultaneously. Whether you’re new to charitable giving or a veteran, there are several strategies you should keep in mind. The giving methods you choose, what you give, and when you give can help you maximize your impact and minimize your tax burden. Here are four charitable giving strategies to consider before making your gift. Non-cash charitable contributions Contrary to popular belief, cash is not the only way to give back. Instead of cash, you might want to consider taking advantage of donating appreciated stock or assets that you’ve held for more than a year. Through this strategy, you’ll be able to save on capital gains taxes. Another option is to name a charity as your life insurance policy beneficiary. Note that you can change beneficiaries if you are the owner of the policy. In addition, you can donate goods that can help an organization. If you donate goods, you can ask for a tax deduction form, as long as the goods are in good or better condition. Qualified Charitable Distributions (QCDs) If you're 70 1/2 or older, you can use a QCD to donate directly from your IRA to the charity of your choice. While the gift amount won't qualify for a charitable deduction, it won't be considered taxable income either. This strategy allows you to deduct the amount transferred to the charity from your taxable income. In addition to reducing your taxable... --- - Published: 2022-06-07 - Modified: 2025-02-03 - URL: https://www.olympicinvestment.com/blog/understanding-the-net-investment-income-tax/ - Categories: Taxes If your income hits a certain level, you may face an additional wrinkle in calculating your taxes: the net investment income tax (also referred to as the unearned income Medicare contribution tax). This 3. 8% Medicare tax applies to some or all of your net investment income if your modified adjusted gross income (MAGI) exceeds certain thresholds. The tax is in addition to any other income tax applicable to such income. Note: If the net investment income tax applies, your long-term capital gains and qualified dividends may be subject to a combined federal tax rate of as much as 23. 8% (the top long-term capital gains tax rate of 20% + 3. 8%). Your other taxable investment income may be subject to a combined federal tax rate of as much as 40. 8% (the top regular income tax rate of 37% + 3. 8%). Your investment income may also be subject to state income tax. In general, the net investment income tax applies to U. S. individual taxpayers (similar rules apply to certain domestic trusts and estates). Calculation of net investment income tax The net investment income tax is equal to 3. 8% of the lesser of (a) your net investment income or (b) the excess of your MAGI over: $200,000 if your filing status is single or head of household $250,000 if your filing status is married filing jointly or qualifying widow(er) with dependent child $125,000 if your filing status is married filing separately For purposes of the net... --- - Published: 2022-06-01 - Modified: 2024-09-04 - URL: https://www.olympicinvestment.com/blog/understanding-extended-care/ - Categories: Insurance, Retirement Addressing the potential risks of extended-term care expenses may be one of the biggest financial challenges for individuals who are developing a retirement strategy. Seven in ten people over age 65 can expect to need extended care services at some point in their lives. So understanding the various types of extended care services – and what those services may cost – is critical as you consider your retirement approach. 1 What Is Extended Care? Extended care is not a single activity. It refers to a variety of medical and non–medical services needed by those who have a chronic illness or disability – most commonly associated with aging. Extended care can include everything from assistance with activities of daily living – help dressing, bathing, using the bathroom, or even driving to the store – to more intensive therapeutic and medical care requiring the services of skilled medical personnel. Extended care may be provided at home, at a community center, in an assisted living facility, or in a skilled nursing home. And extended care is not exclusively for the elderly; it is possible to need extended care at any age. How Much Does Extended Care Cost? Extended care costs vary state by state and region by region. The 2023 national average for care in a skilled care facility (single occupancy in a nursing home) was $115,007 a year. The national average for care in an assisted living center (single occupancy) was $54,289 a year. Home health aides cost a median of $28.... --- - Published: 2022-05-27 - Modified: 2025-02-04 - URL: https://www.olympicinvestment.com/blog/529-college-savings-plans-for-education-and-estate-planning/ - Categories: Education Planning 529 College Savings plans are essential for saving for higher education expenses, and if used for education, accumulate tax-free. Since 529 plans came into existence in 1996, their popularity has continued to increase, with 529 plan assets crossing the $400 billion mark in 2021, according to Morningstar. 529 plans are qualified tuition plans that allow state and federal tax-free withdrawals of earnings and have the potential for tax deductions, which help offset the increasing cost of secondary education. 529 plans can be used in every state to pay for K-12 education expenses at private schools. Here is more about 529 plans you may want to know: There are two types of 529 plans- Pre-paid tuition plans- These 529 plans allow the account owner to purchase credits for later use at participating colleges or universities to pay for tuition. Education savings plans. The federal government guarantees education savings plans but not against loss due to the investment’s performance. Education savings plans utilize an investment account to save for the beneficiary’s future qualified higher education expenses, including room and board, fees, and qualified equipment expenses. 529 plans can now be used in every state to pay for K-12 education expenses at private schools. 529 plans can be a strategy to transfer wealth- Under the 2017 Tax Reform Act, an individual contributing to a 529 savings plan can frontload $75,000 (or five years’ worth of contributions) into one year without incurring federal gift taxes. A married couple who are parents, or grandparents, could... --- ---