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Cove Financial Planning

Cove Financial Planning is a fiduciary, fee-only Registered Investment Advisor focused on comprehens

06/06/2023

Last week, Congress raised the debt ceiling…for the 79th time since 1960.

As part of the agreed upon deal among both sides of the aisle, the pause in student-loan payments is coming to an end.

Beginning August 30, borrowers must begin making payments towards their federal student loans after over three years of forbearance following the pandemic onset.

If you or someone you care about expects to begin making student-loan payments later this summer, learn about how you can best prepare.

https://www.coveplanning.com/blog/how-to-prepare-for-student-loan-payments-resuming

As part of the debt-ceiling deal this month, the pause in student-loan payments is coming to an end. If you or someone you care about expects to start making student-loan payments beginning August 30, consider these things to get prepared.

05/17/2023

Worried about the U.S. debt ceiling standoff?😱

This isn’t our first rodeo🤠. In fact, Congress has adjusted the federal debt ceiling a whopping 78 times since 1960!🤯

History shows us that the stock market actually performs well during periods of debt-limit adjustments.📈💰

https://www.coveplanning.com/videos/us-debt-ceiling-and-market-returns

History shows us that the stock market doesn't really care about the U.S. debt ceiling. Long-term investors have always been rewarded by investing early and often and staying the course, and I don’t think this time is any different.

05/01/2023

The interest rate offered on Series I Savings Bonds dropped to 4.30% from 6.89% as inflation settles down.

The new interest rate will be offered through October 2023, before the next, six-month rate adjustment.

Should you sell your current I Bonds?

If you’ve held your bonds for one year already—and you’re not in need of cash—it doesn’t hurt keeping them through the next six months to earn the new 4.3% rate, which is just about what you might earn in a high-yield savings account.

http://ow.ly/EnuW50O6cFA

The interest rate offered on Series I Savings Bonds dropped to 4.30% from 6.89% as inflation settles down.

03/13/2023

Rough week for Silicon Valley Bank. Now is a good time to double check that all of your bank accounts are fully FDIC insured.

As a reminder, FDIC insures up to $250,000 per depositor, per bank, per ownership category.

In addition, your brokerage accounts may be similarly covered through SIPC.

http://ow.ly/p3Xw50NhjC9

In this video, I explain how Silicon Valley Bank (SVB) collapsed and what lessons we can learn as investors.

03/07/2023

Are you still earning 0.23% in your checking and savings accounts?😬

You could be earning around 4% in annual interest in a High-Yield Savings Account🤑 or Money-Market Fund.😃

Consider ditching your checking and savings accounts for a higher-interest account to keep better pace with inflation with your cash reserve.💵

http://ow.ly/xLCt50NacHm

Are you still earning 0.23% in your checking and savings accounts? Consider ditching your checking and savings accounts for a higher-interest (4%) account to keep better pace with inflation with your cash reserve.

02/16/2023

Tax season is in full swing! You’ve probably been receiving all kinds of documents you might need to file your 2022 tax return.

Whether you use tax-filing software or work with a CPA, a tax prep checklist can help you stay organized and save time as you get ready to file.

Check out a summary of the most common tax documents and information you’ll need.

Tax season is in full swing! Whether you self-file or use a tax pro, check out the most common tax documents and information you might need to file your 2022 tax return.

01/06/2023

After months of debate, Congress finally passed some major changes to retirement laws at the end of 2022.

While many of the changes will roll out over the next few years, some of them take effect right away.

Some of the biggest retirement-rule changes in the SECURE Act 2.0 for 2023 include:

✔️Roth savings get a boost
✔️529 plan rollovers into Roth IRAs
✔️Required Minimum Distribution (RMD) age increasing
✔️More options with Qualified Charitable Distributions (QCDs)
✔️The penalty for missing an RMD decreasing to 25% in 2023
✔️More favorable early distributions from retirement accounts without penalty

http://ow.ly/x5Ok50MkcQ1
# Retirement

After months of debate, Congress finally passed some major changes to retirement laws at the end of 2022. Check out the biggest retirement-rule changes in the SECURE Act 2.0 for 2023.

09/22/2022

The Federal Reserve is at it again with another 0.75% rate hike which kept the markets on their rollercoaster ride.

While this should counter high inflation, as designed, these moves still weigh on the stock market.

It’s important to keep a few things in mind in this uncertain environment to make sure you stay on track towards longer-term goals:

-Stay diversified
-Keep that cash reserve going
-Rebalance
-Harvest losses
-Stay the course!

http://ow.ly/jCJ550KPM34

Rising interest rates can definitely weigh on stock-market returns, but it’s important to keep a few things in mind in this uncertain environment to make sure you stay on track towards longer-term goals.

09/15/2022

With the recent market downturn—and as we approach year end—Roth conversions might help you lower your tax bill.

This is a tax-savings strategy in which you take money from your pre-tax or “Traditional” retirement account and transfer (convert) it into an after-tax or “Roth” retirement account.

Check out this video to learn:

-How Roth conversions work
-Benefits and drawbacks
-When to consider them
-What to watch out for

http://ow.ly/sGjt50KJCWa

In this video, I explain how Roth conversions work, benefits and drawbacks, when to consider them and what to watch out for.

08/02/2022

The market continues its rollercoaster ride this year as inflation remains high.

Even though the economy posted two straight quarters of negative GDP growth (hint: recession territory), the government maintains that the US is not in a recession.

Despite all the uncertainty and media noise, there are plenty of planning and investment opportunities to make lemonade out of lemons.

✔️Maintain an adequate cash reserve
✔️Invest excess cash to take advantage of a down market
✔️Make IRA contributions for the year now (if you haven’t made them already)
✔️Consider a potential Roth conversion
✔️Harvest losses in taxable accounts

http://ow.ly/BxSy50K95hn

The market continues its rollercoaster ride this year as inflation remains high. Despite all the uncertainty and media noise, there are plenty of planning and investment opportunities to make lemonade out of lemons.

06/29/2022

Ready to make lemonade out of lemons during this market downturn?

Roth conversions are one of the most impactful ways to reduce your tax bill during your lifetime, and with this year's bear market, they’ve become even more appealing.

As inconvenient (or downright scary) as a market correction is, they can provide great opportunities, specifically to those hoping to lower their taxes. Roth conversions are one of the most impactful ways to reduce your tax bill during your lifetime, and with the market downturn this year, they’ve...

05/02/2022

What’s guaranteed by the US government and pays a nearly 10% interest rate per year?

Series I Savings Bonds!

The case for buying Series I Bonds has never been stronger. With inflation at its highest level since the 1980s—and most banks paying less than 0.50% interest per year on checking/savings accounts—it’s hard to find a decent, safe return on investment.

Learn more about how these bonds can help you fight inflation.

What’s guaranteed by the US government and pays a nearly 10% interest rate per year? Series I Savings Bonds!

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342 N. Water Street, Suite 600
Milwaukee, WI
53202

Telephone

+19528074060

Website

http://www.coveplanning.com/

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