The Greg O'Donnell Financial Hour

12/07/2024

12/02/2024

Retirement is often viewed as a static phase of life, but the reality is far more dynamic. As retirees progress through their golden years, their spending habits and budgetary needs evolve significantly. Understanding these changes

11/22/2024

When it comes to planning for retirement, Individual Retirement Accounts (IRAs) are a popular investment option. There are two main types of IRAs: traditional and Roth. Both have their own unique features, advantages, and drawbacks. In this article, we

11/05/2024

Retirement accounts are a cornerstone of today’s retirement strategies. While everyone might recognize the terms “IRA” or “401(k),” it’s important to familiarize yourself with how they work so you can understand how they may play a role

10/30/2024

According to the American Psychological Association, “nearly 75% of Americans experience some kind of financial stress.”

Not to mention, if you’re in a relationship with a partner who has different views or values about money, this stress could skyrocket!

📢Most couples don’t need a couple’s counselor; they need a financial advisor!
📢 Marriage counseling is a great option for couples who need to learn how to better communicate, but it might not solve the problem that caused a disagreement in the first place, especially if the problem involves money.

Since money is the leading cause of stress in relationships, couples may want to consider visiting a financial advisor instead! Throughout my years in the financial services industry, I’ve noticed that money counseling and marriage counseling often go hand in hand…

So, how do you know if your problems are money-related?

Here are some red flags that your relationship might be in financial trouble:

👛One partner handles the money while the other wants nothing to do with it.
🏧You have separate bank accounts.
🛍You have different values about spending and saving.
👫You have different socioeconomic backgrounds.

If you've seen any of these red flags in your relationship, don't hesitate to DM me with any questions you have!📩

10/23/2024

The Tax Cuts and Jobs Act of 2017 will sunset at the end of 2025. When it was enacted, it was meant to boost the economy, but it couldn’t be held for the long term due to how badly it would affect the deficit. So, they ensured the Act would expire automatically. It will take government agreement and action to do something about it.

How will this affect you?

Well, it all depends on what the government decides to do with the exemptions and tax reductions before December 31, 2025. While there are corporate and business owner tax changes to consider in that Act, let’s keep our focus on individual families. First, income tax levels are set to move back up. Second, estate tax exemptions will be cut in half.

Now, the procrastinator gremlins may be trying to convince you that we should just wait and see what happens. Let’s see who gets elected or wait until they start really talking about what they’ll do with the Act. The problem with that strategy is that methods to combat potentially higher taxes can take a while to implement fully.

Depending on your tax bracket, you may want to take advantage of the slightly lower income taxes now.

Also, depending on your total estate value and how much you or your spouse have gifted, you may want to set up some gifting strategies or specialized trusts. Those strategies could protect your assets from estate taxes down the road.

Ultimately, much depends on your situation.

If you haven’t created a thorough plan yet, let’s talk. My team and I can help you devise a plan and get it operating. We definitely don’t want you to wait until it’s too late to take advantage of all the strategies, and you’re forced to hope the drama in D.C. works in your favor.

10/21/2024

In August of 2024, the financial world was abuzz with discussions about the Japanese carry trade and its impact on global markets. For retirees and those nearing retirement, understanding these developments