Blogs
The Financial Stress Toll (of Late)
In a recent survey by the American Psychological Association, more than 80% of American adults said they were feeling increased…
COVID: Are We Back to Normal Yet?
It’s been two years since COVID-19 hit U.S. shores, but are we anywhere near pre-pandemic normal yet? It doesn’t look…
Chris Heerlein on the Importance of Private Client Financial Relationships
Chris Heerlein, in his video, shares personal anecdotes to emphasize the importance of private client financial relationships in wealth management. He recounts his early experiences of earning and saving money, beginning with a job at a metal foundry at the age of 14. This early exposure to financial realities, like the impact of taxes on earnings, sparked his lifelong focus on maximizing net wealth. Heerlein identifies with the mindset of his clients, understanding their desire to preserve the wealth they’ve worked hard to accumulate. He stresses that while paying taxes is a responsibility, ensuring that one does not overpay is equally important. This philosophy resonates with the families he consults, who are often driven professionals and entrepreneurs with a strong desire to maintain and grow their wealth.
The Taxing Landscape of the IRS
It seems that millions of taxpayers still have not received their tax refunds from 2020 and even 2019.1 A major reason…
How to Not Let Healthcare Expenses Derail your Retirement
In a recent episode of Retire Ready TV, Chris Heerlein of REAP Financial, a wealth management firm in Austin, Texas, emphasizes the significance of effectively managing healthcare expenses, a major concern for retirees. Heerlein draws attention to an often-overlooked aspect of retirement planning: Medicare IRMAA (Income-Related Monthly Adjustment Amount) surcharges. These surcharges can significantly increase Medicare premiums for those with higher incomes, impacting families who have diligently saved for retirement or maintain a comfortable lifestyle. Heerlein points out that many are caught off-guard by these additional costs and underscores the importance of understanding how Medicare premium increases work. He advises retirees to strategize for controlling these costs, particularly focusing on the impact of Required Minimum Distributions (RMDs) that commence at age 72. These mandatory withdrawals from IRAs and 401(k)s can inadvertently increase income, leading to higher Medicare premiums.
New Solution to Wealth Management? Hire a Virtual Family Office Firm
What is a Virtual Family Office (VFO)? A Virtual Family Office (VFO) is an innovative approach to wealth management that caters to the needs of affluent families by offering personalized, comprehensive financial services and advice. Unlike traditional family offices, which are typically reserved for the ultra-wealthy with resources to maintain their own teams of financial professionals, a VFO leverages modern technology to provide similar high-level, tailored financial services virtually.
Millennials Step Up
In 2019, the millennial generation (born from 1981 to 1996) surpassed the number of baby boomers (born between 1946 and…
What’s Up With Inflation
Inflation was already on the rise before we learned about the omicron variant. Now on top of supply-chain shortages and…