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Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will succeed. A successful retirement plan provides the ability to maintain your lifestyle for the duration of your life. Having enough retirement income for what you need and want is essential and must be planned for, even in the best economic conditions. A way to provide income safety is by using annuities as an asset class in your retirement portfolio. Annuities Provide Safety and Income Annuities help retirees address a specific retirement planning risk- Longevity Risk. Longevity Risk is the risk that a retiree outlives their financial assets. Here are other things to know about annuities: Annuities provide income for life. Due to their safety and growth potential, many portfolios use annuities in the financial services industry as an asset class. Annuities are contractual agreements with an insurance company that provide an investor with a guaranteed income stream during retirement in exchange for a premium. Insurance companies provide products such annuities to help individuals manage their long lives. Annuities offer tax-deferred growth of earnings, protection of principal, and a guaranteed lifetime income. The three types of annuities widely used in financial planning are fixed annuities, fixed-indexed annuities, and variable annuities. Like any financial product, there are pros and cons to each type, and due diligence in investigating any annuity should take precedence before purchasing one for your retirement portfolio. Variable Annuities Tax-deferred growth opportunities, but with the risk of principal loss. Potentially Greater Growth. Provides a guaranteed income for life. No Principal Protection. Market-type returns are based on the asset class in the portfolio. Invests in Mutual Funds (i.e., Sub-Accounts). Tax-deferral benefit for non-qualified investments, not applicable to IRAs, 401(k), TSP, etc. Limited Investment Choices in Comparison to the Universe of Mutual Fund Choices. Fees Can Range from 3% to 5%, or more. Variable annuities can be expensive and come with many fees, which decreases the accumulation value. Variable annuities are market sensitive and may incur a loss to the investor. Many times, the investor needs to understand this complex product. Working with the Planned Financial Services team to know if a variable annuity is appropriate for your situation is essential. Fixed Annuities Provides growth opportunities with income for life and offers principal protection. Principal Protection - original principal plus all credited interest is guaranteed. Growth - a fixed rate for a declared period. Tax-Deferral - a benefit for non-qualified assets, not applicable to IRA, 401(k), TSP, etc. No Fees on Base Product Provides a Lifetime Income Before purchasing a fixed annuity, investors should work with the team at Planned Financial Services and consider the issuing company's rate, terms, ratings, and service levels. Fixed-Indexed Annuities Provides growth opportunities with income for life and offers principal protection. Principal Protection - original principal plus all credited interest is guaranteed. Growth - credited interest tied to index performance. Some products offer uncapped strategies—an inflation hedge on the portfolio. Tax-Deferral - a benefit for non-qualified assets, not applicable to IRA, 401(k), TSP, etc. Provides guaranteed income for life. Inflation hedge - growth is designed to increase when prices are appreciating. Investors should consider the fixed annuity index, participation rates, and service levels of the issuing company before purchasing a fixed-indexed annuity. Both Fixed and Fixed-Indexed Annuities provide an alternative for retirees seeking income other than from traditional staples such as CDs, money market accounts, or bonds. For those seeking income and safety, annuities may be an asset class they may want to consider. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value. Fixed Indexed Annuities (FIA) are not suitable for all investors. FIAs permit investors to participate in only a stated percentage of an increase in an index (participation rate) and may impose a maximum annual account value percentage increase. FIAs typically do not allow for participation in dividends accumulated on the securities represented by the index. Annuities are long-term, tax-deferred investment vehicles designed for retirement purposes. Withdrawals prior to 59 ½ may result in an IRS penalty, and surrender charges may apply. Guarantees are based on the claims-paying ability of the issuing insurance company. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by Fresh Finance. Tracking #1-05370306 Sources: https://www.investopedia.com/investing/overview-of-annuities/ https://www.investor.gov/introduction-investing/investing-basics/investment-products/insurance-products/annuities

A solid financial plan for small businesses is vital, and part of that financial plan should be insurance. Insurance is essential to preserve small businesses, cover their assets, and safeguard their employees. Here are some types of insurance coverage a small business should have and why this is critical to your financial plan. General Liability An important part of small business insurance coverage is general liability. This policy covers businesses for some property damage claims and bodily injury claims. Without a general liability policy, your business may not have adequate insurance coverage. General liability insurance helps for injuries to someone other than an employee at your place of business. 1 Commercial Property Your business equipment and the physical location of your business might be your most significant assets. Having insurance to repair or replace a building and equipment in the event of damage, fire, theft, or another catastrophe helps avoid an expensive loss. 2 Commercial Auto Having automobile insurance is critical if your business has any company vehicles, such as delivery trucks. While it is up to you whether or not you want to have your company's vehicles covered by collision insurance, liability coverage is a must. Without liability insurance on your company's vehicles, your business may be sued for damages by a third party in the event of a collision. 1 Business Interruption Another valuable piece of insurance to include in your financial plan is business interruption insurance. This policy replaces some lost income if your business temporarily shuts down due to certain causes. Interruptions may result from fire, theft, or other significant damage. The policy's terms and conditions may reimburse you for money lost because of damages and downtime, such as lost revenue or relocation expenses. 1 Workers' Compensation If you have employees, you must, by law, have workers' compensation insurance to help cover their medical and other expenses for on-the-job injuries. Workers' compensation insurance covers medical costs and may cover part of their lost wages due to the injury. For fatalities caused by accidents that happen on the job, the coverage pays a death benefit to the survivors of the deceased. 2 Life Insurance Small-business owners wear a lot of hats, which makes them invaluable and hard to replace. Having a life insurance policy for the owners of a small business provides the business with some funds to continue in the event of an owner's untimely passing. 1 Small Businesses Are Vulnerable Without Insurance One of the biggest reasons to include insurance in your small business financial plan is that your company is vulnerable without it. Major property damage or a lawsuit might bankrupt small businesses if they are not adequately insured. However, with enough insurance coverage, you may keep your business moving forward even when an unexpected catastrophe occurs. Footnotes 1 Types Of Small Business Insurance, Forbes, https://www.forbes.com/advisor/business-insurance/types-of-small-business-insurance/ 2 26 Types of Insurance Your Small Business Should Consider, Business News Daily, https://www.businessnewsdaily.com/15781-types-of-business-insurance.html Important Disclosures Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any insurance product. To determine which product(s) may be appropriate for you, consult your financial professional. Guarantees are based on the claims paying ability of the issuing company. All information is believed to be from reliable sources; however Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking #1-05370306

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 downturn during the first few years of retirement Having to provide financial support to an adult child Your financial professional may help you map out the likelihood of these options and some strategies you may use to deal with them, such as having an emergency fund, long-term care insurance, or a revised withdrawal strategy. Consolidate and Balance Your Portfolio If, like many, you opened multiple retirement accounts over the years, now might be the time to consolidate these assets into a single account with one provider. For example, you might convert multiple employers' 401(k) accounts into one 401(k). Additionally, if you hold several IRAs at different providers, you may convert them into a single IRA. However, there are often important tax considerations when managing retirement accounts, so it is a good idea to discuss your specific tax issues with a qualified tax advisor before making any major moves. You may need to reevaluate your asset allocation as you enter retirement. Suppose you have had an aggressive, growth-focused portfolio for a long time; you may want to consider shifting into income-producing dividend stocks or other assets like CDs and money market accounts. Generally, a mix of asset types is desirable, some assets with slow growth that may have the possibility of less risk, some that may grow more quickly (albeit with more risk), and some that provide a steady income. Again, your financial professional may work with you to develop a strategy to help manage your needs. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. The payment of dividends is not guaranteed. Companies may reduce or eliminate the payment of dividends at any given time. Asset allocation does not ensure a profit or protect against a loss. This article was prepared by WriterAccess. Tracking #1-05367141

Whether you are an employee in corporate America or a small business owner, retirement is a part of life. For many, the thought of retiring and whether or not you are ready to take those first steps might be overwhelming or intimidating. Ancient philosopher Lao Tzu once said, "The journey of a thousand miles begins with one step." 1 Here is a 6 question checklist for small business owners to ask themselves to determine if they are ready for retirement. ☐ Have I decided on a retirement timeline? Most people don't wake up one day and decide that they will retire tomorrow. It is a decision that requires years of preparation. Knowing when you want to retire is the first step toward pursuing this goal. ☐ Do I have enough money set aside to maintain my quality of life after retirement? This might seem like a no-brainer when it comes to retirement, but many small business owners wonder if they will have enough to comfortably retire. Experts suggest that upon retirement, you want to have at least 10 times your annual salary in savings. Here are a few more questions to consider in preparation for retirement: 2 Are your debts paid off? Will you be able to pay your retirement expenses (both entertainment and bills) long-term without having to eventually depend on social security? Will the 4 percent rule be an approach that is feasible for you? (The 4 percent rule refers to being able to live off of 4 percent of your invested money in the first year of retirement, then increase or decrease the amount to account for inflation in subsequent years). 3 ☐ Is my retirement portfolio diversified enough? Selling your business is one way to fund your retirement, but you don't want it to be the only means that you depend on. Small business owners don't have the luxury of retirement plans offered to employees of larger companies. You have to take it upon yourself to set up a self-employed 401(k), SIMPLE or SEP IRA, or another forms of retirement savings plan. You can invest in stocks and bonds, CDs, real estate, or some form of alternative investment to help mitigate the risk of one of your investment instruments not performing as expected due to some unforeseen issue or market fluctuation. Consider consulting a financial professional to help you learn what suitable course of action to take to try and lessen the chances making unnecessary mistakes. 4 ☐ Do I have a post-retirement plan? Having a post-retirement plan can help you find purpose in retirement. There are countless stories out there of people that have saved and invested money for their entire careers so they could retire. They looked forward to the freedom of waking up and doing whatever they want every day; however, a year after retiring, they realize they miss the day-to-day grind of the workforce. Why is that? Simply put, going to work had given them a purpose in their lives. They were working to provide a comfortable life for their family and saving for retirement. That is why writing out attainable goals, making checklists, and regularly referring to them are important skills to cultivate, especially for retirees. Figure out what your new purpose will be after you retire. Write it down in a notebook and revise these plans periodically. These ideas don't just entail financial plans and objectives, but lifestyle goals, and hobbies that you may be interested in pursuing but never had time before. ☐ Is my succession plan in order? Establishing a succession plan is not something that is done quickly. It requires planning and analysis, and business owners will often take years preparing to have their business passed on or sold to the right buyer. To start you want to: Determine the market value of your business? Identify succession candidates. Communicate your succession intentions with employees. Periodically review and revise your plans as you see fit. Stay up-to-date on tax planning and evolving tax laws. 5 ☐ Have I discussed my decisions and options with a financial professional? Creating a retirement plan is complex, and consulting a financial professional can help you design a course of action that works for you and your goals. When it comes to long-term financial goals, time is your greatest commodity, so the sooner you take action, the easier it will be to pursue your objectives. Watch our May 17, 2023 webinar, "Exit Planning is Business Strategy", to learn how exit planning can help maximize business value now and when you're ready to transition: https://www.youtube.com/watch?v=zqqbSwiVVZM DOWNLOAD the presentation slides from the webinar: https://bit.ly/3WqtXeA Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk. Investing in stock includes numerous specific risks including: the fluctuation of dividend, loss of principal and potential illiquidity of the investment in a falling market. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price. CD's are FDIC Insured and offer a fixed rate of return if held to maturity. Investments in real estate may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Other risks can include, but are not limited to, declines in the value of real estate, potential illiquidity, risks related to general and economic conditions, stage of development, and defaults by borrower. Alternative investments may not be suitable for all investors and involve special risks such as leveraging the investment, potential adverse market forces, regulatory changes and potentially illiquidity. The strategies employed in the management of alternative instruments may accelerate the velocity of potential losses. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by LPL Marketing Solutions Footnotes: 1 Lao Tzu Quotes - BrainyQuote https://www.brainyquote.com/authors/lao-tzu-quotes#:~:text=The%20journey%20of%20a%20thousand%20miles%20begins%20with%20one%20step.&text=Do%20the%20difficult%20things%20while,begin%20with%20a%20single%20step. 2 6 Signs You Have Enough Saved for Retirement, According to CFPs (businessinsider.com) https://www.businessinsider.com/personal-finance/signs-you-have-enough-saved-for-retirement-2021-8 3 What is the 4% Rule and How Can It Help You Save for Retirement? (cnbc.com) https://www.cnbc.com/select/what-is-the-4-percent-retirement-savings-rule/#:~:text=What%20is%20the%204%25%20rule%20for%20retirement%3F,for%20inflation%20each%20subsequent%20year. 4 Retirement Accounts Are Filling up—How Diversified Are They? (usmoneyreserve.com) https://www.usmoneyreserve.com/news/executive-insights/retirement-accounts-filling-up/ 5 Selling a Small Business and Succession Planning for a Small Business (sba.gov) https://www.sba.gov/sites/default/files/files/PARTICIPANT_GUIDE_SELLING_SUCCESSION_PLANNING.pdf Tracking #1-05367141

Small businesses may often find themselves struggling, and there are many situations in which business owners may find themselves weathering a storm and hoping to make it through. While the strength and fortitude of those who run small businesses can be an asset in helping them succeed when times are rough, there are a few strategies that can make survival a little easier. Reduce Costs Strategically When things start to go awry, one of the first things most business owners look for is ways to cut down on expenses to improve cash flow. Unlike widespread significant cuts that large corporations often employ, small businesses must be more strategic with their trimming. For example, if you cut your staff down too drastically, you may find your company spread so thin that you are not able to recover. Likewise, if the cuts are too minor, they may not be enough to make a difference. Take time to make a well-researched analysis of how proposed cuts can affect your business in the present and the future. 1 Find Low-Cost Marketing Solutions Even when times are tough, you need to continue to promote your company so that you are able to keep your current customers and try to obtain more, which can help increase your cash flow. The good news is that marketing your business is still possible even with a small budget. Put your company's focus on types of marketing that may have a low initial cost and a higher return rate. Content marketing and social media marketing are great ways to draw in new business and get your name in front of potential customers without spending a lot upfront. 2 Expand Your Network When times are tough for your business, they are likely hard for other businesses as well. There is strength in numbers, and connecting with other companies or industries may be the answer to some of your problems. You could cross-promote your business with other peers that provide complementary services, recommend each other's businesses, or see if there are other ways for you to help each other out. 1 Don't Dwell on Past Mistakes When things start to go wrong, it is easy to get caught up in past mistakes. Dwelling on the past may make you continue to replay issues and situations that you believe brought you to the current point in your business. This may leave you wondering how the outcome would be if you had changed something. Unfortunately, the past is not able to be changed, and living with regret may prevent you from pushing forward and doing what you need to keep your business afloat. 1 Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking #1-05367141 Footnotes: 1 "The Small Business Hard Times Survival Guide," Live About https://www.liveabout.com/the-small-business-hard-times-survival-guide-2951407 2 A 10-Point Small-Business Survival Plan for Dealing With the Coronavirus, Entrepreneur, https://www.entrepreneur.com/living/a-10-point-small-business-survival-plan-for-dealing-with/347913

For small business owners, ensuring your investment is covered can be considered very important to ensuring the survival of your business after you are gone. One of the ways in which some small business owners do this is by applying for life insurance in the event they were to die before they retire. Life insurance may benefit small business owners and their heirs in many ways, from providing for loved ones to providing financial stability to your company after you're gone. Check out some of the more important reasons small business owners should carry one or more life insurance policies for their business. 1. To Ensure the Business Will Continue One of the biggest reasons small business owners purchase life insurance is for the continued survival of their business after their death. When a small business owner passes, finding people to replace their responsibilities and deal with all of the costs of succession may be an unnecessary struggle. A life insurance policy will help your business to find a suitable replacement for your duties, help pay off business debts to improve company cash flow and provide the company with the funds to handle unexpected expenses that may come up. If you have a life insurance policy with a cash value, you will also have the ability to tap into those funds if the business is struggling. This can be considered an added benefit many life insurance policies may bring. 1 2. To Satisfy a Partnership Agreement You probably have a partnership agreement if you own a small business with others. These agreements plan for the event of death or disability of one of the partners. In most agreements, the remaining partners will be able to buy out the shares of the partner who passed or became permanently disabled. Even when business is good, it may be difficult for the other partners to buy the shares from the survivor's family, depending on their equity. The life insurance policy will often be used to buy these shares from the deceased partner's heirs. 1 3. It May Be Required for a Loan Suppose you fund your business with a small business loan or have taken one out to gain additional capital. In that case, the bank may require a Buy/Sell agreement and life insurance policy for the business owners that are guaranteeing the loan. While this is not always a requirement and will depend on the loan amount, the bank, and their underwriting requirements, it may be expected if the lender suspects the business may struggle if the owner were suddenly gone. Essentially, the bank will want to ensure that their debt will be covered in the event of your death, which means the policy will typically need to be a larger amount than the loan debt if required. 2 Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual or business owner. To determine which insurance product(s) may be appropriate for you, consult your financial professional prior to purchasing. This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking #1-05367141 Footnotes: 1 "Life Insurance For Business Owners: Types, Tips & More," Forbes https://www.forbes.com/advisor/life-insurance/life-insurance-for-business-owners/ 2 "Protect the Future of Your Small Business With Life Insurance—Yes, Life Insurance," All Business, https://www.allbusiness.com/protect-the-future-of-your-small-business-with-life-insurance-104608-1.html

Starting a company from scratch can be stressful, no matter how well-prepared you are. Many entrepreneurs can be vulnerable to burnout, which can quickly turn a dream business into a nightmare. What can business owners do to reduce stress and avoid losing their zest for entrepreneurship? Check out these five helpful tips below. Set Boundaries Solid and clearly-communicated boundaries are crucial for any business owner. There will never be a time when there isn't something to do—so without clear boundaries between your work life and your home life, you run the risk of being tied to your business 24/7. This can mean limiting after-hours calls to emergencies only or delegating a backup to handle all business decisions so that you can truly unplug while on vacation. Track Your Time Spending a week or two tracking how you spend your time can be eye-opening. You may find that you're spending more time than expected on fairly minor tasks, or allowing important tasks to be pushed to the bottom of your list. Having a time log can help you make the changes you need to get more done in less time. Prioritize and Delegate As the saying goes, 80 percent of your results can come from 20 percent of your efforts. Put another way; you could spend 80 percent of your time getting just 20 percent of your results. It's important to focus on the projects and expenses that can give you a good return on your investment and delegate or outsource those that don't. Say "No" Entrepreneurs can be tempted to take on every new opportunity available, so turning down work, especially in the fledgling stages of a business, can feel like a bad idea. But overloading yourself can be one of the quickest ways to burn out. Declining projects that aren't worth your time can free up time for more lucrative projects. Focus on Physical Health It's important to take time every day for certain tasks, including: Regular breaks. Your productivity can start to wane after a few hours of unbroken work, so taking quick breaks to do something enjoyable or relaxing can help you keep focused throughout the day. Plenty of sleep. A few nights of too-little sleep can leave you going through the day like someone who has had a drink or two. 1 Be sure to leave enough time for a good night's sleep so that you can be clear-headed the next day. Adequate exercise. Spending all day at a desk can leave you feeling so drained that, after the workday, you may not be in the mood for much else but a couch and salty snacks. By scheduling exercise into your day, you can maintain physical health and release mood-boosting endorphins. Entrepreneurs can also benefit from finding someone to talk to about the specific issues they're facing—whether this is another group of entrepreneurs, a mentor, a trusted friend or loved one, or even a therapist. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking #1-05366479 Footnotes 1 "Risks from not getting enough sleep: Impaired performance," Centers for Disease Control and Prevention, https://www.cdc.gov/niosh/emres/longhourstraining/impaired.html#:~:text=Being%20awake%20for%2017%20hours,drunk%20driving%20level%20of%200.08.

We generally recommend that everyone has some level of financial literacy to help manage their finances. However, financial literacy becomes even more crucial when you're a business owner. You may wish to become familiar with common terminology and business finance principles to help you stay abreast of trends in a constantly changing market. Here are some concepts that financial literacy encompasses and why we believe having financial literacy is crucial in business. What is Financial Literacy? At the broadest level, financial literacy is understanding and implementing various financial skills, including budgeting, investing, and personal financial management. These activities may also include creating contingency plans, forecasting, and understanding balance sheets or cash flow statements in the business context. How Business Owners May Benefit from Financial Literacy You are operating blindly without financial literacy and a solid grasp of your business's numbers. You may not know if the company is profitable, what areas you should focus on or improve, and what the prospects are for your company. Create a Financial Plan Your company should have, at a minimum, a balance sheet, an income statement, and a cash flow statement. These documents give a snapshot of your business's financial health and help you identify areas for improvement or impending future expenses. They help you create a financial plan for your business. Your financial plan should include factors such as: Startup costs Annual and monthly operating expenses Projected revenues and monthly or annual targets Depreciation Overhead costs Personnel costs After your financial needs are clear, you may have a better idea of how much revenue you need to generate to work toward your goals. Track Your Progress Just as it is important to set up a financial plan and begin tracking cash flow and operating expenses, it is also important to regularly track your progress and ensure that you are hitting your financial targets. Some business owners review statements every week. Others do this monthly or quarterly. If you are not seeing the progress you hoped for, you can make changes before things go too far down the wrong path. Manage Cash Carefully Cash is one of the most common vulnerabilities for any small business. Cash on hand accounts for 15% of all embezzled funds, and cash theft is among the toughest types of theft to trace. 1 Using software to help log and track cash transactions and employing cash control measures may help secure these funds from theft while you are not paying attention. When it comes to business, profit and cash flow are key. Without some financial literacy to help you evaluate the many economic measures you may track; you may not be able to make the well-informed decisions necessary to keep your business moving forward. Consulting with your team at Planned Financial Services may help guide your business in a positive direction regarding financial decisions. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking #1-05366479 Footnotes 1 56 Relevant Employee Theft Statistics: 2023 Data on Perpetrators & Prevention https://financesonline.com/employee-theft-statistics/

With April's federal tax filing and payment deadline on the horizon, Americans are dotting their i's and crossing their t's as they prepare for the countdown to Tax Day. But before you rush to get that return out the door, are you confident you have everything in order to make your tax filing go as smoothly as possible? Here are five last minute details to double check before Tax Day. Ensure Your Paperwork Is In Order It is important to ensure that necessary documents (digital online or hard copy) are organized so you can take advantage of all possible deductions. Max Out Your Advantaged Accounts Even though the deadline has passed (Dec. 31, 2022) for 401(k) contributions, it is still possible to contribute the max to your Roth IRA or traditional IRA accounts ($6,000 or $7,000 if aged 50 or over) until April 18, 2023. Keep in mind that if you have a Roth IRA, there are contribution limits that take effect based on your income. Depending on whether you are a single or a joint filer, the amount you are allowed to contribute begins to phase out in $600 increments as your income increases. The contribution limit for a SIMPLE plan is $14,000 and for a SEP, contribution can't exceed the lesser of either 25% of the employee's compensation, or $61,000. Ensure You Understand The Deductions And Credits That May Benefit You There are different deduction and credit opportunities out there that could benefit you during tax time, including: Earned income tax credit (EITC) Charitable contribution deduction American Opportunity tax credit Child tax credit (CTC) Deducting moving expenses for members of the military It may be beneficial to seek the help of an experienced financial professional to learn which deductions and credits could benefit you. Set Up Direct Deposit If you haven't done so yet, consider setting up direct deposit so that if you are eligible for a refund, it will hit your bank account faster. Consider Consulting a Financial Professional The world of taxes can be complex and though there are online tax preparation apps and do-it-yourself tax manuals available, it can be difficult to navigate which benefits might work for you. It is highly encouraged that you consult a financial professional and discuss your financial situation and goals. Some of the nuances you might encounter could be: Getting the most out of any credits or deductions that you are eligible to take. Accessing the correct information to use from your brokerage statement regarding your investment accounts. An understanding of future tax projections and their impact on your financial strategy. Consider speaking with your team at Planned Financial Services and make the most of this tax season and beyond. Important Disclosures Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual or any investment product. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by LPL Marketing Solutions Footnotes: Deadline to max out retirement accounts for 2022 (cnbc.com) Credits & Deductions for Individuals | Internal Revenue Service (irs.gov) Your Brokerage Statement: How to Read and Make Sense of It | FINRA.org Tax Planning: What It Is, How It Works, Examples (investopedia.com) Tracking # 1-05366479

Planning for retirement is exciting, but it may come with a bit of stress. If you worked hard all your life, now might be the time to relax and enjoy the fruits of your labor. One of the things that you may need to consider is when it is time to begin claiming your Social Security benefits. If you are unsure when to start your claim, here are a few questions that may help you determine if it is time to make a claim or if you should delay a little longer. When Are You Considered Full Retirement Age? The first question to ask is what is considered your full retirement age. Once you are at your full retirement age, you are entitled to your full monthly Social Security benefit. The full retirement age depends on the year you were born. Those born in 1958 are at full retirement age at 66 and eight months. Those born in 1959 are at full retirement age at 66 and 10 months. Those born after 1960 come to full retirement age at 67.2 years old. How Much Money Do You Have in Your Retirement Savings? You will want to consider the monthly income you get from your retirement savings. Determine how much annual income you need for your monthly obligations. Then see how much money you need to withdraw from your savings each year. If there is a shortfall, you may want to claim your Social Security when you are eligible. If you have enough annual income from savings for your needs, you may want to wait on your claim to get a higher monthly benefit. 1 Are You Dealing With Any Major Health Issues? While delaying your Social Security payments may result in a larger monthly benefit, the payouts end up being the same overall amount in total. Social Security payment calculations use the average life span, and the amount is divided by how many years you are likely to claim the benefits. Certain major health conditions may result in a lessened life span. If this is the case, making an early claim may be the better option if you feel you might not claim your benefits for the full average life span. If you are in good health and do not have any conditions that are likely to result in a shorter life span than average, you may choose to wait if you have enough money to sustain yourself until a later age. 1 Navigating retirement may seem a little daunting as you decide how to sustain yourself comfortably in your later years. While one of your significant decisions is determining when to start claiming Social Security, by answering the few questions above, you may be in a better position to come to the decision that may work for you. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by WriterAccess. Tracking #1-05366479 Footnotes 1 If You Can't Answer These 3 Questions, You're Not Ready for Social Security https://lacrossetribune.com/business/investment/personal-finance/if-you-cant-answer-these-3-questions-youre-not-ready-for-social-security/article_e5ef230a-6fc2-5bd0-9c2e-e4eea386561d.html 2 Your Social Security Statement, SSA.gov, https://www.ssa.gov/myaccount/assets/materials/SSA-7005-SM-SI%20Wanda%20Worker%20Near%20retirement.pdf

When was the last time you gave yourself a financial checkup? As the saying goes, there's no time like the present. This is especially true when it comes to reviewing the current state of your finances and figuring out what you need to do to get – or stay – on track so you can pursue your financial goals. To do this requires you to take into account a variety of factors. Setting aside time to understand your financial condition and conduct an honest assessment of where you stand is a great way to get started. Before you jump right in, consider these seven steps that you can take to assist you in evaluating where you stand financially and to help you determine a reasonable course of action to plan for the future. STEP 1: Evaluate Your Net Income, Income Sources, and Review Your Spending Habits Do you know your net income? After all the benefits, social security, and taxes are deducted from your paycheck; you are left with your net income. This can be an eye-opener for some people. Say somebody gets hired at $60,000 per year. You will not be bringing $60,000 home. Hypothetically speaking, if you live in South Carolina, you pay federal income taxes, state income taxes, social security, and Medicare which amounts to over $14,200. That $60,000 just became a little more than $45,500. Don't forget: you also have to consider how much you pay for health insurance, vision, dental, and possibly life insurance if you have it. Knowing your net income is important because you have to be aware of how much money you bring in (income source) and, conversely, how much is going out. There are monthly bills, food, gas, entertainment, childcare, and more. STEP 2: Recognize How Rising Inflation and Interest Rates Will Affect You The inflation rate has not been this high in nearly half a century. Interest rates are also rising. Because the cost of living is noticeably going up, there are a few things you can do to soften the burden on your wallet. Understanding your daily, weekly, and monthly spending habits and sticking to a budget may help you better manage your financial situation while you adjust to current inflation and interest rates. According to a survey by The Penny Hoarder, over 55 percent of Americans do not use a budget to manage their income, and 56 percent of respondents said they didn't know how much money they spent last month. 1 That is a big difference. Here are a few tricks to help you manage your money and your spending habits: Review your account statements and list the amount of money coming in. List the weekly and monthly expenses, including groceries, gas, entertainment, debts owed, and bills. Money can seemingly disappear if you are not taking account of your expenses, if you are not spending wisely, or if you are spending more than you are earning. If extra money is in your bank account, consider saving and investing it. In today's technologically advanced world, there are even "apps" available that can be uploaded to help you monitor your spending and offer budgeting tips. Work on eliminating unnecessary expenses. Be honest with yourself about where the money is going. Consult with a financial professional to help you develop a financial plan that is appropriate for you and your specific situation. STEP 3: Consider Investing Investing is a way of taking money that you have saved and potentially growing your wealth over time. It is essential to understand the value of careful and knowledgeable investing instead of keeping your cash locked up solely in bank accounts that typically generate minimal returns and is tempting to spend. The real benefit of investing is the preservation and growth of your wealth. There are a few ways that you can invest. Having a diversified portfolio, especially in an unpredictable market, is wise in case one segment of the market falls harder than other industries. A few ways to invest include: Stocks – Buying stock is having ownership in a company. When you purchase, say, five shares of Amazon stock, you have now become a partial owner of Amazon, and if they do well and the stock increases, meaning it is worth more than when you bought it, and you sell it, you just made money which is called capital gains (though it is recommended to hold stocks with the intention of being a long-term investment. Day trading, buying and selling, hoping stocks go up and selling for small profits is extremely risky!). There are a variety of different stocks that you can buy including common, preferred, domestic, international, penny, and more. 2 Mutual Funds – A mutual fund is an investment company that pools the money of many investors together and invests the money in different assets, including stocks, bonds, real estate, and more. Each mutual fund consists of multiple companies. As an investor, you buy shares in the mutual fund, meaning that you are buying ownership in multiple companies compared to a stock that is one company. This type of investment generates income in two ways; one of them is through capital gains which, again, means that the value (the price) of the shares increases compared to the price you bought them. If you sell it when it is higher than when you purchased it, you make money. The second way is through dividends. Dividends are distributions of a company's earnings to its shareholders. 3 Retirement Accounts – These are savings accounts with tax advantages that focus on long-term investing and saving. They can be either through your place of employment or personal. A few types include 401(k), Roth IRA, Traditional IRA, SEP IRA, Simple IRA and Simple 401(k), a Solo 401(k), and more. 4 Other Ways to Invest – Bonds, Education Accounts, Exchange-Traded Funds, Custodial Accounts, Real Estate, and more. STEP 4: Saving Enough Money for Emergencies in a Volatile Market There is always the possibility of an unexpected financial emergency, whether a medical bill, car issue, income loss, or other unforeseen challenges. Setting up an emergency fund is essential to prepare yourself for financial obstacles. The general rule of thumb is to keep enough money in your savings account to cover three to six months' expenses. 5 STEP 5: Pay Down Your Debt If you live an average life, it seems that accumulating some debt, whether a home mortgage, a car, or a personal loan, is just part of the equation. Some days it might seem like trying to climb Mount Everest in flip-flops, but there are techniques you can try that might help you gradually get ahead of the debt. These techniques include: Debt Avalanche Method You make the minimum payment on each account where you owe money but pay as much as possible to the one with the highest interest rate until it gets paid off. Then you apply this method with the second highest interest rate, and so on. Debt Snowball Method You pay off the smallest balance first and then work up to the largest. STEP 6: Keep Track of Your Credit Score A solid credit score is essential in pursuing your financial goals. Many people do not regularly monitor their credit or even know what their current credit score is, but making regular payments on accounts you owe has the potential to impact it tremendously. If possible, you want to try and pay off any credit card or personal loan balances in full. Stay on top of it, even if you cannot pay in full at this moment in time. STEP 7: Work With a Financial Professional Trying to manage your finances and complete everything involved on your own can potentially be overwhelming. The hassle of collecting and organizing your financial information can be a nightmare by itself. Having an experienced financial professional in your corner may help you navigate the complexities of financial planning and you can work together to mitigate mistakes that could cost you in the long term. Take the time to research and consult with your team at Planned Financial Services so you can start planning today for you and your family's future. 1 These Budgeting Statistics Show Most of Us Don't Track Our Spending (thepennyhoarder.com) https://www.thepennyhoarder.com/budgeting/budgeting-statistics/ 2 Types of Stocks: Understanding the Different Categories (fool.com) https://www.fool.com/investing/stock-market/types-of-stocks/ 3 Mutual Funds and ETFs (sec.gov) https://www.sec.gov/investor/pubs/sec-guide-to-mutual-funds.pdf 4 Types of Retirement Plans | Internal Revenue Service (irs.gov) https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans 5 An essential guide to building an emergency fund | Consumer Financial Protection Bureau (consumerfinance.gov) https://www.consumerfinance.gov/an-essential-guide-to-building-an-emergency-fund/ Important Disclosures Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual security. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. Investing in stock includes numerous specific risks including: the fluctuation of dividend, loss of principal and potential illiquidity of the investment in a falling market. Investing in mutual funds involves risk, including possible loss of principal. The funds value will fluctuate with market conditions and may not achieve its investment objective. Upon redemption, the value of fund shares may be worth more or less than their original cost. Dividends payments are not guaranteed and may be reduced or eliminated at any time by the company. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor. Inflation is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. All information is believed to be from reliable sources; however, Planned Financial Services makes no representation as to its completeness or accuracy. This article was prepared by LPL Financial Marketing Solutions. Tracking #1-05361336

Spring can be a fantastic time to refresh your retirement plan and savings habits. With 2023 bringing increased limits for 401(k)s, individual retirement accounts (IRAs), Health Savings Accounts (HSAs), and other tax-advantaged accounts, it may be worth taking a closer look at your retirement savings. Below, we discuss three possible ways to refresh your retirement plan this spring. Maintain Consistent Savings With inflation taking a bite out of just about everyone's paychecks, it can sometimes be tempting to decrease the amount you're contributing to retirement just to gain a bit of breathing room. However, maintaining a consistent rate of savings even through lean times can go a long way toward securing your financial future. When it comes to saving for retirement, time is on your side—and the more you can contribute at a younger age, the more time this money will have to grow. If your savings rate has been at the same level for more than a few years, it may be time to revisit this contribution. You may discover that you can afford to set aside a little more; in other cases, it may make sense to switch from a tax-deferred account to a post-tax account like a Roth 401(k) or Roth IRA. Review Your Asset Allocation When it comes to investing for retirement through an employer plan, the options available to you may sometimes seem overwhelming. Far beyond mere "stocks vs. bonds," employees are asked to choose from accounts ranging from growth to stability, domestic to international, and tech to blue chips. For some plans, the default option is to put contributions into a money market account rather than investing them in the stock market. Does your asset allocation appropriately reflect your risk tolerance and investment timeline? It can be tough to know. Fortunately, you don't have to do it alone. A financial professional can work with you on your strategies and goals, making adjustments where necessary to keep you on the right path. Don't wait until you get closer to retirement to realize you haven't been investing as efficiently as you would have liked. Check Your Beneficiaries One last thing that is important to keep an eye on involves the disposition of your assets once you've passed away. Many financial accounts like 401(k)s, IRAs, and even some bank accounts may require you to name a beneficiary. And for life insurance policies, the beneficiary is key—this is the person to whom the benefits pass, regardless what a marriage decree or executed will may say to the contrary. If you've gotten married or divorced, had children recently, or if it's been more than a year since you evaluated your beneficiary designations, it's important to revisit each of your financial accounts to ensure your beneficiary designations continue to reflect your wishes. In many cases, a surviving family member has discovered too late that their loved one named an ex-spouse or estranged family member as their beneficiary, leaving those who depend on them in the lurch. Important Disclosures: Investment advice offered through Planned Financial Services, a Registered Investment Advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing. Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change. An investment in the Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Asset allocation does not ensure a profit or protect against a loss. This article was prepared by WriterAccess. Tracking #1-05361336