Client Service

Final Chance to Undo a 2017 Roth IRA Conversion

If you converted a traditional IRA to a Roth IRA in 2017 and your Roth IRA has sustained losses, you may want to consider whether it makes sense to undo (recharacterize) your conversion. You have until October 15, 2018, to undo your 2017 conversion.* A recharacterization can help you avoid paying income tax on IRA…

Read More

Social Security Retirement Benefits

Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor, disability, and other benefits, retirement benefits are still the cornerstone of the program. How do you qualify for retirement benefits? When you work and pay Social Security taxes…

Read More

2018 Q1 Market Commentary

After starting the year where we left off in 2017 with the S&P 500 rising more than 7% in January, the market finally met some volatility that we haven’t seen in several quarters.  Inflation fears, higher interest rates, tariffs, privacy concerns and other issues finally took the buzz off of the tax cuts and made…

Read More

Today is Valentine’s Day – February 14th 2018

HAPPY VALENTINE’S DAY – to you and all of your loved ones from all of us at Chesapeake Financial Advisors. Celebrate and embrace your life; no one will care as much about your journey in life as you  –  so share with us what that looks like so we can enjoy – along with you…

Read More

Tax Cuts and Jobs Act: 529 Plans Expanded

In December 2017, the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package, became law. College students and their parents dodged a major bullet with the legislation, as initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction. Also on…

Read More

2018 Retirement Plan Contribution Limit Increases

The beginning of the New Year brings increases to the contribution limits for 401k, 403b, and 457 plans. You can now contribute up to $18,500. This is an increase of $500 from 2017. Additionally, if you are over the age of 50, the catch up contribution of $6,000 per year is still allowable which means…

Read More

What You Need to Know About Student Loan Debt

Student loan debt. Three words that strike fear into new graduates and parents everywhere. There are ways, however, to make the repayment of student loans more manageable.  You may be surprised to learn that Income Driven Repayment Plans (IDR Plans) and loan forgiveness opportunities were created with you in mind. The only problem? You must…

Read More

Streamlined Security on Schwab Alliance & Mobile Enhancements

Schwab has streamlined the process of gaining web access to your accounts on Schwab Alliance without compromising online security.  When you enroll for web access you can now choose to verify your identity via a phone call or text message instead of answering questions about your account. Version 8.0 of the Schwab Mobile App has…

Read More

Data Breach at Equifax: What to Do

There is a good chance if you have a credit report that you are among the over 100 million American consumers whose social security numbers, birth dates, driver’s license numbers and addresses were compromised during the data breach at Equifax, one of the three major credit reporting agencies. According to Equifax the breach occurred from…

Read More