Client Service

Estimating Your Retirement Income Needs

You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you’ll need to fund your retirement. That’s not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your…

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Understanding Risk

Few terms in personal finance are as important, or used as frequently, as “risk.” Nevertheless, few terms are as imprecisely defined. Generally, when financial advisors or the media talk about investment risk, their focus is on the historical price volatility of the asset or investment under discussion. Advisors label as aggressive or risky an investment…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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