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From the Desk of Todd Wike

With market volatility on just about everyone’s mind, I think it’s important that we don’t lose sight of all the other important components of your financial plan. In honor of National 529 Savings Plan Day this month (May 29), I’m sharing a helpful infographic on saving and paying for college. If you have children, funding a college education may likely be one of your greatest financial challenges. By starting to save early, you can take maximum advantage of tremendous compounding interest growth opportunities, as well as tax-deferred savings and tax-free withdrawal benefits that a 529 plan offers. The plan benefits are a great first step in helping your child obtain the education of their dreams.

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Click here to access the Infographic.

The other topic I’d like to cover this month is the importance of regularly reviewing your beneficiary designations to ensure they accurately reflect your wishes and your estate planning goals. Beneficiary designations should be routinely checked, but are essential following a major life change, including marriage or divorce, birth of a child or grandchild, or serious illness or death in the family. A major financial change such as retiring or receiving an inheritance also warrants a review. Since a beneficiary designation may overrule your will or trust (depending on your state), it’s essential to involve us and your estate planning attorney in the process. There may also be financial or tax implications, so careful collaboration with your estate planning professional is key. Ensuring your beneficiary designations are as you wish them to be will also make the process easier for your loved ones should something happen to you.

Important questions about beneficiaries

If you own life insurance policies, have you named both primary and secondary beneficiaries?

How are your retirement assets, such as an IRA, 401(k), 403(b) or annuity designated? Are they payable on death (“POD”) or transfer on death (“TOD”) accounts and if so, have you named primary and secondary beneficiaries?

Is your home and other real estate held under a TOD deed or beneficiary deed?

Do you have your vehicles registered with a TOD beneficiary?

As always, if you have any questions or need additional information, please reach out.

Take care,

Todd M. Wike, CFP®
CERTIFIED FINANCIAL PLANNER™
Managing Partner, Potomac Financial Group
2022 RJFS Chairman’s Council Member*

The information contained in this material does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Todd Wike and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Keep in mind that individuals cannot invest directly in any index, and index performance does not include transaction costs or other fees, which will affect actual investment performance. Individual investor’s results will vary. Past performance does not guarantee future results. Future investment performance cannot be guaranteed, investment yields will fluctuate with market conditions. Raymond James is not affiliated with and does not endorse the services or opinions of the various podcasts or applications discussed in this material. Chairman’s Council Membership is based on prior fiscal year production. Re-qualification is required annually. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisors future performance. No fee is paid in exchange for this award/rating. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®,CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.