It comes as no surprise that college tuition costs are exceedingly steep and have been so for some time. A small reprieve is that costs for higher education have been slowing. Since the pandemic of 2020, tuition and associated college costs have increased less than 5%, while all items tracked by consumer price indexes have increased over 15%.1 Despite this, for many families, the sticker shock of seeing the annual tuition costs of most colleges has been just that – shocking. While the posted tuition costs can be staggering, it is important to know that most families do not end up paying the sticker price when factoring in tuition discounts, scholarships, and student financial aid.

So, you are about to become a new parent. Congratulations! Preparing for parenthood can be equal parts exciting and daunting. In the midst of brainstorming baby names, comparing paint swatches for the nursery, and YouTubing swaddling techniques, there are several important financial planning decisions to consider.

Saving money is essential for achieving financial goals, but where you save matters just as much as how much you save. One strategy gaining popularity is Certificate of Deposit (CD) laddering. Let's explore what CD laddering is and how it can help you make the most of your hard-earned dollars.

Have you ever felt like you're walking on a treadmill with your personal finances - doing a lot of work but not getting anywhere? If so, you may need a spending plan to get back on track. A spending plan is a tool for prioritizing your financial goals and managing your money to reach them.

Elder financial abuse is a type of fraud which involves the misappropriation of financial resources belonging to an elder, within the context of a relationship where there is an expectation of trust and care. In other words, elder financial abuse happens when elderly individuals are preyed upon for financial gain. These schemes can range from simple theft in the form of unauthorized check cashing, to legal document abuse such as fraudulent transfer of Power of Attorney, to more complex schemes such as extortion.

Interest rate swaps are financial agreements between two parties to exchange interest rate cash flows over a set period of time. The two parties agree to exchange interest rates, typically one with a fixed interest rate. This is a way for a bank to offer a long-term fixed rate in any interest environment while maintaining a competitive edge with larger banks. Interest rate swap loans allow the borrower to pay a variable rate on the loan, often using The Wall Street Journal prime rate. Under the swap agreement, a borrower receives the same rate that is paid to the bank and pays a fixed interest rate per the terms of the swap agreement.

The Rochester commercial real estate market has remained resilient in the post COVID, higher interest rate environment. While new construction and redevelopment projects have slowed since the pandemic, commercial property purchase/sell transactions remain consistent. As expected, refinance requests have declined meaningfully with the rapid rise in interest rates.

What is “phishing”? It is one of the most commonly used tactics today to steal a person’s online banking password, secure access code, or sensitive information. It starts with a convincing story or emotional appeal. Some examples recently used:

Without a doubt, as a wealth planning advisor, the question I get asked most often about social security is straightforward: “Will social security be there for me when I need it?”

Cybersecurity is the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information. It seems that everything relies on computers and the internet now—communication (e.g., email, smartphones, tablets), entertainment (e.g., interactive video games, social media, apps ), transportation (e.g., navigation systems), shopping (e.g., online shopping, credit cards), medicine (e.g., medical equipment, medical records), and the list goes on. How much of your daily life relies on technology? How much of your personal information is stored either on your own computer, smartphone, tablet or on someone else's system?

The tax filing deadline is fast approaching, which means time is running out to fund an IRA for 2023. If you had earned income last year, you may be able to contribute up to $6,500 for 2023 ($7,500 for those age 50 or older by December 31, 2023, $1,000 of which is considered a catch-up contribution) up until your tax return due date, excluding extensions. For most people, that date is Monday, April 15, 2024.

As we approach the end of the first quarter of 2024, the market has managed to continue to climb, even with headwinds such as geopolitical conflicts and elevated interest rates still prevalent features in the daily newsfeed. Although investors remain concerned about prices at the grocery store, one worry overrides all others: the election. According to a recent investor survey by Janus Henderson, over 78% of investors cite the election as their biggest worry in 2024.

Check fraud remains one of the most common schemes that victimize consumers and commercial entities every day. The Financial Crimes Enforcement Network (FinCEN) reported 680,000 cases of check fraud reported by financial institutions in 2022, nearly doubling from those reported during 2021.

In order to ensure your financial plan meets your goals, it’s important to keep up to date with the latest federal numbers. For example, there are inflation adjustments, expiring tax breaks and changes to rules coming up in 2024 that could impact how much you can save, gift, deduct, etc. Taxpayers will need to be mindful, too, that numerous provisions from the Tax Cuts and Jobs Act are sunsetting at the end of 2025.

When it comes to New Year’s Resolutions, there seems to be two types of people: those who look forward to making (and sometimes breaking) them, and those who think the whole thing is probably a waste of time. Everyone knows that many popular resolutions are broken by the time Valentine’s Day comes around, just look at the gym in January versus February or March!