Year-End Donations and #GivingTuesday

Year-End Donations and #GivingTuesday
A list of things to consider as you think about year-end charitable donations   With its family traditions and festive celebrations, the holiday season is the most wonderful time of the year. And according to GivingTuesday.org, the giving in the U.S. alone totaled $2.7 billion to nonprofits and community organizations on #GivingTuesday in 2021, a 6% increase from 2020. Unfortunately, despite the greatest of intentions, many will inevitably make..
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Carving Out Time to Support Small Business Saturday

Carving Out Time to Support Small Business Saturday
American Express created Small Business Saturday in 2010 to provide small businesses with a holiday season boost on the heels of Black Friday. The day comes after one of the biggest shopping sales events and serves as a reminder to spend some of your holiday funds with local shops. Those shops may on your support to stay in business. Check out some simple ways to support your local businesses this Small Business Saturday.   Provide Your Support ..
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Too Good To Be True? 4 Black Friday and Cyber Monday Scams and How To Spot Them

Too Good To Be True? 4 Black Friday and Cyber Monday Scams and How To Spot Them
BlackFriday and Cyber Monday are two of the greatest days to score deals for holiday shopping. Unfortunately, with amazing deals plentiful, some scammers use these days to take advantage of shoppers looking for the greatest bargains on items they need. Try to shield yourself during this holiday shopping season by understanding the type of scams these criminals perpetrate and how to spot them.   1. Watch Out for Fake Websites One popular scam is ..
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10 Best Financial Benefits for Military Families

10 Best Financial Benefits for Military Families
Members of the military have a lot of special financial challenges that most people don't encounter. However, they have access to many benefits, tax breaks and legal protections that can make a huge difference in their families' personal finances. Here are ten of the top financial benefits available to service members and how to make the most of them to manage your family's financial future.   Low-Cost Retirement-Savings Plan Service members ha..
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Planning Lessons for Educators - Addressing Your Financial Issues

Planning Lessons for Educators - Addressing Your Financial Issues
Being an educator requires expertise and that you stay current on developments in your field. However, that level of ongoing attention can make it difficult to find the time to stay on top of issues that affect your finances, or to put together a comprehensive financial plan. Whether you work directly with students or focus on research, whether you are just starting your career or have achieved distinction in your field, you may benefit from work..
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Year-End Tax Planning Basics

Year-End Tax Planning Basics
Thewindow of opportunity for many tax-saving moves closes on December 31, so it's important to evaluate your tax situation now, while there's still time to affect your bottom line for the 2022 tax year.   Timing is everything Consider any opportunities you have to defer income to 2023. For example, you may be able to defer a year-end bonus, or delay the collection of business debts, rents, and payments for services. Doing so may allow you to pos..
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Tips To Help Your Local Animal Shelter

Tips To Help Your Local Animal Shelter
Are you an animal lover looking for ways to help dogs, cats, and other rescued animals at your local shelter? From spending time with pets in need to helping with administrative tasks, there are a variety of ways you can help improve the lives of our four-legged friends!   Spread the word  Hang fliers for upcoming adoption events or adoptable animals in pet stores, vet offices, parks, and other places where potential adopters will see them. Sha..
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How secure is your data when it’s stored in the cloud?

How secure is your data when it’s stored in the cloud?
As cloud storage becomes more common, data security is an increasing concern. Companies and schools have been increasing their use of services like Google Drive for some time, and lots of individual users also store files on Dropbox , Box , Amazon Drive , Microsoft OneDrive and the like. They’re no doubt concerned about keeping their information private – and millions more users might store data online if they were more certain of its securit..
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How Estate Planning Can Help Prepare for Long Term Care

How Estate Planning Can Help Prepare for Long Term Care
The cost of long-term care can vary widely based on location (both city and state) and level of care needed. However, one thing is for certain: with 7 in every 10 people requiring long-term care at some point, preparing for this care is vital. 1 With the median cost of an assisted living facility topping $4,500 per month in 2021, and the median price of a private room in a nursing home costing just over $9,000 per month, deciding to simply w..
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A Fall Financial Checklist

A Fall Financial Checklist
For many, autumn is the best time of year. The return of cool breezes, comforting foods, and pumpkins can be invigorating. It’s also a bookmark of sorts, especially for your finances—a perfect time to take stock of your spending after the summer’s over to see what lies ahead. These tips can help you make simple, sensible choices and take action to make the most of your money, from your food choices to your financial options to protecting yo..
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The Health of Social Security - Some Good News and Some Bad News

The Health of Social Security - Some Good News and Some Bad News
With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn't in danger of going broke — it's financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. Each year, the Trustees of the Social Security Trust Funds release a detai..
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Six Potential 401k Rollover Pitfalls

Six Potential 401k Rollover Pitfalls
You're about to receive a distribution from your 401(k) plan, and you're considering a rollover to a traditional IRA. While these transactions are normally straightforward and trouble-free, there are some pitfalls you'll want to avoid.  Consider the pros and cons of an IRA rollover The first mistake some people make is failing to consider the pros and cons of a rollover to an IRA in the first place. You can usually leave your money in the 401(k)..
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An Essential Guide to Estate Planning Preparedness

An Essential Guide to Estate Planning Preparedness
A recent survey by Caring.com found that a whopping two in three American adults do not have an estate plan 1 —an alarming statistic, considering that an estate plan can protect your assets and ensure that they go to the right people. If you have not begun to prepare an estate plan, or if your estate planning efforts have stalled, what can you do to get back on track? Here are seven crucial steps to take when planning your estate. #1: Inventor..
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Moving Your 401(k) to a Roth IRA Tax-Free?

Moving Your 401(k) to a Roth IRA Tax-Free?
Question I made after-tax contributions to my 401(k). When I retire, can I roll that money into a Roth IRA tax-free? Answer Yes. After-tax funds can be segregated from other funds in the account and transferred directly to a Roth IRA. In fact, it would be a mistake not to. (Don't confuse after-tax contributions to a regular 401(k) with contributions to a Roth 401(k), which are also made with after-tax dollars but to which slightly different rules..
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What To Do When Faced with Bear Market Rallies

What To Do When Faced with Bear Market Rallies
Look beyond the emotional headlines and study the hard facts aboutbears  The real value of a bear market may be that it gives investors, who are temporarily frozen within its grip, the opportunity to learn or relearn important lessons regarding risk and diversification. For savvy investors, a bear market also creates a period for looking beyond emotional headlines and studying the hard facts – facts that can ultimately place them in a position..
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Understanding Tax Loss Harvesting

Understanding Tax Loss Harvesting
What is Tax Loss Harvesting? When investments in taxable accounts do not perform as hoped and actually lose value, investors may be able to take advantage of tax benefits to help offset their losses. The concept of tax loss harvesting is fairly straightforward. It involves identifying investments that have lost value and selling them in order to generate capital losses. Then, investors can use those losses to offset capital gains realized by othe..
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Some Things Investors Need to Know About Booms and Busts

Some Things Investors Need to Know About Booms and Busts
Economies and markets are cyclical. They may include periods of wealth creation and times of bursting bubbles that bankrupt companies in a major downturn. "Boom and bust" cycles may last anywhere from a few months to a few years or longer. During boom times, the economy grows, there are more jobs, and the market provides investors with healthy returns. But during a bust, the economy contracts, jobs are lost, and the market falters. Eventually, th..
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Staying on Track with Your Retirement Investments

Staying on Track with Your Retirement Investments
Investing for your retirement isn't about getting rich quick. More often, it's about having a game plan that you can live with over a long time. You wouldn't expect to be able to play the piano without learning the basics and practicing. Investing for your retirement over the long term also takes a little knowledge and discipline. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, inc..
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Value Investing and Todays Affluent Portfolio

Value Investing and Todays Affluent Portfolio
A Philosophical Question Every consumer likes a good bargain, particularly value investors, who seek out stocks trading for less than their intrinsic value. By choosing companies the market has undervalued, or investing in mutual funds with similar objectives, value investors may realize positive returns. With proper diversification, the prudent use of a value-based investment philosophy may well serve the long-term needs of today’s investor. G..
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LPL Financial Research Midyear Outlook 2022: Navigating Turbulence

LPL Financial Research Midyear Outlook 2022: Navigating Turbulence
Markets rarely give us clear skies, and there are always threats to watch for on the horizon, but the right preparation, context, and support can help us navigate anything that may lie ahead. So far, this year hasn’t seen a full-blown crisis like 2008–2009 or 2020, but the ride has been very bumpy. We may not be flying into a storm, but there’s been plenty of turbulence the first part of 2022. How businesses, households, and central banks s..
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Summit Financial Services, Inc
145 Pinelawn Road
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Melville, NY 11747
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