Eastern Planning Inc.

08/09/2024

Sorry everyone we are working on removing a hacker on my account. I promise we do not sell watches!!!

08/03/2024

🍉Let’s make today one in a melon 🍉
Cheers to National Watermelon Day!

08/02/2024

The lazy days of summer are coming to a close, and we’re now entering National Back to School Month! 📚✏️

This time of the year can be both exciting and stressful. There’s a lot to coordinate: purchasing supplies, signing up for afterschool activities, and simply readjusting schedules.

But there’s no doubt that education is one of the greatest investments we can make in our children’s futures. This month, whether you have children or grandchildren, we can all help support the next generation, especially those less fortunate than us.

Think about donating supplies, volunteering your time, or contributing financially to initiatives such as Junior Achievement USA—every bit helps.

Helping families with financial strategies to fund educational goals is one of the most rewarding parts of our jobs. It is also so fulfilling to support education in our communities during this time of the year.

What community events do you participate in?

08/01/2024

"Cheers to August! 🥳🍹

Whether it’s soaking up the last bits of summer or getting ready for fall, let’s make this month as fabulous as ever!

What’s your August bucket list?

07/31/2024

Wow, July, you came and went!

As we say goodbye to this month, let’s take a moment to appreciate the highs, learn from the lows, and gear up for the adventures August will bring.

What was your July highlight?

Our highlight was camp visiting day, and we have the pictures to prove it 😁

07/30/2024

In 2023, the number of 401(k) millionaires grew by 11.5%.

Want to join the ranks of 401(k) millionaires? Avoid these common pitfalls!

❌ Not contributing enough
In 2024, the annual 401(k) contribution limit is $23,000 ($30,500 if you're 50+)
Review how much you contribute each year and consider making changes, if possible.

❌ Tapping into your 401(k) prematurely
Borrowing from your 401(k) might disrupt your investment strategy. Taking money out of your 401(k) should be just one option to consider if you are preparing to make a purchase.

❌ Overspending and living beyond your means
By reviewing your expenses and creating a budget, you may be able to prioritize retirement savings.

The secrets to becoming a 401(k) millionaire?
✅ Commit to a contributions strategy and stick with it
✅ Choose investments that align with your risk tolerance and goals
✅ Set long-term goals and periodically monitor your progress

Remember, once you turn 73, you must take the required minimum distributions from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Remember, slow and steady wins the race! By staying committed to your long-term goals, you just might be able to join the growing number of 401(k) millionaires.

07/28/2024

🌟💖 Happy Parents' Day! 💖🌟

Today we celebrate the incredible parents who fill our lives with love, support, and joy. 🌈💕 To all the moms, dads, and guardians out there, thank you for everything you do. Your love and dedication are truly unmatched! 🌟👨‍👩‍👧‍👦

07/27/2024

Here’s a question we often get asked: “Should I help pay off my child’s or grandchild’s student loans?”

Paying off a loved one’s student debt can be a generous gesture; however, it’s essential to weigh the pros and cons before deciding.

👍 Pros
Allows students to focus on their careers and future financial goals
Can help the student pursue financial independence sooner
May strengthen family bonds and relationships

👎 Cons
May impact the parent’s or grandparent’s retirement strategy
Could create a sense of entitlement or diminish the student’s financial responsibility
Might have tax implications for both parties. Consult your tax, legal, and accounting professionals before applying a payback strategy.

🤔 Considerations
Assess your own financial stability and retirement approach before committing.
Determine if it's a gift or a loan, and communicate the terms.
Explore alternatives, such as co-signing a refinanced loan or offering partial payments.

🌟 Strategies
Set clear boundaries and expectations for financial responsibilities.
Consult a financial professional who may have experience with student loan payback programs and can provide guidance.

Every family’s circumstances are different. While paying off student loans can be a meaningful way to support your child or grandchild, it’s crucial to decide on the benefits and limitations for everyone involved.

You retire 1 time, we retire people all the time. Let us help you plan with confidence and enjoy life

07/26/2024

🎉🏅 It’s finally here! The start TODAY! 🏅🎉

Excited for the incredible feats, the spirit of competition, and the celebration of athletes from around the world? 🌍🏆

Let the games begin! 🏊‍♂️🤾‍♀️