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Tag: financial planning

Lifestyle and Wealth: Aligning Personal Goals with Your Financial Plan

Lifestyle and Wealth: Aligning Personal Goals with Your Financial Plan

Posted on by Emily Promise

When most people think about financial planning, they often focus on numbers: how much is in the retirement account, what the market is doing, or whether they’re on track for a particular net worth. But true wealth is about using your financial resources to support the life you want to lead, not just accumulating financial assets. At Blakely Financial, we believe your financial plan should reflect your values, lifestyle, and long-term goals as much as your financial data. 

Defining What Wealth Means to You

Before building your financial plan, it’s important to define what wealth actually means in the context of your life. For example, financial security means different things to different people. For one individual, it might be the freedom to retire early and travel the world, while for another, it might be about creating opportunities for their children or supporting a cause deeply personal to them. Take a moment to consider:

  • What does financial independence look like to you?
  • What life experiences or goals matter most to you?
  • What kind of legacy do you hope to leave for your loved ones or community?

When your financial plan is rooted in these personal priorities rather than generic benchmarks, it becomes a tool to help you live intentionally, not just accumulate wealth for its own sake. 

Setting Lifestyle-Driven Financial Goals

Once you’ve defined what matters most, the next step is setting clear, lifestyle-driven financial goals for yourself. These goals are focused on enabling the life experiences and milestones that are important to you.

Examples may include:

  • Planning for early retirement to spend more quality time with family.
  • Finding annual international travel or extended sabbaticals.
  • Contributing to causes you care about through charitable giving.
  • Saving for a child’s or grandchild’s education.
  • Building a financial legacy that supports multiple generations. 

Work with your financial advisor to ensure your financial plan prioritizes these goals, making them measurable and achievable, while balancing short-term needs and long-term aspirations. 

Building a Financial Plan That Supports Your Lifestyle

A lifestyle-focused financial plan integrates all aspects of your financial life to support your personal goals. Some of the essential components include:

  • Cash Flow Management: Ensuring your spending habits and savings strategies align with your priorities, leaving room for both day-to-day enjoyment and future aspirations.
  • Investment Strategy: Tailoring your portfolio to match your risk tolerance, time horizon, and desired lifestyle. For some, this may mean prioritizing steady, conservative growth. For others, a more aggressive, growth-oriented portfolio. 
  • Tax Planning: Proactively managing taxes to maximize available resources, whether through tax-advantaged accounts, charitable giving strategies, or thoughtful estate planning.
  • Estate and Legacy Planning: Structuring your wealth to benefit your family, support philanthropic interests, and ensure your assets are distributed according to your wishes. 

Adjusting Your Financial Plan for Life’s Milestones and Unexpected Turns

Life isn’t static, and your financial plan shouldn’t be either. Major life events like marriage, divorce, career changes, health challenges, or economic shifts can all significantly impact your financial strategy. This is why it’s essential to work with an advisor who not only builds a strong foundational plan but also proactively adjusts it as your life evolves. 

The Role of a Trusted Financial Partner

Navigating complex financial decisions can be overwhelming, especially when those decisions are tied to personal goals and multi-generational planning. This is where a trusted financial advisor makes a difference! At Blakely Financial, an advisor’s role goes beyond managing investments. We serve as partners and problem-solvers, ensuring every financial decision supports the lifestyle and legacy you envision for yourself and your family. 

Our personalized, relationship-driven approach means we listen closely to what matters to you and craft strategies designed to help you pursue those goals with clarity and confidence. 

Your wealth should work for you, allowing you to live a life you love and a legacy you’re proud of. Whether you’re focused on securing an early retirement, creating opportunities for your children, or giving back to your community, Blakely Financial is here to help you align your financial plan with your personal vision. If you’re ready to start building a financial strategy that supports your life’s priorities, reach out to our team today. 

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Social Security Key Factors to Consider

Social Security: Key Factors to Consider

Posted on by Steve LaFrance

Social Security is one of the most important income sources for American retirees, yet many people claim benefits without a clear strategy, resulting in missed opportunities and reduced lifetime income. It’s essential to make smart, informed decisions about when and how to claim Social Security and to integrate this benefit into a broader financial plan for long-term confidence. In this blog, we’re taking a closer look at what you should know about optimizing Social Security benefits. 

How Social Security Benefits Work

Your Social Security retirement benefit is based on your highest 35 years of earnings, adjusted for inflation. To qualify, you typically need to earn 40 work credits, equivalent to approximately 10 years of work. 

Understanding your Full Retirement Age (FRA), which is the age at which you’re entitled to 100% of your benefit based on your earnings record, is key. FRA ranges from 66 to 67, depending on the year you were born. Claiming before your FRA will permanently reduce your benefit, while delaying beyond FRA increases it by 8% per year until age 70. 

Key Factors to Consider When Claiming Benfits

There are several important factors to consider in deciding when to claim Social Security, including:

  • Claiming Age: You can begin benefits as early as 62, but doing so reduces your monthly benefit. Waiting until FRA or beyond can significantly increase your payout.
  • Life Expectancy: If you have a family history of longevity or are in good health, delaying benefits might pay off in the long run. 
  • Spousal Benefits: Married couples should coordinate their claiming strategies to maximize household income. Spouses can receive up to 50% of the other’s FRA benefit. 
  • Taxes on Benefits: Depending on your total income, up to 85% of your Social Security benefits may be taxable. Effective tax planning can help you manage this. 
  • Other Retirement Income Sources: The timing of your Social Security claim should align with withdrawals from retirement accounts, pension income, and other investment assets. 

Common Claiming Strategies

There is no real “best time” to claim benefits, but there are proven strategies worth considering, including:

  • Delayed Claiming: Waiting until age 70 offers an 8% increase in benefits for each year you delay past FRA, providing valuable guaranteed growth. 
  • Spousal Strategies: Couples can stagger claiming ages to maximize benefits and survivor protections. 
  • Coordinating for Two-income Households: When both spouses have earned benefits, strategic timing can significantly increase total household retirement income. 
  • Survivor and Divorcee Benefits: Widows, widowers, and divorced individuals may be eligible for benefits based on a former spouse’s earnings record, which is an important planning consideration. 

Be sure to speak with your financial advisor about which strategies are best for you and your unique financial situation. 

Integrating Social Security into a Broader Retirement Plan

It’s important not to view Social Security in isolation. The age you claim affects how and when you might draw down other retirement accounts like 401(k)s, IRAs, and taxable investments. Market conditions, inflation expectations, and healthcare expenses should also be factored into your decision. 

At Blakely Financial, our advisors can make projections to help you understand how different claiming strategies will affect your overall financial picture both immediately and throughout your retirement. 

Working with a Financial Advisor to Optimize Benefits

Optimizing Social Security benefits is a highly personalized process. The right strategy for you will depend on your health, financial goals, other income sources, tax situation, and family circumstances.  Our advisors specialize in retirement income planning and Social Security optimization, using sophisticated tools to help you make informed decisions that fit your long-term goals. We also stay on top of legislative changes and Social Security rules so we can ensure your plan remains aligned with your goals. 

The decision about when and how to claim Social Security can have a lasting impact on your financial future, and a well-crafted claiming strategy integrated with your overall financial plan can help you secure greater peace of mind and a more confident retirement. Contact Blakely Financial today to begin exploring your options. 

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Navigating Divorce with Financial Confidence

Navigating Divorce with Financial Confidence

Posted on by Emily Promise

Divorce is one of life’s most challenging transitions, affecting many aspects of your life, including your emotional well-being and your financial future. As difficult as the process can be, having a clear financial strategy can help you regain control, protect your assets, and plan for the next chapter of your life with confidence. At Blakely Financial, we’re committed to helping clients navigate these pivotal moments with clarity and purpose. In this blog, we’re sharing ways you can approach the financial side of divorce with confidence and care. 

Understand Your Financial Picture

Before you can make informed decisions, it’s essential to know exactly where you stand financially. Start by gathering important financial documents, including:

  • Bank and investment account statements
  • Tax returns from the past several years
  • Retirement plans
  • Debt records, including mortgages, credit cards, and loans
  • Property titles
  • Insurance policies

You will also want to create a comprehensive list of your assets and liabilities, noting which are jointly owned and which belong to you individually. Understanding your current household budget and anticipating how it will change post-divorce is key to protecting your financial well-being. 

Prioritize Immediate Financial Needs

While the long-term strategy is important, addressing immediate financial needs ensures your day-to-day security. Make sure you have access to your personal bank accounts and an emergency fund to cover essentials like housing, childcare, and legal expenses. If necessary, consider freezing joint accounts or credit lines to prevent any unauthorized activity. Also, review your insurance coverage, including health, life, and disability insurance, to make sure you are adequately protected during and after the divorce process.

Work with Financial & Legal Professionals

Divorce involves legal complexities and financial decisions that can have lasting effects, so we recommend assembling a trusted team to guide you through the process. This team should include a divorce attorney, a financial advisor, and, when appropriate, a Certified Divorce Financial Analyst® (CDFA®). 

At Blakely Financial, our advisors help clients model different settlement options, analyze the long-term impact of asset division, and develop a comprehensive plan for their new financial reality. Collaborative financial planning during a divorce can help prevent costly mistakes, preserve long-term financial health, and provide reassurance during this uncertain time. 

Divide Assets Strategically

When it comes to dividing assets during a divorce, it may seem obvious to just split everything down the middle, but in reality, it is important to instead understand how each asset serves your future. Think about the tax implications, growth potential, and liquidity of each asset. For example:

  • Retirement accounts may be subject to taxes and penalties if withdrawn early.
  • Real estate may come with ongoing maintenance costs and property taxes.
  • Investment accounts can offer growth opportunities but may fluctuate in value.

Work with your financial advisor to negotiate an asset division that supports your personal goals and financial stability. It’s also important to update estate planning documents, including wills, powers of attorney, and beneficiary designations, to reflect your new circumstances.

Plan for Your New Financial Future

As your life changes, so should your financial plan. Once the divorce is finalized, it’s time to set new, realistic short-term and long-term financial goals for yourself. To do this, revisit your retirement plan contributions, insurance coverage, and estate planning documents to ensure they align with your updated financial picture. Additionally, adjust your investment strategy to reflect your new circumstances, risk tolerance, and retirement timeline. Working with a financial advisor throughout this process can help you create a clear, realistic roadmap for your future. 

Maintain Financial Confidence Moving Forward

Your financial journey doesn’t end when the divorce papers are signed. Periodic financial check-ins are essential to track progress toward your goals, adjust plans as needed, and manage risk as life continues to evolve. With the right support and planning, financial independence and long-term security are within reach.

 

Divorce is never easy, but having a dedicated financial partner can make a meaningful difference. At Blakely Financial, we’re here to help you navigate life’s transitions with clarity, compassion, and confidence. If you’re going through a divorce or planning for one, our team is ready to provide personalized financial guidance tailored to your needs. Contact us today to learn more about how we can support you through this important chapter!

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Strategic Education Funding: Advanced Approaches

Strategic Education Funding: Advanced Approaches

Posted on by Steve LaFrance

Higher education has never been more valuable – or more expensive. As tuition costs rise year after year, many families are looking for strategic ways to fund their children’s or grandchildren’s education without sacrificing their own financial security. The good news is, beyond traditional savings, there are other strategies you can use to make a meaningful difference. At Blakely Financial, we understand that proactive, tax-smart education planning is essential to maintaining multi-generational wealth. In this blog, we are highlighting several advanced approaches families can consider when building an education funding plan that aligns with their long-term goals.

Maximize 529 Plans with Tactical Contributions

529 college savings plans remain one of the most tax-efficient ways to save for education, offering tax-free growth and tax-free withdrawals for qualified education expenses. Did you know there are advanced strategies you can leverage beyond regular monthly contributions? These include:

  • Front-Loading Contributions: Take advantage of the IRS provision that allows you to contribute up to five times the annual gift tax exclusion in a single year per beneficiary. For 2025, this is up to $95,000 for individuals or $190,000 for a married couple, potentially jumpstarting education savings early.
  • State Tax Benefits: Some states offer tax deductions or credits for 529 contributions. If you live in a participating state, this can provide immediate tax savings on top of long-term growth potential. 
  • Use Beyond College Tuition: 529 plans can now be used for graduate school, certain apprenticeships and trade programs, and even K-12 tuition (up to $10,000 per year per student).
  • Changing Beneficiaries: If one child doesn’t use all of their 529 funds, you can easily transfer the account to another qualifying family member without penalty.

Custodial Accounts (UGMA/UTMA)

Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts offer flexibility for saving toward a child’s future. Unlike 529 plans, funds aren’t limited to education expenses and can be used for anything that benefits the child. The key advantages include no contribution limits and broad investment options, however, there are important considerations to make note of:

  • Assets belong to the child once they reach the age of majority. This is usually 18 or 21, depending on your state.
  • Custodial accounts are counted as student assets on financial aid applications, which can reduce eligibility for need-based aid. 

These accounts can play a role in a broader education funding strategy, but should be carefully coordinated with financial planning aid. 

Utilize Tax-Efficient Investment Accounts for Flexibility

For families seeking flexibility and long-term tax efficiency, taxable brokerage accounts can be an effective college funding vehicle. Advantages include:

  • No restrictions on how or when the money is used.
  • Potential for long-term capital gains tax treatment if held for over a year. 
  • Flexibility to pivot funds for other financial priorities if education costs are lower than anticipated.

As with any investment strategy, it’s crucial to match your asset allocation to your time horizon. More aggressive investments may be appropriate when children are young, gradually shifting to conservative options as college years approach. 

Explore Financial Aid Positioning Strategies

Even for high-earning families, strategic financial aid positioning can be valuable. Key tactics include:

  • Minimizing Student-Held Assets: Since student assets are weighted more heavily in financial aid formulas, consider reducing or repositioning these funds before applying for aid. 
  • Timing Income and Gifts: Large financial moves, like bonuses or asset sales, can impact aid eligibility if they occur in key income reporting years. Working with an advisor can help time these events wisely.
  • Utilizing Tax-Advantaged Accounts: Maximize 529 plans, IRAs, and other accounts that may not count as heavily against aid formulas. 

Smart financial aid positioning can help preserve eligibility for grants, scholarships, and need-based aid opportunities, even when total household wealth is significant.

Roth IRAs for Dual-Purpose Savings

Roth IRAs are typically viewed as retirement vehicles, but they also offer strategic flexibility for education funding. Contributions to these accounts can be withdrawn tax-free at any time, and earnings can be withdrawn penalty-free for qualified education expenses.

This approach is especially appealing for families unsure if their children will attend college or for those who want to maintain flexibility for retirement. If the funds aren’t needed for education, they can continue growing for retirement on a tax-advantaged basis. 

Cash Value Life Insurance as a Supplementary Tool

For families interested in diversification and asset protection, cash value life insurance can serve as a supplemental education funding tool. Policyholders can borrow against the policy’s cash value tax-free, and these loans typically don’t factor into financial aid formulas. While this strategy isn’t right for everyone, it can be a powerful component of a complex wealth transfer and education funding plan when paired with traditional savings vehicles. Talk to your advisor about which options are best for you and your family. 

 

Education funding is more than saving for tuition; it’s about preserving family wealth and creating opportunities for the next generation. When you work with Blakely Financial, we will help you develop a comprehensive education funding plan to work in harmony with your broader wealth management goals. Ready to explore your options? Contact us today to schedule a consultation and build a strategic and personalized plan for your family’s financial future. 

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that an education-funding goal will be met. In order to be federally tax-free, earnings must be used to pay for qualified education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.
Education Planning for the Next Generation: Strategic Wealth Transfer and 529 Investments

Education Planning for the Next Generation: Strategic Wealth Transfer and 529 Investments

Posted on by Emily Promise

One of the most powerful gifts you can give the next generation is the opportunity for a strong start. Whether thinking about your children’s future or your grandchildren’s, education planning is a strategic and meaningful way to pass on wealth, values, and financial stability. With the rising cost of education and evolving tax laws, thoughtful planning can ensure your financial support not only helps your loved ones today but also supports your long-term legacy. This is where 529 plans come in. 

Why Education Planning Belongs in Your Wealth Transfer Strategy

For high-net-worth families and individuals, wealth transfer is about building a legacy, not just numbers, and funding an education is one of the most impactful ways to do so. Helping a child or grandchild graduate debt-free opens doors for their future and reinforces a commitment to lifelong learning. 

Education planning also allows you to express your values while remaining strategic with your financial resources. It’s an opportunity to teach financial responsibility, support future goals, and make a lasting impact, all while benefiting from smart tax strategies. 

Understanding the 529 Plan Advantage

529 college savings plans are one of the most flexible and tax-advantaged ways to invest in education. These accounts allow your contributions to grow tax-deferred, and as long as withdrawals are used for qualified education expenses, they are completely tax-free. This includes tuition, room and board, books, and even some technology and equipment expenses.

Depending on your state, you may also receive a state tax deduction for your contributions. 529 funds are also flexible – they aren’t just for college anymore! Eligible expenses can now include K-12 education, certain vocational and apprenticeship programs, and more. 

Strategic Uses of 529 Plans for High-Income Earners

For high earners and legacy-minded individuals, 529 plans can serve a dual purpose:  education funding and wealth transfer. Here are some strategic uses of 529 plans you may consider:

  • Superfunding 529 Plans: One powerful strategy is “superfunding” a 529 plan. This allows you to contribute up to five years’ worth of gifts at once without triggering federal gift taxes. This is currently up to $95,000 per beneficiary for individuals or $100,000 for couples, and can significantly jumpstart the account’s growth potential. 
  • Maintaining Control and Flexibility: Unlike other forms of gifting, you retain control of the account and can change the beneficiary if needed. This flexibility is especially valuable for families with multiple children or grandchildren. 
  • Multi-Generational Planning: Some families are even using 529 plans to plan for future generations, opening accounts for grandchildren, or even children not yet born, to ensure education funding remains a part of the family legacy. 

New Rules, More Flexibility

Recent updates from the SECURE 2.0 Act have made 529 plans even more appealing: 

  • Roth IRA Rollovers: Unused 529 funds can now be rolled over into a Roth IRA for the beneficiary (subject to limits and requirements), reducing the risk of overfunding and offering an additional retirement boost. 
  • Expanded Qualified Expenses: The list of allowable education expenses has grown, offering more ways to use your savings efficiently.

These changes make 529 plans more versatile than ever and help ensure your contributions can serve multiple purposes over time. 

Integrating Education Planning with Your Broader Financial Plan

At Blakely Financial, we review education planning as a key part of a comprehensive financial strategy. From tax planning and retirement strategies to estate and legacy planning, we help our clients align their education goals with their full financial picture. We regularly review 529 plans as part of our ongoing planning process, helping you adapt to changes in tax law, family dynamics, or your financial priorities. 

Funding the next generation’s education is one of the most lasting and personal forms of wealth transfer. It’s a way to support your loved ones, reflect your values, and build a foundation for long-term success. Whether you’re just getting started or refining your existing strategy, our team at Blakely Financial is here to help. Let’s work together to create a plan that empowers the next generation and strengthens your legacy in the process. 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation. 
The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that an education-funding goal will be met. In order to be federally tax free, earnings must be used to pay for qualified education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.
Financial Planning for Medical Professionals

Financial Planning for Medical Professionals

Posted on by Emily Promise

A medical career offers financial rewards, but also comes with unique challenges, from managing student loan debt to navigating complex tax situations and preparing for retirement. Unlike other professionals, physicians and medical specialists spend years in training, delaying peak earning potential, which makes strategic financial planning essential at every stage of your career.

No matter where you are in your medical journey, having a sound financial plan can help you build wealth, protect your income, and develop long-term financial security. In this blog, we’re breaking down key priorities in financial planning for medical professionals in each phase of your career.

Residency & Fellowship

During residency and fellowship, finances can feel tight. Limited income and high student loan balances make it crucial to budget wisely, manage debt efficiently, and protect your financial future.

Budgeting & Cash Flow Management

Creating and sticking to a realistic budget is essential at this stage. Residency salaries often don’t leave much room for discretionary spending, so tracking expenses and prioritizing necessities, such as rent, utilities, and loan payments, is key. Even small contributions to an emergency fund can make a difference.

Student Loan Repayment

Physicians often graduate with significant student debt. Explore repayment options, such as income-driven repayment (IDR) plans, refinancing, or Public Service Loan Forgiveness (PSLF) if you qualify. Making interest-only or small payments during residency can help reduce total loan costs over time. 

Insurance Coverage

Your most valuable asset is your ability to earn a high income in the future. Protect it by securing disability insurance, which can replace a portion of your salary if you become unable to work. Malpractice insurance is also essential, especially as you take on more responsibility in patient care. 

Early Career: Years 1-5 Post-Residency

After residency, income increases significantly, which can create a temptation to increase spending – a phenomenon known as “lifestyle inflation.” While it’s important to enjoy your hard-earned success, this phase should focus on building financial stability for the long term.

Income Management

With a jump in earnings, focus on using your new financial flexibility wisely. Pay down high-interest debt, such as credit cards or private loans, while continuing to grow an emergency fund covering three to six months’ expenses. 

Retirement Savings

This is the time to start maximizing retirement contributions. Many employers offer 401(k) or 403(b) plans, often with matching contributions. If you’re self-employed or have additional income, consider an IRA or a SEP IRA for tax-advantaged retirement savings. The earlier you start, the more you can benefit from compound interest. 

Tax Planning

As your salary rises, so does your tax burden. Work with a financial advisor or CPA to maximize deductions, utilize tax-advantaged investment accounts, and consider tax-efficient strategies to reduce liabilities. For those in private practice, structuring your business correctly can lead to substantial tax savings. 

Mid-Career: Years 5-20 Post-Residency

By mid-career, you are likely earning at your full potential, and wealth accumulation should be a primary focus. Your financial strategy should include investment growth, wealth protection, and long-term financial security.

Investment Diversification

Expanding your portfolio beyond traditional retirement accounts is essential for long-term growth. Consider a mix of stocks, bonds, real estate, and alternative investments to build wealth in a tax-efficient manner while managing risk. Talk to your financial advisor to decide which assets are best aligned with your risk tolerance and financial goals. 

Education Planning

If you have children, it’s time to start saving for their education. Tax-advantaged 529 plans can help fund college costs while allowing for tax-free growth and withdrawals for qualified expenses.

Practice Growth

If you own or are considering starting a private practice, this phase involves important decisions about business loans, partnerships, and operational efficiencies. Work with your financial team to optimize cash flow, manage business taxes, and plan for future expansion or succession. 

Late Career: 20+ Years Post-Residency

During the late career stage, financial planning should focus on preserving wealth, ensuring retirement readiness, and establishing a legacy. 

Retirement Planning

Now is the time to assess retirement readiness by evaluating savings, projected retirement expenses, and desired lifestyle. Consider downsizing debt and adjusting investments to align with your expected retirement date. Many physicians work longer than other professionals, but having a strong financial plan gives you the flexibility to retire when and how you choose.

Estate Planning & Wealth Transfer

Planning for your legacy involves more than just writing a will. Consider trusts, tax-efficient wealth transfers, and charitable giving strategies to preserve assets for your heirs and causes that matter to you. Proper estate planning ensures your wealth is distributed according to your wishes while minimizing potential tax burdens. 

Risk Management

As wealth grows, so does the risk of financial loss due to lawsuits, market fluctuations, or unforeseen circumstances. Review insurance policies, liability coverage, and investment risk exposure to ensure long-term financial security. 

At Blakely Financial, we specialize in working with medical professionals, providing personalized financial strategies tailored to the unique challenges of your career. Whether you’re just starting or planning for retirement, we’re here to help you build a strong financial foundation. Contact us today to schedule a consultation and start planning your future!

 

Diversification does not assure a profit or protect against loss in declining markets and cannot guarantee that any objective or goal will be achieved.
The fees, expenses, and features of 529 plans can vary from state to state. There is no guarantee that an education-funding goal will be met. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. You may lose state tax benefits if investing in a plan outside your state of residence.
Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Celebrating 30 Years of Blakely Financial

Celebrating 30 Years of Blakely Financial

Posted on by Blakely Financial

From Robert Blakely, Founder of Blakely Financial:

“It is exciting to be celebrating 30 years in the financial planning and investment management field. I started in 1995 with no clients and just the desire to help make a difference in people’s lives through financial planning. As with any new business the first few years were tough. In 2000 I decided to partner with Commonwealth Financial Network which was an important decision for myself and our clients. With the network of Commonwealth advisors I was able to leverage years of experience of others and our growth truly began. I added my first employee in 2001 and another experienced advisor joined in 2002. My wife, Donna, who had been there with her support for years, joined us in 2003. 

We can truly state that we have been blessed in ways that I never really imagined when I first started. We have been blessed with amazing friendships and meaningful relationships for which we will be forever grateful.

As excited and optimistic as I was when I started in 1995, today in 2025, I am as equally so for the future of our firm and our clients. We have great and caring team members.  and with Emily Promise as President and Owner of Blakely Financial I truly believe the future for our clients and team is going to be even better. 

Thank you to everyone for your friendship, trust, confidence and support for the past 30 years.”

A Legacy of Personalized Financial Planning

Since its founding, Blakely Financial has prioritized individualized financial strategies tailored to each client’s unique goals and needs. We believe in building lasting relationships and guiding clients through every stage of life, from wealth accumulation to retirement and succession planning. 

This client-first approach has earned national recognition, including Blakely Financial’s recent honor as one of Forbes’ Best-in-State Wealth Management Teams. The firm’s success reflects the deep trust our clients place in us, and the firm remains committed to delivering financial strategies to support their present and future. 

The Growth of Blakely Financial: Key Milestones

Over the past three decades, Blakely Financial has evolved, expanding our specialization and team to better serve our clients. Some of our key milestones include:

  • 2009: Steve LaFrance joins Blakely Financial, bringing deep analytical knowledge to the team. 
  • 2017: Emily Promise joins Blakely Financial, bringing a fresh perspective and experience in financial planning.
  • 2021: Larry Albert and Becky Linhart become partners, strengthening the leadership team and expanding the firm’s capabilities.
  • 2023 & 2024: Emily is named to Forbes’ Top Next-Gen Wealth Advisors and Top Next-Gen Wealth Advisors Best-in-State, solidifying her reputation as a rising leader in the industry.
  • 2025: Blakely Financial partners with Curran & Keegan, expanding its reach while maintaining its commitment to personalized service and multigenerational financial planning.

Blakely Financial as a Trusted Partner & Problem Solver

At Blakely Financial, we know financial planning is about more than investments. We work to build trust and guide individuals and families through life’s milestones to secure their financial futures. Our clients turn to us for:

  • Comprehensive wealth management strategies tailored to their evolving needs.
  • Succession planning and wealth transfer, ensuring their legacy is protected.
  • Multigenerational financial stability, helping families build a foundation for the future.

The firm’s commitment to acting as a fiduciary ensures that every recommendation is made with our client’s best interests in mind.

Looking to the Future: Leadership & Growth

Emily Promise, now leading Blakely Financial, is committed to continuing the firm’s legacy while embracing new opportunities for growth and innovation. With our team of experienced advisors, the firm is well-positioned to support clients through comprehensive financial planning, estate strategies, and long-term investment solutions. 

Blakely Financial remains dedicated to our community-focused approach, ensuring clients feel supported, empowered, and confident in their financial futures. 

Thank You to Our Clients & Community

Blakely Financial’s success over the past 30 years is a testament to the loyalty and trust of our clients. We are honored to be a part of their financial journeys and are committed to helping families, individuals, and business owners achieve their financial goals for generations to come. 

As we celebrate this milestone, we look forward to the next 30 years of growth, innovation, and continued service as a trusted financial partner to our clients and community. To learn more about our services and how we can support your financial goals, contact the Blakely Financial team today.  

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
2025 Forbes Best In State Wealth Management Teams, created by SHOOK Research. Presented in Jan 2025 based on data from March 2023 to March 2024. 11,674 Management Teams were considered, approximately 5,300 teams were recognized. Not indicative of advisor’s future performance. Your experience may vary. For more information, visit https://tinyurl.com/3s5r8z87
Green Flags vs. Red Flags in Money Management

Green Flags vs. Red Flags in Money Management

Posted on by Emily Promise

When it comes to managing your money, small habits can make a big difference. The right financial decisions can set you up for long-term success, while poor habits can lead to stress and instability. Understanding the green flags as smart money moves and recognizing the red flags as warning signs of financial trouble can help you build wealth and avoid common pitfalls. Let’s break down the money management habits that can help or hurt your financial future.

Financial Green Flags: Smart Money Management Moves

These habits signal financial stability, confidence, and long-term success:

1. Paying Yourself First

A major sign of financial wellness is prioritizing savings before spending. Instead of waiting to see what’s left at the end of the month, set aside money for savings and investments first. Whether for an emergency fund, a home purchase, or retirement, prioritizing saving ensures you’re consistently building wealth.

2. Automating Your Finances

One of the simplest ways to stay on top of your finances is automation. Setting up automatic bill payments and savings contributions helps you stay consistent, avoid late fees, and grow your wealth without having to think about it. Automation takes the guesswork out of financial management, allowing you to focus on your long-term goals. 

3. Setting Financial Goals

Having a clear plan for your finances is a major green flag in money management. If you’re working toward retirement, a large purchase, or a long-term investment strategy, setting and tracking financial goals keeps you focused and on track. A plan gives your money purpose and helps you measure progress along the way. 

Financial Red Flags: Habits to Watch Out For

These money management habits can signal financial instability and lead to long-term challenges:

1. Living Paycheck to Paycheck

If all of your income goes directly to expenses without any savings cushion, it can be a sign of financial strain. Without an emergency fund or proper savings, you are left vulnerable to unexpected expenses, like car repairs or medical bills, which can create serious stress. Even small, consistent savings deposits can help break the cycle and build financial security over time. 

2. Ignoring High-Interest Debt

Credit card debt and high-interest loans can quickly spiral out of control if left unchecked. A red flag in money management is carrying large balances without having a repayment plan. Prioritizing debt payoff, starting with the highest interest rates first, can save thousands in interest and free up money for other financial goals. 

3. Skipping Retirement Savings

Delaying retirement contributions means missing out on valuable compound growth. Many people put off saving for retirement, thinking they’ll catch up later, but the earlier you start, the more you benefit. Even small contributions now can grow significantly over time, ensuring financial security in the future. 

Good financial habits take time, but small changes can have a large impact. If you recognize red flags in your own money management, it’s never too late to adjust course. Building wealth and financial stability starts with small, intentional decisions. 

If you are looking for guidance in creating a strong financial strategy, Blakely Financial is here to help. Contact us today to connect with a trusted advisor and get on the right track for a confident financial future!

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM  to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
SECURE 2.0 Act Key Changes to Your Retirement Planning

SECURE 2.0 Act: Key Changes to Your Retirement Planning

Posted on by Steve LaFrance

Big changes are here for retirement planning in 2025! The SECURE 2.0 Act is designed to make saving for retirement easier and more accessible. Several key updates are taking effect this year that could impact your retirement savings strategy. 

Higher Catch-Up Contributions for Ages 60-63

Starting in 2025, individuals ages 60 to 63 can contribute more to their retirement plans. The new limit allows you to contribute up to $10,000 or 150% of the regular catch-up contribution limit for that year (indexed for inflation). This applies to 401(k), 403(b), and similar plans, providing a valuable opportunity for those nearing retirement to boost their savings. 

Mandatory Automatic Enrollment for New Plans

To encourage retirement savings, newly established 401(k) and 403(b) plans must automatically enroll employees at a contribution rate of 3% to 10%, with automatic annual increases of 1% until reaching 10% to 15%. Employees still have the ability to opt out or adjust their contribution rates. 

Emergency Savings Linked to Retirement Accounts

Employers can now offer Emergency Savings Accounts (ESAs) linked to their retirement plans. This allows employees to save up to $2,500 in post-tax contributions. 

Withdrawals are penalty-free to provide financial flexibility in case of emergencies and any unused ESA funds can be rolled over into the employee’s retirement account for long-term savings. 

SIMPLE and SEP Plan Enhancements

Employers offering SIMPLE IRAs can now:

  • Provide higher contribution limits for employees.
  • Make additional employer contributions beyond the standard match.

Additionally, both SIMPLE and SEP IRAs will allow Roth contributions, giving employees more tax-planning flexibility.

Starter 401(k) Plans

For employers without retirement plans, starter 401(k) plans offer an easy alternative. These plans feature auto-enrollment with contributions between 3% and 15% of salary. 

This option expands access to retirement savings for small businesses and employees without existing plans.

Long-Term, Part-Time Worker Eligibility

Part-time employees now have an easier path to retirement savings. Workers only need 500 hours per year for 2 consecutive years, down from 3 years, to be eligible for employer-sponsored retirement plans.

Roth Treatment for Catch-Up Contributions

Employees earning over $145,000 annually must now make Roth catch-up contributions (post-tax) rather than pre-tax contributions. This ensures tax revenue is collected upfront but allows for tax-free growth in retirement.

These important updates to the SECURE 2.0 Act can expand savings opportunities, encourage automatic enrollment, and provide more flexibility for both workers and retirees. If you’re unsure how these changes will impact your financial plan and future, reach out to the Blakely Financial team today to discuss strategies tailored to your goals. 

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.
Tax Day is Almost Here What You Should Be Doing Now

Tax Day is Almost Here: What You Should Be Doing Now

Posted on by Robert Blakely

Tax Day is just around the corner! With April 15th quickly approaching, now is the time to ensure your financial house is in order. Tax preparation often involves more than just filing paperwork. You’ll want to optimize deductions, minimize liabilities, and make strategic financial moves to protect your wealth. A little preparation now can help you avoid last-minute stress and even help maximize your refund. 

Gather and Organize Your Documents Before Tax Day

High earners often have multiple income sources, making tax preparation more complex. Start the process by gathering key documents such as:

  • W-2s and 1099s for wages, self-employment income, and investment earnings.
  • K-1s from partnerships, S-corps, or trusts. These may arrive later, so plan accordingly.
  • Capital gains and losses reports from brokerage accounts. 
  • Mortgage interest statements, property tax records, and real estate-related deductions.
  • Charitable donation receipts for cash and non-cash contributions. 

Use a checklist to make sure nothing is missing before filing. Keeping everything organized ensures a smoother filing process overall and helps avoid any missed deductions. 

Maximize Last-Minute Tax Strategies

One of the advantages of proactive tax planning is the ability to reduce taxable income before filing. Consider maxing out your contributions to tax-advantaged accounts like a traditional IRA or a Health Savings Account (HSA) to lower your taxable income. Additionally, review your capital gains strategies, such as tax-loss harvesting, to offset investment gains. Prepaying deductible expenses, such as property taxes or medical costs, can also reduce taxable income before filing, but be sure it makes sense for your overall financial plan before making a decision. 

Understand the Impact of Recent Tax Law Changes

With new tax laws and IRS updates, you should stay informed about:

  • Phaseouts and limitations on deductions and credits due to income thresholds.
  • Alternative Minimum Tax (AMT) exposure, which can impact those with high investment income or large deductions.
  • Roth contribution rules and backdoor Roth IRA opportunities, especially if you are over the income limit for direct contributions. 

A financial advisor can help you navigate these complex changes and identify the most tax-efficient strategies. 

Plan for Estimated Taxes and Potential Liabilities

Many high-income individuals have tax obligations beyond their W-2 wages, such as self-employment or side business income requiring quarterly estimated tax payments, investment gains or rental property income that may result in unexpected tax liabilities, or additional Medicare surtaxes for those earning above $200,000 (single) or $250,000 (married filing jointly).

If you expect to owe a significant amount, consider making an additional estimated tax payment to reduce potential penalties. 

Work with a Tax Professional

The more complex your financial situation, the more valuable professional guidance becomes. A skilled CPA or tax advisor can help you identify deductions or credits you may overlook, optimize your tax strategy for future years, including estate and gift tax planning, and ensure compliance with changing tax regulations to minimize audit risk. If you don’t already have a tax professional, now is the time to schedule an appointment before they get booked up. Talk to your financial advisor to see if they have any professional recommendations.

The countdown to Tax Day has begun! Use the upcoming weeks to prepare your documents, leverage last-minute strategies, and work with a trusted financial team to smooth the process and optimize your filing. At Blakely Financial, we help our clients navigate tax season with confidence. Contact us today for personalized guidance to ensure your financial strategy aligns with your goals. 

 

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.
Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.