News & Updates

The holiday season is a time of joy, connection, and gratitude. It’s a perfect opportunity to extend those warm feelings to the broader community. This year, let’s consider some unique and meaningful ways to give back—ones that go beyond traditional donations and create lasting memories for you and those around you. Host a Holiday Gathering with a Purpose Throwing a holiday party? Why not make it a celebration that benefits others? Here are some ideas to turn a festive get-together into a charitable event: Donation Drives : Ask each guest to bring a non-perishable food item, a toy, or winter clothing for local shelters. Set up a designated area for donations so it feels like a natural part of the event. Charity-Themed Gifts : Instead of the usual Secret Santa exchange, make the theme "Gifts That Give Back." Encourage guests to choose gifts where part of the proceeds go to a cause. It’s a wonderful way to give intentionally while still sharing holiday joy. Silent Auctions or Raffles : If your network includes artists, photographers, or small business owners, ask if they’d like to contribute an item or service for a small auction or raffle. The funds raised can support a local charity, adding a fun and interactive element to the evening. This way, your holiday party will not only be memorable but also make a tangible impact in the community. Help Decorate the Neighborhood Adding holiday cheer to a neighborhood, especially in public spaces, brings joy to everyone and enhances a sense of community. Consider getting together with friends or family to help with local decorations. Public Spaces : Many parks or town centers welcome volunteers to hang lights, set up trees, or create holiday displays. You can help brighten public areas for everyone to enjoy. Community Bulletin Boards : If your neighborhood has a community board or local newspaper, offer to help design a holiday newsletter or update announcements with festive decorations. Offer Your Expertise : If you have a talent for organizing, volunteer to plan the decorations or fundraising activities. Many community groups would love a creative and organized hand, especially from someone with experience and resources. Decorating isn’t just about aesthetics; it’s about creating an inviting environment where everyone feels the joy and spirit of the season. Volunteer at Local Schools and Community Organizations The holiday season can be particularly challenging for schools and nonprofits, especially as their need often grows and resources are stretched thin. Volunteering is a rewarding way to offer both support and connection. Mentoring and Tutoring : Many students fall behind during the holidays due to a lack of access to resources. You can volunteer to mentor or tutor in subjects where you excel. Not only will you be helping students academically, but you’ll also be giving them a gift of encouragement and self-confidence. Supporting Holiday Events : Schools and organizations often hold holiday parties or performances. Volunteer to help set up, organize, or even fund aspects of the event. Your presence and contributions will make these celebrations possible and memorable for many. Holiday Meal Service : Community centers often organize holiday meals for those who might otherwise go without. Helping serve or donating the needed food supplies can make an enormous difference. Volunteering your time and skills in these ways brings you face-to-face with people in your community and makes the holiday season feel more personal and meaningful. Donate Blood – A Gift That Saves Lives While holiday giving often focuses on material needs, there are intangible but equally important ways to give. Blood donations are crucial year-round, and the holiday season is no exception. Plan a Group Donation Day : Coordinate with family, friends, or colleagues to make a group donation at a local blood bank or Red Cross center. Not only does this raise awareness about the need for blood donations, but it also gives everyone a chance to contribute in a life-saving way. Raise Awareness : Use your social media platforms to encourage others to donate. Share your experience and explain how simple it is to give blood and make a meaningful impact. Blood donation is a truly personal gift that goes beyond the season; it’s something that can save lives long after the holiday lights have been taken down. Collect Clothes and Toys Before the Holidays While holiday gift drives are common, there’s an advantage to starting early. This way, items can reach people in time for the season, allowing parents and children to enjoy a holiday experience they might not have otherwise. Organize a Collection Drive : Use your network to start a drive for clothes, toys, or even essential items. This can be through your workplace, a social club, or even just your circle of friends. Even if you are simply cleaning out a child’s playroom to drop at a thrift store, doing so before the holidays gets those toys onto shelves for parents to purchase in time for celebration days. Focus on Essentials : Many families in need appreciate practical items—coats, hats, gloves, and other winter necessities—along with holiday-themed toys and treats. Collecting both can provide a full package of support for those facing financial hardship. Partner with Local Organizations : Many nonprofits can use an extra hand in organizing and sorting donations. By coordinating with them early, you can make sure they have what they need in time for distribution. This early action not only meets immediate needs but also allows families to relax and enjoy the holiday, knowing their basic needs are met. How Five Pine Wealth Management Can Help You Give Back Remember, the most impactful way to give back doesn’t always involve grand gestures or significant sums. Sometimes, it’s as simple as showing up and showing you care. Hosting a small gathering, spending a day volunteering, or decorating the neighborhood may seem like small acts, but they’re what truly brings the community together.  At Five Pine Wealth Management , we can work with you to integrate your charitable and community values into your comprehensive financial plan. As fiduciary financial advisors, we are committed to acting in your best interest to help you live your values while building your wealth. If you’d like to see more content like this, subscribe to our newsletter .

We've all been there — staring at our computer screens, daydreaming about what it would be like to do something completely different with our professional lives. Maybe you're feeling stuck in your current role or have discovered a new passion that's pulling you in an exciting direction. Whatever your reason, changing careers is a significant decision that deserves thoughtful planning and a clear understanding of what lies ahead. So, let's review some important items to consider when making a move. Assessing these factors can help ensure you're making a choice that not only feels right today but will also serve you well in the years to come. Why Are You Considering a Career Change? Before we get into the nitty-gritty, let's take a step back and look at the big picture. Why are you thinking about changing careers? Is it because: You're feeling unfulfilled in your current role? You've discovered a new passion? Your industry is changing, and you want to stay ahead of the curve? You're looking for a better work-life balance? You're seeking new challenges and growth opportunities? Understanding your motivation is essential. It will help you make decisions that align with your goals and values. It will also come in handy when you explain your career shift to potential employers or networking contacts. Here’s a quick story: We had a client who came to us feeling burnt out in her high-stress corporate job. She was making great money but was miserable. After some soul-searching, she realized that what she really wanted was to make a difference in people's lives. Long story short, she's now running a successful non-profit and couldn't be happier. Although she’s making less money in her new job, she’s feeling more fulfilled in her life. The point? A career change isn’t always about chasing a bigger paycheck. Finding that sweet spot where your skills, passions, and values intersect can make all the difference. But without understanding the ‘why’ behind a possible career change, you might end up in another role that leaves you feeling just as unfulfilled as before. Evaluating Job Offers Many people think about salary first when considering a career change. While more money sounds great, there's more to consider than just the salary (though that's important too). Base Salary vs. Total Compensation When evaluating a job offer, you need to consider the complete financial picture. Don’t forget to look at:  Base salary Performance bonuses and commissions Profit sharing Stock options or equity compensation Salary growth potential Benefits Benefits can make a significant difference in your overall compensation package. According to the U.S. Bureau of Labor Statistics , benefits can add more than 30% to your total compensation package. As you are evaluating your job offers, you’ll want to also consider: Health insurance coverage and premiums Dental and vision coverage 401(k) matching HSA/FSA options Life insurance Disability insurance Paid time off Phone allowance Tuition or professional growth reimbursement These benefits might seem small compared to salary, but they can add significant value over time. Looking Beyond the Numbers When you’re contemplating a career change, it’s easy to get caught up in the numbers. But don’t forget about the intangibles that can make or break job satisfaction. Long-Term Career Growth Long-term career growth is important to consider when considering a career change. Will this new role allow you to develop professionally, or is it a short-term solution to get a pay bump? When evaluating job offers, consider these factors too: Growth Opportunities: Is there a clear path for promotion or lateral moves within the company? Are there resources for continued learning and development? Company Culture: Does the company invest in its employees’ futures? Is the company growing or shrinking? Are the company’s leaders experienced and capable of guiding the company through economic downturns? Industry Stability: What’s the long-term outlook of the industry you’re considering moving into? Is it stable, or is it subject to market fluctuations or automation? Company History: How long has the company been around? Do they have a solid record of success? Career Development Opportunities: Does the company offer training programs or certifications? Do they have mentorship or leadership programs? Does the company offer cross-functional experience? Work-Life Balance It's easy to get wrapped up in a big salary, but how will this career change impact your day-to-day life? Will the commute, hours, or stress levels mesh well with the lifestyle you want to lead? For instance, Jason spends a lot of time flying drones with his girlfriend's daughter — activities that help him unwind after a busy day at work. He could lose that quality time if he changed careers and took a role that demanded more hours or a longer commute. It’s essential to consider whether the new role allows for the work-life balance you desire. When evaluating the work-life balance aspect of the job, consider these factors: Commute : What will the daily commute look like? Long commutes can eat into your personal time and add stress. Flexibility : Does the company offer remote or hybrid work options? Flexibility has become a significant factor for many, especially in recent years. Work Hours : How many hours will you realistically be working? Some high-paying jobs come with the expectation of long hours which can ultimately affect your personal life. If you're in a position where spending time with family or having flexibility in your schedule is important, don’t overlook that when evaluating job offers. Ready to Make Your Move? Changing careers is a significant life decision. It's essential to do your homework before jumping in. Evaluating job offers goes far beyond salary. You’ll also want to consider benefits, growth potential, work-life balance, and job stability. Making the right choice for you requires a holistic approach to ensure your new role aligns with your long-term financial and lifestyle goals. The financial implications of a career change can feel overwhelming. At Five Pine Wealth Management , we help our clients make informed decisions about their careers and finances. If you're considering a career change and want to ensure your next move is right for your financial future, we're here to help. Email or call us at 877-333-1015 to schedule a meeting today to discuss how we can help you reach your goals, no matter where your career takes you.

As we wind down another election cycle, many clients have asked how the upcoming election might impact their investments. It’s a great question. Fortunately, the market has weathered plenty of elections before, and history can help us understand what might be in store for portfolios, regardless of who wins. So, let’s examine how markets tend to behave during election cycles and discuss some strategies for staying prepared. Politics and the Economy The relationship between politics and the economy can be complicated but often less dramatic than headlines suggest. Many investors assume political changes will lead to wild economic swings, but that’s rarely true. While economic conditions can influence election outcomes, they don’t have the impact many think they will have. The Presidential Cycle Theory You may have heard of the “ Presidential Cycle Theory ,” which suggests that stock markets follow a predictable pattern based on the four-year presidential term. According to this theory: The first two years after an election often show slower growth or market declines. The third and fourth years tend to be stronger as the incumbent administration implements policies to boost the economy before the next election. While this pattern has sometimes held true, it’s far from a hard and fast rule. Many other factors, including global economic conditions, technological advancements, and unforeseen events (e.g., COVID-19), can have a much more significant impact on the economy than election cycles. Long-Term Economic Trends Looking at the bigger picture, we know long-term economic trends often go beyond political parties and administrations. Factors such as demographic shifts, technological innovation, and global trade patterns typically have a more lasting impact on the economy than short-term political changes. For example, the rise of the digital economy and the increasing importance of intellectual property have been transforming our economic landscape for decades, regardless of which party has been in power. Politics and the Stock Market Investors may react to polls, debates, and election results, causing temporary fluctuations in stock prices. This is often due to uncertainty about future policies and their potential impact on different sectors of the economy. Short-Term Volatility It’s true that elections can create short-term volatility in the stock market. Volatility often increases in the months leading up to an election, but these swings are usually temporary. The stock market tends to “normalize” shortly after election results are in, as it processes the new information and looks ahead. It’s crucial to remember that these short-term movements don’t necessarily reflect long-term trends or fundamentals. Benjamin Graham, the father of value investing, said, “In the short run, the market is a voting machine, but in the long run, it is a weighing machine.” These are wise words. Sector Sensitivities Political outcomes can affect various sectors of the economy in different ways. For instance: Healthcare stocks might be more volatile during elections when healthcare reform is a major issue. Energy companies could see fluctuations based on candidates’ stances on environmental regulations or fossil fuel subsidies. Defense contractors might be affected by discussions about military spending. As an investor or business owner, it’s a good idea to consider how potential policy changes might impact your specific investments or industry. The Market’s Resilience Even though the market may experience some short-term volatility, history shows that it has been remarkably resilient to political changes over the long term. Looking at market performance over decades, we see a general upward trend that has persisted through the administrations of both major political parties. This resilience is a testament to American businesses and the U.S. economy’s long-term growth potential. It also reminds us why Five Pine Wealth Management emphasizes the importance of maintaining a long-term perspective when it comes to investing. What Should You Prepare For? Given what we know about market behavior during election years, here are some key strategies for you to consider to help you prepare your portfolio: 1. Stay Focused on Your Long-term Goals The most important thing is to keep your long-term financial goals in mind. Don’t let short-term market movements or political noise distract you from your overall investment strategy. For example, if you’re nearing retirement, your focus should be on ensuring you have the right mix of assets to provide income and stability, regardless of election outcomes. 2. Diversify Your Portfolio Diversification is always important but can be even more crucial during potentially volatile periods. Spreading your investments across different asset classes, sectors, and even geographic regions can help you mitigate the impact of election-related volatility on your overall portfolio. 3. Consider Defensive Strategies If you’re particularly concerned about short-term volatility, consider implementing some defensive strategies. Increasing your allocation to more stable, dividend-paying stocks or adding some exposure to bonds or other fixed-income investments may be a strategy to consider. 4. Look for Opportunities Some investors see elections as a time of risk, while others see opportunities. If you have the risk tolerance and liquidity, you might consider setting aside some capital to take advantage of any election-related dips in the market. 5. Stay Informed, But Don’t Overreact It’s important to stay informed about policy proposals that could affect your investments or business, but be careful not to overreact to every poll or piece of news. Many campaign promises will never become reality, and the actual impact of new policies often differs from initial expectations. 6. Consider Tax Planning Tax laws could change depending on the election outcome. While making major financial decisions based on potential future tax changes is generally not advisable, it’s wise to discuss possible scenarios with your financial advisor and tax professional. The Bottom Line Market behavior during election years reminds us that while headlines may be attention-grabbing, they rarely tell the whole story. Elections can create some short-term market volatility but should not undermine a well-thought-out, long-term investment strategy. At Five Pine Wealth Management , we believe in focusing on the factors we can control: diversification, risk management, and aligning your portfolio with your long-term goals. Successful investing is about time in the market, not timing the market. The broader market is remarkably resilient in the face of political shifts, and by focusing on the fundamentals, investors can feel confident about their strategy regardless of who wins. When you stay the course with a balanced, goal-oriented approach, you can handle any bumps along the way. Ready to Review Your Investment Strategy? If you’re concerned about how the upcoming election might impact your portfolio or if you’d simply like to review your current investment strategy, we can help. Five Pine Wealth Management specializes in creating personalized financial plans to weather various market conditions and help you achieve your long-term goals. Don’t let election-year uncertainty keep you up at night. Email or call us at 877-333-1015 to schedule a meeting with one of our experienced advisors today. We’ll work with you to ensure that your portfolio is well-positioned for the future.

The best time to begin your tax planning actually isn’t in the spring—it’s right now before the year ends. Waiting until tax season can leave you feeling rushed and limit your ability to reduce your tax bill. By starting now, you can unlock opportunities and strategies that could significantly lower what you owe when you file your 2024 taxes. Whether you're a small business owner, a couple preparing for retirement, or someone looking to get more organized financially, the key is to take a proactive approach. Starting your tax planning now ensures you have enough time to take full advantage of strategies and deductions, making tax season less stressful and more rewarding. The Importance of Early Tax Planning We’ve all been there—waiting until the last minute to get our financial paperwork together. There are so many priorities to balance in life: getting to kids’ games, making time for friends, and maintaining a healthy lifestyle. But by taking the time now to plan your taxes, you can avoid the potential for being a stressed mess and, more importantly, seize opportunities to save that aren’t available after December 31st. And it’s not just about reducing your tax burden—early tax planning gives you time to get organized, gain clarity on your financial situation, and have peace of mind knowing that you're prepared well in advance. 4 Key Tax Planning Strategies Tax planning isn't a one-size-fits-all approach. Depending on your financial situation—whether you're a small business owner, a couple with dual incomes, or someone nearing retirement—different strategies will help maximize your savings. With that in mind, here are some key moves to consider today: 1. Max Out Retirement Contributions For individuals, contributing to your retirement accounts—such as IRAs or 401(k)s—can lower your taxable income for 2024. Small business owners can also take advantage of SEP IRAs or Solo 401(k)s, allowing for larger contributions on behalf of employees or themselves. Not only do you reduce taxable income, but you’re also building a solid foundation for future retirement. 2. Harvest Capital Gains or Losses Selling investments at a loss, also known as tax-loss harvesting, can offset gains in your portfolio and reduce taxable income. On the other hand, if you're in a lower tax bracket, consider tax-gain harvesting, which allows you to sell winning investments at a lower tax rate, resetting the cost basis for future growth. 3. Leverage Charitable Donations Consider using donor-advised funds or bunching donations to maximize deductions if you're charitably inclined. If you’re over 70 ½, you can also use a Qualified Charitable Distribution (QCD) to donate directly from your IRA. This allows you to meet your required minimum distribution (RMD) obligations without increasing your taxable income, as the QCD is excluded from your taxes. 4. Consider Tax-Efficient Investments Investing in tax-efficient vehicles, such as tax-free municipal bonds or index funds designed to minimize taxable gains, can be an excellent long-term strategy. Holding these investments in tax-advantaged accounts, like a Roth IRA, can further shelter your wealth from taxes. Tax Optimization: A Key Part of Smart Financial Planning Tax optimization is more than just reducing this year’s tax bill—it’s about making strategic decisions that lower your taxes in the long run while aligning with your broader financial goals. Here are some powerful tax optimization strategies to consider as you prepare for the 2024 tax season. Tax-Efficient Investing When it comes to investments, where you hold them is just as important as what you invest in. Tax-efficient investing involves making sure that your investments are structured in a way that minimizes taxes. For example, tax-advantaged accounts like 401(k)s and IRAs are great for deferring taxes on contributions and earnings, allowing them to grow tax-free until withdrawal. Conversely, taxable accounts can be ideal for holding long-term investments, where you can benefit from lower capital gains rates. Asset location plays a key role here. Placing bonds, which generate regular taxable interest, in tax-deferred accounts while holding stocks or mutual funds in taxable accounts can help you optimize your tax burden over time. Roth Conversions Another excellent tax optimization strategy is performing a Roth conversion . This involves converting your traditional IRA into a Roth IRA, which requires paying taxes on the converted amount now but allows for tax-free withdrawals in the future. This can be especially beneficial if you expect to be in a higher tax bracket during retirement. Starting this process early lets you spread the tax hit over several years, reducing its impact on your immediate financial situation. A well-timed Roth conversion can help you avoid higher taxes on future withdrawals and lower your overall tax liability, especially as required minimum distributions (RMDs) loom closer for retirees. Income Smoothing Suppose you're a business owner or nearing retirement. In that case, income smoothing can help lower your taxes by spreading out income over multiple years, reducing the risk of being bumped into a higher tax bracket. For business owners, this might involve deferring income or managing expenses in a way that smooths your income across different tax years. For retirees, it could involve strategically withdrawing from taxable accounts to avoid pushing yourself into a higher bracket when RMDs become mandatory. Tax optimization requires foresight and long-term planning. By working with a financial planner, you can identify and implement these strategies to fit your overall financial goals while minimizing tax liabilities. Start Your Tax Planning Today Getting ahead on your taxes starts with a few simple steps. Begin by gathering your financial documents, including income statements, expenses, and investment reports. This allows you to identify opportunities early and gives you a clear picture of your financial landscape. Next, reach out to a financial planner like Five Pine Wealth Management , who can help you navigate the complexity of the tax code and ensure you're taking full advantage of available strategies. If you haven’t reassessed your financial goals recently, now is a great time to make sure your tax strategy aligns with your broader financial plan. There’s no need to wait until tax season to consider your taxes. The sooner you begin planning, the more opportunities you have to reduce your tax burden and set yourself up for success in 2024. By implementing a strategic tax plan now, you’ll save money and reduce the stress that comes with waiting until the last minute.  Ready to start planning for a brighter financial future? Schedule an appointment today, and together, we can build a tax-efficient strategy tailored to your goals so you can keep more of what you earn!

Choosing the right health insurance plan for yourself or your family is one of your most important financial decisions. With a range of plans available through your employer (or the Marketplace ), navigating the complexities of healthcare coverage can feel overwhelming. Each plan comes with its trade-offs, and comparing premiums, co-pays, coinsurance, deductibles, and out-of-pocket expenses to determine what’s best for you and your family is no easy feat. One health insurance option to consider is a high-deductible health plan (HDHP), especially when it’s paired with a health savings account (HSA). These plans have become more common as health insurance costs continue to rise, and they can be a great fit if you’re seeking both flexibility and financial savings in your healthcare coverage. What is a High-Deductible Health Plan (HDHP)? High-deductible health plans (HDHPs) are defined by their higher deductibles compared to traditional health plans — you pay more out-of-pocket for healthcare services before your insurance covers the costs. HDHPs have higher allowable deductibles and out-of-pocket maximums than traditional plans, and the IRS sets the guidelines for these amounts . For 2024, the HDHP minimum deductible is $1,600 for an individual and $3,200 for a family; these amounts increase to $1,650 for individuals and $3,300 for families in 2025. The 2024 maximum out-of-pocket limit is $8,050 for individual coverage, and $16,100 for family coverage (increasing to $8,300 and $16,600 in 2025). One of the biggest draws of HDHPs is their lower premium payments: while you’ll pay more upfront for healthcare costs, the reduced monthly premium can help offset some of that expense. An HDHP shifts the financial burden from the plan’s monthly cost of coverage to its deductible. So if you don’t anticipate significant healthcare needs for yourself or your family, this can potentially lead to sizable savings over time. When considering an HDHP, it’s important to weigh the financial trade-offs; yes, you’ll pay less in premiums, but you’ll have to be prepared to handle higher out-of-pocket expenses if you need medical care. Can you pay these higher costs, or would a more predictable, lower-deductible traditional plan better fit your financial situation? When Is an HDHP a Good Choice? Here are key situations where an HDHP might be the best option:  Low Medical Utilization: If you and your family are generally healthy and rarely use medical services aside from the occasional check-up and preventative care, an HDHP can significantly lower your healthcare costs. You won’t be paying higher premiums every month for services you don’t use, and you’ll have extra savings for future healthcare expenses or medical needs. Financial Stability: If you can comfortably afford to pay the higher deductible and you have a financial cushion for unexpected medical expenses, then the lower premiums of an HDHP can offer you substantial savings in the long run. HDHPs work best if you have financial flexibility. Long-term Saver: By saving the difference between premiums and contributing it to a health savings account (HSA), you can accumulate a tax-advantaged nest egg for future healthcare expenses (or even retirement). Effectively managing your healthcare spending and contributing consistently to an HSA can help you build savings. Younger Populations: Younger individuals are less likely to require significant medical care, and can take full advantage of the lower premiums without worrying about meeting the high deductibles. If you’re young and healthy, an HDHP with an HSA can be a smart way to save on healthcare costs while still being covered for medical emergencies. Health Savings Accounts (HSAs) and HDHPs Health savings accounts (HSAs) are a key component to HDHPs — they not only offer you tax advantages but also the ability to save for future health care expenses. HSAs are available only if you’re enrolled in an HDHP, as they’re designed to help offset the higher out-of-pocket costs of these plans. An HSA allows you to save pre-tax money, which grows tax-free over time. When you withdraw funds to pay for qualified medical expenses (including deductibles, co-pays, and coinsurance), your withdrawals are tax-free. After the age of 65, HSA withdrawals can be used for any purpose, but non-qualified withdrawals will be taxed as income. HSA contribution limits are also set by the IRS: for 2024, individuals can contribute up to $4,150 to an HSA, while families can contribute up to $8,300. In 2025, those amounts increase to $4,300 for individuals and $8,550 for families. If you’re age 55 and over, you can contribute an additional $1,000 annually. With these limits, you can establish a substantial healthcare safety net. What Are the Benefits of HSAs? HSAs can benefit you beyond just helping you pay for healthcare costs; they can also be a powerful tool for building long-term savings and planning for retirement: Triple Tax Advantage: Your contributions to your HSA are tax-deductible, they grow tax-free, and your withdrawals for qualified expenses are tax-free. These tax advantages make an HSA one of the most effective financial tools for managing medical costs. Long-Term Savings Potential: Unlike flexible spending accounts (FSAs) that have a “use it or lose it” policy, your unused HSA funds roll over year after year, which enables you to accumulate savings. Over time, your HSA can help you save long-term for healthcare costs and retirement. Preparation for Healthcare Needs: Medical care is one of the biggest expenses in retirement, and an HSA can help you plan for your future healthcare needs. By consistently funding your HSA account, you can create a financial buffer for medical expenses when you’re retired. Can a HDHP Be Right for You? Deciding whether an HDHP is right for you or your family depends on your healthcare needs, financial situation, and long-term savings goals. Take the time to assess your needs carefully and review your healthcare plan options. Are you young and healthy, with minimal healthcare needs? An HDHP with an HSA can be perfect for building savings while maintaining affordable coverage. But if you or your family have frequent medical visits, a traditional plan may be a better fit with its lower deductibles, despite the higher premiums. At Five Pine Wealth Management , we have the knowledge and experience to help you evaluate your healthcare needs, risk tolerance, and financial situation to see if an HDHP is right for you and if an HSA can fit into your long-term financial plan. With our holistic approach, we can help you decide what’s best for both your health and your finances. To see how we can help you, email us or give us a call at 877.333.1015 today.

Medicare, health insurance for those 65 and over, is essential coverage for many seniors as it helps pay for healthcare costs during retirement. More than 66 million Americans on Medicare rely on their insurance to help pay for healthcare expenses including doctor visits, preventative services, hospital visits, and medical supplies. With medical expenses likely one of the biggest expenses you’ll face as a retiree, it’s important to make sure that your Medicare coverage fits your needs. Each year, during the Medicare open enrollment period, Medicare beneficiaries have the opportunity to review and make changes to their coverage. While it may be tempting to stick with the same plan for the sake of convenience, ignoring this annual window can result in missed opportunities for better coverage and potential cost savings. The decisions you make during open enrollment not only affect the covered healthcare options you have access to—they can also significantly impact your financial health. Medicare Open Enrollment Period: What You Should Know Healthcare needs and costs can change over time, and what was a good fit one year may not be the next. Medicare open enrollment occurs every year from October 15 to December 7, giving you time to review, change, or adjust your Medicare coverage. Any changes made go into effect on January 1 of the next year. There are several plan choices available during open enrollment, and you have the option to: Switch between Original Medicare (Parts A and B) and Medicare Advantage (Part C) Change your Part D prescription drug plan Enroll in or update your Medigap policies for additional coverage By understanding the different parts of Medicare and how they work together, you can make informed decisions on what coverage meets your medical and financial needs: Medicare Part A: Hospital Insurance Medicare Part A covers inpatient hospital stays, care in skilled nursing facilities, hospice care, and limited home healthcare services. Most likely, you qualify for premium-free Part A if you or your spouse paid Medicare taxes while working for a certain period (generally at least 10 years). If you don’t qualify for premium-free Part A, you can still buy it. Understanding what Part A covers can help you better estimate your hospital-related costs, particularly if you anticipate any significant inpatient care or long-term stays. Medicare Part B: Medical Insurance Medicare Part B covers doctor visits, outpatient care, preventative services, and medically necessary services (labwork, surgeries, mental health services). Almost everyone pays a monthly premium for Part B, unlike Part A, and these premiums are based on income. Because Part B covers routine medical care and outpatient services, factor these costs into your overall healthcare budget, especially if you frequently visit the doctor or require any specialist care. Medicare Part C: Medicare Advantage Medicare Part C, or Medicare Advantage, is an alternative to Original Medicare (Parts A and B) and is offered through private insurance companies. Medicare Advantage plans are required to provide, at a minimum, the same coverage as Original Medicare, but these plans often include additional benefits such as vision, dental, hearing, and prescription drug coverage (Part D). Medicare Advantage plans can be a cost-effective option if you’re seeking additional benefits or lower out-of-pocket limits. However, the plans also come with network restrictions, which means you may be limited to seeing doctors and hospitals that are within the plan’s network. Medicare Part D: Prescription Drug Coverage Medicare Part D helps cover the cost of prescription drugs. Part D plans are offered through private insurance companies, and you can either add a Part D plan to your Original Medicare coverage or get it through a Medicare Advantage plan that includes drug coverage. Because prescription drug costs can add up quickly, make sure to review your Part D plan each year to confirm that it covers the medications you need at an affordable price. Medigap: Supplemental Insurance Medigap, also called Medicare Supplement Insurance, is extra insurance you can buy from private insurance companies to help cover some out-of-pocket costs not covered by Original Medicare, such as deductibles, coinsurance, and co-payments. Medigap policies can provide peace of mind by minimizing the financial risk of high out-of-pocket expenses. Remember, however, that you can’t have both a Medigap policy and a Medicare Advantage plan. How Your Medicare Choices Can Impact Your Finances Even if you’d like to stick with your current plan, don’t skip an annual review: plan costs, benefits, and available options can change from year to year, as can your health needs. If you don’t review your plan, you could face unexpected costs that risk your financial health, or have inadequate coverage right when you need it the most. The choices you make during Medicare open enrollment directly impact your monthly premiums and out-of-pocket costs. Deductibles, co-pays, and coinsurance can add up, so make sure to weigh the total cost of any plan you’re considering, not just the premiums. Deciding between Original Medicare and Medicare Advantage can also significantly impact your medicare finances. While Medicare Advantage plans often have lower premiums, they can come with higher out-of-pocket costs. Pairing Original Medicare with Medigap can help reduce unexpected expenses, but it may involve higher upfront costs. One of the most important things you can do during the Medicare open enrollment period is to compare plans, as premiums, copayments, and coverage can change every year. By comparing your plan options, you can make sure you’re not overpaying for coverage or missing out on better options. What to Keep in Mind During Medicare Open Enrollment If you avoid these common mistakes during Medicare open enrollment, you can better protect both your health and your financial well-being: Don’t overlook any plan changes: Don’t assume your current plan will continue to meet your needs—costs, coverage, and networks can change every year, and your current plan might not be the best fit anymore, both health-wise and financially. Don’t assume the cheapest plan is the best: While it may be tempting to choose the plan with the lowest premium, it doesn’t always equate to the most affordable option. Lower premiums often come with higher deductibles, co-pays, and limited coverage, which can end up costing you more in the long run. Don’t ignore future healthcare needs: Many often only focus on their immediate healthcare needs and forget to consider the possibility of future health issues. While you can’t predict the future, recognizing potential chronic or long-term health conditions can help you choose a plan that will continue to fit your needs in the future. Healthcare and Financial Planning  While Medicare covers healthcare costs, it doesn’t cover everything. Make sure to include not only the costs associated with Medicare but also other potential medical expenses, such as long-term care, in your retirement and estate planning. This can help you to prepare for the unexpected, plan for the future, and protect your financial health. Anticipating your healthcare needs in your financial planning can also help you preserve your assets for future generations, and help you leave a lasting financial legacy. At Five Pine Wealth Management , we can work with you to integrate your healthcare decisions and medicare finances into a comprehensive financial plan that supports your retirement and estate strategies. As fiduciary financial advisors, we are committed to acting in your best interest to help you achieve your objectives and protect and preserve your wealth. To see how we can help you, give us a call at 877.333.1015 or send us an email today.

Travel may be one of the most enriching ways to spend money. It can give you a fresh perspective, a sense of adventure, and cherished memories with loved ones that will surely become the stories you’ll share and relive time and time again. Millennials have a deep passion for travel, often prioritizing experiences over material possessions. Yet, having been through multiple recessions, we’ve learned the importance of traveling without straining our finances. At the same time, we refuse to compromise on the rich, meaningful experiences that make travel so rewarding. Fortunately, with a few savvy strategies, you can explore the world without missing out on the fun, food, and unforgettable experiences that make each trip special. How To Save Money For A Trip Before you even start planning your trip, it's important to lay the groundwork for your vacation budget. Thankfully, the preparation is straightforward. Set Up a Travel Fund: One of the easiest ways to start saving is to set up a dedicated travel fund. Even $25 or $50 a month can add up fast. If your employer offers direct deposit, try automating a portion of your paycheck to go straight into that fund. Track Your Expenses: Know where your money is going before cutting costs. It’s worthwhile to spend the time to categorize and track your spending, at least for a short time. You might find some surprising areas where you can trim expenses—like choosing a more affordable grocery store or finding smart ways to reduce your utility bills. You can funnel those savings straight to your travel fund. Make Small Lifestyle Adjustments: Saving doesn’t have to be painful. Mixing in free social activities can create some extra room in your budget for travel. Think about alternating your streaming services to one at a time or skipping drinks when you dine out. Cash In on Credit Card Rewards: Many credit cards offer travel rewards that can help you save on flights and accommodations. However, if you take advantage of these programs, make sure you're not overspending just to earn points. Picking Affordable Adventures Not all dream destinations come with a high price tag. You don’t have to stay in five-star hotels or dine at Michelin-starred restaurants to have an unforgettable time. Skip the obvious (and often expensive) tourist spots like Paris or Tokyo. Instead, seek out emerging or less-traveled destinations. Cities like Mexico City, Lisbon, and Hanoi offer rich cultural experiences, great food, and a ton of history—all at a fraction of the cost of more famous destinations. Another way to save money is by traveling during off-peak times. The “shoulder season”—right before or after the high tourist season—can save you hundreds, if not thousands, of dollars. You still get good weather and open attractions, but you’ll avoid the steep costs and crowds. How to Travel for Cheap: 6 Travel Hacks Seasoned travelers use a host of strategies to keep their globetrotting within their means. Pick a couple from the list below that seem doable (not everyone can manage flexible travel dates) and implement them. 1. Be Flexible with Flights: Flexibility is your best friend when finding cheap flights. Instead of locking in specific dates, use tools like Google Flights or Skyscanner’s “Everywhere” search feature to find the cheapest days to travel. Avoid weekend departures, and try flying out on a Tuesday or Wednesday for lower fares. 2. Use Budget Airlines (but Read the Fine Print!): There are plenty of low-cost airlines like Spirit, Ryanair, or Frontier that offer competitive fares, but be careful about extra fees. Budget airlines often charge for things like seat selection, carry-on baggage, and even printing your boarding pass. If you’re mindful of these extras, you can still score a great deal. 3. Rethink Your Accommodations: Skip the fancy hotels and opt for more affordable accommodation options such as hostels, Airbnb, or even house-sitting. Sites like Couchsurfing allow you to stay with locals for free, giving you a more authentic experience—and more cash for other aspects of your trip. 4. Use Public Transport or Walk: Rather than relying on expensive taxis or ride-sharing services, use public transportation. In many cities, buses, metros, and trains are super affordable and will take you wherever you need to go. Better yet, walk! It’s free and gives you a better feel for the place you’re visiting. 5. Cook Your Own Meals: Eating out for every meal can quickly drain your budget. If you're staying in an Airbnb or hostel with a kitchen, take advantage of local grocery stores and markets. Cooking a few meals yourself will save you tons of money. Plus, it’s a fun way to try local ingredients and add to your experience. 6. Find Free (or Almost Free) Experiences : There’s no shortage of incredible free experiences while traveling. Many museums have free days, parks are usually free to explore, and walking tours—often run by locals—can give you a rich understanding of a city for a small tip. Look for festivals, markets, and other local events that let you dive into the culture without spending a fortune. How to Maximize Your Budget While Traveling You’ve saved, booked the cheap flight, planned for some travel hacks, and now you are ready for your adventure! Before you take off, you can take a few more steps to use your time (and money) wisely. Try setting a daily spending limit. Break down your overall budget into daily amounts for food, activities, and transportation. This helps ensure you don’t overspend on day one and feel strapped for cash later in your trip. You can also avoid checked baggage fees by packing light. A carry-on and a small backpack are usually enough, and you won’t have to pay for luggage handling or risk losing your bags. Packing light also makes moving between destinations easier, whether hopping on a train or walking a few blocks to your accommodation. Another way to save frustration is to pre-book popular attractions. Not only does this help you skip long lines, but it can also save you money. Many sites offer early-bird discounts or bundle deals. Plus, you won’t need to worry about tickets selling out last minute. Finally, be smart about exchanging money. Using your bank’s ATM network or a credit card with no foreign transaction fees is best. Avoid exchanging currency at the airport, where rates tend to be much higher. Keep an eye out for ATM fees and foreign currency surcharges when abroad, and be sure to alert your credit card that you are traveling so they don’t lock your card! How Five Pine Wealth Management Can Help Traveling on a budget as a millennial doesn’t mean sacrificing what makes travel magical. Wealth management is all about being strategic with your savings and choices. With the right mindset, some insider hacks, and a little flexibility, you can explore the world without draining your bank account. At Five Pine Wealth Management, we recognize that “wealth” means more than what’s in your bank account. We’ll work with you to help create a financial plan for a life full of rich experiences and lasting memories. We specialize in helping you master your financial mindset and balance sheet. For help finding that balanced approach, contact us to schedule a personalized consultation. Call 877.333.1015 or email us at info@fivepinewealth.com. Let’s make a plan for your next adventure!

You’ve certainly heard all the sayings about never mixing money and friends or family, but in reality, it can be hard to practice what’s commonly preached. Perhaps you have family that expects you to foot the bill for any outings together, and you feel guilty if you don’t pay. Or maybe you have a close friend that looks to you for help whenever they’re in a bind financially, and you feel obligated to help out. Money and loved ones frequently mix, and it can cause stress and strain on relationships when the lines between financial support and personal responsibility become blurred. You want to help those you love, but at what cost?

Life is full of ups and downs, and our financial journey is no exception. Financial setbacks, whether big or small, can be overwhelming and even devastating. The unexpected loss of a job, a sudden medical emergency, or a downturn in the stock market can all lead to financial strain. But it's important to remember that setbacks are a part of life, and while they can be challenging, they are also opportunities for growth and learning.