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Welcome to the IIS Financial Services Blog! In this blog, you will find valuable financial planning information that we feel is important for you to know.

Keep an eye out for new blog posts, and as always please contact us with any questions or concerns regarding a particular topic or post. 

Tuesday, November 28, 2023

2023 is almost over and that means it’s time to review where you stand year to date with your financial goals and plan for 2023.  The following year-end financial planning checklist highlights important points to consider

Wednesday, November 8, 2023

The Internal Revenue Service has released new limits for the coming year.  Individual Retirement Accounts (IRAs): IRA contribution limits are up $500 in 2024 to $7,000...

Wednesday, November 1, 2023

Inheriting an IRA? Understand how to manage inheriting an IRA, as well as the rules and options to make the most of your inheritance. Managing your own retirement accounts can be confusing, but...

Wednesday, October 25, 2023

Open enrollment season is fast approaching, so you’ll soon be asked to decide which employer benefits you want to take advantage of. And while that may sound incredibly dry, it represents a...

Wednesday, October 4, 2023

Equities slumped in September, with all three major U.S. equity indices posting their first quarterly losses for the year. Weakness from the July highs were primarily tied to Wall Street coming to grips with the Federal Reserve’s...

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Friday, September 29, 2023

IIS Financial Services has released its 2023 Fourth Quarter Outlook titled, “Bears Peek from Dens as Economy Brightens.” In this outlook, we discuss that while some key economic indicators are relatively weak, the economy is stable, and...

Wednesday, September 27, 2023

If you are an employee of the State of Maine, school district, or municipality, chances are you pay into MainePERS but don’t pay into Social Security. IIS Financial Services can help guide you through the Winfall Elimination provision.

Tuesday, September 19, 2023

In June 2021, Maine passed an important legislation that mandates a state-sponsored Auto IRA plan for businesses with five or more employees. Here is a closer look at the Maine Retirement Savings Program details and deadlines for employers

Wednesday, September 13, 2023

It’s not uncommon for people to assume that having a will in place is enough to ensure their assets will pass to their named beneficiaries in the manner they desire. However, certain financial assets bypass a will or trust’s probate process

Wednesday, August 16, 2023

Taxes—a vital component to consider when retirement planning. Knowing how to manage your taxable income can be a feat of its own and there are options when choosing the right strategy to help minimize your taxes in retirement. As...

Friday, August 4, 2023

The SECURE 2.0 Act of 2022 made significant changes to 401(k) plans intended to expand coverage, increase retirement savings, and simplify distribution rules. Small business owners must understand these...

Wednesday, July 12, 2023

Cetera Investment Management has released its 2023 Mid-Year Outlook titled, “Climbing a Wall of Worry.” In this outlook, they discuss the S&P 500 climbing out of the bear market and into a new bull market. While much of the...

Wednesday, July 5, 2023

Apart from the S&P 500 reaching a 14-month high, the Nasdaq Composite (+32.32%) posted its strongest first-half performance in four decades (since 1983), nearly double the S&P 500 gain...

Wednesday, June 14, 2023

With June upon us, it’s important to take time for a mid-year financial checkup that could yield rewards long after the summer is over. Personal and financial events, such as getting married, sending a child off to college, or...

Monday, May 29, 2023

A new Maine law goes into effect in 2023, reinstating and increasing the state income tax deduction for contributions to any 529 education savings plan, providing a deduction up to $1,000 per student for Maine state taxpayers.

Thursday, May 25, 2023

The debt ceiling is making news again. Will Congress raise it? Will the U.S. make history by defaulting on our government debt?

Wednesday, May 3, 2023

As you plan for retirement or if you’re already retired, how much you’ll withdraw from retirement accounts for reliable income and to meet expenses is a nuanced decision that will likely include these 5 key factors...

Wednesday, April 5, 2023

What Happened with SVB, and What is Happening with Banks? On March 10, the Federal Deposit Insurance Corporation (FDIC) closed Silicon Valley Bank (SVB) and Signature Bank. You may have seen that investors are concerned about...

Tuesday, March 28, 2023

It may be 2023, but taxpayers still have time to make last-minute retirement contributions that could lower their 2022 tax bill.

Wednesday, March 1, 2023

When You Leave a Job When planning for retirement, one of the hardest parts is knowing where to start. If your previous employer offered a 401(k) plan you took advantage of, then you are...

Thursday, February 23, 2023

Have questions about small business retirement plans in Maine. IIS Financial Services of Augusta and Portland, Maine can help guide you and your employees with your retirement planning needs.

Thursday, February 16, 2023

Some CPAs may be too busy to do comprehensive tax projections as part of the tax-preparation appointment, but that should not preclude you from asking the following questions. Will a life event or major purchase affect my taxes?...

Thursday, February 9, 2023

Now is the time to make contributions to your IRA for 2022. Any contributions made before April 15, 2023 may mean an additional deduction or credit on your 2022 tax liability if you have not yet met the maximum contribution...

Thursday, February 2, 2023

The debate over Roth vs. Traditional IRA accounts, and which one is better, comes down to two things, mostly: flexibility and taxes. Roth IRA's requires paying taxes up front but offer more flexibility later and may be the best option...

Tuesday, January 10, 2023

 Annual Market Outlook for 2023 titled, "Low Expectations Are Easier to Beat." In this outlook, they discuss while they expect volatility to remain in both stocks and bonds, stocks have better valuations and bonds have better risk...

Monday, January 9, 2023

On December 29, 2022, as a part of the government’s year-end spending bill, President Biden signed into law the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0 builds on the reforms included in the Setting Every Community Up for...

Thursday, January 5, 2023

Quarterly RecapMarket IndicesAt-A-GlanceThe S&P 500 posted just one record high in 2022, on Jan 3, before sliding into a bear market in June. Following a 2022 loss of over 18.1%, the S&P 500 essentially ended the year at the same level...

Monday, November 14, 2022

THE REWARDS THAT COME WITHCHARITABLE GIVINGSome charitable contributions are 100% tax deductible, while others you can't deduct from your taxes. If you want to maximize your tax savings through charitable giving, it's important to know...

Friday, November 11, 2022

Determining if you’re on track to retire can be more manageable if you break it into smaller steps. Using a checklist can help you understand the key variables that will make your retirement plan succeed or fail. It can help you...

Thursday, November 10, 2022

In their latest commentary, the IIS Financial Services Team discusses the 2022 midterm election results and possible investment implications.

Tuesday, November 8, 2022

The Internal Revenue Service has released new limits for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached near-record levels. Individual Retirement...

Thursday, November 3, 2022

2022 is almost over and that means it’s time to review where you stand year to date with your financial goals and plan for 2023.   The following year-end financial planning checklist highlights important points to consider when reviewing at

Tuesday, September 27, 2022

What is a Roth IRA conversion, and should I do it? In the last six months, more and more people have been discussing the benefits of converting Traditional IRAs to Roth IRAs. This planning note will outline what to consider when...

Tuesday, September 20, 2022

It’s time for your life insurance checkup.September is National Life Insurance Awareness Month, so it’s a great time to review your coverage.1If you don’t have any life insurance, you’re not alone. Life...

Tuesday, September 13, 2022

Is it time to replace your SIMPLE IRA with a 401(k) plan? A SIMPLE IRA may have seemed like a cost-effective solution when launching your business. Still, it’s likely time for a change if your business grows and you need more flexibility...

Thursday, August 25, 2022

October 1st is the deadline to establish New 2022 Safe Harbor 401K Plan. As the economy roars back from the early days of the Covid-19 pandemic, many business owners see the labor market tightening and are looking for new ways to...

Wednesday, July 13, 2022

Managing emotions during volatile markets can be difficult. As long as an investor has an appropriate plan and asset allocation in place, it is important to stay the course, rebalance portfolios, and take advantage of...

Monday, July 11, 2022

The S&P 500 and Dow Industrials posted their worst quarterly performances since the first quarter of 2020 when lockdowns sent stocks plummeting. The S&P 500 slumped more than 16% in the second quarter to cap its worst two-quarter start...

Wednesday, July 6, 2022

Cetera Investment Management has released its 2022 Third Quarter Outlook. In this outlook, they discuss how the Fed has pivoted, raising rates more aggressively and increasing its focus on inflation and what this means for the...

Tuesday, June 21, 2022

Timing a Recession vs Timing the Stock Market

Wednesday, June 15, 2022

In their latest commentary, the Cetera Investment Management Team discusses the recent equity market sell-off triggered by investor concerns that an aggressive Fed will lead to an economic recession. CLICK TO READ As always, please...

Thursday, May 5, 2022

 Dealing with the Uncertainty of the Financial Markets in 2022.

Friday, April 29, 2022

Wednesday, April 6, 2022

This bill, named after the 2020 SECURE Act—its formal title is Securing a Strong Retirement Act—just passed the House by an overwhelming vote of 414 to 5. It now goes on to the Senate, which is working on its own...

Wednesday, January 12, 2022

U.S. stocks registered a third straight year of solid gains as the rollout of vaccinations and accommodative monetary policy accelerated the reopening of global businesses, unleashing pent-up consumption.

Monday, January 10, 2022

The IRS officially released 2022 401(k), 403(b) and most 457 plan contribution limits. These limits largely mirrored industry predictions that have come out over the past few months. Employees will be able to...

Monday, January 3, 2022

In our annual Market outlook, we discuss the economic recovery and how the Fed will likely play a larger role in determining its future prospects as the Fed becomes less accommodating.

Wednesday, October 20, 2021

What does Rising Inflation mean for your Portfolio? In their latest commentary, our partners at Cetera Investments discuss inflation and what it means for portfolios. Many investors are fearing rising inflation, but should they? They...

Monday, October 18, 2021

USE THESE YEAR-END TAX PLANNING TIPS Everybody wants to save on their taxes. If you think tax-saving strategies are too complicated, you could be missing out on tax savings. There are a few simple tax-saving strategies available to...

Thursday, October 14, 2021

On October 13, 2021, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 5.9 percent cost-of-living adjustment (COLA) for 2022, the largest increase in four decades. This...

Monday, October 11, 2021

Quarterly Recap for Q3 2021 At-A-Glance The S&P 500 has logged a near record run of 318 trading days above its 200-day moving average. The index is down 4.97% from its latest record high set on Sept 2. For the month, the Dow...

Monday, October 4, 2021

Open enrollment season is fast approaching, which means that you’ll soon be asked to make many decisions about which employer benefits you want to take advantage of. And while that may sound incredibly dry, it represents a big...

Tuesday, September 28, 2021

If you are a small business owner or an HR professional, managing your employer retirement plan is probably not among your favorite things to do. You are a busy person – running a successful business, or handling day-to-day...

Monday, September 27, 2021

Watching financial markets recently, you might be reminded of when you were a child watching a pot of water boil at your grandma’s house. “A watched pot never boils,” your grandma may have told you. If you were a...

Wednesday, September 15, 2021

If you're a State of Maine employee approaching retirement, you might be thinking about ways to fortify your retirement savings. And if you're like a lot of public sector employees, you might find that you have accrued some Paid Time...

Tuesday, July 13, 2021

We get it – you’re a busy small business owner and you pour your heart and soul into making sure your clients are happy, your company is profitable, and you still have time for your own family. It’s not easy, but you...

Friday, July 9, 2021

Quarterly Recap S&P 500 ended the second quarter with its best first half (YTD) performance since 2019. Stocks are now in the second year of a bull market. In June, the Dow Industrials crept just 0.02% higher and the Nasdaq Composite...

Wednesday, June 23, 2021

Cetera Investment Management has released its 2021 Midyear Outlook. In this outlook, they discuss the economy hitting its peak growth rate this quarter and investor enthusiasm around that growth, including the prospects for...

Thursday, June 17, 2021

Consider Wealth Transfer Strategies in Advance of Proposed Tax Law Change Are you wondering what the myriad of tax proposals floating around Washington might mean to you? It's impossible to know for sure. We are in that white-boarding...

Tuesday, June 8, 2021

One of the trickiest part of planning for retirement is keeping track of retirement accounts as your career evolves. With folks changing jobs now more than ever, it can be especially daunting to know whether you're on track for...

Monday, May 24, 2021

Retirement plan distribution options for IRA beneficiaries, 401(k), or similar qualified plans are complex and varied. If you're in the process of choosing beneficiaries for your retirement and estate plans, it's essential to...

Thursday, May 6, 2021

A health savings account is a beneficial tool for retirement planning. Money deposited into an HSA is tax deductible. MILLIONS OF AMERICANS either have or are eligible for health savings accounts, but many fail to understand their...

Thursday, April 29, 2021

If you’re wondering when is the best time to convert a traditional IRA to a Roth IRA, the following information may help. Roth IRA conversions typically make the most sense for older retirement plan investors, who tend to be in...

Wednesday, April 28, 2021

It’s all too easy to get caught up in ways to save for retirement, but it's also important to keep in mind ways to reduce costs during retirement. With the rising costs of health care and the unpredictability of your future...

Thursday, April 8, 2021

Quarterly Recap Market Indices At-A-Glance The S&P 500 ended the quarter less than two points below its Mar 26 all-time high of 3974.54 – and just over 27 points away from a new 4,000 milestone.In March, the Dow Industrials...

Wednesday, March 31, 2021

Posted on April 8, 2021 People around the globe are being vaccinated, and there is a light at the end of the tunnel, driving stock investors' enthusiasm. With Congress passing a $1.9 trillion coronavirus relief bill, consumers will...

Wednesday, March 24, 2021

The $1.9 trillion American Rescue Plan Act (ARPA) is the third stimulus package to make its way out of Congress in an attempt to revitalize the economy. It was signed into law on Thursday, March 11, 2021. The Act is meant to ease the...

Thursday, February 4, 2021

At the end of 2019, the SECURE Act became law. The product of a bipartisan effort to make retirement savings more accessible, it was the largest piece of retirement reform legislation since the passage of the Pension Protection Act of...

Thursday, January 21, 2021

7 Retirement Mistakesto Avoid in 2021 Planning ahead and keeping a close eye on your finances are two of the most important ways you can ensure you get to enjoy your retirement and get the most out of your golden years. As we begin...

Monday, January 18, 2021

If you’re even casually following the economic news, it can be hard to make sense of the forecast. One source may feel there’s nothing to worry about, while another might paint a picture of doom and gloom. You may end up...

Tuesday, January 12, 2021

After a bit of political posturing in December, the $900 billion Consolidated Appropriations Act of 2021 (2021 CAA) was signed into law by President Trump as the COVID-19 pandemic continues to impact employers and employees...

Tuesday, January 5, 2021

MAKE NO MISTAKE, it’s been an extraordinary year for the global financial markets. Nobody could have foreseen all that’s happened, including the coronavirus, its economic fallout and the long, turbulent election season. And...

Wednesday, November 4, 2020

Election Day is finally behind us, and we sincerely hope you voted. Voter turnout for a U.S. Presidential election was the highest in modern history as a percentage of eligible voters, surpassing 2008 and 2016. Since the turnout was...

Monday, September 28, 2020

Fall Brings Cooler Perspectives Fall is officially upon us, and with it hopefully some sense of normalcy in a year that has been anything but. Contact your Financial Advisor to make sure your risk tolerance aligns with your financial goals.

Wednesday, September 23, 2020

With so much talent in the workforce applying for jobs these days, it is becoming increasingly important for a business to offer competitive benefits. And as a business, you are only as good as the people who work for you. Beyond the...

Thursday, September 10, 2020

6 Financial Planning Tips for Young Families For most new parents or families with young children, focusing on the big picture isn’t easy. You are sleep-deprived, juggling naps and feeding schedules, bringing your kids to...

Tuesday, June 30, 2020

The Longest expansion , followed by the shortest recession? We are now halfway through 2020, which is shaping up to be a very unpredictable and challenging year. The U.S. has entered a recession aseconomic activity has severely...

Monday, June 15, 2020

Adding a Safe-Harbor 401(k) plan provides a minimum level of contributions to all employees, freeing owners and highly compensated employees to receive larger profit-sharing payments. A successful business owner knows that finding and...

Sunday, June 7, 2020

The CARES Act says you don’t have to take a Required Minimum Distribution (an RMD) from your IRA, 401(k), 403(b), or other retirement account this year. You don’t have to, but should you? The answers to two simple questions...

Thursday, April 23, 2020

Since early Mach, we have been keeping you updated on the Coronavirus/COVID-19 outbreak, with corresponding market volatility, portfolio management/market perspective and this is our response from a financial planning perspective. In...

Friday, April 3, 2020

As life continues in this time of uncertainty, while updates regarding the COVID-19 pandemic make headway, Small Business Owners should take notice of the following action items they could implement to protect their employees, and gain the

Tuesday, March 31, 2020

Over the last few weeks, the Treasury Department, the Internal Revenue Service (IRS), Congress and State of Maine all came forward with new plans in response to the Coronavirus (COVID-19) outbreak and its major impact on our economy...

Wednesday, January 8, 2020

Over the last week, a lot of clients have been asking about the new RMD/Retirement rules starting in 2020 and what it means for them. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act or the Act) was signed...

Friday, December 6, 2019

At year end, it’s beneficial to review financial objectives in determining whether any last-minute action is warranted to help ensure you remain on track with your financial goals. Below are some of the more common items to...

Tuesday, November 12, 2019

Once you retire, it's helpful to keep several tax opportunities and tax consequences in mind. Retirement may mean that you’ve stopped working, but it doesn’t mean that you’re finished with worrying about taxes. Many...

Wednesday, November 6, 2019

Today 11/6/2019, the IRS has officially released 2020 contribution limits. These limits largely mirrored industry predictions that have come out over the past few months. Plan Type 2020 2019 401(k), 403(b) & 457 Plans Elective...

Monday, October 21, 2019

When is the best time to start taking Social Security benefits? Since you can begin taking Social Security benefits any time between the ages of 62 and 70 (assuming you have worked long enough to qualify), this is a question we hear...

Friday, October 11, 2019

The ABCs of 529 Savings Plans The benefits include a variety of investment options and potential tax advantages. Key Takeaways Alleviate the impact on financial aid. Be more flexible thanks to fewer account restrictions. Control the...

Tuesday, October 1, 2019

HSA and FSA: What’s the Difference? For Some Employers, it’s almost Open Enrollment time! It’s that time of year when you stare blankly at your open enrollment web page or packet full of glossy brochures. Suddenly,...

Tuesday, August 27, 2019

The uptick in market volatility from earlier this month has been gaining momentum. China announced this week that new tariffs will be imposed on $75 billion worth of U.S. goods. ur investment allocation and financial planning strategies st

Monday, August 5, 2019

Stocks have entered another bout of volatility following two months of calmness. The S&P 500 had a stretch of 36 straight trading days without closing up or down more than 1% prior to Wednesday’s 1.08% decline. More volatility..

Monday, June 24, 2019

Financial Advisors in Maine that can help you Avoid Federal Income Taxes on your Required Minimum Distribution.

Tuesday, June 18, 2019

Unfortunately, personal finance has not yet become a required subject in high school or college, so you might be fairly clueless about how to manage your money when you're out in the real world for the first time. To help you get...

Monday, May 20, 2019

Q: What is a 529 plan?A: Named after Section 529 of the Internal Revenue Code, 529 plans are investment accounts used to pay for a beneficiary’s education expenses. 529 plans are sponsored by states (just about every state...

Wednesday, April 17, 2019

After suffering their worst quarterly decline in a decade to close out 2018, stocks bounced back in the first quarter of 2019 and erased most of their losses. But conditions remain shaky and caution is warranted.

Tuesday, February 19, 2019

As tax filing season kicks into high gear, things are a little different this year since changes to the tax code implemented in 2018 will now become evident to taxpayers across the country when they go to file their returns prior to...

Wednesday, November 28, 2018

As a Small Business Owner, do you qualify for the 20% tax deduction? It’s not too late for the 2018 calendar year to qualify for the full (20%) QBI or Qualified Business Income Deduction.

Wednesday, November 14, 2018

At year end, it’s beneficial to review financial objectives in determining whether any last-minute action is warranted to help ensure you remain on track with your financial goals. Below are some of the more common planning...

Thursday, November 8, 2018

On November 1, 2018 the Internal Revenue Service in Notice 2018-83 announced the cost-of-living adjustments that apply to dollar limits for retirement plans for the tax year beginning on January 1, 2019. As widely anticipated, due to...

Monday, October 22, 2018

Each quarter, we like to review the factors that influenced the financial markets during the previous months of the calendar year and look ahead to what we can expect in the coming months. With so much attention on the recent market...

Tuesday, September 18, 2018

Because September is Life Insurance Awareness Month, we are utilizing this month’s Financial Planning newsletter to answer 5 frequently asked Life Insurance Questions. Question #1: How often should I review my existing policies?...

Thursday, July 12, 2018

At the beginning of each quarter, we like to review the factors that influenced the financial markets during the previous months of the calendar year and look ahead to what we can expect in the coming months. A look back at the 1st...

Thursday, June 14, 2018

With the official start of summer almost upon us, it’s important to take time for a mid-year financial checkup that could yield rewards long after your vacation photos are buried deep in your Facebook feed. Personal and financial...

Friday, April 20, 2018

At the beginning of each quarter, we like to review the factors that influenced the financial markets during the previous quarter and look ahead to what we can expect in the coming months. Quarterly Update In 2017, domestic markets...

Thursday, February 8, 2018

By now, you’ve most likely have read the deadlines, full of scary-sounding words like the rout and storm, plunge and crash. Whatever you want to call it, investors have certainly endured a rough time over the past few days. The...

Thursday, January 25, 2018

Dear Friends, Colleagues, and Clients of IIS Financial Services, At the beginning of every year, we like to review the factors that influenced the financial markets during the previous year, look ahead to what we can expect this coming...

Friday, November 17, 2017

The holiday season is around the corner, and with the busy days ahead, 2018 will be here before you know it. Amidst all the action, we understand how easy it is to wait until the New Year to consider financial changes. But taking a few...

Thursday, October 19, 2017

Monday, October 9th marks the 10-year anniversary of the S&P 500's highest point before the Great Recession. While the ensuing decade has provided quite a rocky road for the markets at times, the recovery is undeniable.[1] In fact,...

Friday, September 22, 2017

On Thursday, September 8, Equifax (one of the nation's three major credit reporting agencies) announced a cybersecurity incident that could potentially impact approximately 143 million U.S. consumers and almost half a million Mainers,...

Sunday, August 20, 2017

The year is more than halfway over. Have you acted on all those financial resolutions that you set at the start of 2017? If not, there's still time to complete them and take other favorable actions. Here are some suggestions:

Wednesday, July 26, 2017

First Half of 2017 Market Recap The S&P 500 and Dow Industrials both extended their quarterly gains to post their strongest first-half performances in since 2013. Technology (+17.23%) and Healthcare (+16.07%) led the six month broad...

Thursday, June 15, 2017

No matter where you are in your life, saving for retirement is likely one of your most important financial goals. But, even if you have professional guidance and a clear strategy for your desired future, you could still be missing some...

Monday, April 17, 2017

The first quarter of 2017 is now behind us, and although we won't have complete economic data for a while, we do know that domestic stocks had a solid start to the year. Going forward in to the second quarter of 2017, we have many data...

Tuesday, February 21, 2017

It's that time of year again as 2016 tax returns need to be filed by April 18th. IIS Financial Services' 2016 and 2017 annual tax planning guides are located below. These free, two-page guides will provide you with quick access to the...

Wednesday, January 18, 2017

Dear Friends, Colleagues, and Clients of IIS Financial Services, Our team at IIS Financial Services hopes you're having a great start to 2017! At the beginning of every year, we like to review the factors that influenced the financial...

Friday, December 16, 2016

The holiday season is a time of year when many of us reflect on our lives. It's also a good time to reflect on your financial plan. We want to provide you with a checklist to review some items that may impact your overall financial...

Thursday, April 28, 2016

Review of Q1 and Start of Q2 2016 After a rocky start to the year, most stocks ended the first quarter slightly higher, which is remarkable considering the negative sentiment that caused stocks to selloff in the early weeks of 2016....

Sunday, January 17, 2016

2016 Annual Newsletter: The Financial Markets and 2015 in Review Dear Friends, Colleagues, and Clients of IIS Financial Services, Now that 2015 is in the rear-view mirror, let's take a look at some of the factors that influenced...