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Welcome to Summit Financial Group, Inc., your go-to destination for navigating the complexities of personal finance and pursuing financial empowerment. Our blogs are dedicated to providing valuable insights, advice, and actionable strategies to help you make informed decisions about your finances. From understanding basic budgeting to exploring advanced investment strategies, our team of financial professionals are committed to guiding you through every stage of your financial journey. Whether you're planning for retirement, saving for your child's education, or seeking to build wealth, Summit Financial Group, Inc. is here to help you pursue your financial goals and secure your financial future. Join us as we demystify financial concepts, debunk common myths, and offer practical tips tailored to your unique circumstances. Thank you for choosing Summit Financial Group, Inc. as your trusted partner on the path to financial success.

Wednesday, May 28, 2025

As a good steward of your money, you understand the importance of paying off credit card debt, but you also know you need to save aggressively for retirement. However, determining which should be your first priority can be perplexing....

Wednesday, May 21, 2025

A simple explanation of how your Social Security benefits are calculated How Much Will I Get From Social Security? Social Security benefits are based on your lifetime earnings. Earnings are reported to Social Security through a W-2...

Wednesday, May 14, 2025

Interest rates are the price tags for borrowing money. It's the extra amount you owe on top of the original loan. Dreaming of buying a home? Learn more about how changing interest rates can affect your mortgage payments. Rate...

Wednesday, May 7, 2025

6 Questions to Ask When Planning for Retirement Financial security in retirement doesn’t happen by accident. Planning for a financially independent retirement involves more than just putting money away into a savings account and...

Monday, February 24, 2025

Financial education is becoming increasingly important in today's world, but is it worth the company's time and resources to provide such a service? Helping employees reduce financial stress can help improve wellness, retention and...

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Thursday, January 30, 2025

Simply stated, benchmarking is the process of reviewing and evaluating your company retirement plan. It involves taking a look at what you are offering your employees today and deciding if it’s appropriate or needs some updating. There...

Friday, January 3, 2025

Auto-enrollment and auto-escalation are now standard for new plans. But how can you know if these “table-stakes” are a good option for your plan? Studies have shown that auto-features, such as auto-enrollment and auto-escalation, help...

Monday, September 30, 2024

Mistakes happen–Here’s how to correct common 401(k) plan errors.

Monday, September 16, 2024

College Corner Issue | Q3 2024 As Summer draws to a close and pool noodles everywhere breathe a sigh of relief, it's time to consider one of the most exciting milestones for many families: Attending Higher Education. In this edition...

Monday, September 16, 2024

This month's chart feels especially timely, given how many of us eagerly await the Federal Reserve's decision in September on short-term interest rates. Some expected the Fed policymakers to wait until after the election to determine...

Friday, September 6, 2024

Cash Balance Plans offer an innovative solution for business owners and high-earning professionals who find traditional retirement savings options like 401(k)s limiting. These plans blend the high contribution limits of Defined...

Monday, September 2, 2024

Your 70s represent a time to enjoy the fruits of your labor, but there’s still work to do. When you turn 73, you’ll need to start taking one of the more complex and time-consuming aspects of managing your retirement income: required...

Monday, September 2, 2024

Reduce Your Credit Card Debt Credit card debt doesn't have to keep you from fulfilling your financial goals. Not all debt is bad. Mortgage and auto loans are often necessary, but credit card debt can be sneaky – it usually starts...

Monday, August 26, 2024

Who Should Consider A High Deductible Health Plan? What is a High Deductible Health Plan? A High Deductible Health Plan (HDHP) is a government Marketplace health plan with an annual deductible of at least $1,400 for an individual or...

Monday, August 26, 2024

Whether you’re receiving Medicare benefits now, or will begin soon, it’s important to understand how income-based premiums are calculated for Medicare Parts B and D. Your premium is determined by your modified adjusted gross income...

Monday, August 19, 2024

Are Streaming Services Keeping You From Retiring? We all love our streaming services. It might have started with just one, but as more are created, and you add shows to your must-see list, you shell out more and more each month to...

Monday, August 19, 2024

The journey to and throughout retirement requires planning and strategy. Here are six powerful tax and investment strategies you can leverage to help you save and pursue your goals for retirement. 1. Consider a Roth IRA A Roth IRA is...

Tuesday, August 13, 2024

Build a 401(k) Dream Team with the Power of Partnership Leverage service providers to help your 401(k) plan run more smoothly. As a retirement plan sponsor, you are a valuable member of a team that includes your recordkeeper, third...

Monday, August 12, 2024

In today’s low interest rate environment, it rarely pays to keep extra cash on the sidelines, outside of household spending and emergency funds. With interest rates on debt at two to three times higher than the average bank...

Monday, August 12, 2024

Although many people view retirement as one stage of life, it’s actually three! Each stage is reflective of your health and independence and can significantly impact your wallet. The spending pattern throughout retirement is U-shaped,...

Monday, August 5, 2024

You may have heard the saying, “inflation hurts savers and benefits borrowers.” The expression suggests that borrowers benefit from inflation because they pay back lenders with dollars worth less than when the money was initially...

Monday, August 5, 2024

Scary movies might be fun to some, but there’s nothing fun about a dark financial future. If your fear of finances is holding you back and you’re worried about braving the unknown, review this list of financial statistics and ways to...

Monday, July 29, 2024

Managing a 401(k) plan can leave even the most seasoned administrators feeling overwhelmed. With proper support, you can simplify the complex task of retirement plan management. Top 401(k) Plan Headaches The first step is to understand...

Monday, July 29, 2024

For investors nearing retirement, catch-up contributions can potentially make the difference between an uncertain financial future and a comfortable retirement. What are catch-up contributions? Catch-up contributions are the...

Monday, July 29, 2024

Perhaps you’ve heard the maxim, “Preparation is the key to success.” But when it comes to life insurance, knowing when to prepare is almost more important than the preparation, itself. Sure, it can be difficult to think about life...

Monday, July 22, 2024

Let’s explore some of the critical elements of workplace retirement plans. Our goal is to equip you with the knowledge you need to evaluate your current 401(k) plan with clarity and confidence, helping you make the best choices for...

Monday, July 22, 2024

Reduce Your Credit Card Debt Credit card debt doesn't have to keep you from fulfilling your financial goals. Not all debt is bad. Mortgage and auto loans are often necessary, but credit card debt can be sneaky – it usually starts...

Monday, July 22, 2024

Americans are living longer than ever and that, of course, means they need more and more retirement savings. According to the CDC, we’re living to age 78.6 on average.1 That’s a lot of candles on the cake. Using today’s average...

Friday, July 19, 2024

As a business owner, you’re always on the lookout for tax strategies. One opportunity that often goes underutilized is the tax advantages offered by a well-structured 401(k) plan. Beyond its role in securing the future of your...

Friday, July 19, 2024

A common thread among many business owners is a hesitation to set up retirement plans due to misconceptions about size limitations, cost concerns, and the perceived complexity of the process.

Monday, July 15, 2024

There’s good news for the growing number of Americans approaching retirement age who are ready to scale back, but aren’t ready to completely stop working: Work-from-home jobs give you more options than ever before, whether you’re...

Monday, July 15, 2024

College savers often wonder whether saving too much can hurt their kids’ chances of receiving financial aid. It’s a complicated topic, and the answer will vary from family to family. In general, saving a significant amount in a 529...

Tuesday, July 9, 2024

Maximizing Benefits Before Tax Cut Provisions Expire The Tax Cuts and Jobs Act of 2017 (TCJA) made some of the most consequential tax law changes in decades. The most significant provision temporarily increased the unified lifetime...

Monday, July 8, 2024

Older employees are likely to experience heightened financial stress and anxiety as they transition from work into retirement.

Monday, July 1, 2024

Make More Residual Income Are you looking for more ways to make more money but are already spending 40 hours a week at your regular job? Residual income could be the answer you're looking for! We're going to let you in on four ways...

Monday, July 1, 2024

Estate planning is critical for protecting your interests during your lifetime and preserving your legacy after you’re gone. An estate planning strategy helps to ensure that important legal documents, including a living will and...

Wednesday, June 26, 2024

The challenge with managing inflation is that there are no brakes. Nothing can make inflation “stop on a dime” and then resume at a nice, predictable two-percent annual rate. Policymakers can only guide inflation to pursue a desired...

Wednesday, June 26, 2024

You've built a solid foundation for wealth and are moving closer to retirement. Your kids are adults with financial pressures and goals of their own, and your parents, if living, are advanced in their years. It’s time to talk with...

Monday, June 24, 2024

Life in the middle can be challenging, especially for mid-career employees who find themselves juggling financial responsibilities. Rising living costs, family obligations, and retirement savings goals can cause significant stress.

Wednesday, June 12, 2024

Younger employees often struggle with financial hurdles like student loans, inflation, and impulsive purchase decisions. We highlight the challenges often faced by Gen Z and provide practical solutions to empower them.

Monday, June 3, 2024

Turning 50 is a milestone for many reasons. You’re likely in your peak earning years and no longer have kids at home. You’re paying down debt, and your wealth is higher than it was a decade earlier. Changing circumstances means...

Monday, June 3, 2024

How can employers more effectively help employees build adequate retirement savings? It isn’t complicated.

Monday, June 3, 2024

Managing family finances involves balancing immediate needs with long-term goals. For an adult couple preparing for their children’s education while also saving for retirement, this balance is even more critical. This blog explores how...

Tuesday, May 28, 2024

Understanding Inflation and Its Impact on Retirement Projections Retirement planning is a critical aspect of personal finance, requiring a careful balance between saving, investing, and anticipating future expenses. One of the most...

Friday, May 24, 2024

Plan for Your Future You may have considered all the fun things you will do in retirement – travel, take up a new hobby or spend more time with your family – but well before your official retirement, it’s a good idea to create a...

Wednesday, May 22, 2024

“Sell in May and go away.” Or so goes the Wall Street adage. But so far this year, that “old saw” is being tested. In fact, “Buy in May and go away” could be a better approach in 2024! Why has May started so well? It’s all about the...

Monday, May 13, 2024

In today’s economy, financial stress is having a profound impact on working Americans. Stressed employees are feeling the pinch; this can affect productivity, retention and engagement at work. Financial education could be an easy...

Wednesday, May 8, 2024

Discover the benefits of Medicare Advantage plans and how they can provide you with additional health insurance coverage, including features like prescription drug plans and coverage for dental, hearing, and vision insurance. Learn...

Wednesday, May 8, 2024

Manage Your Money More Effectively Not having positive money management habits can have a severe impact not just on your current finances but also on your future finances. Creating and sticking to good habits can help you feel more in...

Tuesday, May 7, 2024

A common thread among many business owners is a hesitation to set up retirement plans due to misconceptions about size limitations, cost concerns, and the perceived complexity of the process. However, the SECURE Act 2.0, presents the...

Thursday, April 18, 2024

The Link Between Employee Productivity, Health and Financial Stress If you think financial wellness programs are a fad, think again. The consensus is that financial wellness not only produces results for employees, but it positively...

Friday, April 5, 2024

Why Plan Fiduciaries Need to Pay Careful. Attention to Retirement Plan Fees. Competitive benchmarking is a way to measure and compare fees associated with running your retirement plan. Explore the most frequently asked questions about plan.

Friday, April 5, 2024

Thinking About Changing 401(k) Providers? FiveThings You Should Know. Offering a competitive benefits package, including a top-notch 401(k) plan, is essential for yourcompany to recruit and retain top talent. Today’s workers highly...

Thursday, March 28, 2024

Is Financial Education on Company Time Worth It? Financial education is becoming increasingly important in today's world, but is it worth the company's time and resources to provide such a service? Helping employees reduce financial...

Monday, March 25, 2024

An overview of IRS guidance exploring notice 2024-02 The SECURE Act introduced 90+ provisions impacting retirement plans, leading to significant changes in the industry. However, amid these changes, it was clear more guidance was needed fo

Monday, March 25, 2024

Many anticipate spending tax refunds, but 401(k) corrective distributions are less exciting. These refunds result from failed plan testing, requiring returning deferred retirement funds to key employees. This situation poses challenges for

Tuesday, March 19, 2024

401(k) Force-Outs and Forfeitures: Managing Assets After Employee Departure. Former participants’ small balance accounts could put you and your plan at risk. Here’s how to manage them. When an employee leaves your company,...