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Boosting Profits and Savings: 5 Tax Strategies for Business Owners

Boosting Profits and Savings: 5 Tax Strategies for Business Owners

For business owners, striking a balance between operating costs and profit is the cornerstone of success. Operating costs include everyday expenses like salaries, rent and supplies. Profit, on the other hand, is what remains after all these operating costs have been paid. It's the reward for the risks taken and the value created by your business. Often, savvy business owners will look to tax strategies to help find the sweet spot, where operating costs are managed efficiently while maximizing profit. By utilizing tax-friendly strategies, owners can reduce their tax liability, effectively boosting profits without increasing sales or cutting costs. Let's…

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HFM Annual Coat Drive

HFM Annual Coat Drive

Our 2023 Annual Coat Drive is just about to begin and will continue until the beginning of January 2024. Over the past 13 years, we have gathered and distributed over 25,000 coats to those in need, fulfilling our mission to provide every man, woman, and child in need in the Gloucester County area. During the coat drive we deliver donations to several organizations, including Angels Community Outreach, Unforgotten Haven, Harbaugh Christmas Village, and many more. We are incredibly grateful to the students enrolled in the Y.A.L.E school, who are always a huge help to us. They will volunteer once a…

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Should You Sell Your House for $1?

Should You Sell Your House for $1?

Would it ever make sense to sell your house for a few bucks? Jason Gabrieli dives into the world of estate planning, specifically focusing on the ownership of your house. Jason addresses a common misconception about selling your house to your kids for a low price, debunking the idea that it can help avoid taxes. He explains the federal estate tax exemption and the absence of estate tax in New Jersey, shedding light on why most people don't have to worry about estate taxes. Jason also discusses the concern of protecting your house from the cost of care and the potential…

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6 Common Administrative Tasks That Can Morph Into 401(k) Plan Headaches

6 Common Administrative Tasks That Can Morph Into 401(k) Plan Headaches

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 the potential problems. Here are some common issues that can cause headaches for plan sponsors: Uploading Payroll Determining Eligibility Over-Contributions Investment Changes Distributing Notices Regulatory and Legislative Updates Navigating the labyrinth of retirement plan management can seem like a daunting challenge for any plan sponsor, employer or 401(k) plan administrator. The various administrative tasks, ranging from uploading payroll to handling investment changes, can…

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How to Invest in A Secure Financial Future for Your Children

How to Invest in A Secure Financial Future for Your Children

Jason Gabrieli zeroes in on a topic he often discusses with clients: investing for the younger generation in your family. Jason reviews the options available to you as a parent, grandparent, or guardian to begin fostering a secure financial future for them. Jason reviews several options, including accounts available under a custodian's supervision, individual or joint investment accounts, and, of course, the classic 529 college savings plan. Tune into this episode to also learn:  What makes UTMA and UGMA accounts a secure choice for investing in the younger generation's future, and what are the caveats? How does opening an investment…

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Talent Management and Total Rewards Newsletter

Talent Management and Total Rewards Newsletter

The landscape of talent management and total rewards is transforming rapidly; it's vital to ensure that your 401k plan design adapts to the changing times of employment. The future of talent management and total rewards is changing. With the SECURE Act 2.0 now in effect, the field of plan design must keep pace with the ever-evolving employment landscape. There are a number of ways that can help you stay ahead of the competition, toward securing better outcomes for your workforce. Our plan sponsor newsletter focuses on: Total Rewards: Helping define and implement effective compensation strategies tailored to individual needs. Plan…

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The Marathon of Wealth: Investing Lessons from Distance Running

The Marathon of Wealth: Investing Lessons from Distance Running

Many people avoid running, which is understandable. You need to take time out of your busy schedule, only to exhaust your body. Perhaps fittingly, the same thing is true with your finances and investing. When people think about trying to get serious with their wealth, they often get intimidated, scared, and frustrated. Fortunately, there are plenty of parallels between distance running and investing. Not everyone in the world wants to become a “runner,” but the truths that tie the two disparate topics together apply to every single person who seeks financial independence. Investing, especially in the context of retirement, is…

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Taking the “Insecurity” Out of Social Security.

Taking the “Insecurity” Out of Social Security.

When to claim Social Security benefits is one of the most crucial decisions to make when planning for retirement, and only some people understand how Social Security benefits work or how to optimize their benefits, resulting in someone taking them at a sub-optimal time. Some common questions you may ask yourself include: Will Social Security be there for me? When does it make sense to delay benefits- and when does it not? Is there an optimal time? What if I'm single, divorced, widowed, married or remarried? Can I still work and collect my benefits? What is the connection with Medicare?…

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SECURE Act Update: Two-Year Delay in Roth Catch-Up Requirements

SECURE Act Update: Two-Year Delay in Roth Catch-Up Requirements

The Internal Revenue Service (IRS) has granted a two-year delay in the Roth catch-up requirements. This decision brings relief to retirement plan participants and sponsors who were facing looming compliance deadlines. Let's delve into the details of this breaking news. Key points to note: Catch-up contributions are available to plan participants over age 50, regardless of income, the catch-up contribution limit is $7,500 in 2023. Section 603 of SECURE 2.0 states that catch-up contributions for qualified retirement plans are subject to Roth tax treatment, except for participants with Social Security tax wages of $145,000 or less (indexed for inflation). The original…

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Is the Stock Market Affecting Your Retirement Savings?

Is the Stock Market Affecting Your Retirement Savings?

One of the keys to a successful retirement is to keep saving, no matter what the stock market is doing. The stock market is unpredictable. It goes up, it goes down, and it often leaves investors feeling uncertain about their financial future. But what does that mean for people saving for retirement? While it may be tempting to pull out of the market during a downturn, history tells us it’s often better to stay invested.     HFM Investment Advisors, LLC. 856-232-2270 401kteam@hfmadvisors.com 102 West High Street Suite 200, Glassboro, New Jersey 08028 HFM Investment Advisors, LLC is a registered…

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