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The low interest rate environment we’ve enjoyed since the Federal Reserve’s last rate increase in 2018 will begin to shift in 2022. On March 16, the Fed increased rates by 25 basis points (0.25 percent), bringing it to .50 percent. While the Fed is forecasting seven rate hikes this year, some pundits still believe we will only see four or five, depending on future inflation readings. What does this mean for you and your investments?

Investments are not just for the wealthy. Whether you’re in your first job, your prime earning years, or nearing retirement, it’s never too late – or too early – to use personal investments as a savings vehicle for your future. There are several types of accounts for this purpose and a multitude of funds to invest in.

2020 was a year unlike any other, dashing expectations we had for our personal lives, politics and the economy. Look back one year ago at the economic outlooks and forecasts, and you’ll see predictions that were comically out of date before the end of the first quarter. Yet we forge ahead now with a look at what to expect for 2021 and, more importantly, how people can prepare for the unpredictable nature of the world today.

Passed with bipartisan support late in 2022 as part of an overall budget package by Congress, the so-called Secure 2.0 provisions represent some of the most significant changes to federal laws around retirement plans. Even more than the original Secure Act from 2019, Secure 2.0 will make retirement savings easier and more accessible to many Americans and will make it easier for businesses of all sizes to offer plans and encourage their employees to participate.

Think you’re too young to consider Medicare? No matter your age, if you are covered by a qualified high deductible health plan (HDHP) with a health savings account (HSA), Medicare should be on your timeline. It’s a milestone you need to include in your long-term HSA planning. Here’s why: Once you enroll in Medicare, you can spend your HSA funds, but you can no longer contribute to your HSA. Our Compliance Officer Ferne Emery offers some guideposts for along the way.

Long-term care insurance isn’t new, and you may even have a policy already. Affluent families, however, have another option that can leave your plans—and your legacy—intact. Asset-based long-term care insurance can help you meet any healthcare needs you might face without having to change your financial plan and without sinking money into recurring premiums that you may never see again.

You have a business or want to start one. You know the bank is your next stop, but you’re concerned you might not be ready. What do you do? Get started now, before your first meeting. The key is to ask yourself every question you can think of, prepare the answers and gather any documents you need. The more prepared you are, the better your banking experience will be. It can cut down review and decision time and starts your new banking relationship on the right foot.

What does it take to turn veterans into entrepreneurs? There’s no straight line from the military to the business world, but what you learned then can help you now. These are the issues most often faced and the lessons you can use to solve them.

Pinnacle recently hosted a panel of business leaders who have been recognized by the Nashville Business Journal for building great places to work. Here are some takeaways that you can implement in your own company.

Over the past decade LIBOR had become susceptible to manipulation, which resulted in lawsuits. After June 30, 2023, loans tied to the LIBOR index will have a new reference rate, as part of the transition away from the LIBOR index. The the Alternative Reference Rates Committee (ARRC), convened by the Federal Reserve Board and Bank, ultimately identified the Secured Overnight Financing Rate (SOFR) as its recommended replacement rate. On this page, we answer frequently asked questions about this transition.

Community association managers wear many hats, and the financial duties are extensive. They're also among the first reasons community associations seek a management company. In addition to budgeting and planning, there are dues to collect, frequent expenses to pay and reserves to be accumulated and protected. All of the above require transparent documentation for accountants or auditors. Whether a manager has 500 doors or upwards of 20,000, the right tools can make financial account management much easier for the manager and the communities they serve.

Of all the business lessons we learned in 2020, maybe the longest lasting will be that we don’t always have to be in the office to work efficiently. One place where businesses often lag in remote work is cash flow. Too many of the old processes rely on people being present or processing pieces of paper to collect money and make payments. If you haven’t already started to break from this tired tradition, now is the time to catch up before your competitors leave you behind.

Mobile payment apps like Venmo, Cash App and Zelle make it easy to send money virtually between friends and family. Just download the app, set up a free account, connect it to your bank account or debit card, and voila! You can pay your babysitter, reimburse a friend for picking up groceries or chip in for a group birthday gift. Easy, right? Yes, as long as you treat it like cash, because there are no strings attached. "Cash" sent through a mobile payment app can’t easily be retrieved or refunded if you send it to the wrong person or don’t receive what you paid for.

You may have learned to spot a scam that’s phishing for your personal identifying information, like your social security number or birthdate, but some scams are just out to take your money right then and there. Even worse, when tricksters con you into completing a voluntary transaction, even under false pretenses, it’s extremely hard to retrieve your money. It’s important to be familiar with the common types of scams designed to separate you from your money.

If you do any amount of business online or through mobile apps, you’re familiar with password protection. It can be pesky, but passwords are part of life, and they’re absolutely critical for keeping your private information secure. The “old” way of keeping track on a post-it note or a document on your computer was never really secure. Here's our advice for managing and remembering all those complex passwords.

While dealing with problems resulting from identity theft can be time-consuming and frustrating, most victims can resolve their cases by being assertive, organized, and knowledgeable about their legal rights. Read this for steps you should take immediately.

If you believe your Pinnacle debit or credit card is lost or stolen, call us immediately.

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