New Legacy Financial

08/15/2026

The Common Cents Act has passed the House and now moves to the Senate for consideration.

The bill is tied to the phase-out of the penny and would create a national rounding standard for cash transactions.

Under the proposal, cash purchases would be rounded up or down to the nearest five cents when exact change is not available.

For example, a purchase totaling $10.02 would round down to $10.00, while a purchase totaling $10.04 would round up to $10.05.

Pennies would still retain their value under the act, even as the Treasury stopped minting them.

The bill is especially relevant for businesses that handle cash, including restaurants and retailers, because it could reduce confusion and legal risk around exact change.

For consumers and businesses, the broader takeaway is that even small changes in currency rules can affect daily transactions, checkout systems, and cash-handling practices.


Source:

New law aims to address how businesses and consumers should transact amid the phase-out of the penny.

08/14/2026

A new study suggests a blood test may someday help identify healthy older adults who are at higher risk of developing Alzheimer’s symptoms years in advance.

The test measures p-tau217, a form of tau connected to Alzheimer’s-related changes in the brain.

Researchers found that symptom-free older adults with very high levels of p-tau217 had a 38% risk of developing cognitive impairment within five years. That risk rose to 78% over 10 years, though researchers noted there is less confidence in the 10-year estimate.

For now, scientists say the test may be most useful for research, including identifying people who could participate in studies of possible Alzheimer’s treatments or prevention strategies.

They also caution that the test is not yet precise enough to guide an individualized prognosis for healthy people.

The broader takeaway: medical advances can create promising new tools, but timing, accuracy, and clinical usefulness matter. For now, researchers still emphasize familiar brain-health habits, including eating well, sleeping well, exercising, and staying socially engaged.


Source:

A blood test that helps diagnose Alzheimer's might also forecast if healthy older adults will develop symptoms.

08/13/2026

Back-to-school season is bringing higher costs for many families.

A new analysis found that a typical basket of school items, including notebooks, lunch boxes, and index cards, is up nearly 8% compared with last year.

School lunches are also more expensive, with the cost of a typical packed lunch up 11%.

The analysis estimates families may spend roughly $4,000 per student on school supplies and lunches this year, including about $175 on school items and $3,800 on packed lunches.

Some items have seen especially sharp increases. Lunch boxes are up 27%, one-subject notebooks are up 23%, and index cards are up 22%.

Higher tariffs, imported school supplies, food prices, and energy costs are all contributing to the increase.

For families, back-to-school shopping is a reminder that seasonal expenses can add up quickly, especially when everyday costs are already stretching household budgets.


Source:

U.S. households will spend roughly $4,000 per student on school supplies and lunches this year, a new analysis found.

08/07/2026

🎉 Trivia Thursday Answer!
The correct answer is...
✅ B — Traditional IRA
Here's why:
A Traditional IRA is often the most tax-expensive account to inherit because withdrawals are generally taxed as ordinary income. Under current rules, many non-spouse beneficiaries must empty the account within 10 years, which can push them into higher tax brackets depending on their own income.
Here's how the others compare:
✅ A — Roth IRA: Generally, qualified withdrawals are tax-free. Most non-spouse beneficiaries still have to empty the account within 10 years, but those distributions are typically not taxable.
✅ C — Taxable Investment Account: Most inherited investments receive a step-up in cost basis to their fair market value at the owner's death. That means if they're sold shortly afterward, there may be little or no capital gains tax.
✅ D — Life Insurance Proceeds: In most cases, life insurance death benefits are received income tax-free by beneficiaries.
💬 How many of you picked the Traditional IRA?
Retirement isn't just about growing your money—it's also about how you leave it to the people you love. A thoughtful distribution strategy can make a meaningful difference in what your heirs ultimately keep.

08/06/2026

🧠 Trivia Thursday
You inherit $500,000.
Which type of account could potentially leave you with the largest tax bill?

🅰️ Roth IRA
🅱️ Traditional IRA
🅲️ Taxable investment account
🅳️ Life insurance proceeds

👇 Comment A, B, C, or D—and tell us why.
No changing your answer after the reveal. 😏
We’ll post the answer tomorrow!

07/30/2026

Your 401(k) doesn't have to wait until retirement to get professional management.
Many people assume they can't work with a financial advisor until they leave their job or retire. That's simply not true.
At New Legacy Financial, we can help manage your employer-sponsored retirement account without moving it or rolling it over.*
We help you:
✔ Build an investment strategy based on your goals and risk tolerance
✔ Determine how much to contribute from each paycheck
✔ Monitor your progress toward retirement
✔ Make investment adjustments as your needs change
✔ Stay on track while your money remains in your employer's retirement plan

This service is ideal for employees who are still working, still contributing to their retirement plan, and want professional guidance without waiting until retirement.
If you'd like to find out whether your employer's retirement plan is eligible, reach out to us for a complimentary consultation.
📞 We'd be happy to help.
*Available for eligible employer-sponsored retirement plans.

07/04/2026

Happy 4th of July!

07/02/2026

03/18/2026

Retirement planning is about more than just growing your investments. For many people age 55+, the biggest questions are really about how to turn savings into income, reduce unnecessary taxes, make confident decisions around Social Security, and retire with a clear plan.
Too often, people spend years focused on accumulation and only start thinking about distribution when retirement is right in front of them. But the years leading up to retirement can be some of the most important for getting the details right.
If you’re in or near retirement, what feels like the biggest question on your mind right now?