Welcome to the first installment of our Social Security series: An Introduction to Social Security. This article, and the others within our Social Security series, will focus on the particulars related to retirement and survivorship benefits.
Read MoreTo effectively perform multi-year tax planning strategies, you need to start by looking at your overall income picture over your lifetime. Every single year is accounted for. Doing it this way creates a timeline that allows you to evaluate the bigger picture and identify where specific planning strategies along that timeline may help reduce your overall tax burden. Through this process, the goal is to determine which accounts to withdraw from and when based on your income and expense situation during various segments of time.
Read MoreThis article aims to provide the framework needed to understand how to take control of your RMDs throughout your retirement by teaching you what they are and how to calculate them. To tie everything together, we will illustrate why anticipating your RMDs can help you avoid the costliest mistakes, and then we will demonstrate how you can optimize your taxes with a little-known technique.
Read MoreAlas, the answer to the title question of this article is… it depends. I was tempted to say “yes” and make this a very quick read. However, I didn’t want to shatter anyone’s retirement dreams. As a Certified Financial Planner™ (CFP®) practitioner, my goal is to do the opposite of that. Really, the honest way to assess this question is to examine if a retiree’s financial resources are enough to last them their lifetime. Doing so will go a long way towards determining whether or not they should consider unretiring during a stock market crash.
Read MoreAs you prepare for retirement, a Roth IRA can be a wonderful way to build and grow your nest egg. The tax-free benefits previously discussed in our article, Why Choose a Roth IRA, are a major reason why investors gravitate towards owning a Roth IRA. However, the IRS is not in the habit of letting money just come and go willy-nilly, especially when it comes to tax-favored investment vehicles. Therefore, the Roth IRA has strict rules around contributions and withdrawals. This article focuses on one element of the withdrawal rules – the Roth IRA 5-year rule.
Read MoreSo how does a disqualified Roth investor actually slip past the IRS? Their “backdoor way in” is, in a basic sense, a 2-step process.
Read MoreAs of the most recent consumer price index (CPI) reading on Aug 10, inflation came in at 8.5% annualized. While the rate has come down from the 9.1% reading in June, it remains to be seen if this is a temporary step in the right direction or if inflation has in fact peaked. Any way you slice it, Americans are experiencing the worst level of inflation since the end of 1981.
Read MoreOn the surface, converting your traditional IRA to an investment vehicle that offers tax-free benefits like a Roth IRA sounds like a great idea. Why is that? It boils down to one thing – the words TAX-FREE. Americans love the word FREE, especially when it is associated with taxes. You might be a Russian communist if (in my Jeff Foxworthy voice) … You enjoy giving the government all your money.
Read MoreBefore we dive into the main components of this article, which is Health Savings Accounts (HSA) and Medicare, let’s do a brief primer on how these types of accounts operate. HSAs are tax deferred savings vehicles that allow contributions to go in tax-free, and for withdrawals to be taken out tax-free – as long as the money is used to pay for qualified medical expenses. Therefore, HSAs are truly the only triple tax savings accounts allowed by the IRS.
Read MoreIRMAA is an acronym that is otherwise known as the Income-Related Monthly Adjusted Amount. This is a surcharge that gets added to your Medicare Part B and Part D base level premiums. Just what you wanted to hear… You have to pay more for the same level of coverage – only because you make more income. Effectively this is means-testing within the Medicare system.
Read MoreWith the second installment of our Medicare blog series, this article will be overviewing Medicare Part A, commonly referred to as hospitalization coverage. Note that there are many components to Medicare, and some of those components are intertwined. So, if you are interested in getting the full picture, we suggest you refer to our Medicare blog series page to keep up with the details you need.
Read MoreContinuing with our health care for early retirement blog series, our next featured article discusses a strategy known as Healthcare Sharing Ministry plans.
The main benefits associated with this type of plan include discounts on healthcare, limited out of pocket costs and predictable monthly payments. It should be noted that these plans are not considered insurance. More on this a bit later.
Read MoreIf you are nearing retirement, it is likely that you are worried about the rising cost of health insurance. According to a survey conducted by, Dr. Renuka Tipirmeni of the University of Michigan (originally reported by Reuters), 45% of individuals in their 50s and 60s are not confident they can afford health care in retirement. This makes health care the single greatest worry to those at or nearing retirement.
Read MoreWith that in mind, we created a 5-page powerpoint style guide that explains how Public Service Loan Forgiveness (PSLF) works.
Read MoreAn important aspect that applies to all is that the funds you buy or sell are potentially subject to trading commissions, which are charged by your custodian (e.g. TD Ameritrade or Fidelity).
Read MoreFrom pre-approval to interest rates and mortgage insurance, determining and understanding what mortgage suits your needs can be a difficult and complex task
Read MoreToday's blog article will kick-off by examining the 4 most common student loan mistakes and what you can do to avoid those landmines. Then, we present 2 case studies, as seen with our clients.
Read MoreBuying a house, especially for first time homebuyers, typically begins with a sense of excitement. However, without a good plan and team around that buyer, that initial excitement can quickly turn into an overwhelming process.
Read MoreSure planning a family has always been a "thing." However, such a decision in today's world is putting a heavier burden on the next generation of young adults than ever before.
Read MoreA much more enviable position to be in is when someone can simply write a check when the rainy day arrives. Having the ability to do so is much less stressful than being forced to borrow at double-digit interest rates.
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