What can you do to lessen its impact for your heirs? Probate subtly reduces the value of many estates. It can take more than a year in some cases, and attorney’s fees, appraiser’s fees and court costs may eat up as much as 5% of a decedent’s accumulated assets.1 What do those fees pay for?…
DetailsBefore you make any extra mortgage payments, or payoff your home, you may have better options. Should you own your home free and clear before you retire? At first glance, the answer would seem to be “absolutely, if at all possible.” Retiring with less debt … isn’t that a good thing? Why not make a…
DetailsBreaking Down The Basics & What Each Part Covers Whether your 65th birthday is on the horizon or decades away, you should understand the parts of Medicare – what they cover, and where they come from. Parts A & B: Original Medicare. America’s national health insurance program for seniors has two components. Part A…
DetailsRetirees will get only a few dollars more per month in 2017. The average Social Security recipient will get a $5 raise next year. Yes, a whopping $5 per month. In 2017, Social Security’s mean monthly benefit is projected to rise – from the current $1,355 – by this scant amount, all because of low…
DetailsThese estate planning tools may also help in exit planning. Discover a pair of underappreciated exit planning vehicles. Charitable remainder unit trusts (CRUTs) and charitable remainder annuity trusts (CRATs) are commonly seen as estate planning tools. What frequently goes unseen is their value in exit planning for business owners. Does it look like you will…
DetailsIt isn’t always top of mind, but it should be. How many of us save and invest with an eye on tax implications? Not that many of us, according to a recent survey from Russell Investments (the global asset manager overseeing the Russell 2000). In the opening quarter of 2014, Russell polled financial services professionals…
DetailsMany may keep working out of interest rather than need. Baby boomers realize that their retirements may not unfold like those of their parents. New survey data from The Pew Charitable Trusts highlights how perceptions of retirement have changed for this generation. A majority of boomers expect to work in their sixties and seventies, and…
DetailsBreaking down the enrollment periods and eligibility. Medicare enrollment is automatic for some. For those receiving Social Security benefits, the coverage starts on the first day of the month you turn 65. Your enrollment is also automatic when you are under 65, disabled, and receiving benefits from Social Security for 24 months. The exception to this…
DetailsHealth Savings Accounts Offer You Tax Breaks & More Why do people open up Health Savings Accounts in conjunction with high-deductible health insurance plans? Well, here are some of the compelling reasons why younger, healthier employees decide to have HSAs. #1: Tax-deductible contributions. These accounts are funded with pre-tax income – that is, you receive…
DetailsAgreeing about what you want from retirement is crucial. What does a good retirement look like to you? Does it resemble the retirement that your spouse or partner has in mind? Is it at least roughly similar? The Social Security Commission currently projects an average retirement of 19 years for a man and 21 years…
DetailsHere is a way for a solopreneur to save much more for retirement. Self-employed? Seeking to ramp up your retirement savings? You should look at the potential of the Roth Solo 401(k). If you are a high-earning solopreneur, this savings vehicle may be a great choice because it allows you to make both employee and…
DetailsConventional wisdom says yes, but there are exceptions. Shouldn’t you delay IRA distributions for as long as you can? According to conventional retirement planning wisdom, you should structure your retirement withdrawals so that money comes out of your taxable accounts first, then your tax-deferred accounts, and then finally your tax-free accounts. Roughly speaking, that means…
DetailsA financial checklist for the most difficult of times. The passing of a loved one irrevocably alters family life. After a death, there is so much to attend to that addressing financial matters related to a family member’s passing may be put on hold. This should be done, though, and it is better to do…
DetailsWhen should you review it? What should you review? An estate plan has three objectives. The first goal is to preserve your accumulated wealth. The second goal is to express who will receive your assets after your death. The third goal is to state who will make medical and financial decisions on your behalf if…
DetailsPlan to create a pool of healthcare dollars that you can use when the time comes. How will you pay for long-term care? At the moment, you may not be able to answer that question – but long-term care insurance can provide an answer for you. Why are baby boomers opting to make long-term…
DetailsIf you do, there are some “minor concerns” to keep in mind. Should you make a minor child the primary beneficiary of your IRA? Are there any caveats to that choice? IRA owners frequently name young children as contingent beneficiaries of their accounts, but designating someone younger than 18 as the primary beneficiary of IRA…
DetailsThe Steps Toward A Post-Divorce Action Plan A divorce is one of the most stressful circumstances a woman can experience. It can leave you feeling as if some things are beyond your control. Do not let that feeling interfere with your effort to maintain control over your financial life. Financial planning after a divorce is…
DetailsWorking a little (or a lot) after 60 may become the norm. Do we really want to retire at 65? Not according to the latest annual retirement survey from the Transamerica Center for Retirement Studies which gauges the outlook of American workers. It found that 51% of us plan to work part-time once retired.…
DetailsHelp make things easier for your loved ones when you leave this world. Who wants to leave this world with their financial affairs in good order? We all do, right? None of us wants to leave a collection of financial mysteries for our spouse or our children to solve. What we want and what we…
DetailsKey questions for you & your family to consider. A labor of love may come to involve money issues. Providing eldercare to a parent, grandparent or relative is one of the noblest things you can do. It is a great responsibility, and over time it may also lead you and your family to reflect on…
DetailsCorporations are transferring pension liabilities to third parties. Where does this leave retirees? A new phrase has made its way into the contemporary financial jargon: derisking. Anyone with assets in an old-school pension plan should know what that phrase signifies. The derisking trend began in 2012. In that year, Ford Motor Co. made a controversial…
DetailsEasing into a difficult conversation. Every eighth American aged 65 and older has Alzheimer’s disease, and 43% of Americans aged 85 and older have it, according to the Alzheimer’s Association. Consider those percentages in light of the Social Security Administration’s estimate that about 25% of today’s 65-year-olds will live past age 90. These shocking statistics…
DetailsWhat are the biggest risks to our lives? Some are overblown. What are the major risks to our lives? If we look at the statistics of what claims lives, some of our collective fears look unfounded. According to the Centers for Disease Control’s most recent tally (2014 data) America’s leading causes of death1 are: Heart…
DetailsWhat You And Your Loved Ones Need To Know At some point, someone you love may make the transition from living at home to residing at an assisted-living facility or nursing home. When should that transition occur, and what factors must be considered along the way? And what don’t these facilities tell you? When is…
DetailsLet them know how they will receive retirement assets and insurance benefits. Will your heirs receive a fair share of your wealth? Will your invested assets go where you want them to when you die? If you have a proper will or estate plan in place, you will likely answer “yes” to both of those…
DetailsThis option is available to most married couples. With survivor benefits, there are a number of different rules than with other benefits. If you’re confused at the end, call us. How much is the benefit? Social Security uses the deceased worker’s basic benefit amount1 to calculate how much a survivor gets. However, the widow or…
DetailsYou might be surprised at its potential. An IRA is a retirement savings account, right? Indeed it is. IRA stands for Individual Retirement Arrangement. Even with that definition, however, there is no prohibition on using an IRA to save for other purposes, such as funding a college education. Why would anyone choose an IRA as…
DetailsThat Development May Mean Lifestyle as Well as Financial Adjustments Your significant other may retire later than you do. Sometimes that reality reflects an age difference, other times one person wants to keep working for income or health coverage reasons. If you retire years before your spouse or partner does, you may want to consider…
DetailsSome Retirees Save a Great Deal of Money by Doing So; Others Do Not You want to retire, and you own a large home that is nearly or fully paid off. The kids are gone, but the upkeep costs haven’t fallen. Should you retire and keep your home? Or sell your home and retire? Maybe…
DetailsDon’t Overlook These Life and Financial Factors We all have a “blue sky” vision of the way retirement should be, yet it helps to plan for retirement with a little pragmatism. Fate may alter the course of our retirement in ways we do not currently anticipate. So, as we plan for the next act of…
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