Many people believe in following the 4% rule in retirement, which is where you withdraw 4% of your total investments in the first year, and then you adjust each subsequent year's withdrawal to account for inflation. However, this is a rigid rule for retirement planning that doesn't take into account other life circumstances, and following it without deviations isn't recommended for every individual.
Read MoreMoney matters. Whether you're just starting to build your financial foundation or navigating the complexities of growing wealth. Understanding how to manage your money is the key to growing it.
When it comes to money management, two terms often come up: wealth management and financial planning.
The decision on the timing of when to claim Social Security benefits should be based on a number of factors including one’s ability to cover existing living expenses without the benefit, life expectancy, and spousal considerations.
Read MoreA tax strategy known as Net Unrealized Appreciation (NUA) can be an effective way to reduce tax liability.
Read MoreDeferred Compensation is a strategy where a portion of an employee’s income is set aside, or “deferred”, to a later date. This strategy allows employees to avoid recognizing income in the current year, and instead defer that income to a future year. In many cases, the taxes due on the income are also deferred to the future period in which the income is received.
Read More“Save as much as you can for retirement.”
That’s the message that has been drilled into the mind of every American worker for decades. There’s something to be said for that, of course. Financial security is important to all of us.
Read MoreHaving too much appreciated stock in your portfolio may look like a great problem to have. It validates your good sense for having chosen those investments in the first place. It gives you a warm and fuzzy feeling when you open the quarterly account statements. Why is that a problem, exactly?
Read Moret’s tax time, you’ve just completed your taxes and are now just noticing the enormous tax bill you’ve paid over the past year. You start thinking, did you make a mistake? Is there something you can do this year to lower your upcoming tax bill?
Read MoreLooking at the active, vibrant and well-educated Boomer clients that I am honored to work with, I often wonder: do we need to re-define retirement?
After all, just a decade or two ago retirement meant sitting by a fireplace in the rocking chair and whiling the days away playing Bingo at a local senior center. My clients today seem to have a different set of ideas as they envision a future of travel, exciting new projects and, for some, even no retirement at all! Those new developments create a need for a very different set of conversations that go beyond “what would be your ideal retirement age?” and “what is your monthly budget in retirement?”
Read MoreWe associate retirement with constraints. However, it can be turned into a beautiful constraint by focusing on unique opportunities at the intersection of retirement and taxes.
See Part 1 of this mini-series.
Read MoreWe have another excellent blog post from the Financial Advisor Blog Sharing Group. As a reminder, this includes like-minded financial advisors from around the country. All the participating financial advisors are Fee-Only meaning the advice is objective and free from conflicts of interest. This article is from Dave Fernandez of Wealth Engineering. His article is all about RMDs.
Read MoreToday is another article in from the Financial Advisor Blog Sharing Group. This group is made up of other like-minded financial advisors from around the country. The purpose of the group is to share useful content and spread the word about the virtues of Fee-Only financial advice. The second contributor in this series is written by Michael Garry of Yardley Wealth Management from Pennsylvania.
Read MoreThere are many different ways to save for retirement. In the below article I will outline four IRAs or Individual Retirement Accounts that you can consider for your personal retirement savings. I have included a chart to help with your decision.
Read MoreThinkAdvisor highlights the five best and five worst states from a Kiplinger study on the tax environment for retirees. And guess what...we are number 2 on the worst list. Although this is probably not a surprise for most Minnesotan's it is still not fun to see.
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