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1
How to Save On Holiday Spending
2
IRAs and other Retirement Plans for Independent Contractors
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Penalties for Changing SOSEPP
4
What Would a Great Retirement Plan Look Like?
5
The Power of Tax-Free Income for High-Income Earners

How to Save On Holiday Spending

It’s that time of year when Thanksgiving comes and goes and before we know it Christmas will be upon us. For many people, this time of year means the giving and exchanging of gifts to family, friends and loved ones. It also means that many people will be worried about their spending over the Holiday season; with concerns of how to budget, going over budget, or amassing unwanted amounts of credit card debit.

Here are some ideas to help keep your Holiday spending in check in order to stick to your budget and avoid the trap of credit card debt …

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IRAs and other Retirement Plans for Independent Contractors

In “Retirement Plan Options for Independent Contractors,” published by NerdWallet this past fall, financial planner Dave Rowan outlines some of financial tools independent contractors can use to save for a time when they no longer work.

SIMPLE IRA: The Simple IRA or Savings Incentive Match Plan for Employees lives up to its name when you are doing contract work as a solo operator; it is less simple for those who have hired employees. These plans have employer-matching contribution rules that but don’t let that scare you if you think the SIMPLE IRA will work for your enterprise.

As an …

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Penalties for Changing SOSEPP

So – you’ve begun your Series of Substantially Equal Periodic Payments (SOSEPP) from your IRA to satisfy your §72(t) requirement.  All of a sudden, something happens that causes you to make a change to your payment – either purposely or through unforeseen circumstances.  What happens? You were supposed to keep the same payment for the longer of 5 years or until age 59½. What do you do now?

.Well – first of all, we must understand the timeline associated with an SOSEPP:  once begun (notwithstanding the “one-time change” exception which you can read about here), you have to …

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What Would a Great Retirement Plan Look Like?

The following was originally published by Robert Schmansky, CFP® at Forbeson November 25, 2016 as How a Trump Administration Could Make Retirement Savings and Security Great.

While waiting this holiday weekend to learn more about our future government’s leaders, I have one simple fix to solve our nation’s retirement security problem: Cut the tie between retirement saving and employment.

Most understand the reasons for removing the healthcare ties to employment, but it may not be obvious at first the problems caused by our retirements by this same link. Our businesses bear tremendous costs and lawsuit risks in providing these

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The Power of Tax-Free Income for High-Income Earners

“A penny saved is a penny earned.” Many people attribute this quote to Benjamin Franklin. However, I would change this statement – especially for high-income earners – to “A penny saved is more than a penny earned.” Why? Because taxes can impact your earned income so much.

Those in the top income tax bracket pay 39.6% federal tax on earned income. If you live in a state like Indiana, there may also be state and/or county income taxes. FICA (Social Security and/or Medicare) taxes may also be applicable. But wait…there’s more. As your income increases, certain tax deductions may disappear, …

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