Archive - September 2012

1
How Much Should I Have Saved Today For Retirement?
2
Start Financial Planning In Your 20s
3
What The Emmys Can Teach Us About Financial Planning
4
Does Your IRA Include After-Tax Money?
5
Are You Ready For Both Death And Taxes?

How Much Should I Have Saved Today For Retirement?

Fidelity Investments recently released recommended benchmarks for retirement savings based on age. They determined that workers should have saved an amount based on their salary by the following ages:

Age 35: 1 times salary
Age 45: 3 times salary
Age 55: 5 times salary
Retirement: 8 times salary

These benchmarks are perfectly fine as starting points to gauge your readiness for retirement. I like that it allows younger workers to see what they need to have socked away for retirement, as it can be hard to know how much to save for something that isn’t going to happen for 30+ …

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Start Financial Planning In Your 20s

In a Financial Chronicle article entitled, “Start financial planning as soon as you get first job,” the writer tries to impress upon young people that they don’t have to worry about the amount of money they have and should instead think about the amount of time they have to put money aside for the future.

“The biggest asset that you bring to the table in your 20s is not how much you are earning, but the amount of time that you have on your side to make your money grow. The decisions and actions that you will take now will

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What The Emmys Can Teach Us About Financial Planning

I’ll ‘fess up and admit I didn’t watch the whole thing—instead I scared myself so much watching Wallander that I was afraid to take the dog out. However, I couldn’t resist taking a peek at the dresses on the New York Times’ Style app this morning. So I’ll try to link to specific examples.

If you’re going naked, you probably should be under 35.

Naked was a big look at the Emmys (isn’t it always), but this time it was transparent, or what passed for it. I thought Zooey Deschanel looked great. Similarly, if you’re going naked in investments (i.e.

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Does Your IRA Include After-Tax Money?

If you have an IRA that has certain types of funds in it, you may be in a position to have some of your distributions treated as post-tax, meaning that you will not have to pay ordinary income tax on the distribution as you normally would.  But what kinds of money is considered post-tax?

The common way to have post-tax funds in an IRA is to make non-deductible contributions to the account.  This occurs when you are not eligible to make deductible contributions due to income restraints, but you still wish to make IRA contributions for the year.

For example, …

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Are You Ready For Both Death And Taxes?

The old adage “nothing is certain but death and taxes” is very true. Since income taxes occur on an annual basis we think about them frequently. Our own death, however, we seldom think about or plan for. That’s a problem.

One of my clients recently passed away leaving his wife and two adult children. The events that transpired could have been avoided with some pre-planning.

“John and Mary” never really talked about what they wanted in the way of final arrangements. With John’s sudden passing there were many decisions that needed to be made in a short time frame. Cremation …

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