FiGuide - A Retirement Plan That Works! » Questions

What happens with my state income taxes when I move?

Ken Weingarten, MBA, CFP® — Wed, 06 Oct 2010 02:31:50 +0000

There are many factors in determining whether or not you will need to file a tax return in any particular state. Where you maintain your permanent residence, or domicile, is just one of those factors. In a year in which you move from one state to another you need to understand how state taxing authorities determine your domicile. Most states look at where you maintain a domicile or permanent residence in order to determine residency for state income tax purposes. A taxpayer may only have one domicile, but have more than ...

Can You Transfer Stocks To Your IRA?

Jim Blankenship, CFP®, EA — Thu, 09 Sep 2010 02:37:20 +0000

Sometimes the question comes up – “Hey, I have this taxable stock account with my favorite stock (or mutual fund, or bond, or CD, or what-have-you). Can I just transfer the stock over to my IRA as an annual contribution?”

What’s the Difference Between Wealth Management and Financial Planning?

Curtis A Smith, CFP® — Fri, 03 Sep 2010 14:07:13 +0000

There’s financial planning, and then there’s wealth management. Think of wealth management as a step up from garden-variety financial planning. One office provides

Should You Pay Off Your Mortgage?

Jean Keener, CRPC®, CFDP® — Wed, 19 May 2010 16:32:24 +0000

One of the best financially freeing moments in life is the day you compare your savings and mortgage principal balances and realize that you could pay off your mortgage if you wanted to. If you’re at that point, congratulations! If you’re not there yet, keep saving; it can come sooner than you think. Of course, immediately [...]

Should You Name Your Estate the Beneficiary of Your IRA?

Jim Blankenship, CFP®, EA — Fri, 09 Apr 2010 12:43:30 +0000

As we have discussed in other articles on this site, most specifically in the article “Choosing a Beneficiary for Your IRA”, one of your options to name as your beneficiary is your estate. Actually, if you neglect to name a beneficiary at all for your IRA altogether, your estate is the default beneficiary.

When Should You Apply for Social Security Benefits?

Jim Blankenship, CFP®, EA — Fri, 26 Mar 2010 12:52:06 +0000

As you might expect, the answer to the title isn’t cut-and-dried… it’s different for each individual, depending upon your circumstances. There is no magical “best age” for everyone. It’s important to understand the impacts and consequences of choosing to apply at different times in your life. As we’ve discussed in other articles in this blog, when [...]

Is Your Social Security Benefit Taxed?

Jim Blankenship, CFP®, EA — Sat, 20 Mar 2010 14:50:57 +0000

You’d think that, after working all your life and now that you’re in a position to retire and start taking Social Security retirement benefits, that you could get a break and not have to pay income tax. But alas, Social Security retirement benefits may be taxable to you, depending upon your income level.

What if Your Employer’s 401(k) Offers Inferior Investments?

Lon Jefferies, CFP®, MBA — Fri, 19 Mar 2010 22:15:37 +0000

Recently, I developed several financial plans for clients who work for employers with weak 401(k) plans. These plans have few investment options, don’t offer proper diversification tools, and utilize mutual funds with poor track records. What did I advise these clients to do? It depends on the individual’s personality. First, let’s briefly review the benefits of participating in a 401(k) plan. A 401(k) plan offers employees the ability to invest in their retirement on a tax-deferred basis. Employees can invest up to $16,500 ($22,000 ...

Can You Use Your IRA to Invest in Real Estate?

Jim Blankenship, CFP®, EA — Wed, 10 Mar 2010 13:05:43 +0000

From time to time this question comes up: why can’t I use my IRA account to purchase a retirement home? After all, for many folks, the IRA represents a pretty large account, possibly even enough to purchase a retirement home outright – so why not? No Personal Use This is a thorny question, because there are lots [...]

What Does My Fidelity Target Date (Freedom) Fund Invest In?

Roger Wohlner, CFP® — Thu, 25 Feb 2010 02:26:00 +0000

Fidelity is one of the largest providers of 401(k) plans and like many fund company platforms it is common for their plan sponsor clients to offer several or all of Fidelity’s Target Date funds known as the Fidelity Freedom funds. These funds have target dates from 2005 every five years out to 2050 with an even shorter-term Retirement Income fund. The premise behind these and other Target Date funds is that a plan participant will choose a fund with a date close to when he or she might retire, invest their contributions and let the fund manager do the rest.[...]