Category - Retirement

1
Moving from “tax” prep to “life” prep
2
Facing the Future on Your Own
3
The Power of Tax-Free Income for High-Income Earners
4
Retirement Planning? Don’t Risk Not Knowing What Has Changed
5
Free Financial Advice has Hidden Costs: Motivations Matter

Moving from “tax” prep to “life” prep

At this time of year, everyone becomes a master at document gathering.  There is a shoe box or a filing system or a folder on your laptop to hold all the tax-related documents which are needed to complete your income tax returns.  It requires a diligent attitude to ensure nothing has been neglected or omitted which is important to the outcome of the bottom line.  Once the taxes have been submitted for the year, there is always a sigh of relief in getting to completion.

Before you pack everything up and put it away for another year, take a step …

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Facing the Future on Your Own

You lie awake in the middle of the night, staring at the ceiling. All your dreams and plans for a future with your spouse have come to an end. This wasn’t the plan.

The reality of your situation is clear: you are now on your own and responsible for the outcome, in ways you never imagined.

Resist the urge to panic. You’re better prepared for this challenge than you know. It’s a good time to get your emotions in check and think about these five core concepts:

  1. Your financial security is now aligned with your beliefs and focused completely on
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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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Retirement Planning? Don’t Risk Not Knowing What Has Changed

Retirement used to be something everyone looked forward to. A retirement party, a nice watch from your soon-to-be former employer and then home to an open schedule and a slightly smaller check. It was a “no brainer.”

retirement planning don't risk missing changesAs long as your smaller income covered your spending, the only other real planning was finding a hobby. Retirement was nearly as perfect as it looked in the advertisements.

Today, this isn’t the reality for most retirees. Investing and advice associated with retirement has changed. Financial planning for retirement is no longer reserved as a hobby for the well-to-do. It is a realm …

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Free Financial Advice has Hidden Costs: Motivations Matter

Here is a common retirement investment scenario for Baby Boomers.  Mr. Jones is retiring and has different options available in his pension plan.

  • Option 1 – Accept a large lump sum, transfer it tax-free to an IRA and invest it for his future. He is personally accepting the risk of investing the money to help provide for the rest of his and his wife’s life.
  • Option 2 – Begin receiving guaranteed monthly payments for the rest of his life (and his wife’s life with survivor benefits).  This option places the risks and rewards of investing solely on the pension plan.
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