Retirement


16

Feb 2017

Types of Retirement Investment Vehicles

Last week in Retirement Planning 101, we discussed what kind of assumptions you can use to figure out the island we call ‘your number’. Once you figure out your number, there are really two very important ships that will get to that number. First, how much money do you need to save on a monthly basis to get your number? Second, what rate of return...

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24

Jan 2017

Is It Too Late To Begin Saving For Retirement?

You are 45 years old and it dawns on you that your college days are looking further and further in your review view mirror and you can see the exit sign for retirement not too far down the road. As you sit down at your kitchen table to really assess your overall financial situation, you begin to ponder the life and financial mistakes you have...

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12

Jan 2017

5 Myths About IRA Investing

Many people in the United States may be missing out on one of the best retirement opportunities of opening up an IRA account. Here are 5 Myths that we can clear up so you can better understand how these powerful retirement vehicles can work for you. Myth 1 – I can only invest my IRA where I open the account. We have often heard people...

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01

Dec 2016

Will Your Money Last? Risks to Retirement Income

A sound retirement income plan takes into account several financial risks, including the potential for the retiree to outlive his or her assets, the effects of inflation on future income, rising health care costs, and the uncertain future of the Social Security system. For example, inflation increases the future cost of goods and services; inflation can also erode the value of assets set aside to...

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29

Nov 2016

Resources to Help Those Caring for a Loved One at Home

Being a caregiver can be overwhelming, particularly if you are juggling other responsibilities, such as working or raising a family. Knowing where to turn for help can make a difference — both in the quality of care your loved one receives and in lessening the stress and responsibilities on you. This article provides some of the resources you can turn to for help. If you...

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22

Nov 2016

Should You Convert to a Roth IRA?

Investors at any level of income can convert assets from a traditional IRA to a Roth IRA. This article explains the potential benefits and tax implications of a conversion. Whether an investor benefits from converting assets within a traditional IRA to a Roth account may depend on the amount of time he or she plans to leave the assets invested, estate planning strategies, and his...

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08

Nov 2016

Gifting-During-Life Strategy: Does it Make Sense For YOUR Family?

When it comes to estate planning, one of the primary goals is to transfer as much of a person’s assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax. Today, the federal estate tax exemption is $5,450,000 per person. It is also portable (can be transferred) between spouses, giving them a maximum exemption of $10,900,000...

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03

Nov 2016

Using a Tax Refund to Fund an IRA in 5 Easy Steps

What does the basic process entail? An income tax refund can be directly deposited to an IRA up to the annual contribution limit. The contribution limit is $5,500 ($6,500 for individuals age 50 or older) for 2014 and 2015. It can also be split among multiple accounts. #1 It is tax time! Prepare your tax return for the year. #2 Determine the refund amount. Once...

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01

Nov 2016

AVOID THE 50% RMD PENALTY BY ASKING THESE 10 QUESTIONS BEFORE YEAR-END

#1 Do I have an accurate inventory of all my retirement accounts? This may seem rather simple, but it’s absolutely crucial to maintain a record of all your retirement accounts. And that may be easier said than done. According to a 2012 Department of Labor study, Baby Boomers born between 1957 and 1964 held, on average, a staggering 11.3 jobs between the ages of 18...

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20

Oct 2016

Determining Tax on Roth IRA Distributions in 5 Easy Steps

What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.  To determine what your distribution is, you must use “ordering rules” which dictate the order in which these categories of Roth IRA money must be withdrawn.  All Roth IRAs are considered one Roth IRA for distribution purposes.  A Roth IRA distribution will...

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Living in a Post Pension Retirement World

09

Dec 2015

Living in a Post Pension Retirement World

Investing for retirement has changed over the years. It used to be that people would dedicate 30 or 40 years of their life to a particular company and then get a pension for life that represented much of the pay they had received while working. Certainly in conjunction with Social Security benefits, they would have a very comfortable retirement. The days of the defined benefit...

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30

Nov 2015

Why Should I Consider Disability Insurance?

The need for disability insurance can come at various times in your life—both in your working years and in your retirement years. Statistically, you are more likely to become disabled during your working life than you are to die prematurely Yet most people, if they were to carry one of those two coverage types, will carry life insurance and not disability. Classic disability coverage replaces...

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23

Nov 2015

Is Your Team of Retirement Experts Truly Supporting Your Goals?

When is the last time your insurance agent, wealth manager, financial planner, attorney, and CPA sat in the same room to discuss your individual financial plan? Do they even know who the other professionals on your team are? Most professionals are classically trained in their particular discipline. Unfortunately, that means they do things their own way. Most don’t ask the right questions as it pertains...

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04

Nov 2015

Your Ideal Life Tip: Don’t Disregard Long-Term Care Coverage

Once you have retired, assuming you have planned well to fund a vibrant lifestyle, the risk you face is one of a long-term care event. With the cost of quality care in the $70,000 per year range and rising, and the average stay in a care facility approaching three years, ask yourself what the financial impact of a $200,000 depletion of assets would do to...

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08

Oct 2015

Managing Retirement Risks

It’s not much fun to talk about all of the risks that one faces in life and finances—but it is critical to understand them, because they can scuttle the best-laid plan. When I talk about risk management, I include anything that could potentially derail your financial plan. When most people think of risk management, they’re thinking purely about insurances. But remember that the things that...

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28

Sep 2015

What is Below The Grass Planning™?

When the team at Cornerstone Financial Strategies discuss legal planning for after death, we refer to it as Below the Grass Planning™. Estate planning involves more than just arranging for the disposition of your money and other assets when you die. It should be done in tandem with Above the Grass Planning™ You should make advance provisions to transfer control to someone else, either temporarily...

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08

Sep 2015

A Vast Amount of Investment Options

The universe of investment options is vast. Selections include mutual funds, individual stocks, exchange-traded funds, managed futures, commodities, precious metals, and investments that are geographically focused like, global, international, emerging-market, or U.S. domestic. Some investments are equity oriented while some are fixed income oriented, or a combination of both. It is important to be working with a professional who has access to all options and...

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12

Aug 2015

The Three Varieties of Tax Treatment

This is my advice for most of clients: In your accumulation years, do all you can to get as much money as possible into your employer plan, and then we’ll talk about what’s next. You will have plenty of opportunities ahead, but it’s important to understand that assets come in three varieties when it comes to tax treatment. Whether an asset is always-taxed, tax-deferred, or...

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04

Aug 2015

What Is Above the Grass Planning™?

Do you have a plan prepared in the event you are still alive but unable to act on your own behalf? Who is going to handle your affairs? This process of planning for your future by establishing the necessary foundational legal documents is what we like to refer to as, Above the Grass Planning™. You cannot just assume that it will be your closest loved...

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