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Social Security payments are important to most American’s retirement plans. After all, a worker has contributed a significant portion of their income to Social Security via payroll taxes; starting at 2.25% in 1950 - steadily increasing to 15.3% 1990 and later. Because retirement could last 30 years or more a retiree must consider how and when to receive...
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8FACEBOOK PROFILES RAISE USERS’ SELF-ESTEEM AND AFFECT BEHAVIOR – a study by UW-Madison Facebook profiles are a version of self; it is tailored for the eyes of family and acquaintances through the use of photos and posts. A new study by UW-Madison assistant professor Catalina Toma finds beneficial psychological effects and influenced behavior. Ms. Toma used the...
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Why would anyone want to restrict their Social Security payments? Well, it’s not the payments being restricted it is the type of application that is filed. The restricted application is filed when, for example, a wife wants to receive her husband’s spousal benefit instead of her own Social Security benefit. The idea here is to allow the possibly still working wife...
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Common mistakes made by savers and investors that are best to avoid. Mistake 1 – Expecting investments to only go up While buying investments like stocks and bonds for their upside potential, remember that they may go down for periods of time. Mistake 2 – Following the latest investment trend Many investors follow the...
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While most anything can be given to charity, these are the more common forms of donated property: Cash: Cash gifts are the easiest to give to a charity, both in terms of substantiating the deduction and in determining the value of the gift. Real Estate: Real estate that is owned outright and which has...
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Americans are uncomfortable with their financial situation and don’t want to talk about it. According to AVIVA USA and the Mayo Clinic wellness survey. Aviva and Mayo Clinic surveyed 2,000 U.S. adults on their financial preparations and health habits to determine the affects on their overall well being. “Many people choose to ignore rather...
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How many ways are there to take Social Security benefits? Would you believe there are 81 different possibilities? Most people think of 3: Early retirement at age 62 Full retirement at 66 or later depending on birth date Maximum retirement at age 70. Known as the “break-even” analysis method; retirement planners use stock computer models that add up the...
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When the market failed the blame game started. Workers were laid off and they blamed their employers. The government blamed the big banks. Citizens blamed the government. And clients blamed their financial advisors. After all wasn’t it the advisor who laid out the financial plan that was suppose to provide the retiree a solid foundation?...
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My money is going to stay in the market. It is rising and I want to recover my losses. This is called Confirmation Bias. We all have tendencies to look for information that confirms our beliefs while ignoring the data which proves our belief’s untrue. My money is not going into totally safe investments. The...
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Government regulations dictate senior’s retirement income plans. The question; Is this government “retirement plan” the best option? If they have a traditional IRA, 401(k) and/or any other qualified retirement plan they must take Required Minimum Distributions (RMD) upon reaching age 70- 1/2. If they do not take RMD as required the penalty is a harsh 50%. Most seniors follow the RMD plan...
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Despite Growing Status as Primary Breadwinner and Household CFO, Women Still Fear Becoming “Bag Lady” a new 2013 Allianz Life Women, Money & Power Study Reveals. This is a surprise considering 60% of women say they are the primary breadwinner in their household 54% of respondents describe themselves as the household CFO. 49% sometimes fear...
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Smart retirement planning has become all about the income, as in how much and for how long. Last year the Journal of Financial Planning conducted extensive research into retirement portfolio withdrawal rates. They concluded the traditional 4% rule was too risky because it leaves a retiree with an 18% chance of portfolio failure; that’s...
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At one time, there were only two ways to tap into the value of your home: Sell your home BUT… then you would have to move somewhere else. Borrow against the equity in your home BUT… then you would have to make monthly loan repayments. Many people have retired with what they assumed would...
Continue Reading »The Roth IRA may be one of the most under used retirement income strategies. Due to the deductibility of other retirement saving plans like Traditional IRAs and the 401(k); Roth IRAs are usually just an afterthought. After all who does not want to pay as little income tax as possible? It seems a very...
Continue Reading »Americans in retirement and those soon to be retirees have serious concerns. According to the Reclaiming the Future Study conducted in 2011-2012 by Allianz Life: Fear # 1 - American Retirement Crisis/Unprepared: 92% of Americans believe there is a retirement crisis and fear they are unprepared When asked “Do you believe there is a retirement crisis...
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As we move forward into tax season, we wanted to take a moment to remind you of some unique benefits that are available to the brave men and women serving in our Armed Services Heroes Earned Retirement Opportunities (HERO) Act: On May 29, 2006 President Bush signed into law the Heroes Earned Retirement Opportunities...
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Horseshoe crabs have a protein that tags bacteria and tells their body to destroy it. This led 15 year old sophomore Riley Ennis to ask this question. “If we could take their name tag, a bit of the patients tumor mix them together and stick them back in the patient will you be able...
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You’ve probably heard about the problem our country faces with “Social Security, corporate pensions, state pensions, county pensions, municipal pensions…virtually all defined benefit pensions.” The following are abstracts from an industry publication. OUR COUNTRY’S PENSION CRISIS IN A NUTSHELL – Pension plans that promise a specific benefit in the future are essentially a contract...
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Throughout history many of the greatest discoveries and inventions happened by accident, someone trying to solve an unrelated problem. Imagine if we had a battery in all of our devices that charged in seconds rather than hours or days. Well actually its a capacitor not a battery but I’ll let the video explain the difference....
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Last night large sections of Arizona received significant snowfall. What the heck? My Arizona clients were expressing at the start of our conversations this morning; some used a slightly stronger version of that expression. After all, we should feel sympathy for those who pulled up their Wisconsin, Minnesota and North Dakota roots choosing to...
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