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Life Guide Booklet
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The horse (Mariska) in this video has been dubbed “Houdini Horse”. What’s not like about a horse or anyone else’s desire for freedom? The lust for freedom is a natural yearning programmed right into the core of our DNA. Over time life experiences such as raising a family and career may have dulled this desire....
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Taxes are inevitable. You know that part. Each April 15, you tally up all of your 1099 forms that you have received and pay taxes on your investments, even if you haven’t actually spent a penny of those dividends and interest earnings. Unfortunately, the money lost to taxes will never be available to you...
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The following IRI survey comes as no surprise to retirement income planners who witnessed their annuity client’s relief and security while they heard stories of large losses from their friends and associates in the aftermath of 2008’s financial meltdown. Not only did these clients not lose any money or income; they experienced strong growth as...
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Outliving one’s assets is a major concern for today’s retirees. One common approach to address this concern has been the “4% rule,” which is a generally accepted rule of thumb in financial planning for retirement income. It says to withdraw no more than 4% of an asset in retirement annually, and then increase the...
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Most people perceive the items they place in bank safety deposit boxes as valuable, hard to replace documents or that are significant part of family history, money, jewels, you name it. Safety deposit boxes are safe right? Certainly the items sealed in the boxes are safe from hazards such as theft, rain, fire, etc. But what...
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The sale of real estate including your home or farm could be subject to Medicare taxes. The Affordable Care Act’s increased Medicare taxes are in effect now for tax year 2013. Some workers are wondering why their take home pay has been reduced. Part of the reason is the payroll (SS) tax cut has expired...
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Once upon a time retirement was simple you could count on money from a pension and Social Security with bit of personal savings. Not any more. Pensions have mostly gone away causing you to depend on Social Security and personal savings more than in previous generations. Personal savings 401(k) IRA Stocks In the last...
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How and when is a Roth IRA taxed? This is one of the frequently asked questions of the 2013 tax season. Many are wondering if the “Fiscal Cliff Tax Fix” had any effect on Roth IRAs. Here is a Roth IRA Taxation Chart to help you understand how a Roth IRA is taxed and how it...
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The Social Security Administration estimates that 96% of American workers are covered by Social Security. Many Americans, however, don’t have a full understanding of Social Security and the benefits it provides. For example, many people are not aware that: Social Security is currently the largest social insurance program in the U.S., funded through dedicated...
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Even those who are retired have concerns about the amount of income taxes they are required to pay. So being it is now “tax” season some tax saving information may be helpful. Once total or gross income from all sources has been determined, certain adjustments to income are available. These adjustments amount to a...
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Post “fiscal cliff” tax rates are available on this handy chart to help with your tax planning and preparation. Update: Roth IRA Enhancement strategy post. If you would like a copy of this tax chart emailed to you, let me know by confidentially leaving your email here.
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The word “retirement” means different things to different people. Regardless of the vision you have for your retirement, it’s an event that can produce much satisfaction when you have a blueprint for what a successful retirement will mean to you. Without a plan, however, including an assessment of your retirement readiness, retirement can become...
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Advance Directives are a way to “have your say” about the type of care you receive (or don’t receive) in the event you suffer a catastrophic medical event, such as a stroke or an accident, that leaves you unable to communicate your wishes. Every adult should plan ahead by completing an Advance Directive that...
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It is very likely private health insurance exchanges will be established nationwide this year in order to offer additional health insurance options. The Affordable Care Act (ACA) does not restrict the creation of private health insurance exchanges. I recently discussed private health insurance exchange possibilities with some health insurance financial officers and their actuaries. ...
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Reveled - the government is using outdated longevity models. This not my headline; rather a Sunday’s New York Times’ headline from an article written by Gary King and Samir S. Soneji describing the troubling state of Social Security. Many of points they raise are well known. For example in 2010 Social Security spent $49 Billion...
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Here is the IRS press release regarding the new Fiscal Cliff withholding tables. IRS Provides Updated Withholding Guidance for 2013 IR-2013-1, Jan. 3, 2013 WASHINGTON — The Internal Revenue Service today released updated income-tax withholding tables for 2013 reflecting this week’s changes by Congress. The updated tables, issued today after President Obama signed...
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What to do with your money in an employer-sponsored retirement plan, such as a 401(k) plan. Since these funds were originally intended to help provide financial security during retirement, you need to carefully evaluate which of the following options will best ensure that these assets remain available to contribute to a financially-secure retirement. Take...
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Where should I keep my important papers? This is an important frequently asked question. So as you organize your affairs in the coming New Year here are some time tested suggestions. You should keep the following documents in a secure location in your home: •Copies of wills and trusts •Copies of living wills and powers of...
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There are a number of obstacles that you may face in planning for your retirement: Longer Life Expectancies Longer life expectancies increase the risk of retirees outliving at least a portion of their retirement income. Those reaching age 100 are fastest growing population segment in the United States. Discipline to Save Many people find...
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Imagine there is a bank which credits your account with $86,400 each morning, carries over no cash balance from day to day, and every evening cancels whatever amount you have failed to use during the day. What would you do? Draw out every cent, of course! Well, everyone has such a bank. Its name...
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