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A question we hear often is “Is it possible to increase my Social Security benefits?” The answer is yes, there are 3 basic ways you can boost your benefits; work more years, earn more in annual income, and claim benefits later. [1 – Work More Years]- Social security benefits are based on an average of…

The medical profession refers to high blood pressure as the silent killer. In investing, the silent killer is INFLATION. The minimum return on any retirement investment must be at least equal to inflation. Here’s why. Suppose your retirement goal is to withdraw $90,000 per year from your IRA. To maintain your purchasing power you must…

Too many retirees believe that they don’t have to do any planning in retirement. They spent years saving for their retirement and now they think they can coast. WRONG! There are hidden tax traps waiting for the unsuspecting. For instance, If you want $75,000 per year in retirement, is that before or after taxes? If…

Did you know that one of the greatest risks to your retirement portfolio can happen in the first years you retire? The timing of when you begin withdrawing money from your investments can dramatically impact your long-term wealth. It’s called sequence-of-return risk, and the danger is very real. When you make regular withdrawals from investments…

Many people believe Social Security will pay for their retirement, but Social Security was designed to be just a complement to a pension and investments. So don’t rely only on Social Security for your retirement because it probably won’t be enough to maintain your current lifestyle. However, planning for your Social security benefits is important.…

You might be asking yourself, “When should I retire? Should I retire early or defer it?” Deciding when to retire may not be just one decision, but a series of decisions and calculations. For example, you’ll need to estimate not only your anticipated expenses but also what sources of retirement income you’ll have and how…

The death of a spouse is one of the most devastating events of a person’s life. During this difficult time, do not make any major financial decisions right away. Allow yourself time to only deal with the emotions of your loss. Then, get 10 to 20 copies of your spouse’s death certificate to document ownership…

With a traditional IRA, you may qualify for a tax deduction when you invest your money. But later, when you take the money out in retirement, all those distributions are taxed. The Roth IRA is the opposite. It has no deduction when you put the money in, but later, all distributions are tax-free when you…

A retirement income plan is needed because life changes in retirement. Your retirement plan should account for every year in retirement, even past your life expectancy. For each year, make a list for you and your spouse that include social security income, pensions and annuity income. Also list earnings from investments and working part-time. List…

This year, the deadline to file your income tax returns is April 15, 2019. As of early February of 2019, Time Magazine1 reported that many Americans who had already filed their 2018 taxes were shocked by their lower refunds this year likely stemming from the “Tax Cuts and Jobs Act” law that passed in December 2017, which…

Here’s how laddering works. This strategy is based on the investment principle that the longer you commit your money, the higher your rate of return will be. For instance, A 5 year CD pays more than a 1 year CD. A ten year surrender annuity pays more than a five year.But you don’t want to…

A fixed index annuity is a contract between you and an insurance company that may help you reach your long-term financial goals. In exchange for your premium payment, the insurance company provides you with income, either starting immediately or at some time in the future. Most fixed index annuities have two phases. First, there’s an…

February is a good time to celebrate your relationship with your significant other—and renew your commitment to your mutual financial success. Here are some ideas to say “I do” to this month. Vow to protect yourselves from emergencies During the government shutdown early this year we learned that 40% of Americans don’t have enough money…

Statistics say there is a seventy percent chance that you or your spouse will experience a need for long-term care! Long-term care includes a range of services and supports you may need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday…

You might be thinking, “Since I don’t need the required minimum distribution from my retirement accounts in order to live on, can’t I just leave it in my retirement account?” If you do not withdraw the required minimum distributions, the IRS will impose a penalty of 50%. Further, after imposing the penalty, you are still…

We work with dozens of people to help them create retirement plans. But in order to get to a successful retirement, there are thousands of small decisions along the way. Like, should you drive through your local coffee place and grab a latte this morning? Go with the office gang for lunch at that little…

People often ask us, “How long will it take to double my money?’ You can find the answer with the rule of 72. Here’s how it works. Compounding interest is the interest you earn on a growing amount of money.) To find out how long it will take your money to double, take the number…

Written goals are your road map to financial success. Be specific, simple, and realistic and include time frames and dollar amounts. Have some big goals and some small ones. Include a savings plan and an emergency fund. Pay off high-interest debt and control the amount of your debt. Then, take action to achieve your goals.…

A “Living Trust” is a trust you created that is active while you are alive versus a Testamentary Trust which becomes active at your death. When you create a Living Trust, you ensure that your assets will be disbursed efficiently to the people you choose after your death. The big advantage to a Living Trust…

What are the three stages in your financial life? The first stage is preparing for life’s uncertainties. The second stage is managing your net worth and the third stage is managing retirement and your estate. The base of the pyramid is preparing for life’s uncertainties. Insurance is the most cost-effective way to deal with this.…

November is long-term care (LTC) awareness month. Here are five things you should know.   There are different types of facilities providing increasing levels of care.1 If you hear the words “long-term care” and automatically think “nursing home,” you should know that long-term care encompasses a wide range of options and a progression of choices.…

 What are annuities and how do they work? Annuities are both a savings and an income investment that pays out over a period of time. It’s actually a steam of income you can’t outlive. An annuity is a flexible insurance contract that allows retirement savings to grow income tax deferred and then payout to…

Time is almost up for this years Medicare Open Enrollment period.  You have until the 7th of December to modify your existing Medicare plans. In this period you can enroll in a Medicare Advantage Plan or a Part D drug plan. Any modification made during this period is effective from January 1st of the following year. Generally,…

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive…

Some seniors are dependent on their Social Security benefits, but the majority of your retirement income may be derived from other sources. While your Social Security income may not be your primary source of income in retirement, you nonetheless may be counting on that income to provide financial support for your quality of life in…

The Social Security COLA (cost of living adjustment) in 2019 will be 2.8%. This is the largest COLA increase from the Social Security Administration since 2012.1 Social Security benefits are often taxed. If you work and are at full retirement age or older, you can earn as much as you want and your benefits will not be…

We all think we know the basics about Social Security, but do we really know how different the benefits can be? The standard retirement age is between 65 and 67, depending on your birthday. Your monthly income, also called your PIA, is determined by your highest 35 years of indexed earnings. You can start taking…

Retirement should be a time of rest, relaxation, and play. It should be about focusing on those pursuits that you wanted to do when you were younger, but you have yet to cross them off of your bucket list.  Failing to plan for a comfortable retirement, however, can be a major stressor in the life…

When planning one’s last will and testament, one always hopes that the people they will be passing on their hard-earned wealth to will be responsible enough to handle it well and if possible, carry on their legacy. This is a hope which can be difficult to keep alive, especially in cases where the heirs have…