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Retirement Income

How Much of Your Retirement Savings Can You Afford to Lose?

  Of course when most people answer this question they will usually say, “I can’t afford to lose any of it!” So, with a retirement portfolio that has exposure to the stock market in the form of individual stocks or stock mutual funds, let’s first define a loss.  The easiest way would be when you receive your next month’s statement and you see that your portfolio value has dropped from...
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5 Reasons Why You Need An Estate Plan

   You Need An Estate Plan. Here's why... Avoiding Probate. We have all heard that this is something to avoid, but what are the problems with probate?  The main ones are the unnecessary costs, and the potential time delays that can tie up assets.   The good news is with good planning it can be easily avoided. Determining Beneficiaries. Without an estate plan, your assets will often...
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Life Is More Enjoyable After Retirement

  "Enjoyment of everyday activities increases after retirement, a study from Australia has found."   The heightened level of enjoyment lasts at least a year after a retiree stops working full time, researchers report in the journal Age and Ageing. There is conflicting evidence about changes in enjoyment and happiness when people retire, coauthor Tim Olds of the University of ...
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Why You Need To Rollover your 401k To Save It From Taxes For Your Heirs

Company retirement plans such as 401k’s, 403b’s, and 457 plans are tax deferred accounts that act just like an IRA when it comes to taxation.  At age 70 1/2, unless one is still working and contributing to a retirement plan, you have to start taking distributions.  But what about making sure the beneficiaries stretch out the account as an Inherited IRA?  You will see the company plan in most...
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You Need to Set Up Asset Protection for the Inherited IRA

Asset protection for IRAs is often overlooked. IRA beneficiaries may be exposed to the potential loss of some or all of their inherited IRAs, for many reasons: Loss of the IRA to lawsuits and creditors. State statutes vary on how much they exempt IRAs from lawsuitsand creditors’ judgments. Recent Rulings on a federal level have deemed IRAs to not be creditor proof.  So in the even...
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Will Social Security Be There in the Future?

This is a very important question when deciding when to take your Social Security benefits and no one know the exact answer to this so let’s look at a few facts to consider to help provide some clarity on this issue. The overall consensus it that the Social Security Trust Fund will run out of money in the year 2034 which at the time of this writing is only 17 years away.  This sounds pr...
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How Are Social Security Benefits Taxed?

How Are Social Security Benefits Taxed? A lot of people wonder if their Social Security benefits are going to be taxed, and if so at what rate?  Well the answer is it all depends on what you have coming in for income from other sources.  To find out you need to calculate your Provisional Income.  Nothing’s easy with the IRS right?  Let’s see how to figure this out: So Just What is Provisio...
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What About Spousal Benefits for Social Security?

What About Spousal Benefits for Social Security? When trying to figure out Spousal benefits for Social Security it is a virtual minefield of rules so let’s dive in and make sure that you follow all of the guidelines. Typically a spouse is entitled to their own Social Security based on their work history, or 50% of their spouses’ Social Security at their full retirement age, whichever is HIGHER...
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