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John and Jane Smith, married in their late 60s, approached us for advice on how to receive the maximum social security benefits. Jane had gone through the process of claiming Social Security six months prior to contacting us at her “full retirement age” of 67. Husband John was still working, and they wanted our advice…
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Disability Insurance is a type of insurance that protects your income in the event of an injury or disability that keeps you from performing your job. Having adequate disability coverage is an essential aspect of any well-constructed financial plan as it replaces a percentage of your income in the event you can’t work for a…
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Using Roth IRA Conversions to Reduce the Tax Burden of Required Minimum Distributions Few People Understand the Tax Implications of Required Minimum Distributions (RMDs) in 401(k) and Traditional IRA accounts. When you reach age 72, you are required to start taking distributions from most traditional retirement accounts. You can always withdraw more, however you cannot…
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First, Let’s Look at How Social Security Benefits Work. Before we move on to my tips for maximizing Social Security benefits, here’s a quick primer on how the system works. To become eligible for benefits, you need to earn what’s referred to as 40 “credits.” A credit is essentially each quarter per year worked, so…
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One of the most frequent questions we hear from clients is, “How much do we need to save for retirement?” While this question seems straightforward, knowing the right asset level for your needs can be challenging and requires a process. Most financial advisors use one of several methods to determine retirement goals for clients. To…
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If you’re like most people, personal budgeting is very similar to starting a diet. Like a diet, people on a new budget say to themselves “I’m spending too much money, I need to cut back.” But instead of analyzing their prior spending, they usually decide to simply reduce spending on things such as making coffee…
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For those who are new to the concept, there’s much to consider when it comes to “risk management” in your personal life. How much and which types of life insurance do I need? Should I purchase disability insurance? Is my health insurance coverage adequate? These questions can be challenging, however, if you understand the 5…
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If you’re a state or local government employee with a 457(b) deferred compensation plan, here’s a primer on plan basics, benefits, and financial considerations. THE BASICS OF 457(b) PLANS: Under Section 457 of the Internal Revenue Code you can defer compensation each year up to the IRS annual dollar limit, $19,000 plus a $6,000 catch…
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While most people look forward to Thanksgiving during November, it’s important not to gloss over the importance of your Open Enrollment and Employee Benefits packets. For most employees, Open Enrollment occurs every November and means attending a few review workshops and making selections. Reviewing your employee benefits is a crucial step that sets the stage…
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An Overview of the Florida Retirement System (FRS) Deferred Retirement Option Program (DROP) If you’re a member of the Florida Pension Plan you have access to a unique retirement benefit that can kick-start your retirement in a positive direction: The Deferred Retirement Option Program (DROP). First things first: check with the FRS to make sure…
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