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Types-of-Disability-Insurance

A Quick Guide to Disability Insurance Types

By Andrew Trammell | November 5, 2020

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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The-Case-for-Roth-IRA-Conversions

The Case for Roth IRA Conversions

By Andrew Trammell | September 16, 2020

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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Maximizing-Social-Security-Tips

Little Known Tips for Maximizing Lifetime Social Security Benefits

By Andrew Trammell | July 21, 2020

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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Asset-Planning-for-Retirement

How Much Do You Need to Retire?

By Andrew Trammell | April 2, 2020

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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Personal-Budgeting-Cash-Flow-Planning

Budgeting 101 – The Key Steps in Personal Budgeting and Cash Flow Planning

By Andrew Trammell | March 4, 2020

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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Types-of-Life-Insurance

The Urgency of Owning Life Insurance for Family Risk Management

By Andrew Trammell | January 28, 2020

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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The Basics and Benefits of 457(b) Plans

By Andrew Trammell | December 2, 2019

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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Take Advantage of Underutilized Employee Benefits during Open Enrollment

By Andrew Trammell | October 28, 2019

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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State-of-Florida-Drop-Retirement-Plan

State of Florida Employees:
A “DROP” to Benefit From!

By Andrew Trammell | October 15, 2019

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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The Little Known Tax Implications of Required Minimum Distributions (RMDs) in 401(k) Accounts

By Andrew Trammell | October 1, 2019

The Importance of Using Roth IRA Conversions to Reduce Required Minimum Distributions (RMDs)  On April 1st of the year following attainment of age 70 ½, you are required to start taking distributions from most traditional retirement accounts. You can always withdraw more, however you cannot remove less then the Required Minimum Distribution (RMD). The IRS…

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