By Elaine Floyd, CFP ® Working full-time and then abruptly stopping work at age 65 is no longer the only possibility for retirement. “Downshifting” allows for a more gradual process, benefiting employers and employees. I have a friend who plays principal clarinet with a major symphony orchestra. She loves her work—which, after all, is literally playing—but …
By Elaine Floyd, CFP ® You might assume it’s safer to keep your personal details—especially your Social Security number—off the internet. Actually, setting up a my Social Security account is an important step toward protecting your benefits. We’ve all heard warnings not to give out our Social Security numbers anywhere—not on the phone, not online. So …
By Erin Tamberella and Rick Wright It’s a touchy subject, but a life expectancy analysis is the best way to ensure you will have enough money to live your later years in comfort and ease. What do people fear the most in retirement? Outliving their income. And what variable has the largest impact on whether …
The Most Important Question in Retirement Planning Read More »
By Elaine Floyd, CFP ® With the demise of guaranteed pensions, and in light of the risks you face in managing your own retirement assets, maximizing Social Security becomes a critical part of retirement planning. How claiming age affects the income stream One of the most important decisions a retiree faces is when to apply for …
By Jeffrey Levine, CPA/PFS, CFP®, CWS®, MSA A spouse who inherits an IRA or similar account has a couple of options available depending on what the end goals are. But in most cases, the 99% rule offers flexibility and helps preserve the stretch. It sounds odd to say, but death is a part of life …
By Elaine Floyd, CFP ® Do it now! Social Security can be a lifeline for widows. If your husband dies after you have both started receiving Social Security benefits, you can switch to your husband’s benefit amount if it is higher. This is why we generally recommend that the higher earning spouse claim benefits at 70 …
By Denise Appleby, APA, CISP, CRC, CRPS, CRSP Roth 401(k)s and Roth IRAs share the ultimate goal of tax-free distributions of earnings, but they are governed by different rules along the way. This side-by-side comparison can help determine which vehicle suits your needs best. Roth 401(k)s and Roth IRAs share the ultimate goal of tax-free …
7 Key Differences Between a Roth 401(k) and a Roth IRA Read More »
By Helen Modly, CFP, ChFC, and Tommie L. Monez, MBA, CFP, ChFC What can be worse than losing a spouse—especially with young children to raise? How about being forced to go through probate and losing needed assets to ex-spouses and estranged family members? If only there had been a will. Advisors are used to beating …
By Elaine Floyd, CFP ® Scenario planning shouldn’t stop at retirement. It’s unpleasant, but necessary, to imagine what your situation might look like after the death or incapacitation of a partner. An early dose of reality can help you build a financial foundation. Two weeks ago, my neighbor died unexpectedly at the age of 76. Three …
Using Expectancy Scenarios in Financial Planning Read More »
By Elaine Floyd, CFP ® If you got hit by a bus tomorrow, would your loved ones know how to access your important records? Would they know which accounts you hold and where your money is? What about insurance policies? Real estate ownership papers? You may have your records organized in a way that works for …
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