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Radio Webcast – “The Money Answers Show”
NewsThis past Monday, February 22nd, Andrew had the honor of being the featured guest of the nationally syndicated internet radio show, “The Money Answers Show” hosted by Jordan Goodman. Listen and visit the website for Voice America here for more information on Jordan Goodman, Voice America and “The Money Answers Show”.
Please make sure to check back on the website, our facebook page or Linkedin for upcoming radio appearances!
Financial Goals are like Dieting
NewsWe all work hard to keep our personal resolutions through the start of a new year. What we often overlook is how we should extend those goals to financial and, specifically, retirement planning as well. Richard Barrington of Get Rich Slowly, has some great ideas for helping you get in shape fiscally in 2016.
“Dieting is not a popular topic around the holiday season; but perhaps with caloric temptations everywhere you turn, this is the best time to be thinking about it. Similarly, the holidays are a time of year when people tend to let themselves go financially, so a reminder about financial discipline might also be timely. After all, working toward financial goals is like dieting.
I recently wrote about things that help me worry less about money, and one reader commented that what she finds comforting is being able to measure progress. That’s a very good point, and it started me down the road to thinking about how working toward financial goals is a lot like dieting…”
Click here to read the full article!
Is it time for your Financial Checkup?
NewsEvery year, you get poked and prodded by your doctor to ensure you’re in good health. You should take similar care of your financial well-being with an annual checkup of essentials, such as your credit situation, retirement savings and life insurance.
No needles or latex gloves are involved. You just need to review your finances, perhaps with an advisor.
It’s not about beating yourself up over what you did wrong, but considering how to set things right, says Patricia Jennerjohn, managing partner at Focused Finances in Oakland, California. “If you make small corrections right away, you’re not going to drive off the cliff.”
Click here to learn about the nine key elements of your annual checkup.
Get Your Free Financial Physical
NewsPlanning for College & Retirement
NewsWhile there are many ways to help plan for your child’s college education, here are three easy plans to institute to ease the road to the Ivy League!
Three Solid Ways to Save for College & Retirement – Forbes.com
So You’re Retired – Now What?
NewsMost qualified retirement plans offer significant tax benefits – if you’re willing to follow a few IRS-specified rules, that is. The federal government wants to make plans such as 401(k)s, Keoghs, SEP-IRAs and traditional IRAs available for specific needs, and has enacted laws to help eliminate potential abuses of these tax-advantaged investment alternatives.
Retirement Plans are Intended for Retirement
For one thing, the government wants to make sure that such savings (and income tax benefits) actually go toward providing retirement income. Stiff penalties for early withdrawal help encourage investors to hold off on receiving income from qualified plans until their retirement years.
Required Withdrawals
The government also wants to make sure they can someday tax these accumulated funds. If you have a 401(k), a Keogh, a SEP or a traditional IRA, you must begin taking mandatory minimum distributions from your plan by April 1st of the year following the year in which you turn 70 1/2. Although the tax code allows you to wait until April 1 of the year following the year you turn 70 1/2, it is generally a good idea to take your first mandatory withdrawal in the same year you reach that age. If you wait, you will have to make two withdrawals in the first year, doubling the amount of taxable income you must declare and potentially increasing your marginal tax bracket. The amount you are actually required to withdraw each year, and which will be subject to taxation, is based on tables that estimate your remaining lifetime.
Calculating Your Required Withdrawals
It’s vital to maintain a disciplined process of taking minimum withdrawals from your qualified plans. That’s because if you don’t meet the required minimum distribution withdrawals, the IRS will impose a stiff penalty: 50% of the amount not withdrawn, plus the income taxes due. Ouch! The good news is, the IRS has made calculating your required minimum distributions much easier. Based on your age, you simply divide your qualified plan balance as of the last day of the previous year by the factor from the IRS Pub. 590 table shown below. The resulting quotient is your annual required minimum distribution.
Uniform Lifetime Table
(For use by: unmarried owners, married owners whose spouses are not more than 10 years younger, and married owners whose spouses are not the sole beneficiaries of their IRAs)
Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Past performance is no guarantee of future results. Diversification does not ensure against loss. Source: Financial Visions, Inc. This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice to your situation