Review Category : Retirement

Four Ways Your Kids Can Ruin Your Retirement

Retirement generally only happens one time in our life.  It is that transition period where we hope our work, parental, and personal responsibilities dissipate to the point where we only have to worry about ourselves.  It is a time in our lives where we don’t have to be on a time clock, don’t have to worry about checking e-mail, and there are no meetings that we have to be at on the schedule of someone else. Nobody really tells you what kinds of responsibilities come with having children until you actually have a child.  You work hard to raise your child the right way, and you hope one day that they will be a fully self-sufficient individual.  Your greatest fear may be your own children’s failure to launch.  Here are four ways your children can ruin your retirement: Their Debt Becomes Your Guilt Many parents believe it is their responsibility to make sure their child graduates college with no debt.  ...

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Four Bizarre Tax Deductions You May Have Never Seen Before

It’s no secret that people come into the office all the time asking the question, “Can I Take This As A Tax Deduction?”  It’s important to get a high-quality CPA on your side as they will be the person who can give you the ultimate yay or nay, but in order to even suggest a tax idea, you have to understand the nature of being creative.  In 2018, many small tax deductions vaporized, but for those that own side hustles or small businesses, there are still opportunities to potentially use bizarre type tax deductions. 1.            Can you deduct plastic surgery? – This year, one important tax deduction is completely gone. It is form 2016, which is for unreimbursed employee expenses normally reported in the itemized deductions Schedule A of your tax return.  That means all of the salespeople and executives who took deductions for mileage, meals, and entertainment not allowed by their employer are now officially out of luck.  However, ...

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What To Do When You Inherit An IRA

The other evening as I was checking client e-mails, a client sent me a short note inquiring about something her sister did with an inherited IRA and quickly after hearing the story I knew it was even too late to give advice.  The sister had told the IRA custodian to make a check out to her Father’s estate and this would cause tax consequences that are irreversible. Inherited IRA’s can be just like a dozen eggs…once you crack the shell it is impossible to put it back together.   When a loved one passes away, there is a wide array of emotions, and this could affect how you make short term financial decisions.  Especially when you don’t know all of rules or have various siblings chirping in your ear.  It is one of the most important times to seek out financial help from a professional. The overall rules for inherited IRAs are extremely complicated.  It really depends if you inherit the ...

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How Do You Know When To Sell A Stock

You have owned one of those amazing technology stocks over the last decade and you are beginning to wonder…is it time for me get rid of this stock?  Or, should you hold on to it like your parents or grandparents held on to their blue chip stocks until the day they passed it on to you?   Maybe you just bought one of those blazing marijuana stocks and made a nifty profit and are thinking you should sell it because it may just be a fad.  Just like sitting down at the Blackjack table in Las Vegas, we all know how to pull up a seat at the bar, we know how to place some bets, but if we start winning most of us don’t have a strategy about when is the right time to cash in your chips. It’s interesting to see the different philosophies that reside on the internet today.  The Motley Fool, one of the largest investment websites ...

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How you can tell if you have a good 401k plan

Does Your Company Have A Good 401(k)? A recent study done by The Pew Charitable Trust found that 35 percent of private sector workers over the age of 22 don’t work for a company that offers a 401(k) plan.  What’s scary is that the 65% that do have a retirement plan offered through the workplace today, still don’t even understand how the plans work and how to maximize the plan for their personal benefit.  Terms including matching, profit sharing, vesting, Roth 401(k), target funds, and many more can be overwhelming.   In a recent sample I did with my own clients, 10 out of 10 people did not know what a summary plan description was or where to find it on their company intranet. Having a 401(k) at work is going to be an important savings element for your financial future.  Far too often, employees don’t realize they can go to their owner, CEO, Benefits or HR department, and tell them ...

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When Mom Never Asked Dad About the Finances

This post was sponsored by Regions Bank.  All opinions are my own. Making financial decisions can be tough with or without the right tools. As young professionals juggle many financial priorities, it’s important to realize the gravity of our decisions and the influence those around us have on us, whether that be found in a role-model or through a family member. There is no doubt that your childhood and upbringing have a massive influence on how you manage your finances in adulthood.  These range from small items to how you handle traditions during the holidays to whether or not you decide to take grand scale type vacations.  My “boss” behavior was dramatically impacted with an event that changed my life forever and what got me into the business of becoming a financial advisor. While attending Boston College, I had always planned to do a double major in finance and accounting.  My real goal was to become an investment banker in ...

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How to Have a Proactive Retirement Plan

Ted Jenkin, ranked the #4 Financial Advisor in the U.S. by Investopedia, took some time to chat with us to discuss the importance of saving income, investing wisely and preparing for retirement. It’s no joke that America is not prepared for retirement. Emotional spending is rampant in our consumerist and social-media-driven culture, and sadly many seniors are relying on Social Security to get them through retirement. Many people are living longer in the 21st century with technology and healthcare advances and a meager savings is not enough income to sustain a happy day-to-day retirement lifestyle. Ted Jenkin, founder and CEO of oXYGen Financial, comments: “People are unequivocally not saving enough for their futures. They succumb to lifestyle inflation, which means – in theory – that their income expands. The problem is that expenses have a tendency to expand for more luxurious lifestyles as they make more money. One of the main culprits is social media, as there is peer pressure and images of luxurious vacations, gourmet dining, ...

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Can You Retire On 1 Million Dollars?

One million dollars used to be the gold standard when it came to figuring out how much money you would need to never have to work the rest of your life.   Now, we all know if you really put your mind to it that you could probably retire on a million dollars, but the real question is whether or not you could maintain the standard of living you have been accustomed to off of your current income.  With our society having become more of an outsourced society than a do it yourself society, here’s why 1 million dollars isn’t what it used to be. The Slient Killer – Inflation may be the number one item underestimated when it comes to overall retirement planning. Inflation is on the rise, and if it rears its ugly head at the 4% level you better seek shelter to figure out how to make your money last.  At a 4% inflation level, 1 million dollars ...

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What Fantasy Football Can Teach You About Diversification (or Your Financial Plan)

The football season is upon us again here as the fall rolls around and neighborhoods and workplaces are buzzing with Fantasy Football fever.  The Fantasy Trade Sports Association commented that the Fantasy Football market is more than a 70 billion dollar industry today and growing.   With so many people joining multiple leagues, what can this popular game teach us about how we manage our portfolios and diversify our assets. Do Your Homework? It’s shocking how many people don’t know what they own in their 401(k), IRA, or their brokerage accounts.  You may have purchased a target fund or some growth and income fund, but you don’t actually know what you own.   Moreover, you may not understand the risks on how much you could gain in one year or how much you could potentially lose in one year.  It’s important to read the prospectus before you invest, look at the track record of the investment you will be making, and learn ...

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