Category: Financial Planning

How Roth IRAs Could Lower Your IRA Distribution Taxes

How Roth IRAs Could Lower Your IRA Distribution TaxesOne thing you can consider to save on federal income taxes during your retirement is to convert your qualified tax money into a Roth account. By doing this, you could shield any appreciation on these assets from federal income taxes. Additionally, distributions from these assets will come … Continue reading "How Roth IRAs Could Lower Your IRA Distribution Taxes"
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Helping Preserve Your Retirement Assets by Taking Smaller Distributions

Helping Preserve Your Retirement Assets by Taking Smaller DistributionsYou own two pots of money: The money that has already been taxed (let's call it "regular money") and the money that had not been taxed (let's call this "retirement money" such as IRA, 401(k), 403(b), etc.) When you spend $1 of retirement money, assuming your marginal … Continue reading "Helping Preserve Your Retirement Assets by Taking Smaller Distributions"
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An Alternative to Tax-Free Bonds

An Alternative to Tax-Free BondsWhile tax-free bonds can be a popular source of tax-free income, some retirees are not aware that they can receive a potentially higher source of cash flow from insurance companies.This source of money is from an immediate annuity. In exchange for the premium payment, the insurance company pays the annuity owner … Continue reading "An Alternative to Tax-Free Bonds"
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How Fixed Immediate Annuities Can Help Increase Cash Flow

How Fixed Immediate Annuities Can Help Increase Cash FlowIt’s possible to increase your monthly cash flow with a fixed immediate annuity. An immediate annuity is simply the payment of a premium to an insurance company. In exchange, the company converts your premium to a monthly cash payment for life or term of years. (Monthly payments … Continue reading "How Fixed Immediate Annuities Can Help Increase Cash Flow"
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Four Important Financial Issues for Retirees

Long Term Care1. Having Sufficient IncomeMany retirees want to generate sufficient income so that they never need to consume their principal. In fact, moat invest in a manner that will increase their probability of using their principal. You may be doing this also. Many retirees think that they must keep their principal safe and available, … Continue reading "Four Important Financial Issues for Retirees"
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Retirement Issues

Retirement IssuesRetirement is not just about the size of your nest egg. There are several considerations for a comfortable retirement experience in addition to a financial retirement plan. These considerations extend to where you live, housing options, and healthcare quality and choices. Most importantly, what activities will you do in retirement to stay mentally and … Continue reading "Retirement Issues"
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Retirement Income Sources

Retirement Income Sources Many retirees lack control over 50% or more of their retirement income. For example, if a retiree has income of $50,00 annually, and $30,000 comes from social security and employer pension, the retiree controls less than half of his retirement income—making those sources somewhat useless to discuss. So let’s focus on the … Continue reading "Retirement Income Sources"
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Generating Retirement Income

Generating Retirement Income Financial planning prior to retirement is focused on asset accumulation, tax minimization, and maintaining a budget that allows for maximum savings. Retirement financial planning, however, is focused on these different objectives: maintaining an adequate income without salary or wages, maximizing pension and social security, having adequate health and long-term care protection and … Continue reading "Generating Retirement Income"
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Common Retirement Financial Mistakes

Common Retirement Financial MistakesUnderestimating your life expectancy: A generation ago, it was probably safe to assume that men would live to approximately age 70, and women to perhaps 75. But advances in medical science have pushed those ages up at least fifteen to twenty years. Realistic financial planning for seniors should probably assume that at … Continue reading "Common Retirement Financial Mistakes"
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