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The Importance of 35 in Social Security Retirement Planning

If I’ve answered the question once, I’ve answered it 35 times! Many clients are under the misconception that their Social Security benefit amount is based on their last 5 years of employment. In truth, the monthly amount received is based on the average of the highest 35 years of a worker’s employment. So a worker…

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Marshmallows, Medicare Part D, and the Roth IRA

We’ve all heard about the marshmallow experiment that examines the benefits of delayed gratification. The Roth IRA is a study in delayed gratification. Pay taxes now – or later? And what’s the advantage if I pay now?   The benefits of a Roth IRA can be huge – tax-free earnings, no Required Minimum Distributions, tax-free…

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You Can’t Make Me! RMDs and Your IRA

Americans tend to be a pretty independent bunch. You can’t tell us what to do! Like with trans-fats in food: we didn’t even know what they were until the government wanted to take them away. Then we said, “Congress! Don’t mess with my Twinkie.”   We also don’t like being dictated to with regard to…

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MyRA and the American Dream

What can an employee do when his or her employer offers no retirement plan? For wealthier, knowledgeable investors, a personal financial advisor or a Vanguard mutual fund usually fits the bill. However, part-time, non-traditional, retail, food-service, and self-employed workers are unlikely to possess enough financial assets to meet financial minimums. Employees in these categories may…

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BTW – HSA’s R Gr8! The Benefits of a Health Savings Account

Acronyms have been around for a long time. Pontius Pilate used the acronym INRI on Jesus’ cross. It stood for Iesvs Nazarenvs Rex Ivdaeorvm, which meant Jesus of Nazareth, the King of the Jews. We’ve not stopped using acronyms throughout history, and the world of health insurance is no exception.   One lesser known acronym…

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The Rumors of My Death are Greatly Exaggerated – Let’s Not Bury Social Security Yet!

When working with clients on financial planning, you can expect them to ask this question – Can we count on Social Security? Although your own personal views will influence your answer, in general it is accepted practice to reassure worried clients that they will probably receive Social Security retirement benefits. Since we as financial planners…