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A Retirement Planning Strategy Goes Away

Congress set out to fund Social Security disability by curbing a retirement strategy. The move will have unexpected results.

Breaking News: Major Changes Coming to Social Security Filing Strategies

After the market crash of 2000, Congress passed the Senior Citizens Freedom to Work Act. This law was intended to enable people who had previously retired and claimed their Social Security benefit to stop receiving their monthly check while they returned to work and continued earning retirement credits. Doing so would enable the worker to earn more income while increasing their future Social Security benefit. An unintended consequence of this adjustment was that it enabled U.S. citizens to explore and take advantage of various strategies to maximize their Social Security benefits that were outside the intentions of the law. These strategies became known as the “file and suspend” strategy, and the “restricted application” strategy. As part of the 2016 budget, President Obama and Congress intend to prohibit people from utilizing these strategies going forward. At the time of this publication, these proposed changes are not yet law. Although both the House of Representatives and the executive branch have signed off on these bills, they still need to be approved by the Senate before the laws go into effect. However, this is expected to occur with minimal modifications within the first week of November.

Two Reasons to Consult an Investment Advisor Today for Retirement

Planning for retirement can never start too early. Consulting with an investment advisor can ensure that you have enough for your later years.

Social Security Planning: A Necessary Step to Retirement

It is important to map out your retirement to ensure you will have enough to live on. Social security planning will help you determine how much government income will make up your monthly budget.

Which Is Better For Retirement? A Tax Deferred Retirement Plan, Roth IRA, or Life Insurance?

When it comes to retirement planning our clients have a number of different choices. Typically, they must decide between a tax deferred retirement plan or a Roth retirement plan. A tax deferred plan offers a tax deduction for contributions and then the money grows tax deferred.

How Much Money Will You Need to Retire On?

The importance of Money, is one of the most common misconceptions people have. You need to let money serve you and you need to know how important money is in everything concerning your life.

Navigating Through a Perfect Storm

Even among the perfect storm, most investors will not realize the significance to locking in their gains at this opportune point. This is especially true given given the current financial climate.

Promissory Note Valuation – Important Tax Consequences

The sum of the unpaid principal plus accrued interest may actually overstate the value of the promissory note. Fair Market Value Differs from Book Value. The IRS calculates many taxes on Fair Market Value, not on cost or book value. Often they over-value the note and over-pay the tax.

Building a $1 Million Dollar Retirement Account

Building a hefty retirement account is all about starting early, getting a good rate of return, and understanding the power of compounding. The greatest danger to this is thinking that you are too young to start planning a retirement, but it fact it makes it easier long-term. The article does not discuss investment vehicles, merely the importance of starting early, and compounding.

Why NOT Budgeting for Home Maintenance Can Ruin Your Retirement

It’s always those unforeseen expenses that if we have not planned well, can really kick us in the shins! If you haven’t budgeted for ‘home maintenance’, why should you and then how much should you set aside? We go over a succinct way of budgeting specifically for your home and the true reasons why it should be done not only with your home but with everything.

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