As a business owner, you have an assortment of retirement options. These range from the straightforward, think an Individual or Simple 401 (k), to the more complex, such as a Money Purchase Plan or Profit Sharing. However, for many, the creme de la creme is a Roth IRA. Why? Because not only is able to set…
Roth IRA Contribution Limits for Business Owners
May 3, 2023
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Social Security Benefits Rounded Down
Q: I’ve heard that Social Security is cheating me and millions of other Americans out of Social Security benefits they are due because they round down to the nearest dollar when they are supposed to be rounding up. Is this true? A: Well, it’s true … and it’s false. It’s true when you say that…
11 Ways to Make Financial Planning Easier
April 27, 2023
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Financial planning may be necessary but it’s also notorious for being a decidedly unpleasant experience. For many people, dealing with intimidating life events such as children in college or reaching retirement age, can trigger much emotional or mental stress. Still others may feel overwhelmed as they explore various possible scenarios, challenges, and solutions. Without doubt,…
Little Green Martians and Social Security
I was looking through some old columns of mine and I found one from about 15 years ago with an intriguing headline: “Little Green Martians and Social Security.” I wrote that column in reaction to a news story that was running in media outlets around the country based on a poll of young people that…
Retirement and Estate Planning for Broke Individuals
You can help your relatives immensely by setting up an estate plan now, regardless of who you are. Essentially, whatever you own makes up your estate. These assets could be: Any property your own Whatever money you have in a bank account Stocks, bonds, and mutual funds invested through a taxable brokerage account A Roth…
Retirement Plans Derailed: Quarter of Americans Slash Savings Due to Inflation, Study Shows
A quarter of American workers had to slash their retirement savings as inflation hit a 40-year high in 2022 and took its toll on their hard-earned dollars, according to new study findings published on April 20. The findings were reported in an annual study conducted jointly by the Global Financial Literacy Excellence Center (GFLEC) at…
How to Utilize Real Estate in Your Retirement Portfolio
By Chris Kampitsis Owning investment real estate to generate income during retirement can be a valuable addition to your portfolio. There are several ways to utilize real estate in your retirement portfolio. In this article, we explore several ways owning real estate could be incorporated into your current balance sheet and become a major part…
Cash in on Your Home Equity
By Emma Patch From Kiplinger’s Personal Finance For the nearly two-thirds of Americans who own a home, tapping into home equity can be an affordable and flexible way to borrow money. One way to do that is through a home equity line of credit or HELOC. HELOCs allow homeowners to borrow from their home equity…
Buying an Annuity During Times of Inflation
April 20, 2023
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Inflation can throw a wrench into retirement plans. That’s because, over the long term, inflation erodes your income’s purchasing power. So even if you save and invest, your wealth may buy less and less with time. Commercial annuities often pay a fixed monthly income. This fixed amount is susceptible to inflation. But if annuities are…
The SSN: A History Lesson
Regular readers of my column know that I try to avoid the use of Social Security jargon, abbreviations and acronyms as much as possible. That even goes as far as the name of the agency that runs the Social Security program. Although I must frequently do it, I just don’t like referring to the SSA…
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