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Our blog includes topics related to retirement planning, Social Security and investing.

Tuesday, May 7, 2024

There is one thing that we will most likely all do one day: regardless of your status in society, position at work, or whether you are tall or short, you may pass down assets to loved ones. When that day arrives, an estate plan is...

Tuesday, May 7, 2024

The terms "rich" and "wealthy" are often used interchangeably. But are they really the same? As the saying goes, "Money talks, but wealth whispers." Here are some of the differences between being rich and being wealthy in terms of...

Tuesday, May 7, 2024

You probably already know that insurance is something you should have in case of unforeseen events. When it comes to estate planning, insurance helps manage the distribution of your assets the way you see fit. It may also help prevent...

Tuesday, April 2, 2024

There are several ways high-net-worth individuals can benefit from life insurance. It is a vehicle that could provide loved ones with an income stream, it can be used as an investment strategy, it may help to lower your estate tax...

Tuesday, April 2, 2024

Small business owners face many challenges, which may become even more significant during inflation. As inflation hit new highs in recent years, small business owners are being tested and challenged by high costs and high interest...

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Tuesday, April 2, 2024

Did you know, according to CNBC, more Americans are expected to turn 65 through 2027 than at any other time in history? This rapid population increase of older adults is often called the “Silver or Gray Tsunami,” though many new...

Tuesday, April 2, 2024

As an affluent family, planning for your children's education is likely a top priority. You want to ensure that they have access to the best education possible without worrying about the high cost of tuition; this is where 529 plans...

Tuesday, March 12, 2024

As high-net-worth (HNW) individuals approach their golden years, retirement planning often becomes a focal point of their financial strategies. One aspect of this planning that sometimes creates confusion or misinterpretation is the...

Tuesday, March 12, 2024

April is Stress Awareness Month, and there's no better time to reflect on and address the stressors that may impact our lives. Financial stress is an interesting challenge for high-net-worth individuals and families since most...

Tuesday, March 12, 2024

Financial literacy is essential for your personal financial health and even more crucial for the financial health of your small business. Being a small business owner comes with many responsibilities, one of which is maintaining the...

Tuesday, March 12, 2024

Who doesn’t remember their first job, receiving your first paycheck, and even applying for and using a credit card for the first time? Access to money provides a sense of freedom and the ability to buy things you want with your...

Wednesday, February 28, 2024

A personal credit crisis is something many people fear, as it can lead to financial ruin and burden an individual with immense debt. Fortunately, steps can be taken to avoid such a crisis, even for high earners who may seem financially...

Wednesday, February 28, 2024

Many companies are pushing for a more diverse workforce with employees from all walks of life and ages. Greater diversity helps foster creativity and collaboration, which are essential to helping a company grow. For younger workers, it...

Wednesday, February 28, 2024

These “big-round-numbers” are psychological but also can serve as guides The Dow Jones Industrial Average is a stock market index used to assess movements in the US market and its overall strength or weakness. It was...

Wednesday, February 28, 2024

The integration of tech can amplify the capabilities of financial professionals As investors navigate the dynamic landscape of the financial markets, they find themselves at the intersection of cutting-edge technology and traditional...

Tuesday, January 23, 2024

As high-net-worth individuals navigate the complexities of financial planning during their working years, one critical aspect often goes overlooked—long-term care. In 2021, the median monthly cost of a private room in a nursing...

Tuesday, January 23, 2024

Starting a new business is no small feat. It involves several of steps, from the early planning stages to filling out the necessary legal documents. Here are 10 steps to consider when starting a new business.   1...

Tuesday, January 23, 2024

An increasing number of full-time workers seek to increase their income through working a side hustle, which is employment in addition to a full-time job. In this article, we'll delve into the benefits of this trend, essential tips for...

Friday, December 29, 2023

An indexed annuity (IA) is a contract between you and an insurance company. You pay premiums in a lump sum or periodically, and the issuer promises* to pay you some amount in the future. The IA issuer also provides a minimum...

Thursday, November 30, 2023

Tax identity theft is a serious type of fraud that affects individuals of all ages and stages of life. So, what do you do to prevent your tax identity from being stolen? Here are a few of the most common tax identity theft schemes...

Thursday, November 30, 2023

What happens once you’ve implemented the basic financial advice and still aren’t getting ahead? Here are five overlooked financial bad habits that could be draining your bank account.

Thursday, November 30, 2023

Tax planning might be complex, but it's also essential—especially for high-net-worth families, where missing tax breaks or failing to optimize income could cost significant dollars, maybe millions, over a lifetime. Here are four tips...

Thursday, November 30, 2023

Understanding and implementing financial wellness techniques is essential for effectively sharing wealth with the next generations. Here are some financial wellness tips to help manage generational wealth transfer more confidently:

Thursday, November 9, 2023

Bonds between younger and older people within their families and communities enable each to view the world from diverse perspectives, providing them with a chance to develop mentally and emotionally and stay engaged no matter their age...

Thursday, November 9, 2023

If you are self-employed, you should understand the self-employment tax. You should also be aware of certain tax planning opportunities.

Thursday, November 9, 2023

For many, retirement is the phase of life to kick back, relax, and enjoy the fruits of years of working and saving. Here are seven tax-smart retirement withdrawal strategies to help mitigate your tax burden and help you maintain financial

Thursday, November 9, 2023

Donors can bolster their philanthropic impact by understanding and leveraging these tax advantages:

Friday, September 29, 2023

The end of the year is a great time to review your trust document, update information, buy or sell assets or even cancel your trust if you choose. Here is a checklist to help you complete your trust and year-end planning:

Friday, September 29, 2023

Generational wealth involves proactive financial planning, especially when parents or grandparents pass on their wealth to loved ones after they die. We are providing you with a checklist to help you get a head start on your goals...

Friday, September 29, 2023

When you develop a succession plan for your business you have two basic choices: you can sell your business, or you can give it away. Once you choose to either sell or gift, you can structure your plan to go into effect during your lifetime

Friday, September 29, 2023

And according to GivingTuesday.org, the giving in the U.S. alone totaled $2.7 billion to nonprofits and community organizations on #GivingTuesday in 2021, So, here is a list of things for you to think about as you consider your giving

Thursday, August 31, 2023

This study revealed a fascinating trend: more than half of Gen Z and millennial investors are receiving financial advice from social media. Simultaneously, the survey found that financial professionals are the most trusted source of advice.

Thursday, August 31, 2023

You've researched long-term care insurance (LTCI) and are seriously thinking of buying a policy. Just make sure you're doing it for the right reasons--don't be swayed by unsubstantiated sales pitches. Here are some claims you'll want to...

Thursday, August 31, 2023

Amidst a backdrop of a volatile market and potential inflationary pressures, these shifts can shape the future of employee retirement planning significantly. Here are four critical trends that deserve attention...

Thursday, August 31, 2023

To understand how this news may potentially impact finances and investments, investors must look at the whole picture. Here’s what investors need to know about the recent bank downgrades.

Wednesday, July 26, 2023

Here are five items you want to keep in a safe place as your financial first-aid kit.

Wednesday, July 26, 2023

To illustrate how life insurance can help you plan your estate wisely, let's compare what happened upon the death of two friends: Frank, who bought life insurance, and Dave, who did not...

Wednesday, July 26, 2023

A custodial account is an account established at a financial institution for the benefit of a minor child and managed by the parent or another designated custodian. A custodial account is established under a particular state's UTMA / UGMA

Wednesday, July 26, 2023

A charitable trust is a trust established for the dual purpose of donating to charity and providing for a noncharitable beneficiary (such as your children). When a charitable trust is used, the gift to charity....

Wednesday, June 28, 2023

Navigating elder care and elder care finances in the U.S. can be a challenge even for the most well-prepared households. Here we discuss a few of the options that can allow elders to maintain their independence while still accessing the...

Wednesday, June 28, 2023

Investing involves setting goals for the future and weighing the risks and potential rewards associated with a wide variety of investment opportunities. If you are a new investor, this might seem like an overwhelming task. But take heart...

Tuesday, June 27, 2023

A majority of students now borrow at least some money to help finance their education. Yet excessive student loan debt can have negative ramifications. When you know your repayment options, your next step is to determine...

Tuesday, June 27, 2023

The decision by the Federal Reserve to pause its upward trajectory of the federal funds rate – after 10 straight hikes over the past 14 months – has significant implications for investors. Let’s explore what this pause means for investors..

Thursday, June 15, 2023

Being a small business owner can be rewarding but also may bring a lot of stress. There are many paths to financial independence as a business owner, and here are a few directions to get you started!

Thursday, June 15, 2023

Like a mutual fund, an exchange-traded fund pools the money of many investors and purchases a group of securities. But are they right for your portfolio? Read about the pros, cons, and other benefits and ETF options investors have to choose

Thursday, June 15, 2023

The agreement, negotiated by House Speaker Kevin McCarthy and President Joe Biden, entails a reduction in some government spending. However, tucked within the intricacies of the deal are several implications for student loan borrowers...

Thursday, June 15, 2023

A solid estate plan should not only provide for your assets after you pass, but also plan for your long-term care while you're alive. With the median cost of a long-term care facility increasing, here are some tips to help accommodate.

Wednesday, June 14, 2023

Although they often get a bad rap as insurance products, annuities come with pros, cons and a huge heap of details.

Wednesday, June 14, 2023

If you're considering giving back to society or a cause as part of your financial planning, there are many ways you can do so. You can make an impact while receiving tax benefits by including philanthropic giving as part of a holistic...

Wednesday, June 14, 2023

With ChatGPT, investors can ask questions about specific companies, industries, or investment strategies, and receive accurate and up-to-date information that can help them make informed investment decisions. However there are a few cons...

Saturday, December 15, 2018

The following article was written by Emily Brandon on March 23, 2018.She is a staff writer for U.S. News and world report. I believe sharing this information will be helpful for some who may have missed the article online or in print....

Thursday, November 15, 2018

The following information is a summary from an article written by Mary Beth Franklin that appeared in the Oct 15, 2018 Investment News magazine. Is That Social Security message a scam? Hint: Ignore official-sounding phone calls, pay...

Monday, October 15, 2018

Last month’s blog had a discussion and some ideas regarding some huge oversights with high profile celebrities and their lack of estate planning. This month I wanted to continue the discussion with an article written by Greg...

Saturday, September 15, 2018

Reading through USA TODAY, the August 29, 2018 edition I ran into an article written by Susan Tompor that relays the importance of having a Will and trust in your game plan to protect your wealth for your beneficiaries. I wanted to hit...

Wednesday, August 15, 2018

The following article appeared in Investment News July 23, 2018 edition and was written by Ed Slott. While it is not a day to day occurrence, the necessity of working with clients who are divorcing does require some attention to...

Sunday, July 15, 2018

This month I wanted to share an article that may have some great news for those retirees on Social Security. It was written by Mary Beth Franklin and appeared in the June 11, 2018 version of Investment News.com Social Security COLA...

Friday, June 15, 2018

The following is a summary of an article written by Avi Salzman for Barron’s May 14, 2018 edition. I found the information to be interesting and possibly some of you that reside in California will agree. California Brightens...

Tuesday, May 15, 2018

The following is a summary of an article in Investment News 5/7/18 issue by Greg Iacurci Roth Accounts, which provide for tax-free withdrawals are incredibly important to retirees- and by extension, their advisors. There are multiple...

Sunday, April 15, 2018

The following is a summary of another great article from Investment News .com Feb 2018 by Mary Beth Franklin. Timing key for benefits enrollment Mistakes in signing up for Social Security, Medicare could be costly Sometimes the most...

Thursday, March 15, 2018

Retirement Income Toolbox 3-15-18 The following is a summary of an article from Investment News .com Feb 2018 by Mary Beth Franklin. I think some of the information is still valuable to certain individuals. Social Security underpaid...

Thursday, February 15, 2018

The following is a summary of an article from Investment News .com Jan 2018 by Ed Slott. With the recent changes in tax laws, I think it is valuable and interesting information and wanted to pass it on. Why aren’t clients using...

Monday, January 15, 2018

One common very common question that is asked to almost every Financial Advisor “How much can I take out of my retirement account and not run out of money?” seems to surface repetitiously. Every Advisor and firm have their...

Friday, December 15, 2017

I recently came across another great article by Mary Beth Franklin in the Nov 27, 2017, Investment News. The information will certainly interest retirees and Medicare recipients. The Centers for Medicare & Medicaid Services (CMS)...

Friday, November 17, 2017

The following is a summary of an article from Investment News .com Oct. 2017 by Mary Beth Franklin. I think it is valuable and interesting information and wanted to pass it on. Monthly Social Security benefits for more than 66 million...

Sunday, October 15, 2017

The following is a summary of an article titled “Retiree health costs soar” from Investment News .com June 2017 by Mary Beth Franklin. I found the information on interest and valuable to pass along. Health care costs in...

Friday, September 15, 2017

The following is a summary of an article titled “Silver lining of inflation may be increased by COLA” from Investment News .com June 2017 by Mary Beth Franklin Social Security beneficiaries have lost nearly a third of their...

Tuesday, August 15, 2017

The following article is a summary of an article that appeared in the July 10, 2017 Investment News.com magazine written by Jeff Benjamin. I found the information useful and hope that others may learn something new too. In some cases,...

Saturday, July 15, 2017

Common RMD mistakes to avoid During almost every retiree’s golden years they are faced with some choices regarding withdrawing a minimum amount per year from their retirement accounts. This is known as RMDs or Required Minimum...

Thursday, June 15, 2017

Most people when contributing to their various retirement savings vehicles are aware of the reporting requirements of deductible plans. I recently read an article in April 2017’s InvestmentNews.com by Tim Steffen that may open...

Monday, May 15, 2017

Retirement Income Toolbox May 15, 2017 The following information caught my eye when reading the April 10, 2017 article in Investment News. The article was written by Liz Skinner Families who have special needs children require...

Saturday, April 15, 2017

Retirement Income Toolbox 4/15/17 I feel the following information I read in an article by Mary Beth Franklin in InvestmentNews.com Feb 20, 2017 worth reading for those who would like some other options for funding health care and...

Wednesday, March 15, 2017

This article from the Financial Planning Association gives some of the top investment mistakes to avoid. You will take notice that almost each and every one of them is emotionally driven instead of logically inspired. Ten Investment...

Wednesday, February 15, 2017

This article from the Financial Planner’s Association may be of some interest to some as we continue into the tax season for 2017 Tax Strategies for Retirees Description: Managing taxes in retirement can be complex. Thoughtful...

Sunday, January 15, 2017

Retirement Income Toolbox Now the holiday season has passed and most people are settling back into their somewhat normal schedule, most will begin the task of preparing for tax season. In this month’s article I will share some...

Thursday, December 15, 2016

A very commonly used platform for retirement savings and investments is the IRA. The IRS has amended the rules to restrict once per year rollovers if the individual has the distribution check payable and mailed to themselves (Currently...

Tuesday, November 15, 2016

Those who have retirement income plans currently in place might appreciate the value that they get from having annul reviews with their advisor. This can help when their income needs or objectives possibly take a different shape as...

Saturday, October 15, 2016

Those who are currently retired and receiving social security & Medicare probably will want to pay a little attention to the latest Medicare Board of Trustees report that was released just recently. They indicated that Medicare...

Thursday, September 15, 2016

Social Security is one of the “three” legs of the three-legged stool approach that financial planners used to describe retirement (The legs being Social Security, Personal Savings and employee pensions). By observation...

Friday, August 19, 2016

This month’s topic doesn’t necessarily fit completely into the “Retirement Income Toolbox” category, it certainly is closely related to how people save their money along the way. This month I wanted to touch...

Friday, July 15, 2016

The process of going through a divorce is a life altering event for individuals. For some people this may mean a dramatic decrease in their future retirement income if they were reliant on their ex-spouse as the primary bread winner....

Wednesday, June 15, 2016

Year 28 June, 2016 We begin our 28th year as a family owned financial advisory firm with big news that in some way isn’t “news” because our founder thought it through long ago and planned for it in stages. Financial...

Monday, May 16, 2016

Rebalancing, What’s in it for Me? Rebalancing a portfolio is buying and selling of some of your stocks, bonds and cash that are in your portfolio. Why would you want to do this if your portfolio seems to be doing ok? When you and...

Tuesday, April 26, 2016

After reading several articles recently I thought it was important to help those getting ready to put their retirement income plan in place some guidance on where to draw from first. There are essentially two scenarios you need to...

Tuesday, March 15, 2016

How do you, or your advisor, create an effective retirement portfolio for systematic withdrawals for retirement income? We all want to withdraw the most lifetime income we can without running out money. With current interest rates so...

Monday, February 15, 2016

Our third retirement income strategy is called “systematic withdrawals.” This strategy is a basic tool for generating income during retirement from a portfolio that includes stocks, bonds, cash and their related proxies....

Friday, January 15, 2016

Annuities “I hate annuities,” says Ken Fisher of Fisher Investments in full page ads in local as well as major newspapers. You can Google this quote and see his reasons for not liking them and they all are worth reading. What he...

Tuesday, December 15, 2015

Our first tool for generating retirement income is to use dividends and interest from bonds and stocks for your current use without liquidating principal. With interest rates as low as they are currently you would receive only $22,200...

Friday, November 20, 2015

In the blink of an eye two very popular strategies that were available to those who qualified for Social Security have been eliminated according to Horses mouth and other various sources on the internet. Part of a budget deal that has...

Thursday, October 15, 2015

There are many models for moving from a full time career to what we call “retirement.” The model for the past century when many had pensions and careers that lasted nearly all their lives was one of stopping work one day and then...

Tuesday, September 8, 2015

Beginning in 2015 the IRS has limited the number of rollovers from one IRA to another (or same) IRA in any 12 month period, independent of how many IRAs you might collectively have. The limit will take all of an individual’s IRAs...

Saturday, August 15, 2015

SOCIALLY RESPONSIBLE INVESTING 101 David M. Smith, CFP®Prior postings to this blog provided an elementary introduction to SRI for those who might be interested in applying their values to some or all of their investments. This posting...

Wednesday, July 15, 2015

SOCIALLY RESPONSIBLE INVESTING 101 David M. Smith, CFP® Do you want some ESG in your portfolio? Investment jargon is filled with acronyms and terms that need defining. “SRI” is the most fundamental of these here as it...

Monday, June 15, 2015

SOCIALLY RESPONSIBLE INVESTING 101David M. Smith, CFP® The first step you might take in deciding whether or not to apply SRI to some or all of your investment selections is to decide how important is it to you to invest in companies...

Monday, May 18, 2015

With all of the buzz about Social Security strategies available through different media, people often forget to recognize some of the “Key” ages associated with S.S. Below is a summary of the current ages that various benefits are...

Monday, May 4, 2015

David M. Smith, CFP® May 15, 2015 The primary difference between traditional investing and socially responsible investing (SRI) is that your goals will be different for each strategy. Traditional investing uses profitability as the...

Monday, March 30, 2015

David M. Smith, CFP® Born in sin in the 18th century, “Socially Responsible Investing” has matured in the 21th century to support a sustainable planet and a more humane and sustainable economic system. Buying and owning slaves was...

Tuesday, March 24, 2015

When doing your retirement planning you will want to note that Medicare and Social Security are not always taken at the same time. Full retirement age is increasing slowly year by year, disconnecting the correlation of the dates...

Wednesday, March 11, 2015

While some of the updates to Social Security may or may/not have a large effect on your game plan for retirement, they are worth making note of. Per the SSA website (www.ss.gov) I have extracted some of the key changes that might be...

Thursday, January 8, 2015

The Social Security Act was signed into law Aug 14, 1935. It was created due to the fact that more than half of the elderly in the 1930’s (during The Great Depression) were living below the poverty level. During this time: 1....

Monday, December 15, 2014

The COLA (Cost-of-Living Adjustment) was enacted in 1973 to provide adjustments to retirees receiving Social Security. The 2015 adjustment has been established and is a 1.7% increase over the 2014 benefits. This equates to about $20...

Monday, December 8, 2014

A topic generating a lot of buzz for some time now is the “File & Suspend” option that is available to those claiming benefits. This option allows a retiree at their full retirement age to file for benefits and then immediately...

Monday, November 10, 2014

1. Not making a plan or considering all options 2. Filing for reduced benefits at age 62 3. Assuming the SSA will know a claimant’s most advantageous strategy 4. Failing to review annual statements for accuracy 5. Not knowing the...

Friday, October 31, 2014

This can be a loaded question that is not as simple as it may seem. The rules have changed over the years and were modified in 2000 to not discourage retirees from working. The fact remains though that if a retiree is receiving Social...

Monday, October 20, 2014

Coordinating Spousal Benefits When and how married individuals claim their social security benefits can mean tens of thousands and perhaps more than a hundred thousand dollars in lifetime benefits. When each should claim their...

Thursday, October 9, 2014

Social Security is exactly what the title states. Almost everyone is eligible to get retirement benefits when they turn 62. This is mostly due to participation in the program being mandatory. 96% of all workers are covered by Social...

Monday, September 29, 2014

The timing aspect I am referring to in this post is not how to utilize one of the strategies that we teach in our upcoming seminars (www. Lifetimeplanning.biz/events) but rather a basic guide to getting your benefits setup and your...

Thursday, September 18, 2014

A commonly overlooked aspect of Social Security is that it can go beyond what just an individual can draw. Most people are aware that there are spousal benefits, death benefits and disability benefits. Most people probably haven't...

Wednesday, September 3, 2014

If you have done some research into Social Security you will begin to see a few acronyms that the administration will use. FRA, or Full Retirement Age will be one of the most important for those trying to get the most out of their...

Monday, August 11, 2014

At Lifetime Planning Inc., we specialize in designing retirement income plans for those who are close to retirement or have retired and need a partner in designing their retirement income stream. A key area that is becoming integral to...