Posts Categorized: Retirement

What’s an RMD?

Piggy moneybox with dollar cash closeup
The short answer: a Required Minimum Distribution.  Do you have an IRA or 401K?  You cannot defer your taxes indefinitely.  The general rule states that, once you attain age 70.5, you must start taking taxable withdrawals from your account.  To make the discussion easy, I will speak on IRA a...
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Are you thinking about donating “big ticket” items of property to charity? Beware of these IRS new regulations

antiques in market
Ten years ago, the Internal Revenue Service proposed regulations that would define how to value (and prove the actual value) of non-cash donations of $5,000 and over to charity.  The regulations involved things like artwork, jewelry, antiques and other possessions whose value is often in the eye of...
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U.S. Savings Rate: Better than we thought (but not good enough)

saving
Quick: What is America’s national savings rate?  If you guessed less than 5%, you’d be close, but the scarier figure reported by the U.S. government’s Bureau of Economic Analysis (BEA) this year was just over 2%. This precipitous decline in savings by Americans has been the source of a lot of...
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Retirement on the Horizon

Planting Flowers
As some of our clients know, I’ll be retiring after 30 years of working in the financial planning industry: 15 years for Gagen & Co. and for the last 15 years with Inspired Financial. The time as flown by. I started out as a secretary (old fashioned job description) that evolved into Director ...
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Financial Planning for Women – Part 4 (Helping Widows)

old woman
In my previous blog post, Financial Planning for Women – Part 3 (Long-Term Care), I talked about why Long-Term Care is so important for a woman’s longevity. In this post, we will discuss how we help widows through one of the toughest times of their lives. We recognize that the death of a spou...
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Is That Really Your Money?

Uncle Sam
When you look at your monthly brokerage statement, you see the values and what has happened in your account over the last 30 days.  It’s pretty simple math: “You started there, you finished here, and what happened to cause the changes—dividends (increase), market gains (increase), market decl...
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Financial Planning for Women – Part 3 (Long-Term Care)

elderly happy woman
In my previous blog post, Financial Planning for Women – Part 2 (Social Security), I talked about how the guidance we provide in the early years of retirement places women in the best possible position to live their final years with grace, security, and dignity. In this post, we will discuss L...
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529 Plan – What are Qualified Expenses?

education books
The main tax advantage of a 529 Plan (in a state-sponsored college savings plan) is that distributions for qualified expenses are tax-free. In other words, contributions grow tax-free and earnings won’t be taxed when withdrawn for QUALIFIED EXPENSES.  In certain states, you may also benefit from ...
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The Intersection of Health and Wealth (or, how well you live has a direct impact on how well you do!)

runner
This time of year, many resolutions focus on improving personal finances. A good financial plan is about your goals and dreams.  But is it also about your health? In a recent blog post on the Forbes.com website, our friend and fellow financial planner (who also happens to be a medical doctor) Ca...
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Financial Planning for Women – Part 2 (Social Security)

grandparents
In my previous blog post, Financial Planning for Women – Part 1, I talked about how women will generally live longer than their male counterparts, with less in their portfolio later in life, and with less loved ones available to take care of them. In this post, we look at Social Security and discu...
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