Friday, June 27, 2014

My Money Tips Of The Week (6/23-6/27)

1.) Many annuities contain surrender fees if you try to get out of the contract during the first few years. Make sure you know these fees!

2.) How your Financial Advisor is paid can have a big impact on the quality of the advice you receive.

3.) Allocating less tax efficient asset classes like REITs and taxable bonds to your IRA's can improve your after-tax returns.

4.) Each year that you postpone Social Security past your full retirement age, you get about an 8% increase until age 70.

5.) Using dividends and new money are a great ways to re-balance your portfolio!

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Friday, June 20, 2014

My Money Tips Of The Week (6/16-6/20)

  1. Did you know that 50-85% of your social security benefits may be included in your taxable income? Plan ahead to lower your tax bill at retirement.
  2. Every financial product has give and take. If you are getting something like a guaranteed return, you are likely giving up something else. There is no free lunch with most financial products.
  3. Are you negotiating with your creditors to get them to settle? Forgiven debt could be taxable income.
  4. The cheapest company is not always the best company for Disability and Long Term Care Insurance.
  5. You need an expert preparing your taxes if you own a small business or rental property. Now's a great time to get a 2nd opinion on your 2013 taxes.
  6. Are you diligently tracking your monthly expenses? If not, stop scratching your head about why you aren't sticking to your budget!
  7. I prefer a Credit Freeze over Identity Insurance.
  8. The "record date" is the day you must own a stock or mutual fund to receive a dividend that quarter.
  9. Age 50+? You're allowed to put an extra $1,000 in your IRA each year!
  10. Never pay sales loads to buy mutual funds! Too many great No Load funds out there to choose from. This could save you tens of thousands!
  11. There is no cookie cutter amount for your emergency fund. Base it on your access to other liquid assets and job stability.
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Monday, June 9, 2014

My Money Tips Of The Week (6/2-6/6)

1.) Inflation is your Retirement Plan's archenemy! Make sure your Retirement Plan addresses this risk effectively.

2.) If your 401k doesn't offer matching, an IRA may your better option. Many 401k's have high fees and low quality investment options.

3.) Pensions are mostly a thing of the past, and recent reports say Social Security could be dry by 2033.Your financial future is your responsibility.

4.) Many aren't aware of certain Tax Tricks of Charitable Giving. Tax Planning should be a part of your overall Financial Plan.

5.) The typical Advisor I find endorsing Index Annuities are those that earn commissions to sell them. Coincidence? I think not.

6.) Turnover ratio: % of a fund's holdings that change every year. Frequent trading can drastically lower your returns. Don't ignore this stat!

7.) Research has shown Asset Allocation can be far more important for your performance than mutual fund selection. What's your investment strategy?

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