When discussing retirement plans with my clients, I always discuss taxes. Taxes can make a huge difference in your income during your retirement years. I believe my clients need to develop retirement strategies that address taxation, while providing sources of supplemental retirement income. Here are some of the specific topics I discuss with my clients.
One of the most debated financial questions of modern times is whether you should prioritize paying off your home mortgage over planning for your retirement. The answer to that question often is rooted in emotion more than sound financial wisdom. Emotion embraces the dream of a retirement with no debt, great health, and doing whatever you want whenever you want. However, for the vast majority of Americans, this will not be their reality. Sound financial wisdom says that before blindly adhering to the mantra of paying off your home mortgage as quickly as possible, you should examine your situation to see if it really makes financial sense for you.
As a life planner and business coach, I find one of the main things people lack is a basic understanding of financial principles. I wonder- how much easier could their lives have been if they’d been taught these basic facts as children?
The beginning of a new year is a great time to make financial changes we have long delayed or avoided. here are 21 ideas that may help you manage your hard-earned money better.
What comes to mind when you recall holidays gone by? Do you have sweet memories of time spent with friends and family, or unpleasant memories of family and gift-buying stress- along with debt to start the new year? I can’t eliminate the stress caused by 2020 or relatives, but I can provide a few financial tips to help prevent debt remorse in 2021.
Having been an entrepreneur myself for over 40 years, I know how much work starting and operating a small business can be. As you make plans, here are some things I advise you to consider.
What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?
It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.
As a parent or grandparent, you can leave a legacy by using the magic of compound interest.
