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November, 2018:

How a 401k Contribution Affects Your Paycheck

Do you know how a 401k contribution affects your paycheck? Your take-home won’t go down by the same amount that you defer into the 401k.

How to Resolve an Over-Contribution to Your IRA

What happens when you have an over-contribution to your IRA? Are there consequences? How can you resolve this situation without excess penalty?

Why are Social Security benefits taxed?

Why are Social Security benefits taxed? This article explores the history behind this seemingly “tax on tax” situation and provides some clarity.

Don’t Forget the Saver’s Credit on Your Tax Return

The IRS provides a way to make your saving activities pay off more for you, by way of the Saver’s Credit. If you are eligible, it’s a great benefit.

Thoughts on FIRE

As a financial planner it’s common to come across articles, blogs, and other material advocating individuals, especially those that are young to embrace FIRE. The acronym FIRE stands for Financial Independence Retire Early. Essentially what this movement advocates is for individuals to save as much as they can, in order to retire early, preferably while young, and no longer be dependent on wages. At first glance, this appears to be a great concept to embrace. After all, there are many individuals who would like to retire early and not have to worry about where the next paycheck is coming from. However, the FIRE lifestyle is not a strategy to be taken lightly. Additionally, be wary of those selling the idea of FIRE, without having skin in the game. Let me explain. First, to retire early, and be financially independent requires an enormous amount of discipline and an extreme amount of […]

Medicare and Social Security Ages Decoupled

It used to be that Social Security and Medicare both came to you at 65. Changes to the system have decoupled these two programs.