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Beware of Hidden Taxes in Retirement: Retirement Scan

Retirees may face a more complicated tax situation than when they were still working.  For example, a portion of their Social Security benefits may be taxed at the federal level if their combined income, which is their adjusted gross income, plus any non-taxable interest and 50% of their benefits, exceeds a certain limit.  Their retirement benefits may also be subject to state income taxes.  Those who reach ...

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Enough About Social Security: For Some, Pensions Are the More Immediate Issue

With the Social Security Administration’s recent update on its long-term financial health, advisors and their clients now have a new time frame for the anticipated depletion of the retirement program trust fund. Unless Congress acts, the trust fund is expected to run out of money in late 2034, at which point Social Security will be able to cover just 77% of retirement benefits. To read the full article in F ...

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Could this Simple Social Security Strategy Solve the Retirement Crisis?

The key to implementing this suggested strategy is establishing auto-IRA plans to workers who lack a 401(k) option with a preset percentage of wages to be contributed to the plan.  This would create a retirement nest egg that would not be linked to any one employer, but rather would stay with the worker throughout a career. To read the full article in FinancialPlanning, click: Could this Simple Social Secur ...

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Retirement: 10 Questions to Ask

Questions for a Retirement-Preparedness Gut Check Pre-retirees should examine whether they direct too much money to goals other than retirement savings, take advantage of employer matching, and structure savings so enough pretax income is set aside.  Jonathan Clements states that other important considerations include how retirees will spend time once they stop working and whether there is a danger of outli ...

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How to Maximize Social Security Benefits Under New Rules

Navigating the New Social Security Rules Changes to Social Security rules have eliminated the file-and-suspend strategy for younger couples.  However, couples should still coordinate their claiming strategies, and there are various rules about disability benefits and divorced spouses to keep in mind.  PFP/PFS section members can listen to this podcast on the latest Social Security developments by Ted Sarens ...

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An Alternative to the 4% Rule

Ditch the 4 Percent Rule.  Here's How to Handle Your Retirement Withdrawals It might be time to scrap the 4% retirement rule, as it could be unsafe if there are large portfolio losses in the early years of retirement.  Here are three factors to weigh when developing a financial plan. To read the full article in CNBC, click: An Alternative to the 4% Rule. ...

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Social Security: Help Clients Grab Every Last Dollar of Benefits

When helping clients claim Social Security benefits, past planning strategies may act as the best guides.  Over the last several months, we published dozens of stories including insight from advisers and analysts on Social Security planning tips and strategies.  Some of these include insight related to long-term funding issues, clients working abroad, evaluating the impact of taxes as well as tips for deali ...

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How to Address Common Concerns About Retirement

Some American workers are worried about their financial security in retirement, according to a Transamerica survey.  In this article, Todd Campbell looks at five common fears involving retirement and how they can be addressed. To read the full article in The Motley Fool, click: How to Address Common Concerns About Retirement. ...

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The Two Biases that Keep People from Saving Money

The Psychological Reasons Why People Fail to Save "Present bias"—the concept that people would rather have a smaller sum of money now than a larger sum of money in the future—is one cognitive bias that keeps people from saving, according to a new paper.  Another problem is "exponential-growth bias," which refers to a failure to understand compound interest.  Derek Thompson, senior editor at The Atlantic, ex ...

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How to Save Public Pensions, no Federal Bailout Needed: Retirement Scan

“Most important, pensions should be required to uphold their original intent: to keep retirees who can no longer support themselves out of poverty."  Industry leaders weigh in on retirement news your clients may be thinking about. To read the full article in FinancialPlanning, click: How to Save Public Pensions, no Federal Bailout Needed: Retirement Scan. ...

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The 13 Biggest Financial Fears of Americans

Many Americans Suffer From Financial Anxiety Americans are becoming steadily more worried about their finances, and 85% of those participating in a recent Northwestern Mutual study said they are experiencing some kind of financial anxiety, explains Sean Williams.  About two-thirds of those surveyed said the problem has reached the point that anxiety is hurting their health. To read the full article in The M ...

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Avoid the Social Security Tax Trap

There's a window of opportunity before clients reach age 70 in order to mitigate some of the bite.  Paul Norr shares some great tips to prepare your clients for their future years. To read the full article in Financial Planning, click: Avoid the Social Security Tax Trap. ...

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How Working an Extra Year Improves Your Retirement Finances

How Delaying Retirement One Year Provides Financial Advantages Working just one additional year before retirement can increase your Social Security benefits and provide other financial advantages.  Emily Brandon, senior editor for Retirement at U.S. News, discusses this and that an additional year also means continuing to receive company benefits instead of paying for them yourself. To read the full article ...

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Donating RMDs Saves on Taxes, Other Benefits

Thanks to the U.S. Senate, IRA owners age 701/2 and older have until Wednesday, December 31, 2014, to make a direct transfer from their account to an eligible charity of their choice of up to $100,000 without paying taxes on the distribution. The senate approved the direct rollover in addition to more than 50 other tax provisions as part of the extender’s package on December 16, 2014—just two weeks shy of t ...

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Owned and Operated

How the ACA impacts the valuation of physician-owned hospitals Nick Janiga and David Walline of HealthCare Appraisers, Inc. (HAI) examine how the Affordable Care Act (ACA) affects the valuation of physician-owned hospitals and what the future holds for the 240 such medical institutions across the country. ...

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Lawmakers Put S-Corporations in Their Sights

Congressional Democrats have proposed financing student-loan legislation by expanding payroll taxes on subchapter S corporations and partnerships. The bill would levy Social Security and Medicare taxes on all business income if the firm is engaged in professional services, such as investment advice, or if 75% or more of the gross income of the firm is attributable to three or fewer shareholders. Investment ...

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