May 31, 2018

What is an IRA?

With close to 65% of Americans failing at saving for retirement, perhaps one of the reasons why is that they don’t understand the investment choices that are available. For example, just the other day I had a young investor call me and ask, “Justin, what is an IRA?” Maybe you’ve wondered that very same thing. Well today, we’re examining the details of IRA’s for you.
May 10, 2018
pay off 401(k) loan

Should I Pay Off My 401(k) Loan?

There are times when you need to come up with cash fast. When that happens, taking a loan out of your 401(k) may be a good option for you. After taking out a first position mortgage and second position mortgage, some clients found themselves in this exact situation. So they turned to their 401(k) to finish coming up with the money they needed.
April 19, 2018
making a huge mistake

Are You Making a HUGE $350,000 Mistake Taking Money Out of Your Retirement?

Pulling money from your retirement account could cost you more than you think. No matter how small the amount, it could be costly to your future. Most people will judge the value of a financial advisor by how big or how great their portfolio performance. However, I’m here to tell you that’s not always the case. A true wealth planner someone who can look holistically at someone’s wealth can save you a ton of money. Let me explain.
March 23, 2018
helping hands

Using Your RMD for Charity – Helping Others and Lowering Taxes

If you’ve reached the age of 70 and started living off your nest egg, then you know the IRS requires you to withdraw a certain amount of money from your Individual Retirement Accounts (IRAs) each year. The term used for this distribution is called a Required Minimum Distribution or RMD. So basically we work our whole life, place money in our retirement accounts, never pay taxes on that investment (there are exceptions to this), and now Uncle Sam wants his fair share for letting you save for the future. The IRS says, “Look, we want to get some money from you before you die.” So now you must withdrawal a certain percentage out and pay taxes on it. However, did you know that using your RMD for charity could save you on your taxes?
March 15, 2018
401k or IRA

Retirement Savings Advice for Sales Rep Changing Jobs – 401k or IRA?

Let’s face it – the job you are working at today, may not be the job you are working at tomorrow. On average people change jobs 12 times over the course of their career. Many times, when they leave they often leave their 401(k) too. However, doing that is not an avenue I would suggest most of the time. Recently a friend of mine experienced this exact transition. Here is a little about how our conversation went.
January 31, 2018
best retirement plan

Picking the Best Retirement Plan for the Self-Employed Business Owner

One of the biggest benefits you will enjoy if you are self-employed is that there are more (and some would argue better) retirement options and plans available to you than are available to most taxpayers. You still have the ability to use the ROTH IRA and Traditional IRA. But being self-employed gives you three additional retirement savings options: SEP IRA, SIMPLE IRA, and Solo-K. With all these choices, how do you know which is the best retirement plan for the business owner like you? We will explore the pros and cons.