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A Financial Checklist for Life Changing Events
When it comes to financial planning, people often think of financial professionals as people who assist with strategies for retirement planning. That is one aspect of their job; however, financial planning and working with a financial...
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5 Key Things to Know About Medigap
If you qualify for Medicare, you have likely already heard of Medigap. Medigap insurance is a supplemental policy that private insurance companies sell in conjunction with Medicare Parts A and B to fill in the gaps where Medicare...
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Q&As on Recent IRS RMD Relief
On July 17, we reported that the IRS had issued required minimum distribution (RMD) relief in two situations. First, the Service excused 2023 RMDs for certain IRA (and plan) beneficiaries subject to the 10-year payout period....
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Five Questions to Ask As You Consider Retiring
Normal retirement age used to be 65, but things are way different today. You might be thinking about retiring, but how do you know when you are really ready for it, mentally and financially? For decades, the normal retirement age was...
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Why You Should Roll Over Your Retirement Funds to an IRA
If you are like most American workers, you will change jobs many times during your lifetime. With a job change, you will have a decision to make. What should you do with the funds in your retirement plan? One option is to do a rollover...
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Poison Ivy: IRA Scenarios to Avoid
Below is an Ed Slott and Company article by IRA Analyst, Andy Ives, CFP®, AIF®:I got into some poison ivy and am suffering the consequences. It takes a few days for the welts to appear, but they are in full bloom. While...
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6 Retirement Tips for Surviving the Sandwich Generation Squeeze
Adults caring for aging parents and children simultaneously have now become known as the "sandwich generation." While each generation comes with its own array of financial challenges, the sandwich generation often feels...
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The 3 IRA Beneficiary Categories - Again and Again and Again
This past week the Ed Slott team hosted another successful conference for our Elite IRA Advisor Group members. Well over 300 advisors from across the country descended on Washington D.C. for two days of intense IRA training. In...
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When the Stock Market is Down, Should You Consider a Roth IRA Conversion?
A Roth IRA conversion involves repositioning traditional IRA or qualified employer-sponsored retirement plan assets into a Roth IRA. One reason people convert traditional IRAs or other retirement accounts into Roth IRAs is so they can...
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The Internet Said So
People on TikTok create investment advice videos, and I’m supposed to trust whatever this talking head is telling me? No chance....
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SECURE 2.0 Adds New Early Withdrawal Exceptions
The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. The Act also expanded an...
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Life Insurance: How Much Is Enough?
You may already be aware of the importance of having enough life insurance coverage to handle financial matters that could affect your family in the event of your death. However, determining the appropriate amount of coverage...
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Five Facts You Need to Know About FDIC Insurance and Your IRA
The Federal Deposit Insurance Corporation (FDIC) has been in the news recently as bank failures have made headlines. The FDIC is an independent agency created by Congress. It provides deposit insurance coverage for institutions such as...
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3 Questions to Ask Yourself Before You Claim Social Security
Planning for retirement is exciting, but it may come with a bit of stress. If you worked hard all your life, now might be the time to relax and enjoy the fruits of your labor. One of the things that you may need to consider is when it...
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Eleven Ways to Help Yourself Stay Sane in a Crazy Market
Keeping your cool can be hard to do when the market goes on one of its periodic roller-coaster rides. It's useful to have strategies in place that prepare you both financially and psychologically to handle market volatility. Here are...
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Durable Power of Attorney for Health Care/Health-Care Proxy
What is it?A durable power of attorney for health care (DPAHC), also known as a health-care proxy, health-care power of attorney, or appointment of a health-care agent, is your written appointment of a representative to make medical...
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Financial Mistakes to Avoid in 2023
Could you be losing money because of simple monetary mistakes? Avoid these money-wasting habits in 2023 to have more cash when you need it—or save it for a rainy day.
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Retirement Planning for the Self-Employed
Not everyone has a boss. In an economy upended by COVID, individuals, sometimes by choice and sometimes not, are striking out on their own and starting new businesses or becoming part of the gig economy. A critical issue for these...
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Planning For Unexpected Costs Before You Retire
Your retirement planning needs to incorporate more than just investments.Your open heart and your relatives can combine to threaten your retirement savings – savings you soon may need. Learn the true cost to your future before...
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Understanding Capital Gains Tax as an Investor
As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your...
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An Annual Financial 'To-Do' List to Help Keep Your Finances on Track
Each year, many of us focus on our financial health by resetting goals and checking off items on our financial to-do list. Attempting to implement everything at once can be overwhelming but a month-by-month approach may help you plan...
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Big Increase in Many 2023 Retirement Plan Contribution Limits
The IRS has announced the retirement contribution limits for 2023. Because many of these limits are tied to inflation, it shouldn’t come as a surprise that some of the limits had a big jump. Here’s a summary:IRA and Roth...
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Outlook 2023: Finding Balance
LPL Research’s Outlook 2023: Finding Balance is our guide to how the readjustments in the economy and markets may impact you in the coming year. The disruptions may not be fully resolved and there may be more challenges to...
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The 12 Days of Year-End Planning: Things to Consider Going into “The New Year"
At the end of the year, it is necessary to reflect on your financial picture, review the last 12 months, and plan for the future. With all that is involved, it can seem overwhelming. Consider breaking up the responsibilities over...
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Ed Slott's Year-End Checklist
Download Ed Slott's Year-End Checklist
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Warren Buffett on How to Plan for Inflation
Inflation swindles almost everybody – stock investors, bond investors…We’ve all heard about Warren Buffett, the 91-year-old multibillionaire known for his friendly demeanor, modest style of living in Omaha, and...
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Preparing for Year-End and the 2022/2023 Tax Season
Year-end is approaching and being prepared is the best way to make this tax season your easiest yet. Following are important information and tools to help you get ready. As always, meeting with us early and often will ensure your...
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What the Mid-Terms Might Do to the Stock Market
The S&P 500 does best when one party controls Congress and the WH too.The 2022 Midterm Elections will feature hundreds of hotly contested races at the state and local level and will decide whether the Democrats maintain...
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Your Age and Your Roth IRA Conversion
Questions on how age affects the decision to convert to a Roth IRA are common. What age is too old to convert? There is no easy answer to this question because there is no magic age when conversion makes the most sense or no longer...
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A Year-End Wealth Planning Guide
As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances:...
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Deciphering Your 401(K) Statement
With many 401(k) (and 403(b) and 457(b) plans) offering multiple participant accounts, your plan statement is probably more complicated than ever. Here’s a brief primer to help you understand what each account represents:Pre-tax...
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How Much Life Insurance Do You Need?
Your life insurance needs change as your life changes. When you are young, you may not have a need for life insurance. However, as you take on more responsibility and your family grows, your life insurance needs increase. Your needs...
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Inflation Reduction Act: What You Should Know
The Inflation Reduction Act includes health-care and energy-related provisions, a new corporate alternative minimum tax, and an excise tax on certain corporate repurchases of stock.The Inflation Reduction Act, signed into law on August...
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4 Tips and Resources to Help Seniors During Periods of High Inflation and Market Volatility
In 2022, U.S. inflation hit a 40-year high, with prices for food, housing, gasoline, and other key staples increasing by nearly 10% over the previous year.1 During these uncertain times, stocks have continued a roller-coaster ride that...
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Midyear Outlook 2022: Navigating Turbulence
Markets rarely give us clear skies, and there are always threats to watch for on the horizon, but the right preparation, context, and support can help us navigate anything that may lie ahead. So far, this year hasn’t seen a...
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Leaving a Legacy: 3 Differences Between Life Insurance and Roth IRAs
Leaving a Legacy: 3 Differences Between Life Insurance and Roth IRAsLife insurance and Roth IRAs have a basic structure in common: they are both wealth transfer tools that help facilitate an efficient transfer of assets from one...
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3 Tips for Staying Calm While Navigating a Volatile Market
When market volatility takes investors on a wild ride, fear and panic are common responses to this stock market roller coaster. Acknowledging these emotions may be a good first step, but acting upon them could result in impulsive,...
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Senate Committees Take Up Retirement Savings Proposals
Proposals to boost IRA and workplace plan savings are advancing, but they are not law yet. Several actions must occur before the proposals become law.On March 29, the House passed the “Securing a Strong Retirement Act of...
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A Bear Market is Officially Here
A bear market is officially here thanks largely to stubbornly high inflation. For many of us, it has probably felt like a bear market for a while now, but the S&P 500 Index didn’t close more than 20% below its January 3 record...
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Five Lessons To Remember During Bear Markets
The Stock Market has been trying to teach these lessons forever….The real value of a bear market may be that it gives investors, who are temporarily frozen within its grip, the opportunity to learn or relearn important lessons...
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Think You Know Retirement? Take Our Five-Question Quiz
Even if you're saving money in a 401(k), IRA, or another type of retirement account, you may not be paying much attention to the specific rules and regulations governing these accounts. After all, if you're years away from retirement,...
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Spring Clean Your Finances
As temperatures warm up, trees begin budding, and the days get longer, you probably throw open your windows and think about spring cleaning your home. As you tackle washing windows, cleaning carpets, and sorting out the garage,...
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8 Timeless Principles of Investing
Click Here to Download our free e-book "8 Timeless Principles of Investing."
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Market Volatility Can Stir Your Loss Aversion
At the foundation of your financial well-being lies your behavior Here is a statement that is bound to cause you to raise your eyebrows: Your long-term financial success may depend less on the structure of your portfolio than on...
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2022 Retirement Plan Contribution Limits
Download our exclusive Ed Slott 2022 Retirement Plan Contribution Limits Chart. Important Disclosure This information is not intended as authoritative guidance or tax advice. You should consult with your tax...
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In 2022, RMD Tables Are Changing, and That's Good News for You
RMD Tables are changing to keep up with The SECURE Act of 2019. Under The SECURE Act, if you turned age 70 1/2 in 2019, you would've been required to take your first RMD by April 1, 2020. If you turned age 70 1/2 in 2020 or later, you...
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If Russia Invades Ukraine, What Should You Do?
Wall Street has little recent history to go from, but two things are very likely. Starting in late 2021 and throughout all of 2022, Wall Street has debated what markets might do if Russia invades Ukraine.
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2022 Tax Planning
Download our exclusive Ed Slott Resource with key tax numbers for 2022.
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Creating an Income Plan While in Retirement
Taking money out of retirement without a plan is a recipe for trouble. You‘ve saved for years. Now that you are retired, did you create an income plan from your savings? The financial industry and media constantly talk...
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10 Questions to Ask Your Financial Advisor
I know this area requires specialized knowledge in IRA distribution planning. Do you have expertise in this area? How would I know that?What books have you read on the topic? Look at the books. If they crack when you open them...run....
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The Ultimate Gift Guide: Food
Don’t know what to get your healthy foodie friends and family this holiday season? Avoid the chaos of holiday shopping, and browse these nutritious websites for the perfect healthy treats for your loved ones from the comfort of...
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Roth Conversions: Why the Opportunity Cost Argument is Invalid
Some people believe there is a lost opportunity cost by doing a Roth conversion—that the funds used to pay the conversion tax could have been otherwise invested,and that investment return opportunity is lost. False: It’s...
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Holiday Conversations to Have Before Grandma Gets Run Over by a Reindeer
‘Tis the season to deck the halls, light the menorah and provide peace on earth (or at least to your families) with a well-constructed financial and estate plan. Download and print the Holiday Conversations PDF.
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Are You Maximizing 401(k) Contributions?
The more money that you can save when you are working, the easier it should be for you to retire and enjoy your golden years. Unfortunately, Social Security may no longer provide a sufficient income to live on during retirement. To...
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Appropriate Checklists for Year-End Tax Planning
What are appropriate checklists for year-end tax planning? Tax planners often develop checklists to guide taxpayers toward year-end strategies that might help reduce taxes. Typically, suggestions are grouped into several different...
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Ed Slott’s Top 10 IRA Rollover Mistakes
1. IRA-to-IRA Rollovers and Roth IRA-to-Roth IRA Rollovers Mistakes: Using 60-day IRA rollovers instead of using transfers to move IRA funds Once-per-year rule is for all IRAs and Roth IRAs IRS has no authority to correct these...
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Planning For Multiple Beneficiaries in 5 Easy Steps
When do multiple beneficiaries exist? Multiple beneficiaries exist when an individual names more than one beneficiary for their IRA. When should you name more than one beneficiary? When you want your IRA assets to go to more than one...
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Understanding the Estate Planning Process
It is common for people to put off planning their estates. After all, no one wants to anticipate his or her own death. In addition, many people may believe that only the wealthy require estate planning or that all that is involved is...
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Data breaches are inevitable – here’s how to protect yourself anyway
It’s tempting to give up on data security altogether, with all the billions of pieces of personal data – Social Security numbers, credit cards, home addresses, phone numbers, passwords and much more – breached and...
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Planning to Save for Higher Education- Roth IRA Vs. 529 Plan
Benefits of a Roth IRA Roth IRAs are NOT included as an asset on the FAFSA (Free Application for Student Aid) form. Most other assets, including the amount in 529 plans, are included when calculating your EFC (expected financial...
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Personal Money Management- Help Your College Student "Make the Grade"
As Melanie Marshall (a hypothetical case) prepares to head off to college, she’s looking forward to her newfound independence. Although Melanie will be on her own for the first time, her parents, Joan and Al, can at least rest...
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How Long Before the Fed Changes Its Course?
Quantitative easing and short-term rates near zero could be ending soon. Federal Reserve Chair Jerome Powell seems to have capitulated on plans to taper the Fed’s stimulus program as of mid-July, causing the bond market to rally...
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Is Tax Avoidance Ethical? Asking on Behalf of a Few Billionaire Friends
Some of the U.S.‘s wealthiest individuals reportedly pay just a tiny fraction of the billions of dollars added annually to their fortunes in federal income tax – sometimes they pay nothing at all. Investigative journalism...
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Eight Key Facts to Know About Social Security
A whopping 70 percent of adults in their 20s through 50s fear that the Social Security program might be reduced or eliminated by the time they retire, and don’t know what to expect.1 It's important for all adults to be informed...
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Shortages and Bottlenecks Expose Weak Links in U.S. Supply Chains
U.S. consumers won't soon forget the troubling shortages of personal protective equipment during the early days of the pandemic, or when the first stay-at-home orders spurred panic buying and stress-inducing shortages of toilet paper,...
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Why Inflation Rate Doesn't Tell the Whole Story
Why the inflation rate doesn’t tell the whole story – all it takes is a spike in a category like used cars to cause consumer prices to soar. Markets, economists and policymakers have been fretting about inflation for months...
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2021 Medicare Income Planning
Part B and D Charges The Medicare health care system is largely government funded, but individuals pay premiums to participate in two portions of it.Medicare charges premiums to participants in Medicare Part B, covering doctor visits,...
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Making Sense of Medicare Parts A, B, C & D
With its four distinct parts, Medicare can be an alphabet soup of complexity. We provide an overview of the various components and how they impact your healthcare costs. Medicare is available to virtually all U.S. citizens and legal...
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Dad's Day Out: Must Visit Destinations for Father's Day
When it comes to shopping for Father’s Day, it can be tricky to avoid the old clichés of a new tie or a seventh (unnecessary) screwdriver for his toolbox. Besides, what if your dad isn’t the businessman or handyman...
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When To Call Me- Times to Call Your Financial Advisors
Most of us go to see professionals when we’re in trouble or during times of crisis. Think about it. We go to the doctor when we’re sick. We go see a lawyer when we have a pending legal matter. We go see a counselor when...
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The New IRS Tax Rates and Deductions for 2021
Although a year away, your 2021 tax planning should have already started. Amidst all the pandemic news and 2020 election drama, many might have missed that the IRS also quietly published new 2021 tax rates in late October.
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Key Benefits of a Financial Advisor
Whether you've been wondering about boosting your investments' rates of return or are concerned that your financial affairs are a bit too complicated for your next of kin to handle, it may be time to seek advice from a financial...
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