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Four Really Good Reasons to Invest
Forty-two percent of Americans do not own any stocks or stock-related investments, according to a recent Gallup poll.1 Individuals may cite different reasons for not investing, but with important long-term financial goals, such as...
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Social Security: Maximizing Benefits
Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don't know that there are other ways to maximize their benefits, some of which depend on their marital status....
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Keep Your Umbrella Handy
In 2021, the U.S. had a record 24.5 million millionaires, up from 202 million in the previous year. An increase in personal wealth may bring greater financial flexibility; it may also bring greater liability. Individuals with high net...
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The Sequence of Returns
What exactly is the "sequence of returns"? The phrase describes the yearly variation in an investment portfolio's rate of return. But what kind of impact do these deviations from the average return have on a portfolio's final...
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What Is a 1035 Exchange?
According to the most recent information available, Americans have individual life insurance with a total face value of $12.8 trillion.1Due to a variety of factors, these individuals may find themselves in circumstances where the...
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3 Estate Challenges for Blended Families
Preparing your estate can be complicated, and if you’re a part of a blended family, estate decisions can be even more complex and nuanced. Blended families take on many forms, but typically consist of couples with children from...
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The Financial Literacy Crisis
Imagine driving a car without a basic understanding of the rules of the road or even how to operate it. Scary thought.Here’s another scary circumstance – one that is all too real. Many Americans are making financial...
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Women and Financial Strategies
Women who share money management duties with their partner tend to take on a lion’s share of the responsibility for the household finances. Yet only 18% of women feel very confident in their ability to fully retire with a...
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What Is a Roth 401(k)?
While many people are familiar with the benefits of traditional 401(k) plans, others are not as acquainted with Roth 401(k)s.Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans. And some have...
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A Taxing Story: Capital Gains And Losses
Chris Rock once remarked, “You don’t pay taxes – they take taxes.” That applies not only to income but also to capital gains.Capital gains result when an individual sells an investment for an amount greater than...
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Find That Lost Retirement Account
Find That Lost Retirement AccountDo you have a long-lost retirement account left with a former employer? Maybe it’s been so long that you can’t even remember. With over 24 million “forgotten” 401(k) accounts...
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Assess Life Insurance Needs
If your family relies on your income, it’s critical to consider having enough life insurance to provide for them after you pass away. But too often, life insurance is an overlooked aspect of personal finances.In fact, according...
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Bloody Mary and a 401(k)
This content originally appeared on irahelp.comCopyright © 2023, Ed Slott and Company, LLC Reprinted from The Slott Report, Wednesday, March 22, 2023, with permission. Original URL. Ed Slott and Company, LLC takes no...
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Retirement Seen Through Your Eyes
How do you picture your future? Some see retirement as a time to start a new career. Others see it as a time to travel. Still, others plan to spend more time with family and friends. With that in mind, here are some things to...
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Are You Ready for Your Portfolio to Make a Difference?
Interest in making an impact with one’s investments has grown in recent years, which means many investors may have an increased interest in environmentally or socially focused investments as well. In fact, impact investments...
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Love Where You Live Event Recap
Hello Everyone! We'd like to take a minute and thank everyone who came out to our Love Where You Live Event last month. It was a great time and a fun way to get to celebrate you--our amazing clients!Our team would like to express our...
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Secure 2.0 Eliminates Penalty on NIA
This content originally appeared on irahelp.comCopyright © 2023, Ed Slott and Company, LLC Reprinted from The Slott Report, Wednesday, February 23, 2023, with permission. Original URL. Ed Slott and Company, LLC takes no...
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A Cheat Sheet for Sending Your Kid to College
College marks a great milestone in a child’s life. It may be the first time he or she will live away from home. Dropping off your child at college may be an experience loaded with emotions, so here are a few tips for a smoother...
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A Checklist for When a Spouse or Parent Passes
When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is...
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A Primer on Dividends
When looking for income-generating investments, some investors turn to dividend-yielding stocks.When a company makes a profit, that money can be put to two uses:It can be reinvested in the business.It can be paid out to the...
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SECURE 2.0 Eliminates RMDs on Roth Plan Dollars in 2024
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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New Retirement Contribution Limits for 2023
The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. After months of high inflation and financial uncertainty, some of these cost-of-living-based adjustments have reached...
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10 Questions to Ask Your Financial Advisor
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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9 Facts About Social Security
Social Security's been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? Here are nine things that might surprise you.The Social Security trust fund is...
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Eight Mistakes That Can Upend Your Retirement
Pursuing your retirement dreams is challenging enough without making some common, and very avoidable, mistakes. Here are eight big mistakes to steer clear of, if possible.No Strategy: Yes, the biggest mistake is having no strategy at...
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Breaking Down the Parts of Medicare
Generally, the different parts of Medicare help cover specific services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the...
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NUA – Trigger Activators!
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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How Retirement Spending Changes With Time
New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate. Some households "live it up" and spend more than they anticipate...
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Prescription Drug Benefits Under Medicare (Part D)
Medicare’s prescription drug benefit (Part D) is the part of Medicare that provides outpatient drug coverage. Part D is provided only through private insurance companies that have contracts with the federal government—it is...
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A Clear Explanation Of The RBD
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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Revising Estate Strategy Assumptions
When the rules of the game change, tactics should follow in response to the new landscape. While estate tax exemptions have ridden an uncertain roller coaster in recent years, the rules appear to be stabilizing after the passing of the...
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Five Most Overlooked Tax Deductions
Who among us wants to pay the IRS more taxes than we have to?While few may raise their hands, Americans regularly overpay because they fail to take tax deductions for which they are eligible. Let's take a quick look at the five most...
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QCDs and the Absolute Necessity for a CWA
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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Systematic Withdrawals in Retirement
Many of us grew up with the concept that making regular, periodic contributions to our retirement account was a sound investment strategy. The idea was that, in a fluctuating market, regularly investing a set amount would enable an...
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Roth Conversion – Oops!
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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Tax Efficiency in Retirement
Will you pay higher taxes in retirement? It’s possible. But that will largely depend on how you generate income. Will it be from working? Will it be from retirement plans? And if it does come from retirement plans,...
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Spotting Credit Trouble
American households with credit card balances carry an average debt of $8,602.1The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There...
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Caring for Aging Parents
Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 65 is growing. In the past decade, the population of Americans aged 65 and older has grown 36% and is expected to reach 94.7 million in...
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Conduit IRA: Is it Really Necessary?
This content originally appeared on irahelp.comCopyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, July 13, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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Critical Estate Documents
Financial Documents Joint OwnershipDurable Power of AttorneyLiving TrustWhat does it do?Enables you to own property jointly with another personAuthorizes someone to handle legal and financial decisions if you become...
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What to Look for in an Extended-Care Policy
Extended-care coverage can be complex. Here’s a list of questions to ask that may help you better understand the costs and benefits of these policies.What types of facilities are covered? Extended-care policies can cover...
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The 5-Year Rule and Multiple Beneficiaries: Today's Slott Report Mailbag
By Andy Ives, CFP®, AIF®IRA AnalystFollow Us on Twitter: @theslottreportQuestion:Hi Ed,I’m 66 Years old. Less than a year ago I converted into my Roth from my traditional IRA with the intention of parking it...
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Estate Management Checklist
Do you have a will?A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children.Do you have healthcare documents in place?Healthcare documents...
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IRA Withdrawals that Escape the 10% Tax Penalty
The reason withdrawals from an Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything...
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Ed Slott's Elite IRA Advisor Group℠ Topics of Conversation - Kansas City
This content originally appeared on irahelp.com Copyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Monday, May 16, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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401(K) Partial Roth Conversions and Using QCDS to Offset RMDS
This content originally appeared on irahelp.com Copyright © 2022, Ed Slott and Company, LLC Reprinted from The Slott Report, Thursday, April 21, 2022, with permission. Original URL. Ed Slott and Company, LLC takes no...
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"Monitoring Concurrent Life Expectancies?" - SMH
The IRS does its best to ensure no loopholes exist for bad actors to circumvent tax laws to avoid paying their fair share. However, when it comes to some of the guidance in the recently released SECURE Act regulations...
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