Blog Posts

The “Not So New” Lifetime Income Guarantee

The “Not So New” Lifetime Income Guarantee

by | Apr 6, 2015 |

By Marc Shaffer

If you aren’t familiar with longevity annuities and Qualified Longevity Annuity Contracts yet, chances are you will start to hear more about them this year…especially if you are over the age of 55. While countless mailings may have you convinced that this is a new product, it has actually been around for a while. However, these annuities are being heavily marketed now that a new law is allowing them to be purchased with retirement funds from an IRA account or a qualified plan such as a 401(k) plan or profit-sharing plan.

Dispelling the “Market Crash” TV and Radio Propaganda

Dispelling the “Market Crash” TV and Radio Propaganda

by | Apr 1, 2015 |

By Michael J. Searcy

You have probably heard the TV and radio pitches that go a little like this: “If you are worried about the ultimate crash of the market and you don’t want any risk, we can guarantee no loss in a down market. You could get up to double digit gains without any risk and an income stream that continues to rise, even in down markets! Find out what your financial advisor hasn’t told you and what he probably doesn’t even know about.” We hear them all the time, and believe it or not, even a seasoned investor can be lured in by these claims.

Do Your Elders Need Help?

Do Your Elders Need Help?

by | Mar 25, 2015 |

As they get older, Americans face complicated decisions about long-term care, estate strategies, and their finances, while potentially struggling with diminished capacity to manage their affairs. At some point, your parents and other loved ones may need your help handling their finances. One study found that between five and ten percent of Americans over 65 need help with financial matters and another reported that 68 percent of elders suffer cognitive impairment or experience difficulty with daily tasks.

2015 Tax Strategies and Information Update

2015 Tax Strategies and Information Update

by | Mar 25, 2015 |

A Little Tax History

The first income tax suggested in the United States was during the War of 1812. The tax was based on the British Tax Act of 1798 and applied progressive rates to income. The tax was developed in 1814 but was never imposed because the treaty of Ghent was signed in 1815, ending hostilities and the need for additional revenue.

Several tax acts were proposed and passed in the 1860s. The Tax Act of 1861 proposed broad income taxation on any kind of income or wages earned by every person in the U.S. In 1864, a new tax act was passed to raise additional funds for the Civil War and reintroduced a sliding tax scale.

The Wolves at Medical Schools

The Wolves at Medical Schools

by | Mar 20, 2015 |

By Michael J. Searcy

If you are a long-time reader, or client, you probably remember that I started my career some 30+ years ago working with young doctors finishing up their basic medical/dental education or while in specialty training. I remember visiting the medical and dental schools and witnessing the same repetitive activities by what I call the wolves. These are people in the financial services business who hold themselves out to be “financial advisors” or “financial planners” but every solution they present happens to be high priced insurance products. While I agree that disability insurance and life insurance are pretty important for a young (and older for that matter) doctor, there are appropriate and efficient ways to get this accomplished.

6 Habits for Smart Money Management

6 Habits for Smart Money Management

by | Mar 10, 2015 |

By Michael J. Searcy

If you’ve reached the month of March and your New Year’s Resolutions have completely flown out the window, you’re not alone. A Journal of Clinical Psychology report found that only eight percent of people are successful in achieving their resolutions. They also noted the number of money related resolutions was near thirty-four percent, so the low success rate is troubling because failing at smart money management can impact your future. Let the following six habits for smart money management serve as a guideline to help you get your finances in order and make life-long, healthy financial choices:

Unexpected Money: Enjoying Today and Securing Tomorrow

Unexpected Money: Enjoying Today and Securing Tomorrow

by | Feb 18, 2015 |

By Marc C. Shaffer

Most people would not complain about unexpected money coming their way, but knowing what to do with the money can pose an opportunity for some and a challenge for others. You may have received a large year-end bonus or even a significant monetary gift for the holidays. Perhaps you will be receiving a significant refund from your taxes in the next few months. Do you have a plan for how you would manage your money in this situation? Before you find an influx of cash burning a hole in your pocket, consider these tips for responsibly managing unexpected money:

Will Social Security Be Available For Me?

Will Social Security Be Available For Me?

by | Feb 13, 2015 |

Will Social Security be there when I retire?

We found the following article from Bob Veres to be important content and wanted to share it with you. The question of Social Security being available when you retire is very relevant and worth considering. For conservative planning purposes, we typically suggest that those under age 50 may not want to consider Social Security and those over age 50 should probably plan on it. However, this article suggests that people consider assuming that Social Security will be there for everyone, but at a reduced 75% level. We choose to be more conservative but do welcome second opinions.

Tips for Developing a Financially Savvy Family

Tips for Developing a Financially Savvy Family

by | Feb 9, 2015 |

By Jessica Kmetty

Do you have more patience for managing household finances than your spouse?

Do you make all of the financial decisions as the more financially savvy partner in the household?

Have you ever involved your children in a financial discussion?

 

Many of the important decisions we make regarding finances are made with family in mind, yet the duties for managing the finances are not always a family affair.  For a financial plan to truly support an entire family’s dreams and goals, getting buy-in and tackling decisions as a family unit is essential.  Here are some tips for developing a financially savvy family:

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