The Retirement Savings Dilemma [VIDEO]
{5 minutes} The video below presents a very different approach to how retirement planning can provide a better rate of return. It can do this by combining actuarial science products, like annuities and life insurance, with your investment plan so that you have the highest income and the least risk during retirement. The Retirement Savings Dilemma Registered Representative offering Securities through American Portfolios Financial Services, Inc. (APFS) Member FINRA/SIPC. Investment Advisory Services are offered through G&G Planning Concepts, Inc. which is not affiliated with APFS. Strategic Wealth Advisors [...]
Estate Tax Loss
Under the new Trump Estate Tax Law, many of the clients we talk to feel like they don't have an estate tax problem. “Estate taxes are so high, and I have a federal exemption that for a husband and a wife, can go up to $22 million, it’s indexed, so I'm not worried about it.” But the reality is that this tax law is due to sunset. What that means is if the laws have not changed by December 31, 2025, that $22 million will revert down to [...]
Disability Income Insurance
In many ways, disability insurance is the most important part of someone's financial plan. You may ask yourself, how long will I be able to be okay if my paycheck stopped? Disability insurance is the vehicle by which people can continue to get that income. But what I have noticed is most people don't have any idea what they're covered for, or what type of coverage they have. Many times people think that they're covered under some type of government plan; for instance, in New York State, there's [...]
Estate Equalization and Family Businesses
{2 minutes to read} In this blog, I want to talk about the importance of estate equalization in family businesses. Many times, a husband and wife may own a closely held business. And let's say they have two children, one is involved in the business, and one is not. The planning challenge for people like this is that they usually have a simple, traditional Will where their assets are split between the children, equally. This puts the family, the business, and the child working in the business in [...]
IRS Indexed Limits for 2020
Every year, the IRS indexes limits to qualified retirement plans. Attached is the update for 2020. What is important to be aware of is that now contributions to your 401(k) or 403(B) that are taken out of your paycheck, go up from $19,000 to $19,500. 457 limits for not-for-profit organizations are also at $19,500. And then there is a catch-up provision for people that are close to retirement (at age 50 or 55), who can add another $6,500. The total contributions for defined contribution plans, which are profit-sharing [...]