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The Slott Report
What the Trump Tax Plan Means for Your Retirement
Friday, April 28, 2017
On April 26, 2017, the Trump administration released its highly anticipated tax reform plan. The administration said the goals of the plan include growing the economy, creating jobs and simplifying the tax code. The changes proposed are significant and if passed (and that is a big “if”) could have a major impact on your retirement planning.
Strategies to Make the Most of Your Retirement Assets
Tuesday, March 21, 2017
“Confidence comes from being prepared.” —John Wooden. A successful retirement plan does not happen overnight nor can it exist without proper preparation.
How Cupid’s Arrow May Save Your Retirement Plan
Tuesday, March 14, 2017
Over $23 trillion sits in various types of retirement accounts across America, according to the Employee Benefit Research Institute. Even that figure may be low. Since 2011 when that figure was calculated, markets have increased and retirement savers have contributed even more to their plans, adding thousands of dollars to the average person’s retirement plan balance. No doubt, trillions more sit in bank accounts, brokerage accounts, mutual funds and other types of “non-qualified” investment accounts.
There’s No Place Like Home: Unlocking the Door to Greater Retirement Income
Friday, March 03, 2017
Running out of money while there is still much life to live is frightening. The specific concern is that retirees might spend down their assets at a faster pace than their investment gains accrue. Financial advisors are commonly tasked with helping clients determine if, and under which circumstances, they will have enough money to retire comfortably. This is crucial work.
HSAs Are NOT the Answer to America’s Health Insurance Problems
Monday, January 23, 2017
In my opinion, expanding the availability of HSAs to more Americans is not going to solve the problem of providing health insurance to all Americans. Here is why I believe that statement.
What's New and How Does it Impact You? Retirement Plan Contribution Limits for 2017.
Wednesday, January 11, 2017
There were few changes to the retirement contribution limits for 2017. IRA and Roth IRA limits remain the same. The maximum an individual with earned income can contribute is $5,500 split any way they want between traditional and Roth IRAs. An individual age 50 or older during the year can contribute an additional $1,000 for a total contribution of $6,500.
Year-End Retirement Account Q & A
Wednesday, December 21, 2016
Question: When is the last day to make a 2016 Roth IRA conversion? Today's Slott Report goes into popular questions and answers you may have for the end of the calendar year.
2016 Year in Review for Retirement Accounts
Monday, December 19, 2016
As 2016 draws to a close, and we get ready to ring in the new year, it’s a great time to look back. Here is a roundup of six of the big stories in the world of retirement accounts for 2016.
Your 2016 H-O-L-I-D-A-Y Season Action Plan
Wednesday, December 14, 2016
H – Have your financial institutions send you a copy of the beneficiary information they have on file for you. On more than a few occasions, we’ve seen financial institutions lose copies of beneficiary forms (or in some really egregious cases, destroy them). Asking for this information annually helps ensure that there are no surprises when you’re no longer here. The beneficiary form is the most important document when it comes to your retirement account. Therefore, even though it may seem monotonous to check these forms year after year – especially if you haven’t made any changes – it’s worth the effort.
Tips for Making a Long Term Care Claim. Strategic Decisions as You Age.
Tuesday, December 13, 2016
Take a look at elder care facilities. Go shopping for your “next home” – now. Timing: Many facilities have long waiting lists (up to 5 years). And in addition, usually you can “defer” 3 times. So, buy yourself some time and get the advantage by signing up today. Don’t be surprised if you are asked for a down payment with your waiting list application, it can be up to one month’s rent ($3000-$6000). This down payment would be deducted from your initial rent/expenses or refunded if you decided not to move into the facility. Also, take into consideration rising costs. Consider renting a one-bedroom +den vs. 2-bedroom if your cash-flow is limited. That $500/month difference can be significant when rent increases by 3-5%/year.
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