Archive - August 2016

1
Retiring Well When You Can’t Count on Relatives
2
Missed Rollover Automatic Waivers
3
Why Financial Advisers Aren’t Telling Rich People about Social Security
4
Mothers Need to Be Aware of Family Finance and Investments
5
For Before You Get Married, Financial “To Do List”

Retiring Well When You Can’t Count on Relatives

retirement signLast week we discussed how mothers need to be aware of family finances, but what if you are not a mother? Sixty-something Sheila Sullivan Zubrod wrote a piece for The Washington Post about navigating her widowed mother’s later years and figuring out she herself can retire well. Women who have no children or find themselves without relatives to depend on can ensure a comfortable retirement when they plan ahead. In the category she refers to as Aging Solo, Zubrod includes, “…countless members of families plagued by addiction, disease, cults, rapacious children, even married progeny who much prefer their …

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Missed Rollover Automatic Waivers

missed rolloverWhen you rollover funds from one retirement plan to another, a missed rollover occurs if you can’t complete the rollover within 60 days. A missed rollover results in a taxable distribution. However, there have always been certain specific situations that provide for exceptions to this rule, but any reasons outside that limited list required the taxpayer to request a Private Letter Ruling (PLR) from the IRS. The PLR request process could result in some significant costs for lawyers and fees.

Rev Proc 2016-47: Missed Rollover Waivers

Recently the IRS published a new procedure for handling an expanded list of …

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Why Financial Advisers Aren’t Telling Rich People about Social Security

Recent research from the Spectrem Group found that a majority of rich people (people with a net worth of $1,000,000-$5,000,000) will rely on Social Security benefits for at least 25% of their income in retirement. Unfortunately, the same study found that only about 1/3 of these individuals talked about Social Security with their financial adviser. That is an alarming statistic considering the impact Social Security income has for retirees. So why aren’t more advisers helping their clients with Social Security benefits? Commissioned Advisers Lack Incentive to Talk about Social Security It seems that the most common answer may be because… Read More

Mothers Need to Be Aware of Family Finance and Investments

The Washington Post interviewed Kimberly Palmer, author of Smart Mom, Rich Mom: How to Build Wealth While Raising a Family. Palmer wanted to write a book specifically for mothers because she feels as if women with children get shortchanged when it comes to financial advice. She wanted to go beyond coupon codes and discounts to help women with big-picture issues like college and retirement savings, insurance, and workplace policies.

Palmer encourages married mothers to be aware of family finances and investments. The former senior money editor at U.S. News & World Report admits that there was a time when …

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For Before You Get Married, Financial “To Do List”

For a variety of reasons, far too many marriages end in divorce. Relationship counselor Peter Saddington says that money issues are the number one cause of divorce and according to a survey of Certified Divorce Financial Analyst® professionals, money issues are the third leading cause of divorce.

No matter where “money issues “ falls on the list of primary causes …

The post For Before You Get Married, Financial “To Do List” appeared first on Chamberlain Financial Planning & Wealth Management.…

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