Archive - 2017

1
After-Tax Investment Considerations
2
13 Dos and Don’ts for Digital Wallets
3
Read more, spend less: financial planning lessons from novels
4
12 Lessons Learned From My Homeowner’s Insurance Claim
5
4 Things to Consider About Healthcare in Retirement

After-Tax Investment Considerations

Some individuals have the ability to contribute after-tax amounts to their employer-sponsored plans such as a tax-deferred 401k or a defined benefit pension. Generally, since these amounts are after-tax, the contributions start adding up to a sizable amount known as basis. Basis is simply the amount of after-tax money put into these accounts that is not taxed when it’s withdrawn. However, any earnings on the basis are taxable.

Individuals considering contributing after-tax amounts to the above plans may also consider if it makes sense to contribute to a non-qualified brokerage account. Like the aforementioned employer-sponsored plans, contributions to a non-qualified …

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13 Dos and Don’ts for Digital Wallets

Digital payment options like Apple Pay, Google Wallet, Venmo and Square allow you to make payments with a tap of your phone or swipe of an app. They’re convenient, but with so many options available, it is hard to know which digital wallet to use—or even if you should use them at all, given potential cybersecurity risks. While we do not recommend any particular app over another, we wanted to provide a few easy guidelines for our clients and followers to make an educated decision.

Chip Cards

In the past year or so, you have probably received a new chip …

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Read more, spend less: financial planning lessons from novels

That would be one of my many, many New Year’s resolutions. But I already read tons of professional journals, work-related books, and general non-fiction. Like so many people since November, I need a little happy talk to counteract the general mood. So lately I’ve been popping a series of mystery books instead of OxyContin. I might add that these are all available from my local library as free ebooks, so I haven’t violated the second half of the resolution.

But, I guess everything looks to me like financial planning. If you want to have some fun while getting a very …

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12 Lessons Learned From My Homeowner’s Insurance Claim

Executive Summary

This story is about my personal experience in dealing with a homeowner insurance claim for a roof replacement.  Although virtually every other home in my neighborhood experienced the same damage (from a freak hailstorm), my insurance claim became a long, drawn out affair.  While the settlement terms are beside the point, I hope this story will help steel someone for the challenges they might face if they’re dealing with a particularly tough insurance company.

Disclaimer:  Sorry, but I have to put this up front.  I’m a fee-only financial planner.  My firm, Westchase Financial Planning, is a registered investment …

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4 Things to Consider About Healthcare in Retirement

As we all are painfully aware, the costs and complexity of healthcare are skyrocketing, and nothing seems to be slowing things down.  Granted, the incoming administration is making overtures to give attention to the problem, but… as we all know, paths to places we don’t want to go are often paved with good intentions.  At this point I would not hold my breath for the next great proposal on healthcare costs, the problem is enormous and not easily resolved.

Recent information from Fidelity suggests that a 65-year-old couple who retired in 2016 can expect lifetime healthcare costs to top $260,000 …

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