Author - jim@blankenshipfinancial.com (Jim Blankenship)

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A SIMPLE Kind of Plan
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A Caregiving Guide for Clients and Advisors
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Social Security Terms
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Social Security Changes for 2018
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Recharacterizing

A SIMPLE Kind of Plan

The SIMPLE Plan is a type of retirement account for small businesses that is simpler (ah hah!) to administer and more portable than the 401(k) plans that are more appopriate for larger businesses.  SIMPLE is an acronym (probably a backronym, more likely) which stands for Savings Incentive Match PLan for Employees.

A SIMPLE typically is based on an IRA-type account, but could be based on a 401(k) plan. What we’ll cover here is the IRA-type of SIMPLE plan.  The difference (with the 401(k)-type) is that there are more restrictions on employer activities, and less room for error (as can be …

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A Caregiving Guide for Clients and Advisors

Today’s post has a link to a paper on caregiving. Both clients and financial advisors may find the information beneficial to identify, and manage the stress of caregiving for a loved one needing long-term care. Your comments and feedback are welcome.

Download the paper here – Managing the Stress of Caregiving – BFP

The post A Caregiving Guide for Clients and Advisors appeared first on Getting Your Financial Ducks In A Row.

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Social Security Terms

As you learn about Social Security and your possible benefits, there are several unique Social Security terms that you should understand. Below is a list and brief definitions of the most important of these Social Security terms.

Average Indexed Monthly Earnings (abbreviated as AIME) – this is the average of the highest 35 years of your lifetime earnings, indexed to inflation. Each year’s earnings is indexed based on when you reach age 60, and the highest 35 years are averaged. This average is divided by 12, to result in the monthly average. The AIME is used to determine your PIA. …

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Social Security Changes for 2018

In 2018, there will be some slight changes to Social Security. For individuals receiving benefits, there will be a cost of living (COLA) increase of 2 percent. While 2 percent may not seem like a lot, it certainly does help. Additionally, it’s better than nothing. That is, Social Security remains one of the few retirement vehicles available with a COLA. Many defined benefit pensions (if an individual is lucky to have one) do not have COLA increases. Their payments remain fixed for the retiree’s lifetime.

Individuals still working will see the wage base subject to the OASDI tax of 6.2 …

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Recharacterizing

For IRA contributions, the concept is simple:  a certain amount may be contributed to the account each year, dependent upon the type of IRA and your MAGI (Modified Adjusted Gross Income).  But what if you find out that you are ineligible to contribute to a Roth IRA due to the MAGI limitation?  How about if you made contributions to a Trad IRA and, upon filing your taxes found out it would be in your best interest to put those funds in your Roth instead?  Enter the Recharacterizing.

Recharacterization of IRA Contributions

This is a relatively simple process, but, …

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