Author - jim@blankenshipfinancial.com (Jim Blankenship)

1
The 457(b) Special Catch-Up
2
What Is It That You Want To DO?
3
Social Security / Ponzi Comparison – is it fair?
4
Don’t Invent Income!
5
Medicare Enrollment

The 457(b) Special Catch-Up

If you’re a governmental employee, you may be aware that
your employer offers a 457(b) retirement plan. Additionally, you likely know that like a 401(k), the 457(b) allows you to contribute $19,000 annually to the plan with an additional $6,000 catch-up for those aged 50 or older.

What you may not be aware of is the special catch-up
provision the 457(b) offers. This special catch-up provision allows a governmental employee that is within 3 years of the normal retirement age (as dictated in the plan) to contribute up to twice the annual amount ($38,000 for
2019).

To take advantage of …

Read More

What Is It That You Want To DO?

Note: Taking a little break from tax law and retirement planning for the day…

One of the questions that I often ask folks as we’re working on financial matters is – “what is it that you want to DO?”  And in this case, DO is capitalized to be emphatic, because the context of the question is with regard to life.  “What is it that you want to DO in your life?”

Deep down, we all have the desire to matter.  We want to, in some way, create a legacy of our life, so that this time we’ve spent here doesn’t …

Read More

Social Security / Ponzi Comparison – is it fair?

Time after time, folks compare the Social Security system to a giant, government-sponsored Ponzi scheme. The argument is that current beneficiaries are paid by funds from new monies being added into the system. This is a broad description of how the typical Ponzi scheme works… but is this a fair comparison to Social Security? The other day I came across an article written by a fellow financial blogger, xrayvsn, who is a practicing radiologist. His blog can be found at xrayvsn.com, and he writes a lot of great stuff about the FIRE movement (Financial Independence / Retire Early), among other …

Read More

Don’t Invent Income!

Seems like a no-brainer – why would anyone want to invent income? That just means you’ll have to pay tax, right? Not always, especially if the income is for a minor and is only a relatively small amount – say, enough to qualify for the maximum Roth IRA contribution, for example.

This is a follow-up to the article Open a Roth IRA for Your Child, where we talked about how beneficial it can be to set up one of these accounts for your child. One of the points we talked about in that article was how the account can …

Read More

Medicare Enrollment

medicare enrollmentWhen you first reach age 65, assuming you have met the coverage requirements you are eligible for Medicare enrollment. There is a specific period of time that you’re allowed to enroll. After that period you can still enroll, but there can be penalties. That is, unless you have had “creditable” coverage during the period when you were eligible – usually an employer’s plan. This creditable coverage has to meet certain minimums.

Often, employer medical plans require members over age 65 to enroll in Medicare, so that the employer plan will be secondary to Medicare when the member is eligible. This …

Read More

Copyright 2014 FiGuide.com   About Us   Contact Us   Our Advisors       Login