Archive - 2021

1
Talking to the Social Security Office
2
End-of-Year Tax Tips for 2021
3
Paying Off Credit Card Debt is Great…Until it Isn’t
4
Estate Planning Includes Disability Planning
5
How to Bypass Mandatory Withholding on a 401(k) Distribution

Talking to the Social Security Office

I often recommend talking to the Social Security Administration (SSA), either at your local office or on their hotline, to review your particular situation.  But this advice comes with a caveat… you need to know as much as you can about your options, and what you are entitled to do, so that you are well-armed when you speak with the SSA.

This is because the SSA representatives’ default advice is often to recommend the option that provides you the largest benefit today. The reason for this may be because it is in the SSA’s best interest for you to …

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End-of-Year Tax Tips for 2021

The IRS offers tips on “What taxpayers can do now to get ready to file taxes in 2022” because it is never too early to get your tax records together for the upcoming tax season. The IRS is the most official source for updates on tax laws. However, a Fee-Only Financial Advisor can offer advice based on their review of your individual financial situation.

And CNBC.com points out that even with a few weeks left in the year, you can still adjust your withholding and add more to your retirement savings account. Changes you make as the year …

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Paying Off Credit Card Debt is Great…Until it Isn’t

In “The mistake I made while paying off $15,000 in credit card debt — and how to avoid it,” one consumer outlines how what he thought would be a triumphant moment, turned out to be less so because of what he didn’t know about the was credit works.

The writer explains that in 2021, he paid off $15,000 in credit card debt after nearly a year of working at it. He writes that although he was warned by his mother not to get carried away with credit, he did. What his mother may not have been able to …

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Estate Planning Includes Disability Planning

The very human desire to not think about uncomfortable things is understandable. However, when it comes to estate planning, people not only have to consider death, in some cases, they also have to think about a different kind of life.  Your estate and estate planning documents are as subject to change as anything else in your life. And if you did not consider the possibility of living with a disability in your estate plan, you can alter it.

Disability planning is a part of estate planning because it is important to have sufficient resources should you become incapacitated in any …

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How to Bypass Mandatory Withholding on a 401(k) Distribution

Just ferinstance, let’s say you need to take a withdrawal from your 401(k) plan – and you’re eligible, either by way of your plan allowing in-plan distributions or the fact that you’re already retired (but you still have the money in your former employer’s 401(k) plan). But here’s the rub: when you take a distribution from a 401(k) plan, the IRS requires that the plan administrator withhold 20% from the distribution. If it’s a significant amount being withheld, it can be a long time before next April when you file your tax return to get the withholding refunded (as long …

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