Author - jim@blankenshipfinancial.com (Jim Blankenship)

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Noise
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Can A Grandchild Get Social Security Benefits?
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Friends With (Social Security) Benefits
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Inherited 401k plan
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Don’t Leave Money On The Table!

Noise

Every day we are bombarded with information. It can be difficult to wade through this sea of data and pick out the material that means anything to us. Of course, it doesn’t help that the existence of 24-hour news channels, social media outlets, and the scuttlebutt around the water cooler make it difficult to avoid.

So how do we filter all the noise and get only the information we really need? I’ll offer a few suggestions that have worked for me. Perhaps they can help you.

Turn off the news. This was one of the biggest mood lifters and time …

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Can A Grandchild Get Social Security Benefits?

In today’s complicated world, there are many cases where a grandparent is the primary person responsible for a minor grandchild. The reasons are far and wide; regardless, many times the primary support for a minor child comes from an grandparent. If the grandparent in question is receiving Social Security benefits, can a grandchild also get Social Security?

After all, we know that the minor child of a parent who is receiving Social Security benefits may be eligible for child’s benefits, so why would it be any different with a grandparent?

The primary difference is in the relationship. The Social Security …

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Friends With (Social Security) Benefits

Social Security is arguably one of the most important cash flows for individuals in retirement. Many individuals have paid into the system for years, and in turn will be eligible for reduced benefits as early as age 62, or at their full retirement age (between ages 66 and 67). The decision on when to start collecting benefits is important and can impact your retirement cash flows for your remaining retirement. This decision should not be taken lightly, and it should not be left to informal conversations with friends, coworkers, etc. In other words, don’t base your decision to take benefits… Read More

Inherited 401k plan

An inherited 401k plan isn’t necessarily a different kind of retirement plan from a regular 401k plan in the hands of the original participant. However, the rules around an inherited 401k plan are unusual enough to warrant their own review.

When an individual inherits a 401k plan, generally this individual must begin taking minimum distributions from the plan, on a preset schedule. There are a few things to consider, the first of which is whether the beneficiary is the spouse of the original owner, or another person (non-spouse).

If the beneficiary is a spouse, special options are available for handling …

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Don’t Leave Money On The Table!

Many individuals are offered an employer-sponsored savings plan though work such as a 401(k) or 403(b). Employers who offer these plans may provide a company match. This means that the employer will add money to the employee’s account, if the employee saves a certain percentage of income. Some employers will even provide money even if the employee is not saving.

If you’re employer offers a match on your contributions, take full advantage of it. Don’t leave money on the table! This is free money – and it’s unwise to not take it.

Let’s look at an example.

Sam and Betty …

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