What is the Right Age to Start Contributing to Retirement Plans?

Video Transcript:

We’re often asked, what is the right age to start contributing to retirement plans?

Ideally, in your 20’s. But there’s no wrong age to start, even if you’re in your 50’s or 60’s.

What makes the difference is the type of retirement vehicle you choose. Some, like 401(k)s, are available to most employees during their non-retirement years.

Others, like some insurance products that allow tax-free retirement income and no restrictions on contribution allowances and withdrawals, may be more advantageous to people under 50.

Still other retirement vehicles are more beneficial to those closer to, or already, retired who are afraid of outliving their money and need to guarantee their income.

The best retirement plan is the one you and your financial professional create that zeros in on your goals, your needs now and in retirement, your risk comfort level and your income or available assets.

To learn more about the right retirement vehicle for your needs, give us a call or visit our website today!

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How Do You Create a Simple Retirement Income Plan?

Video Transcript:

A retirement income plan is needed because life changes in retirement. Your retirement plan should account for every year in retirement, even past your life expectancy. For each year, make a list for you and your spouse that include social security income, pensions and annuity income. Also list earnings from investments and working part-time.

List any other fixed and regular income sources. For each year, list your desired gross retirement income need. Be sure to include taxes, the effects of inflation and potential medical expenses. Then for each year, determine the gap or surplus by subtracting expenses from income.

If you see that you have gaps in your retirement plan, give us a call today. We can make sure you have a strategy to help you reach your retirement goals.

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5 Common Mistakes to Avoid in Retirement

Video Transcript:

You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these 5 common mistakes when you retire.

First, don’t retire too soon. Lifespans are increasing and many retirees underestimate their life expectancy when calculating the money needed to live on.

The second mistake to avoid? Spending too much in the first years. It’s easy to overspend while playing with your newfound freedom, but it can cause shortfalls later in life. Budget accordingly and stick to your plan.

The third mistake is underestimating medical expenses – and overestimating Medicare benefits. Avoid surprises by factoring in enough money to supplement Medicare and consider buying added health insurance to fill in any gaps.

Another mistake is taking Social Security benefits too early. You can claim benefits at age 62, but the longer you wait, the higher your monthly benefit will be.

Lastly, don’t fail to do estate planning. An estate plan and a will maximizes the chances that your wishes will be followed and your assets will go where you dictate.

It’s easy to make mistakes in the beginning stages of retirement – for more information, please give us a call or stop by our website today.

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How to make your retirement tax free

Video Transcript:

Are you planning for retirement and wondering how to get the most out of your 401k or other retirement funds? (show mature couple with question marks over their heads)many people don’t know is that Life Insurance can provide a wonderful vehicle for a tax free retirement. Here’s how it works.

When you put money into a 401K, you get a tax deduction, and the money grows tax deferred. When you withdraw the money in retirement, you pay taxes on it.

But when you purchase a life insurance policy, it’s different. You don’t receive a tax deduction at first. The money grows tax deferred, just like a 401K. But when you withdraw the money, it’s tax free!

This could add up to a savings of 400% on taxes over a 30 year period.

To learn more about smart retirement saving strategies, give us a call, or visit our website today.

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How to Maximize Social Security Survivor Benefits

Video Transcript:

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income. With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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How To Strategize for Your Social Security Benefits

Video Transcript:

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income.With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

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What’s the Best Way to Set Aside Funds for Future College Costs?

Video Transcript:

One way to plan for your children’s college education is through a 529 plan, which is an education savings plan operated by a state or educational institution. The name 529 comes from section 529 of the Internal Revenue Code, which created these types of savings plans in 1996. Although your contributions are not deductible on your federal tax return, your investment receives tax-deferred treatment and qualified distributions to pay for the beneficiaries’ college costs come out federally tax-free.

Non-qualified withdrawals are subject to state income tax and a 10% penalty. College savings plans offered by each state differ significantly in features and benefits. The optimal plan for each investor depends on his or her individual objectives and circumstances. In comparing plans, each investor should consider each plan’s investment options, fees and state tax implications.

State tax deductions vary by the state of issuance. Plan assets are professionally managed either by the state

Treasurer’s office or by an outside investment company hired as the program manager. But you have some control over how your investment is managed. You may be able to change to a different option in a 529 savings program every year, although plan restrictions may apply. Everyone is eligible to take advantage of a 529 plan and the amounts you can put in are substantial.

The availability of tax or other benefits may be conditioned on meeting certain requirements. 529 plans are subject to enrollment, maintenance, administrative and management fees and expenses. Per beneficiary plans can vary greatly and care should be given to fully understand your 529 plan before you invest.

Let us help you decide which 529 plan is right for you. Give us a call today.

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Seed versus Harvest

Video Transcript:

While most people contribute to retirement plans to save on income taxes and grow their retirement fund, it’s highly possible they’ll pay more in taxes at retirement than they’ve saved!

Here’s an example – say you buy some seeds at a local feed store, and when you go to pay, the clerk asks: Would you like to pay tax on the Seed now and get the harvest tax-free, or get the seed tax-free and pay tax on the harvest?

Wouldn’t you rather pay tax on the seed and get the harvest tax-free? But that’s just the opposite of how qualified or regulated retirement plans work!

Regulated retirement plans give you a tax break on the funds you contribute, or the seed, but when you retire, uncle Sam arrives with a wheel barrow to collect his taxes on your harvest.

So if you put 5,000 dollars per year at a 20 percent tax bracket into a qualified plan, you end up saving 30,000 dollars in 30 years.

[for illustration purposes, the formula is:
Annual contribution ($5000) x tax bracket (20%) =annual income tax savings ($1,000).]

Let’s say after 30 years, your account equals over a million dollars. You retire and decide to take 75,000 dollars a year as income – the harvest.

If you’re retired for only 20 years, you’ll end up paying over 300,000 dollars in income taxes! You saved 30,000 dollars to pay out 300,000 dollars – in other words, you’re paying tax on the harvest.

Let us help you keep more of your harvest tax-free when you retire.

Call us or visit our website today!

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Starting Out

Video Transcript:

Are you career-focused with big aspirations? Make sure your finances don’t get left behind.

Life is fast-paced, and your finances need to keep up.

Let us help you jump-start your progress toward your financial goals.It’s never too early to invest in your future.

Tupler Financial can help you with an expert plan and guidance designed for newer investors.

Your finances are too important for DIY. Our Do-For-You [written as DFY] service allows you to feel confident in your financial decisions and progress.

Our clients who are just beginning their financial journey have unique situations and challenges, but some questions are common;

How can I manage my expenses and put away some savings? Which company benefits make the most sense for my personal situation? How much should I contribute to my 401k and what should I be invested in?

Let us help you plan for life. Give us a call today or visit our website to schedule an introductory phone call.

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What are Required Minimum Distributions and How Are They Determined?

Video Transcript:

What are required minimum distributions and how are they determined? Beginning at age 70.5, you must begin to withdraw money from your retirement accounts every year. The amount is determined based on your life expectancy as contained in the IRS tables. Required minimum distributions are computed by dividing the account balance at year-end by the life expectancy factor.

Assuming a husband and wife are about the same age, then this factor at age 70 is 27.4 years. Alternatively, you can multiply your account balance by 3.649%, which is 100 divided by 27.4.The first required minimum distribution must be withdrawn by April 1st of the year following the year that you turned 70 and a half. Subsequent required minimum distributions must be withdrawn by December 31st each year. Every year, your required minimum distribution will increase over your lifetime.

If you want an estimate of your required minimum distributions each year, let us do the math for you and help you develop a winning strategy.

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