Your Spouse Just Passed Away- What Should You Do?



Video Transcript:

The death of a spouse is one of the most devastating events of a person’s life. During this difficult time, do not make any major financial decisions right away. Allow yourself time to only deal with the emotions of your loss. Then, get 10 to 20 copies of your spouse’s death certificate to document ownership changes. Be sure to keep all payments current to avoid late and interest charges.

Don’t sell your house, sell investments, or give money to charity right away, and don’t immediately invest proceeds from insurance until your financial picture is clear. Verify your survivor benefits from pensions, Social Security and investments. Gather and organize all financial documents and statements. Then assess your current financial needs.

We can help you through this difficult time. Please give us a call today. We’re here for you.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

How to Avoid a Retirement Plan Rollover Mistake

Video Transcript:

If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan.

The wrong move could cost you in income taxes and early withdrawal penalties.

There are two basic ways to move retirement plan assets from one retirement plan into another with no tax consequence.

With a direct rollover your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld and your account continues to grow tax-deferred.

With an indirect rollover, a check is made payable to you. You have 60 days to deposit it into a Rollover IRA – but indirect rollovers are subject to 20% withholding.

For example, if you had $10,000 eligible to rollover, your employer would withhold $2000 and you’d get a check for $8,000. You’ll get the $2000 that was withheld back when you file a tax return, either as a refund or a credit toward any tax owed.

However, in 60 days you still have to deposit the entire $10,000 in a rollover account – the $8,000 from your employer plus $2000 from your own resources. Any amount you don’t rollover is considered income, and subject to taxes when you file your return. You could also face a 10% early withdrawal penalty, depending on your age.

To learn more about how to avoid complications with a retirement plan rollover, give us a call today.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

When is the Best Time to Retire?

Video Transcript:
2018
You might be asking yourself, “When should I retire? Should I retire early or defer it?” Deciding when to retire may not be just one decision, but a series of decisions and calculations. For example, you’ll need to estimate not only your anticipated expenses but also what sources of retirement income you’ll have and how long you’ll need your retirement savings to last.

You’ll need to take into account your life expectancy and health, as well as when you’ll want to start receiving Social Security or pension benefits. You’ll also want to consider when you’ll start to tap your retirement savings. Each of these factors may affect the others as part of an overall retirement income plan.

Contact us today to get help to determine the best time for you to retire.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

Which Retirement Plan Should I Choose?

Video Transcript:

Choosing a retirement plan is a great step toward financial security.

There are several types available, but here are the most common:
401(k)s and 403(b)s are plans offered by employers. 401(k)s are offered by for-profit companies, and 403(b)s are offered by public schools and some non-profit organizations.

Contributions are deducted from your paycheck, and are often matched by employers. They’re deducted pre-tax, grow tax-deferred and are taxable on withdrawal.

Traditional IRAs, or Individual Retirement Accounts, are opened by individuals through an investment firm or bank. They may be tax deductible, grow tax-deferred and you pay tax when you take the money out.

A SIMPLE IRA plan is similar to a traditional IRA, but these accounts are set up by a small business owner, and usually permit larger contribution amounts.

And lastly, when you open a Roth IRA, you contribute after-tax dollars, the money grows tax-free, and you pay no tax on withdrawals.

All these types of accounts have their own set of rules on eligibility, contribution amounts and withdrawals.

For more information on retirement plans – give us a call today, or visit our website!

How to Avoid a Retirement Plan Rollover Mistake

Video Transcript:

If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan.

The wrong move could cost you in income taxes and early withdrawal penalties.

There are two basic ways to move retirement plan assets from one retirement plan into another with no tax consequence.

With a direct rollover your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld and your account continues to grow tax-deferred.

With an indirect rollover, a check is made payable to you. You have 60 days to deposit it into a Rollover IRA – but indirect rollovers are subject to 20% withholding.

For example, if you had $10,000 eligible to rollover, your employer would withhold $2000 and you’d get a check for $8,000. You’ll get the $2000 that was withheld back when you file a tax return, either as a refund or a credit toward any tax owed.

However, in 60 days you still have to deposit the entire $10,000 in a rollover account – the $8,000 from your employer plus $2000 from your own resources. Any amount you don’t rollover is considered income, and subject to taxes when you file your return. You could also face a 10% early withdrawal penalty, depending on your age.

To learn more about how to avoid complications with a retirement plan rollover, give us a call today.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

The 3 Most Important Factors Teachers Need to Look for in a 403b

Video Transcript:

403(b) plans for teachers, unfortunately, don’t offer most of the same protections that 401(k) plans do for other professionals. Here’s what to look for before choosing a 403(b)

First, look at your district’s approved vendor list. If they‘re all insurance companies, it means you’re facing an uphill fight. These kinds of structures are the worst, but prevalent in many districts today.

If there’s only a single approved vendor, it may mean good things, but if it’s an insurance company, you need to check on the second important factor – is it an annuity?

Annuities are routinely sold to teachers in their 403(b)s, but due to their high fees and poor investment choices, should be avoided.
If the only choices available are annuities, it’s time to lobby your district to do better, which brings up the third important factor… making sure you and your district are working with a fiduciary.

A fiduciary is a financial advisor that is legally and morally bound to put his clients’ best interests first. Unfortunately, most of the advisors that are connected with school districts today are not fiduciaries.

Knowing these factors can help you avoid trouble and make the most of your 403(b).

If you’d like to learn more about bringing a better 403(b) to your district or figuring what to do with your own account, give us a call or send us an email.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

What Can You Do With an Inherited IRA?

Video Transcript:

If you’ve become the beneficiary of an IRA or other retirement account, it’s important to know your options.

You can take the money out in one lump sum. This requires opening an account called an Inherited IRA in your name for correct IRS reporting.

That lump sum may be taxable depending on whether the original contributions were pre or post-tax .

Or you can open an Inherited IRA and leave it alone to grow tax-deferred. You can’t make any additional contributions and must take Required Minimum Distributions based on when the deceased would have turned 70 ½. With this option, you can name your own beneficiary to pass it on.

If your spouse left you the account, you’re allowed to roll those assets into your own retirement account and follow your account’s distribution rules.

You could also disclaim the account, or not accept it. The assets can then pass on to alternate beneficiaries.

If you disclaim, it must be done before taking possession of the account, and within nine months of the original owner’s death.

To learn more about what to do with an inherited retirement account, please give us a call today.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

Which Retirement Plan Should I Choose?

Video Transcript:

Choosing a retirement plan is a great step toward financial security.

There are several types available, but here are the most common:
401(k)s and 403(b)s are plans offered by employers. 401(k)s are offered by for-profit companies, and 403(b)s are offered by public schools and some non-profit organizations.

Contributions are deducted from your paycheck, and are often matched by employers. They’re deducted pre-tax, grow tax-deferred and are taxable on withdrawal.

Traditional IRAs, or Individual Retirement Accounts, are opened by individuals through an investment firm or bank. They may be tax deductible, grow tax-deferred and you pay tax when you take the money out.

A SIMPLE IRA plan is similar to a traditional IRA, but these accounts are set up by a small business owner, and usually permit larger contribution amounts.

And lastly, when you open a Roth IRA, you contribute after-tax dollars, the money grows tax-free, and you pay no tax on withdrawals.

All these types of accounts have their own set of rules on eligibility, contribution amounts and withdrawals.

For more information on retirement plans – give us a call today, or visit our website!

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

Ready to Shift Your Personal Experience of Money and Investing From a Scarcity to an Abundance Mode?

Are you ready to shift your personal experience of money and investing from a scarcity mode to an abundance mode…

Where you can live your life rather than obsess about your assets?
Scarcity means not enough. When you experience money in this mode, the outcome is doubt, regret, and often, fear.

Money frequently is felt to be a negative and frustrating thing to deal with.

In scarcity mode, no matter how much money you have, it’s never quite enough. Money is experienced as a painful event.

This is often felt after large unexpected portfolio losses.

By shifting your experience of money to an abundance mode, you’re now able to experience your wealth as more than enough.

This is the only question you must be able to answer “yes” to now, so that you may work with a coach to transform your investing experience from scarcity to abundance.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

How to Allocate Assets Within Your Portfolio When You Retire

If you’re nearing retirement, you may need to consider asset allocation in a different way. Be aware that asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. When you were younger, you may have invested in stocks and mutual funds for the growth and perhaps the diversification offered. You had time on your side. You invested for the long haul and could weather the ups and downs of the stock market.

But when you’re nearing or in retirement, the ground rules change. Losses are difficult to recover and your income stream could suffer just when you’re counting on it. Often, a balance between stocks and bonds is used because these investments usually move in opposite directions. This is where asset allocation comes into play. Because investments may go up and down, and your financial needs may vary, your planning must allow for contingencies. Various types of investments can help accomplish this.

By allocating investments for growth potential, guaranteed income, risk management, and taxes, we can develop a strategy to help you meet your financial goals. Please give us a call today to find out how you can allocate your assets for your retirement.

To find out more about how to use videos like this to attract your ideal client through digital marketing on the internet, click here

Financial Advisors,

On this Exclusive Live Webcast
You Will Discover…

  • How to Turn Current Clients into Raving Fans
  • How to Speed Up the Pace of Your Referrals
  • How to Multiply Your Results through the Internet Effortlessly
Grab Your Seat Now

Get Your Free Book
(Download a copy or have a paperback copy shipped to you)
JILL ADDISON
Founder, FA Client Machine
Author, 7 Steps to Video Marketing Success
Co-Creator, Turnkey Video System

Digital Marketing Expert.
Video Specialist.
Retired World Traveler (24 countries).
Philanthropist.
Future Real Estate Queen.
Devoted Wife.
Learner.

JAMES STEWART, CFP®
Co-Creator, Turnkey Video System

Certified Financial Planner ® (30+ years)
Internet Marketing Expert.
Social Security Workshop Presenter.
Dog-lover/Breeder.
Husband, Father, Grandfather.