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.

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Financial Advisor Videos

*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 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.

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Impact of Inflation in Retirement

Video Transcript:

The medical profession refers to high blood pressure as the silent killer. In investing, the silent killer is INFLATION.

The minimum return on any retirement investment must be at least equal to inflation. Here’s why.

Suppose your retirement goal is to withdraw $90,000 per year from your IRA. To maintain your purchasing power you must adjust your withdrawal amount for the inflation factor.

That means that to get $90,000 per year at an inflation rate of 3%, your withdrawal amount in year 15 would be $140,217.

Are you on track to manage inflation during your retirement?
To learn more, give us a call today, or visit our website.

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Whiteboard Animated Videos for Financial Advisors

*Video Transcript*

The average American household debt is increasing. Some debt is good, but some debt is bad. Good debt includes borrowing for a home or college education. Good debt is often defined as debt that can help you generate additional income or increase your future net worth. Bad debt includes buying things you use that won’t generate money in the future, like a boat or a high priced car. Save up and buy these kinds of things with cash, not with debt. Set aside a certain amount of savings each month just for this purpose. Here are some other tips to help you control your debt. Always pay a bill when it’s due and don’t incur interest or late charges. Start paying off your most expensive debt first. For instance, if you’ve two credit cards and one has a higher interest rate, pay that one off first. Don’t fall into the monthly minimum payment trap. It will take many more years to pay it off. If you’re refinancing, just aim at reducing your interest rate and not consolidation of debt. Let us help you develop a debt management strategy as part of your overall investment plan. Give us a call today.

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Financial Advisor Marketing

*Video Transcript*

To keep your investment portfolio on target for financial goals, you want to balance risk and diversify your assets. That’s the purpose of asset allocation – the process of dividing your portfolio among major categories like cash, stocks and bonds. Historically, the returns of these three major asset categories have not moved up and down at the same time – so including a mix of these assets in your portfolio can protect against losses. There is no perfect formula for asset allocation – it differs with each individual depending on their risk tolerance and time horizon. Risk tolerance is the amount of your investment you’re willing, or able, to lose in exchange for greater possible returns. Risk tolerance is closely tied to time horizon, or the amount of time you have to invest. An investor saving to make a down payment on a home in 5 years might choose less risky investments than someone saving for retirement in 20 years. A longer time horizon allows more time to recover from loss. Asset allocation may be one of the most important investment decisions you make with your portfolio – call us today to learn more.

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Financial Advisor Videos

Baker Wealth Planning Group
505-900-370
www.BakerWPG.com

*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!

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Whiteboard Videos for Financial Advisors

Cypress Private Wealth
(888) 918-0608
www.Cypresspw.com

*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 – after that the entire amount is considered income, and subject to taxes. You could also face a 10% early withdrawal penalty, depending on your age. And, 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. The $2000 withheld counts as income taxes paid, but 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. 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.
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Is a Tax-Free Retirement Possible?

Video Transcript:

A question we’re commonly asked is, “Is it possible to drastically reduce taxes in retirement, or even eliminate them? It’s possible, but you must start planning before you retire.

Many people don’t realize that Traditional IRAs and 401(K)s are fully taxed upon withdrawal, so the key is to diversify your retirement income. You can do that by saving and investing in tax-advantaged and non-taxable accounts, such as a Roth IRA, while you’re still working.

Once you’re retired, it’s all about monitoring your adjusted gross income to control your tax bracket. You can limit the amount of taxable income you need to withdraw by pulling income from your tax-free accounts.

Also, by withdrawing from non-taxable accounts, instead of selling investments that trigger taxable income, you reduce the amount of your Social Security benefits subject to income tax.

To find out how you can reduce your taxes in your retirement years, call us, or visit our website today.

Watch our next webinar to discover how to use whiteboard videos like this to grow your financial advisory practice: http://www.FAClientMachine.com

Whiteboard Animated Videos for Financial Advisors

*Video Transcript*

The durable power of attorney is a legal document that allows a trusted person to act in your place if you’re incapacitated. If you are unable to act on your own due to accident or illness, they can step in to take action for you. They can pay bills, or control investments, or even make decisions about health care issues. Many people prefer to keep their medical and financial directives separate. The durable power of attorney is different from the power of attorney. The durable power remains in effect after you become incapacitated. The person acting for you is then called your agent. Your agent does not have to be a financial expert. They’re just someone you trust completely. They could even take care of daily things for you, like opening mail and making bank deposits. We believe everyone needs an estate plan and a durable power of attorney is one of the instruments you may want to consider as part of your plan. And be aware, if you do not make preparations for your future, the courts may have to make important decisions for you. Let us help you prepare for the future. Give us a call today.

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