Are You Impacted By the Social Security Earnings Test?

Submitted by John Cooney on Jun 20, 2019

Filing for Social Security and starting to receive your benefits can be a stressful decision for people to make.  One of the rules that taxpayers need to be aware of when choosing to decide when to file for their benefit is the Earnings Test.  This article will discuss the Earnings Test and provide some examples to help illustrate how the rule works and give you an idea of whether it will impact you or not.

Social Security, retirement, Taxes

Changes Are Coming With The TSP Modernization Act

Submitted by John Cooney on May 14, 2019

Changes are coming to the Thrift Savings Plan and that is a good thing!  Whenever I talk to someone with a TSP account, they are usually pretty positive with the exception of one area, withdrawals.  The TSP is behind most other defined contribution plans with regards to flexibility in withdrawal options.  Luckily the Thrift Savings Board recognized this and forwarded some proposed changes to Congress and in 2017 the TSP Modernization A

Thrift Savings Plan, military retirement, retirement, fee-only financial planner

Which Clients are a Good Fit for On-Going Comprehensive Financial Planning Service?

Submitted by John Cooney on May 7, 2019

Financial planners and the services they offer continue to evolve.  In the current financial planning environment, there are three main ways a financial advisor gets paid.  They can be paid a commission on a product they sell; they can be paid a fee based on a percentage of the assets they are managing for you (referred to as Assets Under Management or AUM); or they can charge a fee for comprehensive financial planning.  This last fee can be

fee-only financial planner, retirement, Taxes, personal finance, investing

Give Your TSP a Yearly Check-Up

Submitted by johnnyc2id on Apr 16, 2019

Your Thrift Savings Plan account is an important part of your retirement income plan.  As with most retirement accounts, a lot of the responsibility for success will be on you and how much time, energy, and of course money that you put in to making it successful.  This article will provide some suggestions on what you can do on a yearly basis to put yourself in the best position to succeed.

Thrift Savings Plan, FERS, retirement, military retirement, blended retirement system, fee-only financial planner

What Does Your Financial Planner Do For You?

Submitted by johnnyc2id on Mar 28, 2019

There are no shortage of people calling themselves financial planners or financial advisors, so as a consumer it can be tough to decide which one is right for you. In this article, I will talk about the different kinds of planners that are out there, why I chose to be a fiduciary, and finally what I as a financial planner can do for you.

fee-only financial planner, retirement, fiduciary, Taxes, investing, estate planning, risk management, insurance

Fixing Excess IRA Contributions

Submitted by John Cooney on Dec 17, 2018

As we move towards the end of the year, you should have a good idea of what your income for the year should be.  For those who have contributed to an IRA or a Roth IRA throughout the year, you will want to make sure that your final income does not make those contributions ineligible.  For the 2018 income phaseout limits for both traditional and Roth IRAs and the rules around them, please take a look at a

IRA, Roth IRA, Taxes, retirement

What To Do When You Inherit an IRA From Your Spouse

Submitted by John Cooney on Oct 29, 2018
Most married IRA account owners normally name their spouse as the beneficiary of the account. Unfortunately, we do not always prepare ourselves for what happens when that inheritance occurs, and the last thing you want to deal with when your spouse passes is your IRA. Hopefully, this article will help you understand what to do during this period where you may feel overwhelmed with your loss, so that you can help to secure your future.
retirement, IRA

Why the QBI May Make This A Good Year for You to Complete a Roth Conversion

Submitted by John Cooney on Oct 8, 2018

A key provision of the 2017 Tax Cuts and Jobs Act (TCJA), Section 199A, commonly referred to as the Qualified Business Income (QBI) deduction, allows non-C Corp business owners the opportunity to deduct a percentage of their net business income to lower their overall taxable income.  This deduction, when combined with the lower tax brackets put in place by the TCJA could make this the right time for you to do a Roth conversion.

Taxes, retirement, Roth IRA
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