Are Rollovers Taxed? Direct rollovers do not create a taxable event. A direct rollover occurs when your old plan administrator makes a direct payment to your new IRA or retirement plan. An indirect rollover occurs when the account balance is paid to you and you must deposit the balance in an IRA or new retirement… Continue reading When Does My Retirement Account Get Taxed?
Step 4 of the Financial Planning Process: Monitoring and Reviewing
The final step of the financial planning process is monitoring and reviewing. What Does Monitoring and Reviewing Involve? Monitoring and reviewing involves tracking your accounts, financial plan, and financial situation. We manage your accounts according to the investment guidelines that we set together and monitor cash levels. As your life changes, we will revisit your… Continue reading Step 4 of the Financial Planning Process: Monitoring and Reviewing
Step 3 of the Financial Planning Process: Implementing Your Strategy
After we review your financial plan, we will implement the strategy we have developed together. What Does Implementing Your Strategy Involve? First, we’ll assist you with opening and transferring accounts. We will begin investing or transitioning your accounts according to the plan we’ve created. Our investment decisions are based on the goals you share with… Continue reading Step 3 of the Financial Planning Process: Implementing Your Strategy
I Still Have a Retirement Account at an Old Company
Why Should I Rollover My Old Retirement Account? Generally, when you roll over an old retirement plan, you do not pay taxes until you withdraw funds from the new plan. Rolling over an old retirement plan typically allows the account to continue growing tax-deferred. If instead you choose to withdraw funds from an old retirement… Continue reading I Still Have a Retirement Account at an Old Company
What Is Medicare Advantage?
Medicare Advantage is an alternative to Medicare. Medicare Advantage is a bundled plan offered by private insurance companies that includes Medicare Part A, Part B, and typically Part D. If you have Medicare Advantage, you still have Medicare. What Is Covered Under Medicare Advantage? Medicare Advantage covers all services covered by Medicare. Some Medicare Advantage… Continue reading What Is Medicare Advantage?
Step 2 of the Financial Planning Process: Analysis and Recommendations
After we’ve learned about you, your family, and your goals in discovery, we begin to create your financial plan. What Does Analysis and Recommendations Involve? Your financial plan doesn’t just include your financial information; it is inclusive of all the information you provided in discovery. It is important that your financial plan paints a picture… Continue reading Step 2 of the Financial Planning Process: Analysis and Recommendations
What is Medigap?
What is Covered Under Medigap? Medigap helps to pay for costs not covered by Medicare, including copays, coinsurance, and deductibles. Some Medigap plans cover or partially cover healthcare services provided to individuals travelling outside of the United States. Medigap generally does not cover long-term care, vision services, dental services, hearing aids, eyeglasses, or private nursing… Continue reading What is Medigap?
What are the Contribution Limits for Simple IRAs for 2020?
Simple IRA contributions are made up two parts; an employee contribution and an employer contribution. As an employee, the most you can contribute to your Simple IRA in 2020 is $13,500 if you are under 50 years old. If you are over 50 years old, the amount increases to $16,500. The maximum contribution an employer… Continue reading What are the Contribution Limits for Simple IRAs for 2020?
What is Medicare Part D?
What is Covered Under Medicare Part D? Medicare Part D covers a variety of prescription drugs. Medicare Part D is an optional benefit for those with Medicare. Medicare Part D plans and Medicare Advantage Prescription plans specifically list which brand-name and generic prescription drugs they cover. For more information about what your Medicare Part D… Continue reading What is Medicare Part D?
Step 1 of the Financial Planning Process: Discovery
Everyone has a story and the objective of discovery is for us to learn yours. Discovery involves getting to know you—everything from your goals and dreams to your needs and concerns. What Does Discovery Involve? We start with the basics. We’ll ask about your family, details about where you work, and salary information, if applicable.… Continue reading Step 1 of the Financial Planning Process: Discovery