The Ballast Atheneum is a collection of our thoughts on the twelve most important topics in financial planning. Today, the focus is on Insurance. A fundamental job of a financial planner is to assist clients with retirement savings. How much do you need to save? Which account types should you use? Given multiple options, … Continued
Key Takeaways: You could be facing up to a 30% reduction in your PIA by taking Social Security retirement benefits at age 62. By waiting until age 70, your retirement benefits will be roughly 32% higher than your PIA. The breakeven for taking Social Security retirement benefits at age 70 compared to age 66 is … Continued
Key Takeaways: Your sources of income will change, but you will still owe taxes in retirement. In general, your principal (or “cost basis”) will be returned to you tax-free. A diversified portfolio protects in down markets and provides flexibility when planning for taxes. When you’ve spent your adult life working and saving, retirement … Continued
We are fortunate to have a very educated and knowledgeable client base, but we are consistently surprised by the myths and misconceptions clients and prospects bring to the conversation. Below I have listed my Top 7 Myths and Misconceptions About Retirement Savings; it is by no means a complete list but highlights the most common … Continued
With a task as important as funding your retirement, determining which accounts to fund and in what order should not be taken lightly. Whether it’s a company plan, individual retirement account or taxable account, there are a lot of ways to save for retirement. So how do you decide where to put each dollar you … Continued
As we meet with new families, we continually hear the same two questions: 1) are we making good decisions with the money we earn and 2) are we saving enough for retirement? These questions are typical whether a person is 35 years old or 55 years old. According to the Federal Reserve Bank of St. … Continued
We often joke that our job was created because of increasing life expectancies and pensions seldom being offered. Obviously, finance and investing has become more complicated and there are an ever-increasing number of investment vehicles and planning strategies we help our clients choose between. We also know there is great value placed in our ability … Continued
Changes are coming to the University of Kentucky retirement plan. To our many UK employee clients, we will be navigating these changes for you. If you are an employee at UK or know someone who is, this video is a great resource and explains the changes.
One day ahead of their holiday recess, Congress passed an appropriations bill that avoided a government shutdown. Tucked into that bill is a very significant piece of legislation that had sat dormant since June. The SECURE Act (Setting Every Community Up for Retirement Enhancement) has both a very aspirational name and bipartisan support. The support … Continued
As financial advocates and planners, we are typically the first to learn of a potential retirement. Most clients want to know if they are going to have enough money during retirement and how they will make their nest egg last for potentially 30+ years. This is our area of expertise and we pride ourselves in … Continued
