Monday, September 17 2018

Start Your Year End Planning Now

It may seem as if the end of the year is very far away and that there is no need to start making end of the year financial plans as of yet. However, the reality is that the end of the year, and the activities which surround it are busy.  At times, with all the festivities going on, it becomes close to impossible to do anything sensible where financial planning…

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Monday, September 17 2018

The Executive Order on Retirement Savings

President Donald Trump signed an executive order Friday, August 31, that proposes asking for reviews on changing certain rules for tax-deferred retirement savings such as 401(k)s and individual retirement accounts, or IRAs. Trump signed the order during a scheduled visit to Charlotte, N.C., and asked the Treasury Department to review the rules for mandatory withdrawals from 401(k)s and IRAs. These mandatory withdrawals are better known as RMDs, and they are…

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Monday, September 3 2018

Charitable Giving And Retirement

The average individual can spend less during their retirement due to a budget. One exception can be giving to charitable causes. A study by the WPI or the Women’s Philanthropy Institute looked at the way households in America spent money as they retired. The study revealed both single women and married couples maintained the same level of giving to charities both prior to and after they retired. The charitable giving…

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Monday, August 27 2018

Retire Early, Tap Your 401k Early… Penalty?

The way we work and save for retirement has changed and the old rules no longer apply to every individual’s situation. There are many professionals with the resources to retire early, but continue working until retirement age just to avoid paying penalties to the IRS. However, there are ways to retire early that you might want to consider. You Can Pay the Penalty The most obvious solution is to bite…

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Sunday, August 19 2018

Top 5 Things You Could Spend Less On In Retirement

In retirement it’s not always about the money you have, it’s about how much you are spending.  As you prepare or revise your retirement plan, one of the most important steps that you can take is to ensure that your projected future budget is accurate. Any oversights or poor estimations can unfortunately lead to financial shortage in retirement. However, the flip side of this is that overestimating expenses may lead…

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Friday, August 10 2018

One Basket, All Eggs. Risky!

Achieving a high income and net worth is half the battle in the quest for financial security. The other half is trying to keep and grow your assets once you have them. While this latter half is perhaps a nice problem to have, it has been the cause of many a headache. One problem some people make is the proverbial “putting all of their eggs in one basket.”  In the…

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Monday, August 6 2018

Procrastinating; The Cost To Your Retirement

If you are like many other hardworking adults, you may find yourself periodically dreaming about what life will be like after you leave the workforce and enter retirement. Regardless of whether you plan to simply kick back and relax close to home or you have grand dreams of traveling frequently in retirement, you will need to have enough cash on hand to live on. Unfortunately, a report released by Financial…

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Sunday, July 29 2018

A 1035 Exchange, Know The Facts 

A common problem faced by insurance and annuity holders relates to a need to upgrade to a better financial option without paying taxes on gains earned on the old policy. There are many legitimate reasons for wanting to upgrade. AAFMAA recommends a 1035 exchange to accomplish this objective. A 1035 exchange has a complicated set of rules established by the tax code that must be followed to qualify this exchange…

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Monday, July 23 2018

Will Power: Should You Update Your Will and Estate Plan?

Everyone should have a will; it ensures that your loved ones will receive the assets you wish them to have in the event of your death. To be clear, a will is a legal document that states how you want your property to be distributed and to care for any minor children. To ensure that your wishes are carried out as stated by you, a will must be written and…

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Monday, July 16 2018

To Know The Road Ahead, Ask Those Coming Back

“To know the road ahead, ask those coming back” is the famous Chinese proverb although for this article it may be more fitting to say, to know the road ahead, ask those looking back. Everyone has different ideas of what it is like to retire. However, their ideas may be based solely on what they assume or what they have heard. The only way to know for certain is to…

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Our purpose is to assist individuals and families achieve their highest aspirations, and live life to their full potential as both individuals and contributors to the family. Helping clients navigate the difficult issues related to living well, minimizing taxation, efficiently transferring assets, and advocating worthy causes are the cornerstones of The Woodville Group, LLC.