Archive for FAQs

Is a Roth Conversion Right for Me?

Is a Roth Conversion Right for Me?

There is story after story about people who come into a bunch of money. Where problems can arise is when they don’t know what to do with it, they don’t understand the concept of money, and they don’t know how much they can safely spend. Simply put, there is no plan in place other than […]

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Posted in: Blog, Retirement, Financial Planning, Investment Management, Risk Management, Tax Planning, IRA, 401(k), FAQs

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What Does the New Tax Plan Mean for Investing?

What Does the New Tax Plan Mean for Investing?

What Does the New Tax Plan Mean for Investing? While much of the political fire and fury from Congress’ tax plan debate has settled, some of the economic smoke still lingers as financial analysts and private investors plot their way through the new $1.4 trillion law’s long-range ramifications. President Donald Trump signed the historic tax […]

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Posted in: Blog, Financial Planning, Investment Management, Market Commentary, Tax Planning, FAQs

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4 Pillars of Retirement Translated

4 Pillars of Retirement Translated

From time to time, a new prospect that I’m meeting with asks me what the 4 pillars of retirement are and how they relate to retirement planning. If you have listened to my radio show, then you know that the 4 pillars are the foundation that I have built my firm around. You see them […]

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Posted in: Blog, Retirement, Estate Planning, Financial Planning, Investment Management, Risk Management, Social Security Planning, Tax Planning, Insurance, FAQs

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When is My Social Security Break-Even Point?

When is My Social Security Break-Even Point?

The breakeven point for a single individual is a fairly simple calculation. The actuaries at the Social Security Administration designed the system so that a person living to the current life expectancy, based on the current mortality tables provided by the US government, will have received the same amount out of Social Security by everyone […]

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Posted in: Blog, Retirement, Financial Planning, Social Security Planning, FAQs

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Protecting Yourself from Scams After the Equifax Hack

Protecting Yourself from Scams After the Equifax Hack

By now you have probably heard about the Equifax data breach (if not, you can read more about it here) and if the fact that millions of people’s personal information was linked to heaven knows who isn’t bad enough, here is even more concerning news. Scams relating to this breach are now out in full […]

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Posted in: Blog, Financial Planning, Investment Management, Market Commentary, FAQs, Lifestyle

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Is Social Security Tax Free?

Is Social Security Tax Free?

A very common question we are asked at Barber Financial Group is if Social Security is tax free. The quick answer is: If the only income you have is Social Security you will not pay any taxes on your Social Security. However, If you have other sources of income you could be paying taxes on […]

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Posted in: Blog, Retirement, Financial Planning, Social Security Planning, Tax Planning, FAQs

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Equifax Breach Isn’t Just About the Risk to Your Credit Cards

Equifax Breach Isn’t Just About the Risk to Your Credit Cards

Identity theft has been a problem for years. Practically everyone knows of someone who has had their debit or credit card number compromised at some point. In the last few days, the latest news has been about the Equifax breach and the long-lasting implications of this fiasco. In case you haven’t heard, here’s a quick […]

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Posted in: Blog, Financial Planning, Investment Management, Market Commentary, FAQs, Lifestyle

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Will I Pay Taxes on My Inheritance?

Will I Pay Taxes on My Inheritance?

There are many different forms of inheritance. Some will carry a tax burden while others will not. When inheriting IRA money or money that is in any type of qualified retirement plan, the beneficiary will pay taxes when money comes out of these retirement plans. If properly structured, the beneficiary will have the ability to […]

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Posted in: Retirement, Financial Planning, Tax Planning, Family, FAQs, Lifestyle

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What’s the Difference Between Retirement Age and Social Security Claiming Age?

What’s the Difference Between Retirement Age and Social Security Claiming Age?

Many people believe that the date that they should claim Social Security is synonymous with the day that they retire. However, nothing could be further from the truth. Your Social Security claiming age date is based on law. The earliest claiming age for Social Security is 62. You will receive a reduced benefit of 75% […]

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Posted in: Blog, Retirement, Financial Planning, Tax Planning, FAQs, Lifestyle

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Should I Keep My Life Insurance?

Should I Keep My Life Insurance?

Life insurance has two basic purposes. The first purpose is to replace income that is lost from the person who passes away. The second one is designed to be a way to enhance the estate left behind for any beneficiaries. In regards to the first purpose, managing the risk of a premature death of either […]

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Posted in: Blog, Retirement, Financial Planning, Risk Management, Insurance, FAQs

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