Resource Library

Introducing Wishlife: Leaving a Lasting Legacy

Wishlife is an easily accessible family library that can be used to store photos, videos, and important documents that you would like to have as a part of your lasting legacy. Want to make sure that your grandchildren and their children and grandchildren know how you and your spouse met? Upload a video of you and your better half discussing how the first date occurred and what each person’s first impression was before falling in love.

7 Retirement Strategies to Retire Successfully

This list of strategies will hopefully give you a great place to start if you're getting ready to retire or just curious about preparing for retirement. Our goal is to provide you with simple yet effective retirement strategies that do not only focus on investment tactics or savings percentages. Instead, we hope to give you a toolbox of strategies for retirement with which you can combine to build the retirement of your dreams.

Why Spouses Should Be Planning for Retirement Together

Planning ahead is important, especially when it comes to retirement. However, many spouses planning for retirement don’t plan together. Instead, opting for one spouse to quarterback the retirement plan for the both of them. The problem with this game plan is that it takes two to tango, and it takes two to build a retirement that works for both parties. There are many reasons why spouses should be planning for retirement together, so let's discuss some of them.

Is the Stretch IRA Dead?

In December 2019, Congress passed the Setting Every Community Up for Retirement (SECURE) Act. One of the most significant changes is the elimination of the stretch provision for most beneficiaries of inherited retirement plans like IRAs and 401(k)s. What does this change mean for you? What opportunities does it present?

SECURE Act Changes Retirement Planning

In 2019, there was a lot of buzz about the Setting Every Community Up for Retirement or the SECURE Act. Early on, this bill had bipartisan support, unusual in today's political climate. The SECURE Act passed both chambers of Congress, and on December 20, 2019, was signed into law by President Trump. This single piece of legislation will have significant impacts on retirees and their beneficiaries. So, let's dive deeper and discuss how the SECURE Act changes retirement planning.

20 Things to Do Before You Retire in the 2020s

Well, here we are approaching the close of another decade. As many often do near the end of a milestone, we’re doing a countdown. However, this countdown isn’t looking back over the past decade, but rather forward toward the decade on the horizon. New decades often mean new goals, and for many, it’s likely the ultimate goal during our working years, retirement. 

National Estate Planning Awareness Week

National Estate Planning Awareness Week is upon us, going from October 21st to the 27th this year. So, what is National Estate Planning Awareness Week? Also, why do we need a national awareness week for estate planning? Let’s dig in and find out.

What is a Living Trust and Do I Need One?

Many use a living trust in their estate planning strategy. However, whether it’s right for you depends on your personal necessities, goals, and situation.

Cover Your Assets with an Estate Plan

We work hard to protect our wealth from many things while we’re alive. We try to avoid taking on too much investment risk. We try to avoid losing purchasing power to inflation over time. We have insurance policies in place to recover things we lose or to provide us...

Creating Generational Wealth

Estate lawyers in Kansas City and beyond have witnessed the demise of family wealth again and again.

What Happens to Debt When Someone Dies?

When a loved one passes away, most heirs are concerned about what will happen to their outstanding debt.

Navigating Toward Your Financial Independence Day

In July 1776 our founding fathers declared independence from the British Empire, and earlier this week we celebrated that great feat with our family and friends over backyard barbecue and colorful explosions in the sky.

Passing Down a Vacation Home

Wills and trusts administration lawyers often have the opportunity to work with local families who—in addition to planning for their regular home—also have a vacation home to take into consideration during the planning process.

Keeping the Family Wealth Going

You’ve brought them into the world, watched them grow, cared for their needs, spent money on their wants, and regardless of the fact that they are now adults, you still want to take care of your child(ren) once you are gone.

Paying for a Grandchild’s College

It’s the season of graduations and that means heading to your child or grandchild’s high school or college to watch them cross the stage beaming with accomplishment.

Are You Prepared for Mental Decline?

No one likes to think about cognitive decline in themselves or their loved ones. But, for many families, this is an incredibly important topic to address.

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.

Tips for Families Who Have Children with Special Needs

When beginning to build their families, few parents expect to have a child with special needs. However, the experience is surprisingly common and affects millions of people throughout the United States.

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.

What is Probate? Is it Bad?

Probate is the process of collecting your assets, paying your debts and taxes, and transferring the property owned by you, at your death, to your heirs. 

7 Retirement Strategies to Retire Successfully

This list of strategies will hopefully give you a great place to start if you're getting ready to retire or just curious about preparing for retirement. Our goal is to provide you with simple yet effective retirement strategies that do not only focus on investment tactics or savings percentages. Instead, we hope to give you a toolbox of strategies for retirement with which you can combine to build the retirement of your dreams.

Health Care Costs in Retirement

For those of you gearing up to retire within the next few years, you may be wondering how your health care costs in retirement might look. There are several factors at play. We’re going to dive those to give you a better understanding of your health care costs in retirement.

SECURE Act Changes Retirement Planning

In 2019, there was a lot of buzz about the Setting Every Community Up for Retirement or the SECURE Act. Early on, this bill had bipartisan support, unusual in today's political climate. The SECURE Act passed both chambers of Congress, and on December 20, 2019, was signed into law by President Trump. This single piece of legislation will have significant impacts on retirees and their beneficiaries. So, let's dive deeper and discuss how the SECURE Act changes retirement planning.

20 Things to Do Before You Retire in the 2020s

Well, here we are approaching the close of another decade. As many often do near the end of a milestone, we’re doing a countdown. However, this countdown isn’t looking back over the past decade, but rather forward toward the decade on the horizon. New decades often mean new goals, and for many, it’s likely the ultimate goal during our working years, retirement. 

What is Medicare Open Enrollment?

When it comes to government programs designed to help those who are retirement age, frequently Social Security reigns supreme. However, Medicare should be placed right beside Social Security in importance. Medicare is an excellent benefit to the aging American public and a great safety net for that age group. At the same time, without proper guidance, Medicare can also be a source of great frustration.

4 Questions to Ask About Long-Term Care

As you age, calculating the chances that you’ll need long-term care—and the associated costs—is incredibly important.

Navigating Toward Your Financial Independence Day

In July 1776 our founding fathers declared independence from the British Empire, and earlier this week we celebrated that great feat with our family and friends over backyard barbecue and colorful explosions in the sky.

Unexpectedly Alone

When someone loses their spouse and finds themselves unexpectedly alone, not only is it heartbreaking, it can be financially devastating.

Tips for Families Who Have Children with Special Needs

When beginning to build their families, few parents expect to have a child with special needs. However, the experience is surprisingly common and affects millions of people throughout the United States.

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.

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.

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.

What is Driving the Stock Market?

COVID-19, presidential elections, stimulus, and zero interest rates. What in the world is going on with the markets? Join me along with Bud Kasper, President of our Lee's Summit office, as we discuss what is driving the stock market.

What is ESG Investing?

With the increased demand for so-called “socially responsible” investments, investors have never had such a wide array of choices. If socially responsible investing is important to you, focusing your investments on ESG factors may be of interest. So what is ESG investing?

Is the Stock Market Overvalued?

The question of whether the stock market is overvalued is one that we field on an almost daily basis. The problem is, there are no easy answers. That's because there are so many methods used to measure valuations that, unless you understand them all, it's hard to form an opinion on which one is correct at any given point in time. Add in a personal bias towards a particular method, and you've really complicated the discussion.

Economic Activity and Our Recession Oppression

The National Bureau of Economic Research (NBER) officially announced in June that the U.S. economy is officially in a recession. The NBER committee determined that the peak in monthly economic activity occurred in February 2020. The peak marks the end of an expansion that began in June 2009. The expansion lasted 128 months, now the longest expansion in U.S. business cycles on record dating back to 1854.

June Stock Market is Showing Big Divergences

Last month, Jason newcomer, CFP®, and Financial Planner, and I discussed how we thought volatility was bound to creep back into the markets. As I write this article, the markets are now over 2000 points below where they peaked earlier in June. Today we'll discuss that big divergence in June stock market performance.

Is the National Debt Too High?

I can't count the number of times that, during a discussion about the economy with a client or a friend, the question of our national debt has come up. To a person, they're worried about how far in debt our country is to other countries, and how significant that debt is as a percentage of our Gross Domestic Product (GDP). 

7 Retirement Strategies to Retire Successfully

This list of strategies will hopefully give you a great place to start if you're getting ready to retire or just curious about preparing for retirement. Our goal is to provide you with simple yet effective retirement strategies that do not only focus on investment tactics or savings percentages. Instead, we hope to give you a toolbox of strategies for retirement with which you can combine to build the retirement of your dreams.

PPP Flexibility Act, Forgiveness Rules Change

On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act, or the PPP Flexibility Act (PPPFA), into law. The rule changes include extensions on deadlines and payroll requirement changes that impact loan forgiveness. These changes to the PPP (Paycheck Protection Program) loosen restrictions on forgiveness for borrowers.

Sequence of Returns: The Serious Consequences in Retirement

I'm guessing that most everyone has seen the movie Good Will Hunting. It starred Matt Damon as Will Hunting and the late great Robin Williams played the role of his psychiatrist Dr. Sean McGuire. You'll recall that Damon's character is a 20-year-old janitor from South Boston who was an unrecognized genius. To avoid jail time for assaulting a policeman, Will is invited into therapy with William's character by professor Gerald Lambou (played by Stellan Skarsgård).

Can We Trust May’s Market Recovery?

There are a lot of questions out there today. Can we trust May's market recovery? Is the worst behind us, or is there a second wave of a market down? Will we see the volatility come back? What about Coronavirus? Where's that headed? What's our economy going to do? Join me along with CERTIFIED FINANCIAL PLANNER® Jason Newcomer for this month's economic update.

CARES Act Retirement Account Distributions

Before the pandemic, people weren't allowed to withdraw money from their IRAs for purposes not related to their retirement. However, the CARES Act includes special provisions permitting coronavirus-related distributions and loans from retirement accounts.

Rebalancing Your Portfolio in a Falling Market

There is an almond-shaped part of our brains called the amygdala. This part of our brain processes environmental stimuli and helps identify things we would perceive as threatening, initiating our “fight-or-flight” response. This response is deeply ingrained in our DNA.

Who Do You LUV? Recovery Shapes

I'll explain my crazy article title, Who Do You LUV? Please note that I have underlined four letters in the title. Each of these letters, W, L, U, and V, suggests different types of economic outcomes that hopefully result in an economic recovery! Remember, an "economic recovery" suggests recovery for both the stock and bond markets as well.

Comparing COVID-19 to Previous Bear Markets

Today, Bud Kasper and I compare COVID-19 and previous bear markets, and what we think is coming down the road. We're starting with a very ugly chart in Figure 1. What we're looking at here is major indices on a year to date basis. You can see that most of the indexes are off of their lows for the year by a pretty substantial margin.

The PPP: The Paycheck Protection Program

The government passed the CARES Act with loans designed to help these small businesses stay financially open and also to continue to pay their employees during the stay-at-home orders. One of these loans is called The Paycheck Protection Program or as it’s commonly referred to as The PPP.

Lessons Learned from Coronavirus

Today we want to spend a little time talking about the potential good things that will come out of the COVID-19 pandemic and the sweeping attempts to deal with it, including the closure of a good portion of our economy for a brief period. Every cloud has a silver lining; we'll explore a few that we see coming out of this one.   

Black Swan Events: The Reality of Unexpected Volatility

The majority of Americans have probably never heard the term "Black Swan events," especially when used in the context of an economic event. So why are we writing an article about this thing called a Black Swan event? It's because Black Swan events create an unpredictable, negative, and many times...

Negative Interest Rates in the United States

Welcome to the Monthly Economic Update, today we're going to discuss negative interest rates in the united states, economic stimulus, and more. It's a doozy—lots of records broken, and things that we've never seen before. Bud Kasper is going to join me today. And while we're doing our social distancing, give you as much information as we can about what we're seeing what we're doing, what we're hearing, and what we think is ahead, enjoy.

Bond Market Rally: Low Treasury Yields & Oil Prices

On March 9, 2020, 11 years to the day from the bottom of the Financial Crisis in 2009, yields on treasury bonds went lower than they’ve ever gone in our nation’s history. By the close of business on the 9th, 10-Year treasuries were yielding 0.56%, and 30-Year treasuries were yielding 0.99%. These are unheard-of levels.

US Household Debt at Record Levels

US Household Debt last peaked in 2008 at $12.68 trillion. This came with housing debt peaking in the 3rd quarter and non-housing debt peaking in the 4th quarter. The US consumer then began a slow deleveraging process that lasted for nearly five years. Total US household debt bottomed out in the 2nd quarter of 2013 at $11.15 trillion. During that time, I and countless others wrote that the deleveraging would eventually help the consumer to rebound...

The SECURE Act’s 10-Year Rule

As you may be aware by now, the SECURE Act completely changed the rules for the beneficiaries of retirement accounts. Possibly the most significant change is the new 10-year payout rule, which essentially eliminated the ability to stretch the IRA over a beneficiary's lifetime. Here are ten things you need to know about the new 10-year rule. Here are the ten most important things you need to know.

Will The Coronavirus Financially Impact Me?

It seems like an annual event occurring every winter season—the latest virus epidemic ends up causing worldwide concern and, in some cases, panic. Some of you may remember the year that SARS was infecting people around the world. There's been Ebola, Bird Flu, and the list goes on and on. The media usually encourages fear by blasting pictures of hospital wards or people walking to work in masks.

Stock Market and Super Bowl Odds Similarities?

What can the Super Bowl oddsmakers in Las Vegas teach us about the stock market? I'm going to show you some strange similarities to what the oddsmakers in Vegas were thinking versus what the stock market was doing in January 2020. Alright, let's have a little bit of fun here for all you Chiefs fans. I'm a Chiefs fan, what a Super Bowl! The first chart I want to show you is from the oddsmakers in Las Vegas talking about the probability of San Francisco winning the Super Bowl.

Is the Stretch IRA Dead?

In December 2019, Congress passed the Setting Every Community Up for Retirement (SECURE) Act. One of the most significant changes is the elimination of the stretch provision for most beneficiaries of inherited retirement plans like IRAs and 401(k)s. What does this change mean for you? What opportunities does it present?

2019 Financial Year in Review

Stick with me as I look at the 2019 financial year in review and what we see coming for 2020. A near-record year for the stock market! Housing starts are way up and consumer confidence way up. There are a lot of great things that happened in the last quarter of 2019. I have to say; we're going to be sad to see it go.

20 Things to Do Before You Retire in the 2020s

Well, here we are approaching the close of another decade. As many often do near the end of a milestone, we’re doing a countdown. However, this countdown isn’t looking back over the past decade, but rather forward toward the decade on the horizon. New decades often mean new goals, and for many, it’s likely the ultimate goal during our working years, retirement. 

Economic News, Where is the Recession?

Hey economic news outlets, where is the recession? Stick with me for the next few minutes as I discuss economic news and the big question; where is the recession Alright, let's start with economic news, and I'm just going to cover a few articles and some headlines that came out since early November. As I write this, it's December 4, 2019, so we're a few days into December.

Presidential Elections and the Stock Market

As the year 2019 comes to a close and 2020, a presidential election year looms large on the horizon. I find myself answering the same question daily. The question is essentially this; "How will the Presidential Election affect the stock market?" And I know, as sure as I'm sitting here writing this article, the majority of you reading this want to know the same thing. 

Stock Market News versus Fundamentals

What do you think drives the stock market? Is it news headlines reporting on a rumor or a tweet causing stock market jumps and dips? Or is the market-driven more by its fundamentals (the underlying data behind the price of stocks)? I don't know that there is one correct answer to this question.

Sprint T-Mobile Merger: What it Means for Kansas City

The FCC approved the Sprint T-Mobile merger in a 3-2 vote on November 5, 2019. It’s a deal that’s been looming large over the KC Metro the past several months, and the impact on Kansas City has yet to thoroughly discussed. Let’s take a look at the merger, how it’s affecting Sprint, its employees, and Kansas City. 

Boeing 737 Max: Why Quality Control Matters

In March of this year, after 2 separate crashes killed a combined 346 people, the Boeing 737 Max was grounded. Details from the 2 incidents showed that they were both caused by the same issue…the MCAS, or maneuvering characteristics augmentation system malfunctioning. The MCAS is designed to keep the aircraft from stalling, by pushing the nose of the plane down.

The Rule of 72

How Long Does it Take for your Money to Double? If I had a penny for every time someone asked me how long it would take their money to double, I’d have…well…a lot of pennies. It’s an age-old question that everyone with money to save or invest wants the answer to. In today’s low-interest rate environment however, there is no easy answer. The rule of 72 can help you understand how long it will take your fixed interest investments to double, but we’ll discuss why the rule of 72 goes out the window when it comes to stock market investing.

Saudi Oil Attacks Impact on the Global Economy

If there is one thing retirees hate (and the markets as well), it's uncertainty! We received a heavy dose of uncertainty on September 14, 2019, at 4:00AM when an onslaught of more than two dozen Iranian made drones and low flying cruise missiles crippled Saudi Arabia's Aramco oil refinery.

Past Recessions & Recent Market Volatility

Today we’re going to go back by reviewing past recessions. We'll also be broadening the scope a little bit and taking long term look at the markets and market volatility over the course of the past year. We're then going to take a look at this yield curve. I have several different interesting charts to show you when it comes to this inverted yield curve.

Ultra-Long Treasury Bonds

Two years ago Treasury Secretary Steve Mnuchin took a look at the possibility of issuing ultra-long Treasury bonds with maturities between 50 and 100 years. The reason was to take advantage of the low-interest-rate environment and lock in extremely low borrowing costs.

Top 5 Things Investors Are Worried About Today

On August 26th of this year, sophisticatedinvestor.com released the results of a survey they conducted with 2,000 US investors. In the survey, respondents were asked which geopolitical or economic event they felt was most concerning where the health and safety of their investments were concerned. They surveyed men and women between the ages of 35 to 65+ from coast to coast. Here are the top 5 things investors are worried about today.

What Happens After a Yield Curve Inversion?

On August 14th, 2019 the Yield Curve between the 2-Year and 10-Year Treasury bond inverted for the first time since May 2007. This caused the stock market to sell-off, with the Dow Jones Industrial Average dropping more than 800 points. What happens after a Yield Curve Inversion? Why were the markets so spooked?

Market Volatility & the Yield Spread

Today we're going to cover the recent market volatility, interest rates, and the historical move in treasuries. Also, the yield spread between the Three-Month and the 10-Year Treasury. We're going to cover what's going on in the stock market, why I think it's happening, and a little bit on precious metals.

Mutual Funds and ETFs, Which is Right for Me?

I get this question a lot from clients – what’s the difference between mutual funds and ETFs (exchange-traded funds)? Both are investment funds that will generally provide you with some level of diversification. There are mutual funds and ETFs that invest in US stocks, non-US stocks, real estate, and gold. There are even funds that allow you to invest in more developing areas like cannabis and blockchain technology.

2020 Contribution Limits for Retirement Plans

We’re halfway through the year. Are you on track to maximize your retirement savings? Here are the 2020 contribution limits for retirement plans. Last year, the IRS increased the 2020 contribution limits for retirement accounts.

Economic Indicators and the Market

This month I'm going to bring you up to date for the quarter. I'll discuss economic indicators like interest rates so far this quarter, year-to-date, and over the last 12 months. We'll also take a look at the markets over the second quarter and cover a little about precious metals, consumer...

How Likely is the Fed to Cut Interest Rates?

The question of the day is, how likely is the Fed to cut interest rates in the near term? Their rhetoric has certainly picked up. Last year’s rate hike in December—seen by many as a “mistake” was a continuation of the normalization of monetary policy that began in 2016. This is in contrast to the Fed’s sharp about-face not two months later, where rate hikes were effectively put on pause.

Financial Planning Lessons from Chernobyl

HBO’s Chernobyl is a five-part mini-series that dramatizes the story about the nuclear disaster that took place in 1986 in northern Ukraine. It just wrapped up a few weeks ago. It was one of the best shows I’ve ever seen on TV. My wife, Lauren, and I were hooked from the start. Spoiler Alert! for those interested in seeing the show but haven't or are unaware of the events of Chernobyl.

10-Year Treasury and Market Volatility

One thing is for certain; May was an exciting month overall - we have some updates on the 10-year Treasury, tons of news, lots of talk about the trade war with China, lots of talk about this new trade tariff deal that Trump is threatening on Mexico, and the markets are in a turmoil for May.

US Stocks: Investing for Retirement

Today we’ll be looking at what is arguably the most discussed part of your investment portfolio, US stocks. If you missed the last two installments of our Investing for Retirement series be sure to check them out. They were on bonds and international stocks. Turn on CNBC (no financial planner has never said this phrase before, probably), and you’ll be updated every minute of the day as to how this asset class is performing in bright, bold numbers. If you get online, watch TV, or listen to the radio throughout the day...

Tariffs, Trade, and the Economy

Turn on any news outlet, or pick up any news publication today and you’re likely to see or read about the tariffs that the U.S. has recently imposed on goods imported from China. Most people covering this developing story refer to what’s going on as a trade war. And most oversimplify the situation

Qualified Charitable Distributions and Your Taxes

Let's talk about QCDs, qualified charitable distributions. Now, QCDs are something that's been around for a number of years - yet hasn't been talked about. However, thanks to the Tax Cuts and Jobs Act, it's really become something that is a windfall to a lot of people if they understand how to utilize the QCD.

Bear Markets and Your Retirement

Let's imagine that you are 60 years old, and you've saved well. You've got a good amount of money in your 401(k). You know that you're going to have your Social Security and your spouse is going to have their Social Security. You save some money outside the 401(k). You've enjoyed a good, nice run in the markets, and it's October of 2007. The bear markets of the Great Recession is around the corner.

Negative Interest Rates Around the Globe

We’re all used to the concept of earning interest on our money at the bank. We deposit money into a savings account, the bank pays us a nominal interest rate, and meanwhile, our principle (what we deposited) is safe. Oddly enough, however, negative interest rates exist and are in effect in the world today.

Interest Rates and the Yield Curve

Hi, I'm Dean Barber,  Founder, and CEO of Barber Financial Group. It's May 1st. Welcome to the economic update. Today we're reviewing a little bit about what the markets have done so far this year, where they're at today, and what's changed since the 4th quarter of 2018. We're going to discuss interest rates and the yield curve to give you an idea we are today. We'll talk about what we're thinking about the markets and what we're thinking about the economy. As well as what some of the indicators out there are telling us today.

Recessions and Bear Markets

According to JP Morgan, there have been 11 recessions in the US since the end of WWII. Recessions are defined as two consecutive quarters (6 months) of negative growth in gross domestic product or GDP. GDP is a measurement of our overall economic and business activity.

What is Yield Curve Inversion?

A recurring headline in financial media lately discusses something called the yield curve inversion. The yield curve has historically been a fairly accurate predictor of economic turmoil and recessions. In “normal” times...

The Yield Curve Inverted, What You Need to Know

You've probably heard the yield curve inverted, and we will cover that. But what I am going to review with you is critical so you understand what's happening in the world of money. Not just in the world of the stock market. We're going to spend some time looking at the history of the bond...

DIY Your Retirement, Can it Really Be Done?

There are thousands of online resources and books that claim to teach you how to DIY (do-it-yourself) your retirement. But is it really possible and does it work?

End of the Great Recession Was 10 Years Ago

I want to start by saying, happy anniversary to the 10th anniversary of the official end to the Great Recession. Of course, we only know now because it's all in the rearview mirror that the stock market hit its all-time low March 9, 2009, after falling 56% from its peak in October of 2007.

GDP Growth and Interest Rates

Many people might think that spring is here in the markets. Well, I'm going to give you a reality check today on everything that's been going on in the markets.

How Do My Investments Affect My Taxes?

The relationship between investments and taxes is perhaps one of the most overlooked areas of retirement planning. Decisions that are made on the investment side of your retirement plan will most likely have some type of impact on your tax return. Typically an investor will have three different tax buckets that they can...

Fed Reacted to Market Tantrums

Something interesting happened yesterday. I don’t know if you have ever experienced it or not, but perhaps you have seen a child that doesn’t get his or her way and they throw a temper...

What’s Causing the Negativity?

Let’s start with the fact that we haven’t seen the type of volatility that we’re seeing today in 11 years. It’s been since the 4th quarter of 2007 when the sub-prime crisis began to rear its ugly head and just before the Great Recession.

You Can Save More Money in Your IRA in 2019

Saving for retirement? Then we’ve got some good news. The IRA contribution limit will increase to $6,000 in 2019, up from $5,500 in 2018. Even better news for some, if you’re over 50 in 2019 you’ll be able to contribute $7,000, as compared to $6,500 in 2018.

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.

Was this October Signaling the Next Bear Market?

This last month has been a pretty typical October. Two of the last three major bear markets have begun in the month of October and so many people are asking, “Was this October the signal of the next bear market to come?”

Women Navigating to Financial Success

What do women want when it comes to their financial future?

Strong Economy & Interest Rate Effects

It’s October 3rd as of writing this, and we’re officially into Fall. It’s been a hot summer for the markets with most of the major indices trading at record highs, with a few exceptions.

Interest Rates and the Stock Market

We’ll go over what’s gone on in the last four or five weeks and what we anticipate is coming for the balance of the year.

Volatility & July GDP

Welcome to the Monthly Economic Update, I hope everyone had a great month and spent some time with their families.

Navigating Toward Your Financial Independence Day

In July 1776 our founding fathers declared independence from the British Empire, and earlier this week we celebrated that great feat with our family and friends over backyard barbecue and colorful explosions in the sky.

Interest Rates & Trade Wars

Welcome to the Monthly Economic Update for the month of June 2018. It’s June 27th as of the day I’m writing this article. Today, the stock market reversed a 285-point gain and as of this writing we’re down about 125 points on the Dow.

How Interest Rates & Valuations are Affecting the Markets

As of today, the markets are down pretty substantially with President Trump writing a letter to Kim Jong-un putting the talks with North Korea on hold indefinitely.

Spotting Email Phishing Scams

For some, spotting email phishing scams is a part of daily life. You check your email, see something that’s off in an email, and delete it shrugging it off as another attempt to get your personal data.

What is Causing All of the Volatility?

I want to do a few things today. I want to talk about what is causing all of the volatility so far this year, what happened in April, and then I’ll give my outlook for the balance of the year.

Taking Advantage of Stretch IRAs

If you weren’t already aware, a huge benefit of an IRA is its capability to generate tax-favored money to beneficiaries.

Q1 2018 Review and Q2 Outlook

Volatility, which was notable by its absence in 2017, came back with a vengeance in Q1 of 2018.

March Markets Were Like a Rollercoaster

March markets were like a rollercoaster and if you don’t like rollercoasters, the month of March was not much fun for you. In fact, the whole first quarter of the year wasn’t a lot of fun if you don’t enjoy ups and downs in the market. There’s not many who do.

Talking to Your Spouse About Money

Have you ever had trouble talking to your spouse about money, or more specifically, the purpose of your money in life?

Wage Inflation & A Volatile February

Well, I could be really sensational and say this is the worst February since 2009 and that's true.

Determining Tax on Roth IRA Distributions in 5 Easy Steps

What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.

Stock Market Update with Dean Barber

There’s no doubt that this week on Wall Street has been tumultuous.

2017 Year in Review & Looking Ahead at 2018

Let’s make this an annual update and talk about risk and reward. We are now far into the second longest bull market in history.

No More Roth IRA Do-Overs Under the New Tax Bill

Now that the Senate and the House of Representatives have both passed versions of the new tax reform law, one of the things that got the ax was Roth IRA recharacterizations after December 31, 2017.

The Importance of Diversification

It’s December 4th as we record this and what an interesting month we had in the month of November.

End the Year on a Financial High Note

The holiday season is around the corner, and with the busy days ahead, 2018 will be here before you know it.

Fixing a Missed RMD in 5 Easy Steps

What is a missed RMD (required minimum distribution)? RMDs must be taken by IRA owners beginning in the year they turn age 70 ½ and by IRA...

Tax Reform Proposal Finally Unveiled

Note: After weeks of discussion, disagreements, and postponements, the House announced their plan for tax reform yesterday, November 2, 2017.

The Strangest October & Good Market Performance

Here we are in November. We just experienced literally the strangest October that I have seen in my 30 years in this industry.

Important Read: Is the World Getting Worse?

It’s our pleasure to bring you an article from a man we had the pleasure to meet and hear speak at a TD Ameritrade conference a few years ago, Mr. Peter Diamandis.

Tips for Families Who Have Children with Special Needs

When beginning to build their families, few parents expect to have a child with special needs. However, the experience is surprisingly common and affects millions of people throughout the United States.

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.

The Least Volatile September in Recent Market History

We’re in the early days of October and September was a surprising month by many standards. It was one of the least volatile Septembers we have seen in recent market history.

The High Cost of Divorcing Later in Life

Divorce is rarely easy. Most of the time, it is one of the hardest things to go through in life regardless what age you and your spouse are.

Protecting Yourself from Scams After the Equifax Hack

By now you have probably heard about the Equifax data breach 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.

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.

Is the Economy Slowing Down?

It’s September, after a long Labor Day weekend, hope everybody had a nice time and was able relax and enjoy your family. August turned out to be an interesting month.

Interest Rates Stay Low Despite Hikes by The Fed

July was an interesting month. The old theory of “Sell in May and go away” would not have worked so well this summer.

Is there More to the Record Stock Markets?

Here we are, summer in full swing. On the economic front, we had a pretty light calendar in the month of June. We did see some positive things happen.

Important Information Regarding the Newly Enacted DOL Rule

Regardless if you are a financial news junkie or simply a 10 o’clock evening news viewer, chances are you’ve heard about the new DOL rule that went into effect June 9th, 2017.

Interest Rates Come Down in May, but it’s Not What You Think

Welcome to June and welcome to Summer, it’s almost here. So, from an economic perspective May was pretty boring, not a lot of exciting things happened during the month and I think that’s a good thing.

Invest Lifestyle Expenses in Memorable Experiences

Financial envy is even more of a thing now than it was back in 1913 when cartoonist Arthur R. “Pop” Momand debuted the comic strip “Keeping Up with the Joneses,” which centered on the misadventures of Aloysius P. McGinnis and his family, who were always trying to keep up with their never-seen neighbors, the Joneses.[1]

Simple Tips for Ramping Up Your Retirement Savings

No matter where you are in your life, saving for retirement is likely one of your most important financial goals. But, even if you have professional guidance and a clear strategy for your desired future, you could still be missing some straightforward ways to maximize your savings.

Markets Counting on Trump Tax & Economic Plans

Not a lot really happened in the month of April, except for the fact that we had some really good corporate earnings out. We had a confirmation that first quarter GDP was subpar at best, however, better than last years zero rate.

What is ESG Investing?

With the increased demand for so-called “socially responsible” investments, investors have never had such a wide array of choices. If socially responsible investing is important to you, focusing your investments on ESG factors may be of interest. So what is ESG investing?

Interview with Dr. Laura Lile, M.D., R.PH.

What if there was a way that you could prevent COVID-19? Join me and Bud Kasper as we interview special Guest Dr. Laura Lile, M.D., R.PH. about how you can boost your immune system to potentially reduce your risk of contracting COVID-19.

The Importance of Tax Planning

According to a recently released survey by Nationwide Retirement Institute, 39% of retirees surveyed "rarely consider the taxes they are paying or will pay in retirement." However, 90% of respondents report feeling in control of the retirement planning process, and 92% of future retirees feel they are financially ready for retirement. While confidence may be high, that 39% not considering taxes are woefully mistaken.

7 Retirement Strategies to Retire Successfully

This list of strategies will hopefully give you a great place to start if you're getting ready to retire or just curious about preparing for retirement. Our goal is to provide you with simple yet effective retirement strategies that do not only focus on investment tactics or savings percentages. Instead, we hope to give you a toolbox of strategies for retirement with which you can combine to build the retirement of your dreams.

Father’s Day Reflections

This Father's Day, we decided to have some of the fathers here at Barber Financial Group reflect on their experiences. From relationships with their fathers and grandfathers to sacrifices and rewards of fatherhood, it's experiences like these that mold us. 

PPP Flexibility Act, Forgiveness Rules Change

On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act, or the PPP Flexibility Act (PPPFA), into law. The rule changes include extensions on deadlines and payroll requirement changes that impact loan forgiveness. These changes to the PPP (Paycheck Protection Program) loosen restrictions on forgiveness for borrowers.

Sequence of Returns: The Serious Consequences in Retirement

I'm guessing that most everyone has seen the movie Good Will Hunting. It starred Matt Damon as Will Hunting and the late great Robin Williams played the role of his psychiatrist Dr. Sean McGuire. You'll recall that Damon's character is a 20-year-old janitor from South Boston who was an unrecognized genius. To avoid jail time for assaulting a policeman, Will is invited into therapy with William's character by professor Gerald Lambou (played by Stellan Skarsgård).

3 Ways Retirement Planning is Like BBQ Ribs

You may be asking yourself right now, "What in the world could ribs have to do with retirement planning?" And I don't blame you for wondering. It's weird enough to see both things in the same sentence, let alone in the title of an article. Well, here's the thing; I recently purchased myself a new charcoal grill and have been working on perfecting my ribs. I'm learning a lot about patience, balance, timing, and, most of all, the juicy, delicious reward of a carefully prepared rack of ribs.

Can We Trust May’s Market Recovery?

There are a lot of questions out there today. Can we trust May's market recovery? Is the worst behind us, or is there a second wave of a market down? Will we see the volatility come back? What about Coronavirus? Where's that headed? What's our economy going to do? Join me along with CERTIFIED FINANCIAL PLANNER® Jason Newcomer for this month's economic update.

Retirement Planning and Mountain Biking

Yes, you did read the title correctly. I'm sure you probably have a lot of questions like, why are we talking about mountain biking and retirement planning in the same sentence? Or why are we talking about mountain biking at all?

CARES Act Retirement Account Distributions

Before the pandemic, people weren't allowed to withdraw money from their IRAs for purposes not related to their retirement. However, the CARES Act includes special provisions permitting coronavirus-related distributions and loans from retirement accounts.

Interview with a Hospital CEO During COVID-19

Dean interviews his brother Eric Barber, the CEO of Mary Lanning Hospital in Hastings, Nebraska, in this glimpse inside the operations of a rural midwest hospital amidst the COVID-19 outbreak.

Who Do You LUV? Recovery Shapes

I'll explain my crazy article title, Who Do You LUV? Please note that I have underlined four letters in the title. Each of these letters, W, L, U, and V, suggests different types of economic outcomes that hopefully result in an economic recovery! Remember, an "economic recovery" suggests recovery for both the stock and bond markets as well.

The PPP: The Paycheck Protection Program

The government passed the CARES Act with loans designed to help these small businesses stay financially open and also to continue to pay their employees during the stay-at-home orders. One of these loans is called The Paycheck Protection Program or as it’s commonly referred to as The PPP.

Stimulus Check — Answers to Your Questions

The Coronavirus Aid, Relief, and Economic Security, or CARES Act, was signed into law on March 27, 2020. Millions of Americans will receive an Economic Impact Payment, also known as a stimulus check, from the federal government as part of this Act.

Lessons Learned from Coronavirus

Today we want to spend a little time talking about the potential good things that will come out of the COVID-19 pandemic and the sweeping attempts to deal with it, including the closure of a good portion of our economy for a brief period. Every cloud has a silver lining; we'll explore a few that we see coming out of this one.   

How Seniors Overcome Social Isolation During Coronavirus

During the unprecedented global events of the coronavirus/COVID-19 pandemic, we've seen many examples of how seniors are overcoming social-Isolation. Here are a few ways that they're beating isolation during quarantine and why it is so crucial to stay connected.

CARES Act Update: $2 Trillion in Relief

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was passed and enacted on March 27, 2020. Created in direct response to the coronavirus and COVID-19 pandemic sweeping across the nation, it's a $2 trillion package. This massive relief package includes new tax credits for individuals, small business loans, and new rules surrounding retirement accounts, student loans, and unemployment benefits.

Negative Interest Rates in the United States

Welcome to the Monthly Economic Update, today we're going to discuss negative interest rates in the united states, economic stimulus, and more. It's a doozy—lots of records broken, and things that we've never seen before. Bud Kasper is going to join me today. And while we're doing our social distancing, give you as much information as we can about what we're seeing what we're doing, what we're hearing, and what we think is ahead, enjoy.

Bond Market Rally: Low Treasury Yields & Oil Prices

On March 9, 2020, 11 years to the day from the bottom of the Financial Crisis in 2009, yields on treasury bonds went lower than they’ve ever gone in our nation’s history. By the close of business on the 9th, 10-Year treasuries were yielding 0.56%, and 30-Year treasuries were yielding 0.99%. These are unheard-of levels.

Health Care Costs in Retirement

For those of you gearing up to retire within the next few years, you may be wondering how your health care costs in retirement might look. There are several factors at play. We’re going to dive those to give you a better understanding of your health care costs in retirement.

Coronavirus Update: What You’re Not Hearing on the News

The longer coronavirus drags on, the more frustrated I become with the mass media and their inability or unwillingness to report on it with any modicum of décor. Instead, it's the same old, "if it bleeds it leads" mentality for which they have become so disliked.

US Household Debt at Record Levels

US Household Debt last peaked in 2008 at $12.68 trillion. This came with housing debt peaking in the 3rd quarter and non-housing debt peaking in the 4th quarter. The US consumer then began a slow deleveraging process that lasted for nearly five years. Total US household debt bottomed out in the 2nd quarter of 2013 at $11.15 trillion. During that time, I and countless others wrote that the deleveraging would eventually help the consumer to rebound...

Coronavirus, the Markets, and the Economy

You need to understand what's going on with Coronavirus. You need to know how it's impacting the markets. Strange things are happening in the bond market, and the yield curve has inverted up to the One-Year Treasury. The Two-Year Treasury is not quite there yet. Today we're going to do things a bit differently with Jason Newcomer, one of our CERTIFIED FINANCIAL PLANNERS® joining me today. 

The SECURE Act’s 10-Year Rule

As you may be aware by now, the SECURE Act completely changed the rules for the beneficiaries of retirement accounts. Possibly the most significant change is the new 10-year payout rule, which essentially eliminated the ability to stretch the IRA over a beneficiary's lifetime. Here are ten things you need to know about the new 10-year rule. Here are the ten most important things you need to know.

Paying for Your Child’s Wedding Costs

There are few things more exciting than learning about your child's engagement. Sometimes, that news can come as a big surprise, like in this clip from Father of the Bride. Hopefully, that surprise eventually comes as a delight to you and your family. That delight can quickly turn into stress once it is time to discuss your child's wedding. Paying for your child's wedding costs will come later in your career when retirement saving is critical. That's why it's crucial to have a solid plan, so you can avoid derailing your retirement.

Will The Coronavirus Financially Impact Me?

It seems like an annual event occurring every winter season—the latest virus epidemic ends up causing worldwide concern and, in some cases, panic. Some of you may remember the year that SARS was infecting people around the world. There's been Ebola, Bird Flu, and the list goes on and on. The media usually encourages fear by blasting pictures of hospital wards or people walking to work in masks.

Financial Independence: Am I Already There?

Financial independence can be defined as the day your money goes to work for you instead of you working for your money. Achieving financial independence means you never have to work another day in your life you don't choose to. It means you have the freedom to devote your time to the people, causes, and things you care deeply about, rather than your job.

Why Spouses Should Be Planning for Retirement Together

Planning ahead is important, especially when it comes to retirement. However, many spouses planning for retirement don’t plan together. Instead, opting for one spouse to quarterback the retirement plan for the both of them. The problem with this game plan is that it takes two to tango, and it takes two to build a retirement that works for both parties. There are many reasons why spouses should be planning for retirement together, so let's discuss some of them.

Stock Market and Super Bowl Odds Similarities?

What can the Super Bowl oddsmakers in Las Vegas teach us about the stock market? I'm going to show you some strange similarities to what the oddsmakers in Vegas were thinking versus what the stock market was doing in January 2020. Alright, let's have a little bit of fun here for all you Chiefs fans. I'm a Chiefs fan, what a Super Bowl! The first chart I want to show you is from the oddsmakers in Las Vegas talking about the probability of San Francisco winning the Super Bowl.

Hail to the Chiefs!

After a 50 year hiatus, the Kansas City Chiefs have finally made it back to the pinnacle of football as they prepare to play the champions of the NFC, the San Francisco 49ers in Super Bowl LIV (54) this Sunday at Hard Rock Stadium in Miami Beach. For fans and players alike, it has been a long and many times arduous campaign that finally became a reality with the Chief’s win over the Tennessee Titans 35 to 24.

Is the Stretch IRA Dead?

In December 2019, Congress passed the Setting Every Community Up for Retirement (SECURE) Act. One of the most significant changes is the elimination of the stretch provision for most beneficiaries of inherited retirement plans like IRAs and 401(k)s. What does this change mean for you? What opportunities does it present?

Retirement Age: Risks You Can’t Control

We regularly talk about controlling risk where you can. However, today I want to address some issues with retirement age and risks that you can't control. There are lots of risks that you can't control, not just in retirement, but in life. The only thing we can do about those risks is to ask the question "what-if?" Then make a plan to address that potential outcome. The risk is still there, but if you've made a contingency plan for its possible occurrence. By doing so you've mitigated its effect on you and/or your family.

SECURE Act Changes Retirement Planning

In 2019, there was a lot of buzz about the Setting Every Community Up for Retirement or the SECURE Act. Early on, this bill had bipartisan support, unusual in today's political climate. The SECURE Act passed both chambers of Congress, and on December 20, 2019, was signed into law by President Trump. This single piece of legislation will have significant impacts on retirees and their beneficiaries. So, let's dive deeper and discuss how the SECURE Act changes retirement planning.

Politically Motivated News

A quick google search for politically motivated news will yield you roughly 40,300,000 results in (on my computer) 0.51 seconds. First of all, it’s nothing short of a modern miracle that 40 million results are available in half a second. That’s staggering. More importantly, it’s incredible there are 40 million pieces on politically motivated news floating around on the web. 

2019 Financial Year in Review

Stick with me as I look at the 2019 financial year in review and what we see coming for 2020. A near-record year for the stock market! Housing starts are way up and consumer confidence way up. There are a lot of great things that happened in the last quarter of 2019. I have to say; we're going to be sad to see it go.

20 Things to Do Before You Retire in the 2020s

Well, here we are approaching the close of another decade. As many often do near the end of a milestone, we’re doing a countdown. However, this countdown isn’t looking back over the past decade, but rather forward toward the decade on the horizon. New decades often mean new goals, and for many, it’s likely the ultimate goal during our working years, retirement. 

Economic News, Where is the Recession?

Hey economic news outlets, where is the recession? Stick with me for the next few minutes as I discuss economic news and the big question; where is the recession Alright, let's start with economic news, and I'm just going to cover a few articles and some headlines that came out since early November. As I write this, it's December 4, 2019, so we're a few days into December.

Presidential Elections and the Stock Market

As the year 2019 comes to a close and 2020, a presidential election year looms large on the horizon. I find myself answering the same question daily. The question is essentially this; "How will the Presidential Election affect the stock market?" And I know, as sure as I'm sitting here writing this article, the majority of you reading this want to know the same thing. 

2019 Year-End Tax Planning for Retirees

Year-end tax planning is the perfect opportunity to review your tax situation for the year. This task allows you to identify opportunities that may be available to you to lower taxes over your lifetime. Many people take the short-term perspective, thinking they want to pay the least amount of tax possible this year. They fail to consider the long-term perspective of taxes. This short-term perspective may cause them to pay more taxes over their lifetime. There are steps that you should take now to ensure you do not miss out on any year-end tax planning opportunities

Sprint T-Mobile Merger: What it Means for Kansas City

The FCC approved the Sprint T-Mobile merger in a 3-2 vote on November 5, 2019. It’s a deal that’s been looming large over the KC Metro the past several months, and the impact on Kansas City has yet to thoroughly discussed. Let’s take a look at the merger, how it’s affecting Sprint, its employees, and Kansas City. 

US Manufacturing is in Recession

Today I'm going to cover the good and the bad in what's going on with the economy. We're going to cover the US manufacturing industry and how it's heading toward recession, the non-manufacturing industry, and a more normalized yield curve compared to what we've been talking about in previous Monthly Economic Updates. We'll also be covering the stock market and earnings as it pertains to forward-looking earnings in the markets.

Active Versus Passive Management

The active versus passive management debate has been with us for a long time, going back almost to the issuance of the first ETF in the U.S. in 1993. When they were first issued, ETFs were used almost exclusively by institutional investors to execute sophisticated trading strategies. However, it wasn’t long until financial advisors, and individual investors took to them as well.

The Interest Rate Environment

Today we're going to cover some interesting things happening in the interest rate environment. We will cover the International Monetary Fund (IMF) and their outlook for the global economy over the next 12 to 18 months, what the markets are doing, and a little about earnings. And to round it all out, we will discuss the change in the yield curve.

Unemployment Rate at 50 Year Low: Why it Matters

On October 4th the Bureau of Labor Statistics released its monthly Employment Situation Report. The data showed the Unemployment Rate in the US had fallen to 3.5%, a low not seen since December of 1969. That is great news for our economy, as it means there’s plenty of work to go around. The report also showed the Labor Force Participation Rate held steady at 63.2% overall, and at 82.6% for adults aged 25-54.

Negative Interest Rates In the US

There has been a lot of talk recently about negative interest rates in the US. In fact, you can’t turn on your television, computer, or phone without seeing some story about negative interest rates. The problem is that none of, or very few of these stories, actually take the time to educate their listeners/readers. You get a soundbite or a 300-word article that's supposed to arm...

Top 5 Things Investors Are Worried About Today

On August 26th of this year, sophisticatedinvestor.com released the results of a survey they conducted with 2,000 US investors. In the survey, respondents were asked which geopolitical or economic event they felt was most concerning where the health and safety of their investments were concerned. They surveyed men and women between the ages of 35 to 65+ from coast to coast. Here are the top 5 things investors are worried about today.

What Happens After a Yield Curve Inversion?

On August 14th, 2019 the Yield Curve between the 2-Year and 10-Year Treasury bond inverted for the first time since May 2007. This caused the stock market to sell-off, with the Dow Jones Industrial Average dropping more than 800 points. What happens after a Yield Curve Inversion? Why were the markets so spooked?

What is a Living Trust and Do I Need One?

Many use a living trust in their estate planning strategy. However, whether it’s right for you depends on your personal necessities, goals, and situation.

Market Volatility & the Yield Spread

Today we're going to cover the recent market volatility, interest rates, and the historical move in treasuries. Also, the yield spread between the Three-Month and the 10-Year Treasury. We're going to cover what's going on in the stock market, why I think it's happening, and a little bit on precious metals.

Mutual Funds and ETFs, Which is Right for Me?

I get this question a lot from clients – what’s the difference between mutual funds and ETFs (exchange-traded funds)? Both are investment funds that will generally provide you with some level of diversification. There are mutual funds and ETFs that invest in US stocks, non-US stocks, real estate, and gold. There are even funds that allow you to invest in more developing areas like cannabis and blockchain technology.

Equifax Settlement, What it Means for You

Were you one of the millions of people whose information was exposed in the September 2017 Equifax breach? If so (or even if you aren’t sure yet), you may be eligible for compensation.

What is the SECURE Act?

There’s a piece of legislation in discussion widely in the news that will have major impacts on your retirement savings. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is not only a reminder that our elected officials are great at coming up with acronyms, but it’s also a bill that has bipartisan support.

2020 Contribution Limits for Retirement Plans

We’re halfway through the year. Are you on track to maximize your retirement savings? Here are the 2020 contribution limits for retirement plans. Last year, the IRS increased the 2020 contribution limits for retirement accounts.

529 Plan: Saving for Education Expenses

Using a 529 Plan to Save for Your Children’s and Grandchildren’s Education Expenses

For a little more than two decades, people with ambitions of paying for their loved one’s college education have been able to set aside money into tax-favored accounts.

Economic Indicators and the Market

This month I'm going to bring you up to date for the quarter. I'll discuss economic indicators like interest rates so far this quarter, year-to-date, and over the last 12 months. We'll also take a look at the markets over the second quarter and cover a little about precious metals, consumer...

How is My Retirement Income Taxed?

It depends. If you have been saving for your retirement by using tax-deferred accounts such as traditional IRA, 401(k), etc. Uncle Sam’s buddies at the IRS will demand a chunk of any withdrawal that you make. Pension payments are most likely subject to federal income tax too. If this weren’t depressing enough, your Social Security benefits may be taxed also.

What is a QCD? Qualified Charitable Distribution

For those of you who are charitably inclined, and have an IRA (Individual Retirement Account) or 401(k), or another type of retirement plan, you may want to know more about a qualified charitable distribution (QCD). A QCD may be used by owners of retirement accounts who are at least 70 ½ years of age. A QCD provides tax benefits to the account owner that they may not have been eligible for prior to reaching the age of 70 ½.

How Likely is the Fed to Cut Interest Rates?

The question of the day is, how likely is the Fed to cut interest rates in the near term? Their rhetoric has certainly picked up. Last year’s rate hike in December—seen by many as a “mistake” was a continuation of the normalization of monetary policy that began in 2016. This is in contrast to the Fed’s sharp about-face not two months later, where rate hikes were effectively put on pause.

New Retirement Bill, the SECURE Act

JoAnn Huber, our CPA, learned about a fascinating new retirement bill that has passed the House and is likely to pass the Senate because it is believed that only six senators today are against it. So, it’s likely to become law. To set the stage, this new retirement bill could impact tax law.

Financial Planning Lessons from Chernobyl

HBO’s Chernobyl is a five-part mini-series that dramatizes the story about the nuclear disaster that took place in 1986 in northern Ukraine. It just wrapped up a few weeks ago. It was one of the best shows I’ve ever seen on TV. My wife, Lauren, and I were hooked from the start. Spoiler Alert! for those interested in seeing the show but haven't or are unaware of the events of Chernobyl.

Happiness and Your Financial Life

I want to walk you through the importance of building a personal financial plan. But before I get to that, I want to talk to you about some interesting statistics on happiness.

Social Security Trust Fund in the News Again

You're probably aware that there are numerous issues surrounding the Social Security Trust Fund, and its ability to pay benefits into the future. Just this past April, the annual Social Security Trustees’ report pegs the trust fund to be depleted by 2035. There’s been a lot of talk about “fixes” for the system.

Taxes in Retirement

It's the things that you think you know about, that just isn't so that gets you in trouble, and taxes in retirement is one of those things. Many people believe they're going to be in a lower tax bracket in retirement. Or that it doesn't matter where they get their income from in retirement, that it's all going to be the same.

10-Year Treasury and Market Volatility

One thing is for certain; May was an exciting month overall - we have some updates on the 10-year Treasury, tons of news, lots of talk about the trade war with China, lots of talk about this new trade tariff deal that Trump is threatening on Mexico, and the markets are in a turmoil for May.

Investing for Retirement

History has shown that mixing those three types of investments in your portfolio can increase your risk-adjusted returns.

Financial Planning Blind Spots

We're talking about financial planning blind spots this week on America's Wealth Management Show. Financial planning blind spots are in your path to and through retirement, and there are many of them. By definition, a blind spot is something that you don't know exists, and that can cause a lot of accidents.

US Stocks: Investing for Retirement

Today we’ll be looking at what is arguably the most discussed part of your investment portfolio, US stocks. If you missed the last two installments of our Investing for Retirement series be sure to check them out. They were on bonds and international stocks. Turn on CNBC (no financial planner has never said this phrase before, probably), and you’ll be updated every minute of the day as to how this asset class is performing in bright, bold numbers. If you get online, watch TV, or listen to the radio throughout the day...

International Stocks: Investing for Retirement

In our last post, we looked at how bonds can fit into a diversified portfolio. Today, we are looking overseas, and why you might want to own international stocks to be truly diversified. When you look at the stock (equities) portion of your portfolio, you have an important decision to make.

Bonds: Investing for Retirement

Often, when discussing portfolio allocations with clients, I will get asked a question or two that goes something like this, "The Federal Reserve is raising interest rates. Why would I want to own bonds?" or "Yields on bonds are pretty low, shouldn't I just own dividend-paying stocks instead?" or "Bonds aren't making any money, look how much they lagged behind stocks. Tell me again; why do I want to own those?"

Qualified Charitable Distributions and Your Taxes

Let's talk about QCDs, qualified charitable distributions. Now, QCDs are something that's been around for a number of years - yet hasn't been talked about. However, thanks to the Tax Cuts and Jobs Act, it's really become something that is a windfall to a lot of people if they understand how to utilize the QCD.

Bear Markets and Your Retirement

Let's imagine that you are 60 years old, and you've saved well. You've got a good amount of money in your 401(k). You know that you're going to have your Social Security and your spouse is going to have their Social Security. You save some money outside the 401(k). You've enjoyed a good, nice run in the markets, and it's October of 2007. The bear markets of the Great Recession is around the corner.

Interest Rates and the Yield Curve

Hi, I'm Dean Barber,  Founder, and CEO of Barber Financial Group. It's May 1st. Welcome to the economic update. Today we're reviewing a little bit about what the markets have done so far this year, where they're at today, and what's changed since the 4th quarter of 2018. We're going to discuss interest rates and the yield curve to give you an idea we are today. We'll talk about what we're thinking about the markets and what we're thinking about the economy. As well as what some of the indicators out there are telling us today.

Recessions and Bear Markets

According to JP Morgan, there have been 11 recessions in the US since the end of WWII. Recessions are defined as two consecutive quarters (6 months) of negative growth in gross domestic product or GDP. GDP is a measurement of our overall economic and business activity.

Questions About Required Minimum Distributions (RMDs)

Our CPAs at Barber Financial Group often get questions about Required Minimum Distributions (RMDs). It’s a new thing for people. Once they turn 70½, they have...

Making a Budget for Retirement

Are you close to retirement or at least can see it getting closer on the horizon? If so, thumbs up to you! Retirement is a major achievement but also one of the most common.

The Yield Curve Inverted, What You Need to Know

You've probably heard the yield curve inverted, and we will cover that. But what I am going to review with you is critical so you understand what's happening in the world of money. Not just in the world of the stock market. We're going to spend some time looking at the history of the bond...

DIY Your Retirement, Can it Really Be Done?

There are thousands of online resources and books that claim to teach you how to DIY (do-it-yourself) your retirement. But is it really possible and does it work?

Could You Be Audited This Year?

There are certain pieces of mail that no one wants to see in their mailbox, and I’m not just talking about the normal electric bill. Notices of jury duty, legal matters, and one of the most dreaded pieces of certified mail?

End of the Great Recession Was 10 Years Ago

I want to start by saying, happy anniversary to the 10th anniversary of the official end to the Great Recession. Of course, we only know now because it's all in the rearview mirror that the stock market hit its all-time low March 9, 2009, after falling 56% from its peak in October of 2007.

GDP Growth and Interest Rates

Many people might think that spring is here in the markets. Well, I'm going to give you a reality check today on everything that's been going on in the markets.

Cover Your Assets with an Estate Plan

We work hard to protect our wealth from many things while we’re alive. We try to avoid taking on too much investment risk. We try to avoid losing purchasing power to inflation over time. We have insurance policies in place to recover things we lose or to provide us...

Should I Get Out of Debt Before I Retire?

Should I get out of debt before I retire? It's one of the more common questions I get when I meet with people getting closer to retirement. The most common liability on a balance sheet I see is a mortgage when asked if someone should get out of debt before they retire. For a long time

How Do I Pay Less Taxes?

Everyone in America who pays taxes feels like they have paid their fair share, and in some cases, far more than their fair share. This causes people to be very shortsighted when it comes to reducing your tax bill.

How Do My Investments Affect My Taxes?

The relationship between investments and taxes is perhaps one of the most overlooked areas of retirement planning. Decisions that are made on the investment side of your retirement plan will most likely have some type of impact on your tax return. Typically an investor will have three different tax buckets that they can...

Fed Reacted to Market Tantrums

Something interesting happened yesterday. I don’t know if you have ever experienced it or not, but perhaps you have seen a child that doesn’t get his or her way and they throw a temper...

4 Reasons Why Tax Planning is so Important

When it comes to advanced tax planning, unfortunately many people either just don’t do it or they wait until the last minute only to find out that there aren’t any options to take advantage of at the point of filing their tax return.

The Worst December Since the 1930s

Welcome to the Monthly Economic Update, it’s January 4, 2019 as of writing this article and what an absolute wild ride it’s been over the last quarter.

IRA New Year’s Resolutions

The New Year is here, and you may be thinking about an array of resolutions you have for 2019. This year, we want to encourage you to really pay attention to your IRA...

Coming Full Circle

I have been reminiscing recently about the beginning. The beginning of the Art & Travel Club for our BFG Family. We have traveled the globe and embraced the places that make our Kansas City great.

What’s Causing the Negativity?

Let’s start with the fact that we haven’t seen the type of volatility that we’re seeing today in 11 years. It’s been since the 4th quarter of 2007 when the sub-prime crisis began to rear its ugly head and just before the Great Recession.

You Can Save More Money in Your IRA in 2019

Saving for retirement? Then we’ve got some good news. The IRA contribution limit will increase to $6,000 in 2019, up from $5,500 in 2018. Even better news for some, if you’re over 50 in 2019 you’ll be able to contribute $7,000, as compared to $6,500 in 2018.

End of Year Checklist

With the end of the year quickly approaching the last thing you need is another checklist.

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.

Was this October Signaling the Next Bear Market?

This last month has been a pretty typical October. Two of the last three major bear markets have begun in the month of October and so many people are asking, “Was this October the signal of the next bear market to come?”

Social Security Benefits to Increase in 2019

Last week the Social Security Administration announced a 2.8% Cost-of-Living Adjustment, or COLA, beginning in January 2019. It’s the biggest increase since 2012.

Questions About Social Security?

We know Social Security is a complicated system with many rules, regulations, and year-over-year changes. That’s why we regularly bring you articles covering questions that might be top-of-mind for you on claiming your benefits.

Women Navigating to Financial Success

What do women want when it comes to their financial future?

Strong Economy & Interest Rate Effects

It’s October 3rd as of writing this, and we’re officially into Fall. It’s been a hot summer for the markets with most of the major indices trading at record highs, with a few exceptions.

At What Age Can I Retire?

How long do you need to work? Like just about everything else in financial planning, it’s a complex question.

Have I Saved Enough Money to Retire?

Do a quick Google search for “cost of retirement” and you’ll be inundated with various numbers or multiples.

10 to 15 Years from Retirement – What Do I Need to Do?

Depending on when you wish to retire, there are certain things you should check off your Retirement Plan Checklist at certain points in advance.

4 Questions to Ask About Long-Term Care

As you age, calculating the chances that you’ll need long-term care—and the associated costs—is incredibly important.

Interest Rates and the Stock Market

We’ll go over what’s gone on in the last four or five weeks and what we anticipate is coming for the balance of the year.

Taxes in Retirement Get More Complicated, Not Simpler

Most people believe that taxes are just a matter of fact, they are what they are.

Are You Prepared to Claim Social Security?

On August 14, 1935 Social Security became reality and is now a major part of our retirement system and welfare system.

Volatility & July GDP

Welcome to the Monthly Economic Update, I hope everyone had a great month and spent some time with their families.

Will Reduced Withholdings Cause You to Owe at Tax Time?

In December 2017, Congress passed a major tax bill called the Tax Cuts & Jobs Act (TCJA) which resulted in lower federal income taxes for many Americans.

Navigating Toward Your Financial Independence Day

In July 1776 our founding fathers declared independence from the British Empire, and earlier this week we celebrated that great feat with our family and friends over backyard barbecue and colorful explosions in the sky.

Interest Rates & Trade Wars

Welcome to the Monthly Economic Update for the month of June 2018. It’s June 27th as of the day I’m writing this article. Today, the stock market reversed a 285-point gain and as of this writing we’re down about 125 points on the Dow.

Why We Plan

Do you remember getting your first paycheck and how it felt? Regardless if it was $10, $100, or $1000, there’s a good chance that you felt like a millionaire, even if only for a few minutes.

Passing Down a Vacation Home

Wills and trusts administration lawyers often have the opportunity to work with local families who—in addition to planning for their regular home—also have a vacation home to take into consideration during the planning process.

How Interest Rates & Valuations are Affecting the Markets

As of today, the markets are down pretty substantially with President Trump writing a letter to Kim Jong-un putting the talks with North Korea on hold indefinitely.

Paying for a Grandchild’s College

It’s the season of graduations and that means heading to your child or grandchild’s high school or college to watch them cross the stage beaming with accomplishment.

Spotting Email Phishing Scams

For some, spotting email phishing scams is a part of daily life. You check your email, see something that’s off in an email, and delete it shrugging it off as another attempt to get your personal data.

My Parents are Retiring Soon

The title says it all, my parents are retiring soon, and I couldn’t be happier for them. After years of hard work, opening businesses, closing businesses, and socking away savings they’re on their way to retiring in full within the next year.

What is Causing All of the Volatility?

I want to do a few things today. I want to talk about what is causing all of the volatility so far this year, what happened in April, and then I’ll give my outlook for the balance of the year.

Taking Advantage of Stretch IRAs

If you weren’t already aware, a huge benefit of an IRA is its capability to generate tax-favored money to beneficiaries.

Q1 2018 Review and Q2 Outlook

Volatility, which was notable by its absence in 2017, came back with a vengeance in Q1 of 2018.

Ignoring the Invisible Hand

One of the most important questions we have about our country's future is whether prosperity itself will make the American people lose sight of where that prosperity comes...

March Markets Were Like a Rollercoaster

March markets were like a rollercoaster and if you don’t like rollercoasters, the month of March was not much fun for you. In fact, the whole first quarter of the year wasn’t a lot of fun if you don’t enjoy ups and downs in the market. There’s not many who do.

Talking to Your Spouse About Money

Have you ever had trouble talking to your spouse about money, or more specifically, the purpose of your money in life?

Unexpectedly Alone

When someone loses their spouse and finds themselves unexpectedly alone, not only is it heartbreaking, it can be financially devastating.

Are You Prepared for Mental Decline?

No one likes to think about cognitive decline in themselves or their loved ones. But, for many families, this is an incredibly important topic to address.

Wage Inflation & A Volatile February

Well, I could be really sensational and say this is the worst February since 2009 and that's true.

Determining Tax on Roth IRA Distributions in 5 Easy Steps

What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.

2018 Tips for Tax Deduction and Credit Planning

Let’s face it – you will continue to pay taxes during your retirement. What most people are not aware of is that retirees have more control over their tax bill during these years than any other time of their life.

The Best January Since 1989

Today, the day I'm writing this, is January 29, 2018 and we have a couple of days left in the month.

Start Preparing for the Next Bear Market Now

The last time US stock investors experienced a bear market (typically defined by a 20% decline in the broad stock market), Barack Obama had just been elected President, and the Billboard Top Artists chart included names like Kid Rock and the Jonas Brothers.

2017 Year in Review & Looking Ahead at 2018

Let’s make this an annual update and talk about risk and reward. We are now far into the second longest bull market in history.

Define & Reach Your 2018 Financial Resolutions

The New Year is here, bringing a fresh opportunity to consider your goals.

No More Roth IRA Do-Overs Under the New Tax Bill

Now that the Senate and the House of Representatives have both passed versions of the new tax reform law, one of the things that got the ax was Roth IRA recharacterizations after December 31, 2017.

What You Need to Know About Tax Reform

This fall, the Senate and House released proposed legislation that would dramatically alter taxes in the United States.

The Importance of Diversification

It’s December 4th as we record this and what an interesting month we had in the month of November.

End the Year on a Financial High Note

The holiday season is around the corner, and with the busy days ahead, 2018 will be here before you know it.

Fixing a Missed RMD in 5 Easy Steps

What is a missed RMD (required minimum distribution)? RMDs must be taken by IRA owners beginning in the year they turn age 70 ½ and by IRA...

Tax Reform Proposal Finally Unveiled

Note: After weeks of discussion, disagreements, and postponements, the House announced their plan for tax reform yesterday, November 2, 2017.

The Strangest October & Good Market Performance

Here we are in November. We just experienced literally the strangest October that I have seen in my 30 years in this industry.

Important Read: Is the World Getting Worse?

It’s our pleasure to bring you an article from a man we had the pleasure to meet and hear speak at a TD Ameritrade conference a few years ago, Mr. Peter Diamandis.

Tips for Families Who Have Children with Special Needs

When beginning to build their families, few parents expect to have a child with special needs. However, the experience is surprisingly common and affects millions of people throughout the United States.

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.

The Least Volatile September in Recent Market History

We’re in the early days of October and September was a surprising month by many standards. It was one of the least volatile Septembers we have seen in recent market history.

What if You Just Don’t Want to Retire?

Everyone assumes that everyone else wants to retire 100%, i.e. leave the working phase of their life behind and sit on a warm sunny beach (or something relaxing like that).

The High Cost of Divorcing Later in Life

Divorce is rarely easy. Most of the time, it is one of the hardest things to go through in life regardless what age you and your spouse are.

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 who reaches life expectancy age.

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.

Protecting Yourself from Scams After the Equifax Hack

By now you have probably heard about the Equifax data breach 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.

5 Best Part-Time Jobs for Retirees

If you’re approaching retirement but don’t want to stop working, a part-time job is a great way to spend some of your newfound freedom, and bring home extra income.

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.

Is the Economy Slowing Down?

It’s September, after a long Labor Day weekend, hope everybody had a nice time and was able relax and enjoy your family. August turned out to be an interesting month.

Will I Pay Taxes on My Inheritance?

There are many different forms of inheritance. Some will carry a tax burden while others will not.

Retirement Age and Claiming Social Security

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.

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.

5 Summer Activities to do with Your Grandkids

Summer in Kansas City provides many unique opportunities to not only experience the community, but also build stronger bonds with your grandchildren.

Interest Rates Stay Low Despite Hikes by The Fed

July was an interesting month. The old theory of “Sell in May and go away” would not have worked so well this summer.

5 Fun Activities for Kansas City Retirees

Reaching retirement brings many benefits, one of which is having more time to relax and explore.

5 Strategies to Reduce RMDs

Nothing lasts forever. This includes tax deferral on your IRAs. Eventually, Uncle Sam is going to want his share and will require funds to come out of these accounts.

Is there More to the Record Stock Markets?

Here we are, summer in full swing. On the economic front, we had a pretty light calendar in the month of June. We did see some positive things happen.

How is Social Security Taxed?

A common question we receive at Barber Financial Group is “How will my Social Security be taxed?”

Important Information Regarding the Newly Enacted DOL Rule

Regardless if you are a financial news junkie or simply a 10 o’clock evening news viewer, chances are you’ve heard about the new DOL rule that went into effect June 9th, 2017.

How do I get more Social Security?

Social Security is a very complex system. Social Security was originally formed to allow older workers to exit the workforce without the risk of running out of money in retirement, while allowing room for younger workers to come into the workforce.

Interest Rates Come Down in May, but it’s Not What You Think

Welcome to June and welcome to Summer, it’s almost here. So, from an economic perspective May was pretty boring, not a lot of exciting things happened during the month and I think that’s a good thing.

Invest Lifestyle Expenses in Memorable Experiences

Financial envy is even more of a thing now than it was back in 1913 when cartoonist Arthur R. “Pop” Momand debuted the comic strip “Keeping Up with the Joneses,” which centered on the misadventures of Aloysius P. McGinnis and his family, who were always trying to keep up with their never-seen neighbors, the Joneses.[1]

Simple Tips for Ramping Up Your Retirement Savings

No matter where you are in your life, saving for retirement is likely one of your most important financial goals. But, even if you have professional guidance and a clear strategy for your desired future, you could still be missing some straightforward ways to maximize your savings.

Markets Counting on Trump Tax & Economic Plans

Not a lot really happened in the month of April, except for the fact that we had some really good corporate earnings out. We had a confirmation that first quarter GDP was subpar at best, however, better than last years zero rate.

7 Retirement Strategies to Retire Successfully

This list of strategies will hopefully give you a great place to start if you're getting ready to retire or just curious about preparing for retirement. Our goal is to provide you with simple yet effective retirement strategies that do not only focus on investment tactics or savings percentages. Instead, we hope to give you a toolbox of strategies for retirement with which you can combine to build the retirement of your dreams.

20 Things to Do Before You Retire in the 2020s

Well, here we are approaching the close of another decade. As many often do near the end of a milestone, we’re doing a countdown. However, this countdown isn’t looking back over the past decade, but rather forward toward the decade on the horizon. New decades often mean new goals, and for many, it’s likely the ultimate goal during our working years, retirement. 

Social Security Changes for 2020

The Social Security Administration recently detailed changes to Social Security beneficiaries going into effect at the end of 2019. Starting December 31, 2019, beneficiaries will see an increase in their monthly benefit amounts by 1.6% compared to 2019. For reference, last year's benefits increased by 2.8%, the largest increase since 2011.

Social Security Trust Fund in the News Again

You're probably aware that there are numerous issues surrounding the Social Security Trust Fund, and its ability to pay benefits into the future. Just this past April, the annual Social Security Trustees’ report pegs the trust fund to be depleted by 2035. There’s been a lot of talk about “fixes” for the system.

DIY Your Retirement, Can it Really Be Done?

There are thousands of online resources and books that claim to teach you how to DIY (do-it-yourself) your retirement. But is it really possible and does it work?

Social Security Benefits to Increase in 2019

Last week the Social Security Administration announced a 2.8% Cost-of-Living Adjustment, or COLA, beginning in January 2019. It’s the biggest increase since 2012.

Questions About Social Security?

We know Social Security is a complicated system with many rules, regulations, and year-over-year changes. That’s why we regularly bring you articles covering questions that might be top-of-mind for you on claiming your benefits.

Are You Prepared to Claim Social Security?

On August 14, 1935 Social Security became reality and is now a major part of our retirement system and welfare system.

Navigating Toward Your Financial Independence Day

In July 1776 our founding fathers declared independence from the British Empire, and earlier this week we celebrated that great feat with our family and friends over backyard barbecue and colorful explosions in the sky.

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 who reaches life expectancy age.

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.

Retirement Age and Claiming Social Security

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.

How is Social Security Taxed?

A common question we receive at Barber Financial Group is “How will my Social Security be taxed?”

How do I get more Social Security?

Social Security is a very complex system. Social Security was originally formed to allow older workers to exit the workforce without the risk of running out of money in retirement, while allowing room for younger workers to come into the workforce.

The Importance of Tax Planning

According to a recently released survey by Nationwide Retirement Institute, 39% of retirees surveyed "rarely consider the taxes they are paying or will pay in retirement." However, 90% of respondents report feeling in control of the retirement planning process, and 92% of future retirees feel they are financially ready for retirement. While confidence may be high, that 39% not considering taxes are woefully mistaken.

7 Retirement Strategies to Retire Successfully

This list of strategies will hopefully give you a great place to start if you're getting ready to retire or just curious about preparing for retirement. Our goal is to provide you with simple yet effective retirement strategies that do not only focus on investment tactics or savings percentages. Instead, we hope to give you a toolbox of strategies for retirement with which you can combine to build the retirement of your dreams.

CARES Act Retirement Account Distributions

Before the pandemic, people weren't allowed to withdraw money from their IRAs for purposes not related to their retirement. However, the CARES Act includes special provisions permitting coronavirus-related distributions and loans from retirement accounts.

SECURE Act Changes Retirement Planning

In 2019, there was a lot of buzz about the Setting Every Community Up for Retirement or the SECURE Act. Early on, this bill had bipartisan support, unusual in today's political climate. The SECURE Act passed both chambers of Congress, and on December 20, 2019, was signed into law by President Trump. This single piece of legislation will have significant impacts on retirees and their beneficiaries. So, let's dive deeper and discuss how the SECURE Act changes retirement planning.

20 Things to Do Before You Retire in the 2020s

Well, here we are approaching the close of another decade. As many often do near the end of a milestone, we’re doing a countdown. However, this countdown isn’t looking back over the past decade, but rather forward toward the decade on the horizon. New decades often mean new goals, and for many, it’s likely the ultimate goal during our working years, retirement. 

Charitable Giving in Retirement

As the end of the year approaches, many individuals make charitable donations to the charitable organizations they care about. Most charitable giving is for reasons other than the tax benefit. However, tax benefits are an important consideration that can help offset the cost of the donation.

2019 Year-End Tax Planning for Retirees

Year-end tax planning is the perfect opportunity to review your tax situation for the year. This task allows you to identify opportunities that may be available to you to lower taxes over your lifetime. Many people take the short-term perspective, thinking they want to pay the least amount of tax possible this year. They fail to consider the long-term perspective of taxes. This short-term perspective may cause them to pay more taxes over their lifetime. There are steps that you should take now to ensure you do not miss out on any year-end tax planning opportunities

Tax Planning Case Study

In this tax planning case study, there are two married couples—Sam and Samantha and Paul and Polly. Sam and Samantha would like to spend $120,000 net of taxes this year and do not have a tax plan. Instead, every year they stress out until they meet with their CPA to find out if and how much they owe the IRS when they file their yearly tax return.

What is the SECURE Act?

There’s a piece of legislation in discussion widely in the news that will have major impacts on your retirement savings. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is not only a reminder that our elected officials are great at coming up with acronyms, but it’s also a bill that has bipartisan support.

529 Plan: Saving for Education Expenses

Using a 529 Plan to Save for Your Children’s and Grandchildren’s Education Expenses

For a little more than two decades, people with ambitions of paying for their loved one’s college education have been able to set aside money into tax-favored accounts.

How is My Retirement Income Taxed?

It depends. If you have been saving for your retirement by using tax-deferred accounts such as traditional IRA, 401(k), etc. Uncle Sam’s buddies at the IRS will demand a chunk of any withdrawal that you make. Pension payments are most likely subject to federal income tax too. If this weren’t depressing enough, your Social Security benefits may be taxed also.

What is a QCD? Qualified Charitable Distribution

For those of you who are charitably inclined, and have an IRA (Individual Retirement Account) or 401(k), or another type of retirement plan, you may want to know more about a qualified charitable distribution (QCD). A QCD may be used by owners of retirement accounts who are at least 70 ½ years of age. A QCD provides tax benefits to the account owner that they may not have been eligible for prior to reaching the age of 70 ½.

New Retirement Bill, the SECURE Act

JoAnn Huber, our CPA, learned about a fascinating new retirement bill that has passed the House and is likely to pass the Senate because it is believed that only six senators today are against it. So, it’s likely to become law. To set the stage, this new retirement bill could impact tax law.

Taxes in Retirement

It's the things that you think you know about, that just isn't so that gets you in trouble, and taxes in retirement is one of those things. Many people believe they're going to be in a lower tax bracket in retirement. Or that it doesn't matter where they get their income from in retirement, that it's all going to be the same.

Qualified Charitable Distributions and Your Taxes

Let's talk about QCDs, qualified charitable distributions. Now, QCDs are something that's been around for a number of years - yet hasn't been talked about. However, thanks to the Tax Cuts and Jobs Act, it's really become something that is a windfall to a lot of people if they understand how to utilize the QCD.

Questions About Required Minimum Distributions (RMDs)

Our CPAs at Barber Financial Group often get questions about Required Minimum Distributions (RMDs). It’s a new thing for people. Once they turn 70½, they have...

DIY Your Retirement, Can it Really Be Done?

There are thousands of online resources and books that claim to teach you how to DIY (do-it-yourself) your retirement. But is it really possible and does it work?

Could You Be Audited This Year?

There are certain pieces of mail that no one wants to see in their mailbox, and I’m not just talking about the normal electric bill. Notices of jury duty, legal matters, and one of the most dreaded pieces of certified mail?

How Do I Pay Less Taxes?

Everyone in America who pays taxes feels like they have paid their fair share, and in some cases, far more than their fair share. This causes people to be very shortsighted when it comes to reducing your tax bill.

How Do My Investments Affect My Taxes?

The relationship between investments and taxes is perhaps one of the most overlooked areas of retirement planning. Decisions that are made on the investment side of your retirement plan will most likely have some type of impact on your tax return. Typically an investor will have three different tax buckets that they can...

Tax Filing Errors to Avoid

The dawn of 2019 brings opportunities to create new resolutions or plans for the next 12 months — and also marks the beginning of tax season. While tax day on April 15th can seem far off, this year’s deadline will be here before you know it.

The Impact of Health Care Taxes in 5 Easy Steps

Chances are you have heard about the 3.8% surtax that went into effect in 2013 under the Affordable Care Act – but do you know if and when you might need to pay it?

Our Team of CPAs

Sound tax planning can be the foundation of a successful financial plan and it is this niche that BFG Tax Service fulfills. Our CPAs are well-versed in the minimization of taxes.

You Can Save More Money in Your IRA in 2019

Saving for retirement? Then we’ve got some good news. The IRA contribution limit will increase to $6,000 in 2019, up from $5,500 in 2018. Even better news for some, if you’re over 50 in 2019 you’ll be able to contribute $7,000, as compared to $6,500 in 2018.

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.

Year-End Tax Planning and QCDs

There are significant tax planning opportunities around this time of year, every year. The problem is that most people aren’t thinking about taxes right now.

Taxes in Retirement Get More Complicated, Not Simpler

Most people believe that taxes are just a matter of fact, they are what they are.

Will Reduced Withholdings Cause You to Owe at Tax Time?

In December 2017, Congress passed a major tax bill called the Tax Cuts & Jobs Act (TCJA) which resulted in lower federal income taxes for many Americans.

Navigating Toward Your Financial Independence Day

In July 1776 our founding fathers declared independence from the British Empire, and earlier this week we celebrated that great feat with our family and friends over backyard barbecue and colorful explosions in the sky.

Paying for a Grandchild’s College

It’s the season of graduations and that means heading to your child or grandchild’s high school or college to watch them cross the stage beaming with accomplishment.

Taking Advantage of Stretch IRAs

If you weren’t already aware, a huge benefit of an IRA is its capability to generate tax-favored money to beneficiaries.

IRS Scammers Out In Full Force

It's déjà vu. Once again, there are warrants out for my arrest, although this year, I've gone coastal as the IRS supposed warrants out in the state of Florida AND Kansas. Impressed?

Determining Tax on Roth IRA Distributions in 5 Easy Steps

What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.

2018 Tips for Tax Deduction and Credit Planning

Let’s face it – you will continue to pay taxes during your retirement. What most people are not aware of is that retirees have more control over their tax bill during these years than any other time of their life.

No More Roth IRA Do-Overs Under the New Tax Bill

Now that the Senate and the House of Representatives have both passed versions of the new tax reform law, one of the things that got the ax was Roth IRA recharacterizations after December 31, 2017.

What You Need to Know About Tax Reform

This fall, the Senate and House released proposed legislation that would dramatically alter taxes in the United States.

Tax Reform: What First In, First Out (FIFO) Means for Investors

You have probably heard much about the pending tax legislation and all the provisions that are being debated.

Fixing a Missed RMD in 5 Easy Steps

What is a missed RMD (required minimum distribution)? RMDs must be taken by IRA owners beginning in the year they turn age 70 ½ and by IRA...

Tax Reform Proposal Finally Unveiled

Note: After weeks of discussion, disagreements, and postponements, the House announced their plan for tax reform yesterday, November 2, 2017.

Tips for Families Who Have Children with Special Needs

When beginning to build their families, few parents expect to have a child with special needs. However, the experience is surprisingly common and affects millions of people throughout the United States.

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.

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.

Will I Pay Taxes on My Inheritance?

There are many different forms of inheritance. Some will carry a tax burden while others will not.

5 Strategies to Reduce RMDs

Nothing lasts forever. This includes tax deferral on your IRAs. Eventually, Uncle Sam is going to want his share and will require funds to come out of these accounts.

How is Social Security Taxed?

A common question we receive at Barber Financial Group is “How will my Social Security be taxed?”