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...
Estate lawyers in Kansas City and beyond have witnessed the demise of family wealth again and again.
When a loved one passes away, most heirs are concerned about what will happen to their outstanding debt.
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.
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.
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.
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.
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.
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.
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.
Reaching retirement brings many benefits, one of which is having more time to relax and explore.
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.
Checks - Use your initials and last name when ordering printed checks. A check forger won’t know how you sign your checks, but your bank will.
Estate Planning is an integral part of your overall retirement plan. Watch as Dean Barber discusses the importance of Estate Planning.
Many Americans worry about saving enough for the future and may not understand how to fully take advantage of their employer-sponsored retirement plan.
When it comes to individual retirement accounts and trusts, they can be extremely complicated and when they consolidate, things can go very wrong and may be very expensive to fix.
One of the most important things you can do for them is to ensure that when you pass away, your estate is protected.
While it may be unpleasant to think about, the time you spend preparing your estate now will help your loved ones to cope later, and will also ensure your wishes will be carried out.
As you age, calculating the chances that you’ll need long-term care—and the associated costs—is incredibly important.
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 someone loses their spouse and finds themselves unexpectedly alone, not only is it heartbreaking, it can be financially devastating.
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.
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.
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.
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.
Checks - Use your initials and last name when ordering printed checks. A check forger won’t know how you sign your checks, but your bank will.
Dean Barber breaks down the important differences in Long-Term Care and Life Insurance.
Life insurance and Roth IRAs, despite their many similarities, Roth IRAs and life insurance are very different, and the rules that apply to one doesn’t always apply to the other.
At some time in our lives, most of us find that parents, elderly relatives, and friends begin to need much more of our attention.
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? DIY retirement planning requires advanced knowledge and understanding in these areas: investments, tax planning, insurance, and estate planning.
I want to start by saying, “Happy anniversary!” This is the 10th anniversary of the official end to the Great Recession. Of course, we know now only 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.
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.
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...
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...
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.
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.
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.
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?”
What do women want when it comes to their financial future?
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.
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.
Welcome to the Monthly Economic Update, I hope everyone had a great month and spent some time with their families.
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.
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.
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.
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.
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.
If you weren’t already aware, a huge benefit of an IRA is its capability to generate tax-favored money to beneficiaries.
Volatility, which was notable by its absence in 2017, came back with a vengeance in Q1 of 2018.
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.
Have you ever had trouble talking to your spouse about money, or more specifically, the purpose of your money in life?
Well, I could be really sensational and say this is the worst February since 2009 and that's true.
What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.
There’s no doubt that this week on Wall Street has been tumultuous.
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.
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.
It’s December 4th as we record this and what an interesting month we had in the month of November.
The holiday season is around the corner, and with the busy days ahead, 2018 will be here before you know it.
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...
Note: After weeks of discussion, disagreements, and postponements, the House announced their plan for tax reform yesterday, November 2, 2017.
Here we are in November. We just experienced literally the strangest October that I have seen in my 30 years in this industry.
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.
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.
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.
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.
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.
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.
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.
July was an interesting month. The old theory of “Sell in May and go away” would not have worked so well this summer.
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.
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.
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.
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]
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.
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.
Checks - Use your initials and last name when ordering printed checks. A check forger won’t know how you sign your checks, but your bank will.
Interesting month, we had the Fed raise rates for the second time in about four months. What’s so interesting about that is now we have seen the Fed raise interest rates by 0.5% and since that’s happened we’ve actually seen the yield on the 10 Year Treasury drop from 2.6% down to 2.35%
Choosing the right financial advisor for your is an important process. Here are some things to consider when you're making your decision.
Dean Barber goes in-depth reviewing IRA Planning.
When you reach age 70 ½, you must begin to draw funds from your traditional (i.e., non-Roth) Individual Retirement Accounts (IRAs).
Every time you change jobs, you need to make some choices about what to do with your old 401(k) so that it keeps up with your financial needs.
When it comes to individual retirement accounts and trusts, they can be extremely complicated and when they consolidate, things can go very wrong and may be very expensive to fix.
Personal finance and investing is an enormous field that provides many options. investing and personal finance and to help them start thinking seriously about their financial future.
Retirement planning is complicated. It’s a personal and situational endeavor with plenty of possible pitfalls in the way of success. As a beneficiary of an IRA, you may find yourself with many questions and concerns.
What to do with your 401(k) when you retire or are nearing retirement? Once you retire, a plan for withdrawing those funds that provides a constant source of income that isn’t eaten up by taxes and other costly traps must be constructed.
With so many wealth managers to choose from, it’s crucial that you understand your options and define your needs like you would with your family doctor, lawyer and other professional services.
Bonds can be appropriate investment vehicles for retirees seeking income, but you should have a firm grasp of the numbers before embarking on the journey.
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? DIY retirement planning requires advanced knowledge and understanding in these areas: investments, tax planning, insurance, and estate planning.
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?
I want to start by saying, “Happy anniversary!” This is the 10th anniversary of the official end to the Great Recession. Of course, we know now only 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.
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.
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...
This is one of the more common questions I get when I meet with people as they get closer to retirement. The most common liability on a balance sheet I see is a mortgage. For a long time, it was almost taboo to retire and still be making a mortgage payment. However, the interest rate on mortgages
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.
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...
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...
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.
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.
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...
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.
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.
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.
With the end of the year quickly approaching the last thing you need is another checklist.
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.
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?”
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.
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.
What do women want when it comes to their financial future?
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.
How long do you need to work? Like just about everything else in financial planning, it’s a complex question.
Do a quick Google search for “cost of retirement” and you’ll be inundated with various numbers or multiples.
Depending on when you wish to retire, there are certain things you should check off your Retirement Plan Checklist at certain points in advance.
As you age, calculating the chances that you’ll need long-term care—and the associated costs—is incredibly important.
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.
Most people believe that taxes are just a matter of fact, they are what they are.
On August 14, 1935 Social Security became reality and is now a major part of our retirement system and welfare system.
Welcome to the Monthly Economic Update, I hope everyone had a great month and spent some time with their families.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
If you weren’t already aware, a huge benefit of an IRA is its capability to generate tax-favored money to beneficiaries.
Volatility, which was notable by its absence in 2017, came back with a vengeance in Q1 of 2018.
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 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.
Have you ever had trouble talking to your spouse about money, or more specifically, the purpose of your money in life?
When someone loses their spouse and finds themselves unexpectedly alone, not only is it heartbreaking, it can be financially devastating.
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.
Well, I could be really sensational and say this is the worst February since 2009 and that's true.
What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.
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.
Today, the day I'm writing this, is January 29, 2018 and we have a couple of days left in the month.
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.
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.
The New Year is here, bringing a fresh opportunity to consider your goals.
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.
This fall, the Senate and House released proposed legislation that would dramatically alter taxes in the United States.
It’s December 4th as we record this and what an interesting month we had in the month of November.
The holiday season is around the corner, and with the busy days ahead, 2018 will be here before you know it.
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...
Note: After weeks of discussion, disagreements, and postponements, the House announced their plan for tax reform yesterday, November 2, 2017.
Here we are in November. We just experienced literally the strangest October that I have seen in my 30 years in this industry.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
There are many different forms of inheritance. Some will carry a tax burden while others will not.
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.
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.
Summer in Kansas City provides many unique opportunities to not only experience the community, but also build stronger bonds with your grandchildren.
July was an interesting month. The old theory of “Sell in May and go away” would not have worked so well this summer.
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.
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.
A common question we receive at Barber Financial Group is “How will my Social Security be taxed?”
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.
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.
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.
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]
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.
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.
Did you know that April is National Financial Literacy Month?
What started out as a financial-literacy awareness day more than a decade ago is now a month-long campaign that has been recognized by Congress every year since 2004.
Checks - Use your initials and last name when ordering printed checks. A check forger won’t know how you sign your checks, but your bank will.
Interesting month, we had the Fed raise rates for the second time in about four months. What’s so interesting about that is now we have seen the Fed raise interest rates by 0.5% and since that’s happened we’ve actually seen the yield on the 10 Year Treasury drop from 2.6% down to 2.35%
Forward-looking tax planning can be a huge part of a successful retirement plan. Watch as Dean Barber reviews the basics of a forward-looking tax plan and the impact it can have on your retirement plan.
Choosing the right financial advisor for your is an important process. Here are some things to consider when you're making your decision.
Estate Planning is an integral part of your overall retirement plan. Watch as Dean Barber discusses the importance of Estate Planning.
Dean Barber breaks down the important differences in Long-Term Care and Life Insurance.
Claiming Social Security can be complicated and if you don't look into your options before claiming you could be leaving potential Social Security income on the table.
Dean Barber goes in-depth reviewing IRA Planning.
Dean Barber discusses some of the questions from our Retirement Plan Checklist report.
In this video, Dean Barber breaks down the comprehensive financial planning process.
This brief video discusses why it's important to plan for your retirement.
This checklist was created to give you a timeline of items that should be done prior to and during retirement.
Life insurance and Roth IRAs, despite their many similarities, Roth IRAs and life insurance are very different, and the rules that apply to one doesn’t always apply to the other.
If you have decided to retire, you have probably already addressed a host of financial questions with your financial advisor.
Women investors face many challenges to building wealth and securing their financial future.
One of the most common questions that we get from clients who are considering retirement is, “How much income am I going to need to be comfortable?”
Choosing a financial advisor may be one of the most important financial decisions that you will ever make.
At some time in our lives, most of us find that parents, elderly relatives, and friends begin to need much more of our attention.
Every time you change jobs, you need to make some choices about what to do with your old 401(k) so that it keeps up with your financial needs.
When it comes to individual retirement accounts and trusts, they can be extremely complicated and when they consolidate, things can go very wrong and may be very expensive to fix.
Elder abuse occurs when a caregiver or someone in a relationship of trust with the elder intentionally causes, creates, or fails to prevent a risk of harm to an adult 60 or older.
Personal finance and investing is an enormous field that provides many options. investing and personal finance and to help them start thinking seriously about their financial future.
Retirement planning is complicated. It’s a personal and situational endeavor with plenty of possible pitfalls in the way of success. As a beneficiary of an IRA, you may find yourself with many questions and concerns.
We created this special report to share some of the financial and social benefits of a proactive approach to philanthropy.
With all of the free “quick retirement calculators” available today, many investors are asking why they need the assistance of a financial advisor to prepare a complete financial plan.
Most people know a thing or two about retirement, but it can also be an intimidating time if baby boomers have not properly prepared and it’s filled with questions.
What to do with your 401(k) when you retire or are nearing retirement? Once you retire, a plan for withdrawing those funds that provides a constant source of income that isn’t eaten up by taxes and other costly traps must be constructed.
As emotional human beings, too often we tend to dwell on what has happened to us rather than trying to figure out what to do about the things that have happened, and working to ensure that they either do or don’t happen to us again.
With so many wealth managers to choose from, it’s crucial that you understand your options and define your needs like you would with your family doctor, lawyer and other professional services.
Bonds can be appropriate investment vehicles for retirees seeking income, but you should have a firm grasp of the numbers before embarking on the journey.
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? DIY retirement planning requires advanced knowledge and understanding in these areas: investments, tax planning, insurance, and estate planning.
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.
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.
On August 14, 1935 Social Security became reality and is now a major part of our retirement system and welfare system.
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.
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.
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.
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.
A common question we receive at Barber Financial Group is “How will my Social Security be taxed?”
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.
Checks - Use your initials and last name when ordering printed checks. A check forger won’t know how you sign your checks, but your bank will.
Claiming Social Security can be complicated and if you don't look into your options before claiming you could be leaving potential Social Security income on the table.
The Social Security Checklist is a guide to claiming your Social Security benefits and includes a short checklist to help you along the way.
Regardless if Social Security will or will not be your primary source of income in retirement, if you take your Social Security benefits at face value you could be leaving money on the table.
Social Security provides an important source of guaranteed income for most Americans. Choosing an appropriate claiming strategy is even more important under new Social Security regulations.
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? DIY retirement planning requires advanced knowledge and understanding in these areas: investments, tax planning, insurance, and estate planning.
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?
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.
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...
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?
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.
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.
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.
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.
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.
Most people believe that taxes are just a matter of fact, they are what they are.
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.
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.
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.
If you weren’t already aware, a huge benefit of an IRA is its capability to generate tax-favored money to beneficiaries.
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?
What are the ordering rules? Roth IRA distributions can consist of contributions, converted funds and earnings – or any combination of the three.
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.
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.
This fall, the Senate and House released proposed legislation that would dramatically alter taxes in the United States.
You have probably heard much about the pending tax legislation and all the provisions that are being debated.
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...
Note: After weeks of discussion, disagreements, and postponements, the House announced their plan for tax reform yesterday, November 2, 2017.
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.
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.
There are many different forms of inheritance. Some will carry a tax burden while others will not.
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.
A common question we receive at Barber Financial Group is “How will my Social Security be taxed?”
Checks - Use your initials and last name when ordering printed checks. A check forger won’t know how you sign your checks, but your bank will.
Forward-looking tax planning can be a huge part of a successful retirement plan. Watch as Dean Barber reviews the basics of a forward-looking tax plan and the impact it can have on your retirement plan.
Dean Barber discusses some of the questions from our Retirement Plan Checklist report.
Filing your taxes can cause many headaches, just be sure to avoid mistakes. Here are 10 Ways to Avoid Common Tax Filing Errors.
Here’s a list of a few tax strategies to consider that could improve your overall tax structure during your retirement years and for your beneficiaries inheriting your estate.
The countdown begins. Once the clock rolls us into 2019, tax season gets underway.