View Post

Projecting Health-Related Expenses in Retirement

In Asset Allocation, Retirement Planning by Chip Hymiller

For many, the largest unknown during retirement and a source of much concern and worry is the potential for “extraordinary”  health-related expenses.  These costs including Medicare, Medicare Supplement, prescription drug coverage, dental, vision and out-of-pocket costs (deductibles and co-pays) can vary greatly at an individual level. When working on a Retirement Feasibility or Portfolio Sustainability Analysis for clients, we are …

View Post

Beacon Welcomes Nick Faulkner!

In Asset Allocation, Company News by Chip Hymiller

Meet the newest member of the Beacon team, Nick Faulkner.  Nick attended the University of North Carolina at Wilmington where he earned a Bachelor of Science in Business Administration with a concentration in Finance.  Having worked at an independent financial planning and wealth management firm, as well as in the insurance industry, Nick has experience in key areas of the …

View Post

Understanding Required Minimum Distribution (RMD) Rules

In Asset Allocation, Company News, General Financial Planning, Personal Financial Planning, Retirement Planning by Chip Hymiller

Required Minimum Distribution (RMD) Fast Facts: Required Minimum Distributions (RMDs) are based on: December 31st account values and… A person’s life expectancy There is currently no annual RMD requirement on Roth IRAs Neglecting to take a RMD can result in a penalty of 50% on the amount of the required to be withdrawn Required Minimum Distributions: A Deeper Look Those …

View Post

Special Needs Planning: An Introduction to ABLE Accounts

In Asset Allocation, Cash Flow and Budgeting, Estate Planning, General Financial Planning, Personal Finance, Personal Financial Planning by Chip Hymiller

Families of those with special needs have historically had limited options when accumulating funds for their loved one’s future.  Especially, without jeopardizing their continued eligibility to Medicaid and other support programs. As surprising as it may seem, accumulating as little as $2,000 in a disabled person’s name could potentially render them ineligible to receive much needed assistance and access to …

View Post

Planning for Life in a Retirement Community—Things To Consider

In Asset Allocation, Company News, General Financial Planning, Retirement Planning by Chip Hymiller

There is no doubt that people are living longer and enjoying a higher quality of life in their retirement years.  Given the high demand of retirement communities, which can include independent living and assisted living alternatives, many are taking a proactive approach in evaluating and moving into these communities—prior to health changes that could warrant the necessity to move in. …

View Post

A Look Back on Black Monday: October 19, 1987

In Asset Allocation, General Financial Planning, Investments, Market Review, Personal Finance, Personal Financial Planning, Retirement Planning, The Economy by Chip Hymiller

It’s hard to believe that it’s been 30 years since “Black Monday,” the day the stock market declined a whopping 22.6%! Although I was merely a sophomore in high school, I remember the day quite well.  Having my first real job and being a “saver” by nature, I had just become interested in investing.  I had recently invested in a …

View Post

Protect Your Credit – Implement a Security Freeze Now!

In Asset Allocation, Personal Finance, Personal Financial Planning by Chip Hymiller

Equifax, one of the three major credit agencies, recently revealed that they had a major security breach whereby 143 million American’s personal information (including Social Security numbers) was stolen.  Click here and choose the “Potential Impact” button to find out if your personal information may have been compromised in this breach. **We do not recommend that you enroll in the Equifax “TrustedID …

View Post

You are Never Too Old (or too Young) for a Roth IRA!

In Asset Allocation, General Financial Planning, Personal Financial Planning, Retirement Planning by Chip Hymiller

The ability to contribute to Roth IRAs can represent one of the most beneficial financial planning decisions that people can make for their future.  Roth IRAs were established by the Taxpayer Relief Act of 1997 and while most people are aware of the name, they may not be fully aware of all of the benefits. A Roth IRA is an …

View Post

Estate Tax Planning: Be Proactive and Know Your Options

In Asset Allocation, Estate Planning, General Financial Planning, Retirement Planning by Chip Hymiller

The federal estate tax generally only applies to those who die with assets that exceed $5,490,000 (in 2017).  While only about 0.2% of the population is subject to the estate tax, those who are impacted can be faced with a significant estate tax liability as the estate tax rate quickly exceeds the 40% mark! Here is a simple example of …

View Post

Sequence of Returns Risk: Considerations for New Retirees

In Asset Allocation, General Financial Planning, Investments, Retirement Planning, Tax by Chip Hymiller

Research has shown that the timing of one’s retirement can be important – especially as it relates to investment returns in the early years of retirement. Someone who retired just prior to the “Great Recession” could have experienced significantly larger portfolio “drawdowns” than someone who retired during a period of economic expansion and higher investment returns.

View Post

Donor Advised Fund Comparison

In Asset Allocation, Charitable Gifting, Estate Planning, General Financial Planning, Personal Financial Planning, Tax by Chip Hymiller

In our article, Charitable Gifting Using Donor Advised Funds, we provided some insight into donor advised funds and listed some of the many benefits that the charitably-minded could garner from using donor advised funds as a component of their charitable gifting strategy.  As a follow up to that article, we wanted to provide some information that could be helpful when vetting custodians who offer donor advised funds.

View Post

Economic Snapshot

In Asset Allocation, Investments, Market Review, Retirement Planning, The Economy by Chip Hymiller

The Economic Snapshot is a sampling of a number of widely followed economic and financial market statistics.  Beacon Financial Strategies utilizes these and other economic indicators as a gauge of the general financial health of the economy when making investment decisions. The purpose of the information contained in this post is to provide you with a general gauge of domestic economic …