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Fiduciary Responsibility FAQ for 401k Plan Sponsors

In Asset Allocation, Corporate Sponsored 401k Plans, Retirement Planning by Chip Hymiller

The Employee Retirement Income Security Act of 1974 (ERISA) imposes strict standards of conduct on fiduciaries who have discretion over the administration and investment of 401(k) retirement plans and plan assets. ERISA and its fiduciary rules apply to defined contribution plans like 401(k) plans, ERISA 403(b) plans and also defined benefit plans. Who are plan fiduciaries to 401(k) plans? Basically, …

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Social Security and Medicare Changes for 2016

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

On November 2, 2015, President Obama signed into law the Bipartisan Budget Act of 2015, legislation that raises the federal debt limit and establishes the framework for a two-year budget deal. The legislation, necessary to avoid an impending default on U.S. debt, also contains multiple unrelated provisions, including an elimination of two Social Security retirement benefit claiming strategies and a …

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Retirement Plans for Small Business Owners

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

Small business owners have a number of alternatives to choose from when it comes to establishing retirement plans for their business. Each plan type can vary in their contribution level and matching requirements, as well as their ongoing regulatory and administrative burden. In order to make an informed decision as to the type of retirement plan that works best for you, it is important that you consider the specifics of your business.

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Understanding Risk—Capacity, Tolerance, Perception & Risk Required

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

This article explores four elements of an investor’s risk profile – risk capacity, risk required, risk tolerance and risk perception. Understanding each type of risk is an essential element of building an investment portfolio that can both meet your specific investment needs, while allowing you to sleep easy during times of personal and financial stress.

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Dementia – Do You Have a Game Plan?

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

Increasingly, families have to figure out how to best deal with dementia and other memory-related impairments that naturally happen as people age. This is especially true when navigating the complex and often times confusing area of personal finances. So, what can you do to prepare yourself should you, or a member of your immediate family develop dementia? Here are a few ideas that you may find helpful.

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Pension Decisions – Consider Your Options

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

There is no doubt that pensions are an extremely important asset and making decisions regarding these plans can be daunting and stressful. This is especially true since pension decisions are irrevocable! This article addresses common questions that should be considered when making decisions about your pension.

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Beacon Financial Strategies Celebrates 10 Years!

In Asset Allocation, Company News by Chip Hymiller

It is very hard to believe, but Beacon Financial Strategies recently celebrated our 10th year in business.  While so very much has changed over the last 10 years, one thing remains the same—we absolutely love our “jobs!” We would like to extend our sincerest gratitude to those of you who have entrusted Beacon to provide financial guidance to you and …

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Investor Beware of Year-End Capital Gain Distributions!

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

It looks like 2014 is going to be a huge year for mutual funds making capital gain distributions. While on the surface capital gains sounds like a good deal, but in reality they can pose a tax nightmare for some investors – especially people who invest in mutual funds in non-retirement (taxable) accounts. This article explains the problem with mutual fund distributions and provides a resource for those performing year-end tax planning.

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Surviving the Financial Stress Test

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

When making financial planning and investment decisions, we believe that it is important to consider the probability of negative outcomes. We call this “stress-testing” a financial plan. By stress-testing financial planning assumptions, we are able to help our clients identify and protect against financial risks that could derail their financial plans.