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Strategic Social Security Decisions To Consider

In General Financial Planning, Personal Finance, Personal Financial Planning, Retirement Planning by Chip Hymiller

One of the most important financial decisions people face with regard to retirement planning is when to start taking their Social Security retirement benefit. Making the most of this decision requires careful consideration of a number of variables including tax, cash flow and even elder care issues. The economic downturn has forced many families to consider taking Social Security earlier than expected. With that in mind, here are some ideas to consider, when making this important decision.

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Is that type of insurance necessary?

In Cash Flow and Budgeting, General Financial Planning, Insurance, Personal Finance, Retirement Planning by Chip Hymiller

A key component of our one-time financial planning engagements involve assessing how much insurance coverage our clients need while also reviewing the insurance policies that clients have in order to determine if they are adequate or necessary. In doing so, we often find that people have purchased insurance products that are either not necessary or entirely too costly.

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Taxation of Exchange Traded Funds Can Be Tricky

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

With more than $80 billion invested in exchange traded funds (ETFs), they have become a very popular investment for both retail and institutional investors. While ETFs can be an integral component of a sound investment strategy, investors should understand the tax treatment of these investments in order to avoid unexpected tax consequences.

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Market Corrections are not Unusual

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

he financial markets have experienced continued volatility since the end of April. In fact, with stocks having declined in excess of 10%, the markets have officially entered a period of “correction.” Although corrections are normal (and actually healthy for the markets), many investors may be a bit uneasy, especially with the wounds of the “Great Recession” still fresh in everyone’s mind.

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The Millionaire Next Door

In General Financial Planning, Personal Finance by Chip Hymiller

I recently had lunch with a friend of mine who told me that he had recently read The Millionaire Next Door (published in 1996) written by Thomas Stanley and William Danko.  For those of you who have not had a chance to read the book, the authors surveyed over a thousand millionaires to try and identify common attributes that made …

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What Grade Does Your 401(k) Get?

In General Financial Planning by Chip Hymiller

Have you ever wondered how your company-sponsored retirement plan compares to other companies?  If so, you are in luck – there is a website called BrightScope that has done just that.  BrightScope has compiled a massive database of 401(k) plans, providing key information on many 401(k) plans.  Rankings are based on the design of the plan and performance of the …