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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 …

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Part 3: 10 Years From Retirement, What is Your Financial Focus?

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

This article is the third of a three part series titled: 10 Years from Retirement, What is your financial focus? In Part 1, we discussed the importance of tracking and managing your living expenses, as well as, making projections around how much you will spend in retirement.  We also stressed the importance of making strategic Social Security decisions. In Part 2, we explored pension decisions, …

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2017 Tax Law Changes

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

Happy 2017! As we begin a new year, it’s always important to re-examine certain elements of your financial plan – especially things that relate to tax planning. Here are a few of the more common items that may impact your financial situation this year. Social Security & Medicare Part B For those receiving Social Security, there is a cost of living …

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Part 2: 10 Years from Retirement, What is Your Financial Focus?

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

In Part 1, we discussed the importance of tracking and managing your living expenses, as well as, making projections around how much you will spend in retirement. We also stressed the importance of making strategic Social Security decisions. In this article, we wanted to spend some time addressing pension decisions, ideas for strengthening your personal balance sheet and helping you think through how much money you will likely need during retirement.

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Part 1: 10 Years from retirement, what is your financial focus?

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

If you’re 10 years or so away from retirement, you’ve probably spent at least some time thinking about what your life will look like after retirement. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in some …

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Tax Free IRA Gifts To Charities Are Now Allowed

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

For those of you who are charitably inclined and over the age of 70 ½, we have great news that could impact your charitable gifting strategy!  In December 2015, Congress made permanent the ability for taxpayers to divert their required minimum distribution directly to a qualified charity. The ability to make this charitable election, technically called a Qualified Charitable Distribution …

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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.