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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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A Rule of Thumb for Withdrawal Rates

In Personal Finance, Retirement Planning by Chip Hymiller

Much has changed over the last year—especially for those who are taking withdrawals from their investments to fund living expenses.  Even investors who maintained a moderate portfolio allocation may have sustained significant investment losses over the last year.  With portfolio declines, some retirees may find that they are having to distribute a greater percentage of their portfolio to fund “lifestyle” …