Helping Michigan Retire
Everyday I get a new question regarding pensions. Almost all of these stem from a fellow co-worker who’s part-time gig is armchair financial advisor. Today, my client was shocked to hear from fellow automobile design engineer/lump sum expert, that he would only receive 45% of the lump sum, because the other 55% were eaten away …
If you are married and have a monthly pension, the recommendation is almost always to take the Joint & Survivor pension benefit option. This means that while both you and your spouse are living, you will draw a slightly reduced pension compared to a Single Life Annuity. The benefit is that if the pensioner dies …
Continue reading Joint and Survivor Pension Benefit or Insure Yourself?
It should come as no surprise that I hate life insurance in retirement. Unless, you are a business owner, have a large taxable estate (unlikely now a days), or have a special needs child, life insurance is just not necessary in retirement. Yet, one of the most popular questions I get is, “What do I …
Continue reading Converting Your Insurance Policy to a Roth IRA at Retirement
I’ve been working with a family for years and finally this year they have decided to pull the trigger and retire. Both will retire now that they are 65, and we spent a lot of time discussing healthcare, and specifically Medicare. They both decided on a Medigap G policy and we figured the total cost …
Continue reading The Medicare Mistake That Could Cost You Thousands
Roth conversions in retirement seem to be a hot topic and are becoming more common. The recent tax law change, which lowers income tax rates, makes Roth conversions in the next few years even more attractive. Every retirement plan I run with my clients, we discuss the reasons a Roth conversion strategy may make financial …
Continue reading Roth Conversion vs. Travel Optimization Strategy
Medicare is confusing. First, you have original Medicare which is Part A and B. Then you have to decide if you want a Medicare Advantage Plan (Part C) or a Medigap Policy. If you choose to go with a Medigap Policy, you need to choose between Medigap Plan A, B, C, D, F, G, K, …
Continue reading Medigap F vs. G: What’s The Best Michigan Medigap Policy For You?
One of the first questions that I get from most prospective clients is, “What are your fees?” In a world in which you can get the fees, and reviews, for just about every product imaginable on Amazon, financial advisors still work in a world of secrecy. Try going to a financial advisor’s website, assuming they …
Continue reading It’s The Fees That You Don’t See That Should Scare You
