Self Employed in Michigan? Comparing a SEP IRA vs. a Solo 401(k)

For years, the SEP IRA was the gold standard retirement plan for the self employed. High contribution rates? Check. Easy to open? Check. Flexible investments? Check. However, the SEP IRA is getting some competition, from the solo 401(k) (a.k.a an individual, or self employed 401(k)).  My buddy, and hotshot business owner , Marvin asked me the best retirement plan for him over dinner the other … Continue reading Self Employed in Michigan? Comparing a SEP IRA vs. a Solo 401(k)

How a Financial Plan Can Help You Spend More in Retirement

After my second year at University of Michigan I decided to spend the summer working at a backpacking camp in Colorado.  This seemed odd being that I had never been to Colorado or had been backpacking. Bringing kids on 5 days camping trips around Colorado, how hard could it be?  I loaded up on the cheapest (and unfortunately heaviest) equipment that I could find, and … Continue reading How a Financial Plan Can Help You Spend More in Retirement

Tax Hacks: The Backdoor Roth 401(k)

Sure, you may be familiar with a backdoor Roth IRA, but have you heard about it’s bigger and much better brother, the backdoor Roth 401(k)? Can I interest you in saving over $50,000 a year in your 401(k), all of which is tax-free income? No, this strategy is not for everyone, but those who want to really max out their savings, the backdoor Roth 401(k) … Continue reading Tax Hacks: The Backdoor Roth 401(k)

4 Reasons to Make Roth Contributions in Your 50s and 60s

If you are under the age of 40, making Roth IRA or 401(k) contributions is a no brainer. Putting money into a Roth account that can grow tax free for the rest of your life is a fantastic benefit and the earlier you start contributing, the better. How if you are just a few years from retirement, or even in retirement, does making Roth contributions … Continue reading 4 Reasons to Make Roth Contributions in Your 50s and 60s

6 Things You Should Do The Year You Retire

It’s your last year of work. You’re spending more time looking at the countdown to retirement clock app on your phone than the excel spreadsheet that should have been completed a week ago. Still, you aren’t done yet, and there is still planning that needs to be done. You have already determined when you will draw social security, what healthcare will look like and where … Continue reading 6 Things You Should Do The Year You Retire

The 10-Minute Retirement Budget

You know that having an idea how much you will spend in retirement is important, but you also are probably dreading actually putting together a budget.  Maybe you have been given a big blank budget and asked to fill it out.  You know the kind, it lists things that most of us typically spend our money on; food, travel, cars, etc.  And then there is … Continue reading The 10-Minute Retirement Budget

4 Steps for Creating a Pre-Retirement Investment Strategy

So, you want an investment strategy with almost unlimited upside but limited downside risk? Let me tell you about the LowVol Retirement Income Maximization Investment Strategy. It is a covered call option strategy in which we use the income from selling the call to buy a put. Selling the call allows us to realize almost all of the upside and the put option limits the … Continue reading 4 Steps for Creating a Pre-Retirement Investment Strategy