Buying an annuity is not that different from buying a home. Let’s break it down: Both involve pretty high fees (6% realtor commissions don’t pay themselves)Both involve long time commitments as annuities have high surrender fees, and most homes aren’t…
Tag: Michigan fee-only financial advisor
Michigan Taxes in Retirement
I’ve got a little good and bad news for you when you reach retirement. The good news is that there is a really good chance that your taxes will go down in retirement! The bad news is that these taxes…
Video: The Secret of Financial Advisor Fees
Does it make sense that most financial advisors charge more just because you have saved more? It doesn't to me, so I did something about it.
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…
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Social Security Benefits for Widows in Michigan
When Anne’s husband passed, her social security benefit was the last of her concerns. Finding the right cemetery, breaking the news to friends and family, and grief dominated her thoughts. Who can blame her? The man that she had been…
Michigan Snowbird: Should You Make Florida Your Primary Residence?
I’m writing this is the midst of another “polar vortex”. The car read negative twelve as I made my way through the icy wonder that is Michigan in February. The conversation with my parents at their Florida home didn’t help…
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Taxes on Social Security in Michigan
If you earned $50,000 per year in a 35-year career, you would have paid around $110,000 in social security taxes. Also, let’s not forget that your employer would have paid the same amount of taxes on your behalf, which means…
Taxes on 401(k) and IRA Distributions in Michigan
You have saved and saved throughout your working years and now it is time to start taking some money out. You didn’t think the government was going to let you have all of that money tax-free, did you? A lot…
Analyzing The 2019 Proposal to Eliminate the Michigan Pension Tax
Wait, Democrats and Republicans can actually agree on something? Well, every Democrat and Republican running for governor of Michigan at least. The Michigan “Pension Tax”, is so unpopular with Michigan retirees, that it actually brought together people on both sides…
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MESP vs. MET: What’s the Best Michigan College Savings Plan?
According to the University of Michigan website, it costs over $30,000 per year to attend UofM. Michigan State is not much cheaper with a year costing $25,000. Even scarier, if the trend continues it will cost nearly $270,000 for my…
Read More MESP vs. MET: What’s the Best Michigan College Savings Plan?