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Jul

09

2015
Elder Fraud: 5 Tips to Protect Our Loved Ones

Elder Fraud: 5 Tips to Protect Our Loved Ones

There is no question that financial abuse of elders is a big concern. In a recent survey from AICPA, 47% of the CPA financial planners surveyed say they have seen an increase in financial fraud over the last five years. Ted Sarenski, President of Blue Ocean Strategic Capital, says there are two main reasons for this trend. First, fraud is now more likely to be...

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Jun

24

2015
The Dumbest Question I Have Ever Heard

The Dumbest Question I Have Ever Heard

There is no such thing as a dumb question, right? Normally, I would agree, but this one I have to call out.  I was reading a “top 5 list” of things to ask a financial planner before you hire them, and question #2 on this list was, “How does your performance compare to the benchmarks and are you able to outperform them?”  HUH?  Now if...

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Jun

17

2015
What to do if you inherit an IRA as a non-spouse?

What to do if you inherit an IRA as a non-spouse?

If you receive an IRA as a spousal beneficiary, you have essentially two options. You can either rollover the inherited IRA to your IRA or cash the inherited IRA out and pay the taxes. However, what do you do if you inherit an IRA as a non-spousal beneficiary? To answer this question, you need to understand the IRA inheritance rules. Knowing these rules will help...

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Jun

10

2015
Stressed Senior Couple Calculating Budget

The Looming Long Term Care Crisis

As advisors, we counsel clients on the best ways, according to a written plan, to save for retirement.  However, living another forty years in retirement generates additional planning issues relating to the rising cost of Long Term Care. Let’s face it–you know someone or have a family member who is receiving care at home, living in an assisted living facility, living in a nursing home, or...

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Jun

03

2015
The $24 Billion Dollar Retirement Mistake!

The $24 Billion Dollar Retirement Mistake!

We all like free money, don’t we? I mean, free is free, right? Yet sometimes we have free money given to us and we DON’T take it!  According to a new report by Financial Engines, approximately twenty-five percent of employees whose companies offer a retirement contribution match aren’t taking full advantage of it. This study looked at approximately 4.4 million retirement plans. Based on the...

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May

27

2015

Which Method Will You Use??

In Retirement Income Planning, there are two traditional methods to calculate your retirement income, the Income Replacement Ratio and the Expense Coverage Calculation. While both are popular, one seems to be gaining more momentum among financial advisors. The old method for planning used a percentage of the income you earned prior to retirement to calculate retirement income.  For example, if you and your spouse earned...

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May

13

2015

I Have Two Questions For You…

We have been hosting our radio show “The Premier Investments of Iowa Financial Hour” for over 6 years now. Recently, I was having a conversation with a retiree and was asked, “What was the very first question you ever got on your radio show?”  I did not have to think very long. I remember the conversation well. Our timing to start the show may not...

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May

07

2015
Know the 3 R’s of Personal Finance… Real Rate of Return

Know the 3 R’s of Personal Finance… Real Rate of Return

I recall a seminar I taught years ago at which I had a woman questioned my criticism of CDs (Certificates of Deposit). Actually, I believe she called me a “young whippersnapper”, so you can understand this was a few years back. Nonetheless, she recalled a day back when you could get 12% CDs. She looked perplexed as I correctly guessed when she had opened those...

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May

01

2015

Don’t make these 4 Life Insurance mistakes!

Buying life insurance is a big decision, and one that should not be held lightly. I often ask clients the question, “If life insurance was FREE, how much would you own?” The answer I often get is, “Well, as much as I could!”  This tells me that people believe in life insurance, but don’t want to PAY for it! Like all insurance, it is best...

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Apr

22

2015

Don’t Make These Financial Relationship Mistakes

Statistics are showing that many Americans are marrying at later ages. The median age for first marriages in the United States is 27 now for women and 29 for men according to Pew Research, compared to 20 for women and age 23 for men in 1960. Although the divorce rate in the US has declined (yes, hard to believe, but according to the CDC this...

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