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Welcome to Macino Financial > News Posts (Page 2)

3 Options for Rolling Over Your 401(k) to an IRA

There are many reasons why you may be considering rolling over your 401(k) to an Individual Retirement Account (IRA). First, you may be looking to expand your options for investing. Second, you can consolidate multiple 401(k)s into one investment platform for saving on investment fees and lastly you have control of your investments and not your previous employer. Regardless of the reason, choosing the best fit for your investment will require understanding the options and their available benefits. Below we have compiled a helpful guide to choose which option may be best for your unique needs: Traditional 401(k) to Traditional IRA Your options...

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5 Ways to Pay Fewer Taxes in 2018

Death and taxes are the only things that are certain, and your obligation to Uncle Sam continues even after you retire. When what you’ve saved needs to last the rest of your life, you don’t want to give away any more than you have to. Discover sound tax strategies to pay fewer taxes in 2018. Understand Social Security Taxation Social Security laws relating to benefit taxation haven’t been adjusted for inflation since they were implemented in 1983. Individuals pay taxes on benefits when their income is $25,000 or more a year. Couples pay when their joint income is $32,000 or more. If you...

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5 Financial Planning Tips for Retirement

As if there weren’t enough plans you have to make for retirement, don’t forget to account for tax payments. Even seasoned retirement advisors can forget about tax liability - exposing themselves to financial risks and hardships during what should be the golden years. As a retiree or someone close to retiring, use these financial planning tips to stay financially secure leading up to retirement and far into the future. Accurately Estimate Tax Payments Whether you plan on living off of a pension, Social Security benefits, individual retirement accounts, or some other source of income, you need to look at the big picture....

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2017 4th Quarter Market Review – Virtue Capital Management

Global Economic Review The bull market that had been dubbed “the bull market everyone hates” has extended into the second longest and third strongest bull market in United States history.  Although this economic recovery has been the most tepid since the Great Depression, 2017 ended with surprising global economic activity to the upside, and global earnings growth following a similar trend. U.S. GDP registered consecutive 3% quarterly tallies, and, because of the stimulative year-end tax package, economists raised expectations for 2018 economic growth. In response to the resurgence in the economy, the Fed raised interest rates at the December FOMC meeting,...

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Act Now to Save on Taxes before This Key Deduction is Lost

While Congress usually doesn’t accomplish much near the Christmas break, there are some indications that a new tax plan may reach the President’s desk before the end of the year. Even if an agreement is not reached until early January, it is likely that the tax bill would be made retroactive to January 1st, and so effective for the entirety of 2018. Two key deductions may be going away or facing new limitations as a result of this tax bill, but there is action you can take before the end of the year to save money. It is always best to...

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New Retirement Planning Rules You Need to Know

The rules have changed when it comes to retirement planning. Skyrocketing medical expenses, changes to social security, and a constantly rising cost of living make the retirement process much different than it was just 10 years ago. The best way to really understand the current situation lies in a thorough examination of the old rules and how retirement planning rules have changed. For example, traditional wisdom said save 10% of your income and work for around 40 years, then you can retire in comfort. Now, that often isn’t enough. The old rules involved investing mostly in bonds when approaching retirement....

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How to Make Sure Your Retirement Planning Covers Healthcare Costs

The combination of losing steady income, and incurring more healthcare costs as you age, is one that strikes fear into the hearts of many retirees. With a fixed income and the need for more frequent care, you may wonder how you’ll pay your medical bills. Even in great physical health, there may come an emergency that sets your budget back. Thankfully, you can enjoy your golden years without fearing healthcare costs. Here’s how… Accurately Calculate Healthcare Costs Many retirees find themselves in difficult positions because they fail to plan for just how much healthcare will cost. Most companies pay about 75 percent of...

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How to Know When You Can Afford to Retire

It’s a long journey across your professional career to the promised land of retirement. One of the big questions you face is whether you’re finally ready to make the transition. Individuals have to decide when they’ve achieved their professional goals but also when their retirement income, pensions, and social security will be enough to live on for the rest of their lives. Knowing where you stand can help you make smart, informed decisions. Ready? Let’s dive in… Know Your Destination What are you looking for in retirement? Are you planning to load up the RV and drive cross country? Are you looking forward to getting away...

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10 Surprising Retirement Stats

Americans haven’t done a good job planning and saving for retirement. A surprising fact is that many older Americans, particularly the hard-working Baby Boomer generation, have done worse than the subsequent generations they so often criticize. Still, the overall picture remains bleak. Here are 10 surprising retirement stats to consider: One in three Americans are unprepared for retirement[1] Thirty-three percent of the United States population is not ready for retirement, having saved nothing at all for their post-work years. Beyond that, 56% of Americans have less than $10,000 saved, and fewer than 20% have saved more than $200,000. The average amount saved by...

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The Retirement Anxiety Antidote

You’ve been waiting for it your entire life. You’ve been sinking funds into your retirement account from the earliest date you were able. As your retirement date gets closer, suddenly the transition you’ve longed for becomes a source of anxiety. Instead of looking forward to the freedom, retirement anxiety takes over and you dread everything that might go wrong and wonder if it’s what you really want after all. The worry you feel when it comes to retirement may be worse than it should be. What People Fear There are multiple causes of retirement anxiety. Here are a few thoughts that might...

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