Objective information about financial planning, investments, and retirement plans

A Pre-Retirement Financial Checklist

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Are you within a few years of retirement? It’s time to get your financial house in order. We are now almost eight years into a bull market for stocks that has seen the S&P 500 move from 677 at the lows of the financial crises to a recent intraday high of over 2,350. Hopefully these stock market highs have favorably impacted your retirement readiness?

Here are several items to include on your pre-retirement financial checklist.

Review your company benefits  

Your 401(k) plan might be your largest and most significant employee benefit, but there may be others to consider as well. Does your company offer any sort of retiree medical coverage? Are there other benefits that you can continue at reduced group rates?

In the case of your 401(k) you will have choices to make at retirement. You will need to determine if you want to leave it with your soon-to-be-former employer, roll it into an IRA, or take a distribution. The last choice will likely result in a hefty tax bill, so this is generally not a good idea for most folks.

Do you have company stock options that you haven’t exercised? Check the rules here. Speaking of company stock, there are special rules called net unrealized appreciation to consider when dealing with company stock held in your 401(k) plan.

Do you have a pension from your current or former employer?

While a pension is certainly an employee benefit, I feel that it deserves its own section. You might have several decisions to make regarding your pension benefit if you are fortunate enough to be covered by one.

  • Do you take the benefit immediately upon retirement, or wait?
  • If you have the option, do you take the pension as a lump-sum and roll over to an IRA or take it as a monthly annuity?
  • Generally, there will be several annuity payment options to consider, which one is right for your situation?

These decisions should be made in the context of your overall financial situation and your ability to effectively manage a lump sum. Since any lump-sum would be taxable if taken as a distribution, it is usually advisable for you to roll it over into a tax-deferred account such as an IRA. If you have earned a pension benefit from a former employer, be sure to contact your old company to get all the details and to make sure they have your current address and contact information so there are no delays or glitches when you want to start drawing on this pension.

Determine your Social Security benefits and when to take them

While you can start taking Social Security at age 62, there is a significant reduction in your monthly benefit as opposed to waiting until your full retirement age. Further, if you can wait until age 70 your benefit level continues to grow. If you are married the planning should involve both spouses’ benefits. There are several planning opportunities for married couples around when each spouse should claim their benefit.

Review your retirement financial resources 

Over the course of your working life you have likely accumulated a variety of investments and other assets that can be used to fund your retirement which might include:

  • Your 401(k)or similar retirement plan such as a 403(b) or other defined contribution plan.
  • IRA accounts, both traditional and Roth.
  • A pension.
  • Stock options or restricted stock units.
  • Social Security
  • Taxable investment accounts.
  • Cash, savings accounts, CDs, etc.
  • Annuities
  • Cash value in a life insurance policy
  • Inheritance
  • Interest in a business
  • Real estate
  • Any income from working into retirement

In the years prior to retirement it is a good idea to review all your anticipated assets and retirement resources to determine how they can be best utilized to support your desired retirement lifestyle.

Determine how much you will need to support your retirement lifestyle 

While this might seem intuitive you’d be surprised how many folks within a few years of retirement haven’t done this. Basically, you will want to put together a budget. Will you stay in your home or downsize? What activities will you engage in? What will your basic living expenses be? And so on.

Compare this to the income that your various retirement resources might generate for you and you will have a good idea if you will be able to support your desired lifestyle in retirement. If there is a gap, you still have some time to make adjustments to close that gap.

You will need to do some planning in terms of which financial resources to tap and the sequencing of these withdrawals over the course of your retirement.

This is a very cursory “checklist” for Baby Boomers and others within a few years of retirement. This might be a good point to engage the services of a fee-only financial advisor if you’ve never done a financial plan, or if your plan is out of date. Retirement can be a great time of life, but proper planning is required to help ensure your financial success.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email. Please check out the Hire Me tab to learn more about my freelance financial writing and financial consulting services.  

Approaching retirement and want another opinion on where you stand? Check out my Financial Review/Second Opinion for Individuals service.

Stock Market Highs and Your Retirement

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As I write this the Dow Jones Industrial Average has surpassed the 20,000-milestone intraday today. This comes some seven months after a 610 point drop in the Dow in the wake of the Brexit, the vote taken in U.K. where they decided to leave the European Union.

Difference Between Stocks and Bonds

Over the past 16 + years we’ve seen two market peaks followed by pronounced market drops.  The S&P 500 peaked at 1,527 on May 24, 2000 and then dropped 49% until it bottomed out at 777 on October 9, 2002.  The Dot Com Bubble and the tragedy of September 11 both contributed.

The S&P 500 rose to a high of 1,565 on October 9, 2007 only to fall 57% to a low of 677 on March 9, 2009 in the wake of the Financial Crisis. Since then the market has rallied and we are approaching the eighth year of this bull market. As someone saving for retirement what should you do at this point?

Review and rebalance 

During the last market decline there were many stories about how our 401(k) accounts had become “201(k)s.” The PBS Frontline special The Retirement Gamble put much of the blame on Wall Street and they are right to an extent, especially as it pertains to the overall market drop.

However, some of the folks who experienced losses well in excess of the market averages were victims of their own over-allocation to stocks. This might have been their own doing or the result of poor financial advice.

This is the time to review your portfolio allocation and rebalance if needed.  For example your plan might call for a 60% allocation to stocks but with the gains that stocks have experienced you might now be at 70% or more.  This is great as long as the market continues to rise, but you at increased risk should the market head down.  It may be time to consider paring equities back and to implement a strategy for doing this.

Financial Planning is vital

If you don’t have a financial plan in place, or if the last one you’ve done is old and outdated, this is a great time to have one done. Do it yourself if you’re comfortable or hire a fee-only financial advisor to help you.

If you have a financial plan this is a great time to review it and see where you are relative to your goals.  Has the market rally accelerated the amount you’ve accumulated for retirement relative to where you had thought you’d be at this point? If so this is a good time to revisit your asset allocation and perhaps reduce your overall risk.

Learn from the past 

It is said that fear and greed are the two main drivers of the stock market. Some of the experts on shows like CNBC seem to feel that the market still has a ways to run and might even be undervalued. Maybe they’re right. However don’t get carried away and let greed guide your decisions.

Manage your portfolio with an eye towards downside risk. This doesn’t mean the markets won’t keep going up or that you should sell everything and go to cash. What it does mean is that you need to use your good common sense and keep your portfolio allocated in a fashion that is consistent with your retirement goals, your time horizon and your risk tolerance.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email. Please check out the Hire Me tab to learn more about my freelance financial writing and financial consulting services.  

Photo credit:  Phillip Taylor PT

Should You Accept a Pension Buyout Offer?

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Corporate pension buyout offers have been in the news in recent years with companies like Hartford Financial Services offering lump-sum payment options to vested former employees and with Boeing offering a choice of lump-sum or annuity payments to a similar group. Note these offers are not available to retirees who have already taken their pension benefit.

The answer to the question of whether you should accept a pension buyout offer versus taking your pension as a lifetime stream of monthly payment is that it depends upon your situation. Here are a few things to consider.

Are they sweetening the deal? 

Perhaps the lump-sum is a bit larger, and in the case of the Boeing offer the annuity payments were a bit better as well. Or perhaps there normally wouldn’t be a lump-sum option available from the pension plan so this in and of itself is an incentive.

Remember the incentive for the companies offering these deals is to get rid of these future pension liabilities. The potential cost savings and impact on their future profitability is huge. 

Can you manage the lump-sum? 

The decision to take your pension as a lump-sum vs. a stream of payments is always a tough decision. A key question to ask yourself is whether you are equipped to manage a lump-sum payment. Ideally you would be rolling this lump-sum into an IRA account and investing it for your retirement. Are you comfortable managing this money?  If not are you working with a trusted financial advisor who can help you?

There has been much written about financial advisors who troll large organizations (both governmental and corporate) looking for large numbers of folks with lump-sums to rollover. In some cases, these advisors have moved this rollover money into investments that are wholly inappropriate for these investors. As always be smart with your money and with your trust.  Be informed and ask lots of questions.

Do you have concerns about the company’s financial health? 

Do you have doubts about the future solvency of the organization offering the pension? This pertains to both a public entity (can you say Detroit?) and to for-profit organizations like Hartford Financial and Boeing. In the latter case pension payments are guaranteed up to certain monthly limits set by the PBGC. If you were a high-earner and your monthly payment exceeds this limit you could see your monthly payment reduced.

While I am not familiar with the financial state of either Hartford Financial or Boeing I’m guessing their financial health is not a major issue. If you receive a buyout offer you might consider taking it if you have concerns that your current or former employer may run into financial difficulties down the road.

Who guarantees the annuity payments? 

If the buyout offer includes an option to receive annuity payments make sure that you understand who is guaranteeing these payments. Generally, if a company is making this type of offer they are looking to reduce their future pension liability and they will transfer your pension obligation to an insurance company. They will be the one’s making the annuity payments and ultimately guaranteeing these payments.

This is not necessarily a bad thing but you need to understand that your current or former employer is not behind these payments nor is the PBCG. Typically, if an insurance company defaults on its obligations your recourse is via the appropriate state insurance department. The rules as to how much of an annuity payment is covered will vary.

The impact of inflation

An additional consideration in evaluating a buy-out option that includes annuity payments of this type is the fact that most of these annuities will not include cost of living increases. This means that the buying power of these payments will decrease over time due to inflation. 

What other retirement resources do you have? 

If you will be eligible for Social Security and/or have other pension plans it quite possibly will make sense to take a buyout offer that includes a lump-sum. Review all of your retirement accounts and those of your spouse if you are married.  This includes 401(k) plans, 403(b) accounts, IRAs, etc. This is a good time to take stock of your retirement readiness and perhaps even to do a financial plan if don’t have a current one in place.

The Bottom Line

I’m generally a fan of pension buyout offers, especially if there is a lump-sum option. As with any financial decision it is wise to look at your entire retirement and financial situation and to have a plan in place to manage this money.  Where an annuity is also available you need to understand who will be behind the annuity and to analyze whether this is a good deal for you. Be prepared to deal with an offer if you receive one.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email. Please check out our resources page as well.  

Is a $100,000 Per Year Retirement Doable?

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Is a $100,000 a Year Retirement Doable?

A 2013 New York Times article discussed that a $1 million retirement nest egg isn’t what it used to be.  While this is more than 90% of U.S. retirees have amassed, $1 million doesn’t go as far as you might think.  That said I wanted to take a look at what it takes to provide $100,000 income annually during retirement.

The 4% rule 

The 4% rule says that a retiree can safely withdraw 4% of their nest egg during retirement and assume that their money will last 30 years.  This very useful rule of thumb was developed by fee-only financial planning superstar Bill Bengen.

Like any rule of thumb it is just that, an estimating tool.  At you own peril do not depend on this rule, do a real financial plan for your retirement.

Using the 4% rule as a quick “back of the napkin” estimating tool let’s see how someone with a $1 million combined in their 401(k)s and some IRAs can hit $100,000 (gross before any taxes are paid). Note this is not to say that everyone needs to spend $100,000 or any particular amount during their retirement, but rather this example is simply meant to illustrate the math involved.

Doing the math 

The $1 million in the 401(k)s and IRAs will yield $40,000 per year using the 4% rule.  This leaves a shortfall of $60,000 per year.

A husband and wife who both worked might have Social Security payments due them starting at say a combined $40,000 per year.

The shortfall is now down to $20,000

Source of funds

Annual income

Retirement account withdrawals

$40,000

Social Security

$40,000

Need

$100,000

Shortfall

$20,000

 

Closing the income gap 

In our hypothetical situation the couple has a $20,000 per year gap between what their retirement accounts and Social Security can be expected to provide.  Here are some ways this gap can be closed:

  • If they have significant assets outside of their retirement accounts, these funds can be tapped.
  • Perhaps they have one or more pensions in which they have a vested benefit.
  • They may have stock options or restricted stock units that can be converted to cash from their employers.
  • This might be a good time to look at downsizing their home and applying any excess cash from the transaction to their retirement.
  • If they were business owners, they might realize some value from the sale of the business as they retire.
  • If realistic perhaps retirement can be delayed for several years.  This allows the couple to not only accumulate a bit more for retirement but it also delays the need to tap into their retirement accounts and builds up their Social Security benefit a bit longer.
  • It might be feasible to work full or part-time during the early years of retirement.  Depending upon one’s expertise there may be consulting opportunities related to your former employment field or perhaps you can start a business based upon an interest or a hobby.

Things to beware of in trying to boost your nest egg 

The scenario outlined above is hypothetical but very common.  As far as retirement goes I think financial journalist and author Jon Chevreau has the right idea:  Forget Retirement Seek Financial Independence.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email. Please check out the Hire Me tab to learn more about my freelance financial writing and financial consulting services. 

Approaching retirement and want another opinion on where you stand? Check out my Financial Review/Second Opinion for Individuals service.

To learn more about this topic:

Photo credit:  Flickr

Social Security-The End of the File and Suspend Couples Strategy

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The big news in the world of retirement planning is end of a lucrative couples Social Security claiming strategy, file and suspend with a restricted application. The ability take advantage of this lucrative option comes to an end as of April 30, 2016 thanks to the passage of the Bipartisan Budget Bill of 2015.

Social Security-The End of the File and Suspend Couples Strategy

What is the file and suspend strategy?

Under this strategy spouse A upon reaching their full retirement age (FRA) would file for their benefit and then suspend it. They would accrue delayed credits at 8% per year out to age 70 (or sooner) at which time they would resume taking their benefit.

Once spouse B reached their FRA they would then file a restricted application for benefits in order to receive a spousal benefit based upon spouse A’s earnings record. Their own benefit would continue to accrue out until age 70 at which time they would switch to their own benefit if it was higher than the spousal benefit or continue to take the spousal benefit if it was larger.

In many cases this might add an additional $60,000 in benefits to the couple over the four years between spouse B’s FRA and age 70.

There are numerous reasons to do this and it has become a popular couples claiming strategy in recent years.

This option ends as of April 30, 2016.

Who can still take advantage? 

Couples who have executed this strategy are fine and there will be no changes. Couples who are eligible to execute this strategy prior to April 30, 2016 will still be able to.

What are the implications? 

Couples who might have factored this into their retirement strategy will need to rethink their plans and their Social Security claiming strategy.

Those who advise clients nearing retirement and those who provide Social Security tools to the financial advisors will need to rethink their advice and redo some of these tools. Websites offering Social Security calculators will need to redo them as well.

If this change impacts your situation I’d urge you to consult with a knowledgeable financial advisor.

There is much more detail on this change and much has been much written on this topic by a lot of folks whose opinions and knowledge I respect. Below are some excellent articles to check out to learn more about this.

8 Questions About Social Security Claiming Strategies by Mark Miller

The Death of File & Suspend and Restricted Application by Jim Blankenship

Congress kills Social Security claiming loopholes by Alice Munnell

Social Security changes will hit couples, divorced women hard by Robert Powell

Navigating The Effective Date Deadlines For The New File-And-Suspend And Restricted Application Rules by Michael Kitces 

Congress Eliminates Two Popular (and Profitable) Social Security Claiming Strategies by Tim Mauer 

New Social Security Rules: What You Need to Know by Mike Piper 

Check out these two books on Amazon by Jim Blankenship and Mike Piper which have both been updated to reflect the new rules (note these are affiliate links and I earn a small fee if you purchase at no extra cost to you)

In addition here are two pieces on the topic that I recently wrote for Investopedia:

Social Security File and Suspend to End: How to Adjust

Social Security File and Suspend Claiming Strategy is Ending: Now What?

The Bottom Line 

The popular couples Social Security claiming strategy, file and suspend with a restricted application is coming to an end as of April 30, 2016. This is a game-changer for a lot of couples. This may be the time to seek out a knowledgeable financial advisor to advise you. Also stay tuned as there will undoubtedly be much more written on this topic moving forward.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email.

Discover the Secret to Living Tax-Free in Retirement

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On those rare occasions that I develop writer’s block in terms of what to write about here the financial services industry seems to bail me out. Case in point the invitation to a “Private Taxation Workshop” (versus just a plain old seminar) I recently received in the mail. The title of the seminar on the invitation was title I used for this article.

Think about the words “secret to living tax-free in retirement” and while doing so make sure you know where your wallet is.

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Look I’m not saying the accounting firm who is conducting the session in conjunction with a financial services firm is anything but above-board but when I hear words like living tax-free in retirement my first thought is that there will be someone telling you that purchasing the cash value life insurance policy or annuity product being peddled is the answer to your retirement anxiety.

To top this off the seminar is being held at a park district facility, not at a restaurant. In other words they aren’t even providing dinner. Those of you who are regular readers of The Chicago Financial Planner know that I do not hold the sponsors of these sessions in high regard. (Please read Investing Seminars – Should You Attend? and Should You Accept That Estate Planning Seminar Invitation? )

How to legally be in the 0% tax-bracket for any income level

This is one of the bullet points listed under the items they will be discussing at the session. Come on, really? If it were that easy wouldn’t everyone be doing it?

Again I’m guessing that there is some sort of life insurance or annuity product that will be promoted. Note nothing will be sold at the session (it says so right on the invitation) but you can be sure that if you schedule a follow-up session the hard-sell with be there right after the hand-shake. In fact you can count on being given the hard-sell to schedule a follow-up session.

The most overlooked strategy for creating tax-free income from your taxable investments

Another bullet point on topics that will be covered. This sounds great! Wow!

OK back to reality. Remember the adage if it sounds too good to be true it probably is? Well this sounds like it fits.

Again I have no idea what they will be saying but if this was some super-secret sophisticated tax strategy would they be sharing it with a group of non-screened attendees in a park district building for free?

The Bottom Line

I am not saying anyone is doing anything fraudulent, illegal or untoward. What I am saying is that this appears to be nothing but a thinly veiled sales pitch by an accounting firm and a financial services firm to pique your interest and to ultimately sell you some sort of life insurance policy, annuity or some other financial product with hefty commissions attached. I’m guessing the accounting firm has some arrangement to realize a portion of the product sales arising from session attendees.

I’m not against learning and improving your financial knowledge. In fact that’s why I started this blog and why I write for Investopedia, Go Banking Rates and elsewhere. If you go to one of these seminars go with a very skeptical attitude, listen hard and be non-committal about your interest when they urge you to schedule a follow-up meeting. Go home afterwards and at least research the ideas they are touting and the firms involved. Be a smart consumer of financial products and advice. That is the best way to protect yourself from financial fraud and from buying expensive financial products that serve someone else’s needs better than they serve yours.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner. Don’t miss any future posts, please subscribe via email. Please check out our resources page as well.

Should You Wait Until Age 70 to Collect Social Security?

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This post was written by financial planner Daniel Zajac. 

The decision to start or delay Social Security is a big one, one that may materially impact retirement success or failure. Because it is so important to retirement success, it bothers me when I hear soon-to-be retirees say they are going to take Social Security benefits early.  It also bothers me when they take Social Security benefits at full retirement age without considering the alternatives.

Perplexed? Stay with me.

I know what you’re thinking: “Why wouldn’t a financial advisor be okay with someone taking Social Security benefits at full retirement age?”

It’s not that I’m never okay with starting Social Security early or at full retirement age, I’d just want to make sure they take their benefits for the right reasons and do the right research into all the available options.  When it comes to Social Security benefits, there’s a lot of money to be left on the table if you don’t know what you’re doing (or if you decide to collect at any age, “just because”).

Plan A: Wait Until Age 70 to Collect Social Security Benefits

The Social Security Administration explains that full retirement age “is the age at which a person may first become entitled to full or unreduced retirement benefits.”

(Specifically, your full retirement age depends on your birth year. Someone born in 1940 has a full retirement age of 65 and 6 months. Someone born in 1960 has a full retirement age of 67. Waiting until age 70 to collect Social Security benefits shouldn’t feel like that long of a wait.)

Unfortunately, a little digging is required to realize that even if you take full benefits at your full retirement age, you won’t get the maximum Social Security available per month.  The maximum benefit is reached at age 70.

So why wait until age 70 if you can start earlier in the first place?  You’ll get an 8% increase in your benefits per year.  For example, let’s assume your full retirement age is 66 and you are to receive $2,000 per month.  If you wait until age 67 to collect (1 year), you will receive $2,160 per month, 8% more.

Now, when is the last time you heard of an 8% rate of return? That’s difficult to find. Better yet, it’s government backed. If you think you’re going to live a long time and you don’t need the money right now, “Plan A” may be the right plan for you.

But the 8% isn’t the only reason:

  • Get paid a higher amount for life. Generally speaking, people are living longer.  The longer people live, the more years they spend in retirement and the greater the chance of running out of money.  Optimizing Social Security to produce the highest monthly income could be a prudent, cost of living adjusted hedge against living too long.
  • You can take a spousal benefit. Spouses have more options for collecting Social Security.  If you are married, you can optimize your total income from Social Security by strategically taking a restricted spousal benefit and waiting until age 70 to collect your own benefit.

If you can afford it, waiting until you reach age 70 may be your best option to receive Social Security benefits – your benefits will max out at that age.

Plan B: Take Social Security Benefits at Your Full Retirement Age

Many people go with “Plan B.” They choose to because they don’t want to wait any longer.  They have paid into the system for many years and want to start collecting what is due to them.  However, by starting at full retirement age, they’re losing out on all the benefits I mentioned above. Even still, there are reasons to take Social Security benefits at your full retirement age.

If you’re at full retirement age, are strapped for cash, don’t have any other potential income sources, and are unhealthy, it may be reasonable to start your benefits.

However, before you start collecting at your full retirement age, I advise you to consider the alternatives.  Consider funding your retirement expenses through your savings while deferring Social Security.  Or, if you’re able, work a few years longer.  Retirement doesn’t have to occur at a certain age. Many choose to work well beyond their full retirement age. There may be many potential benefits that come with work, including continued socialization and better health – in some occupations.

For those who plan to work and collect Social Security, your full retirement age is the age at which you can collect your benefit and not receive a reduction for earned income.  Prior to your full retirement age, you may receive a reduction in your benefit if you collect Social Security and work (you can make up to $15,720 per year in 2015 prior to your full retirement age and not receive a reduction of income).

Before you apply for benefits, use the Social Security Retirement Estimator to get a feel for how much you’ll receive.

Plan C: Take Social Security Benefits Before Your Full Retirement Age

When you take Social Security benefits before your full retirement age, your monthly benefit will be reduced. For example, if your full retirement age is 66 – at which you’d receive $1,000 per month – and you choose to start receiving benefits at age 62, your monthly benefit will be reduced by 25% to $750 per month.

That’s quite a drop in benefits. I love Social Security, but I wouldn’t choose this plan without good reason.

Are there times when it would be reasonable to go with this plan? Of course. For example, you might be working in a job that is physically demanding and bad for your health. In this case, it might be more reasonable to quit your job and take Social Security benefits than to suffer a possible heart attack from overexertion.

Which Plan is Right for You?

This is by no means a complete list of the available options to you as a retiree.  It is, however, a quick review of several advantages and disadvantages of oft chosen plans.  As you progress through your 60s, it will become more clear which plan is right for you. However, the ultimate clarity can be derived via a detailed analysis of your total financial plan including other income, assets, and taxes.

Consider seeking the help of a financial advisor if you’re having trouble sorting through your options. Make sure your family is on board with your decisions. Seek wise counsel before you decide to retire. With a little help from those around you, you can find the confidence you need to make the right decision.

None of the information in this document should be considered as tax advice.  You should consult your tax advisor for information concerning your individual situation.

Daniel Zajac, CFP®, AIF®, CLU®, is a Partner and Financial Advisor with Simone Zajac Wealth Management Group based in the Philadelphia, PA area. As a 33-year-old veteran of the financial planning industry, Daniel loves to share his financial expertise with the masses at FinanceandFlipFlops.com. There, he explores the ins and outs of topics such as life insurance, investing, retirement planning, and much more.

Advisory services offered through Capital Analysts or Lincoln Investment, Registered Investment Advisors.  Securities offered through Lincoln Investment, Broker Dealer, Member FINRA/SIPC   www.lincolninvestment.com

Simone Zajac Wealth Management Group, and the above firms are independent, non-affiliated entities.

Please contact me with any thoughts or suggestions about anything you’ve read here at The Chicago Financial Planner.