Objective information about financial planning, investments, and retirement plans

Small Business Retirement Plans – SEP-IRA vs. Solo 401(k)

Share

One of the best tax deductions for a small business owner is funding a retirement plan.  Beyond any tax deduction you are saving for your own retirement.  As a fellow small business person, I know how hard you work.  You deserve a comfortable retirement.  If you don’t plan for your own retirement who will? Two popular small business retirement plans are the SEP-IRA and Solo 401(k).

Small Business Retirement Plans – SEP-IRA vs. Solo 401(k)

SEP-IRA vs. Solo 401(k)

SEP-IRA Solo 401(k)
Who can contribute? Employer contributions only. Employer contributions and employee deferrals.
Employer contribution limits For 2016, up to 25% of the participant’s compensation or $53,000 whichever is less. Contributions are deductible as a business expense and are not required every year. For 2016, employer plus employee combined contribution limit is 25% of compensation or $53,000 ($59,000 if the employee is age 50 or older) whichever is higher. Contributions are deductible as a business expense and are not required every year.
Employee contribution limits A SEP-IRA only allows employer contributions. Employees can contribute to an IRA (Traditional, Roth, or Non-Deductible based upon their individual circumstances). $18,000 for 2016. An additional $6,000 for participants 50 and over. In no case can this exceed 100% of their compensation.
Eligibility Typically, employees must be allowed to participate if they are over age 21, earn at least $600 annually, and have worked for the same employer in at least three of the past five years. No age or income restrictions. Business owners, partners and spouses working in the business. Common-law employees are not eligible.

Note the Solo 401(k) is also referred to as an Individual 401(k).

  • While a SEP-IRA can be used with employees in reality this can become an expensive proposition as you will need to contribute the same percentage for your employees as you defer for yourself.  I generally consider this a plan for the self-employed.
  • Both plans allow for contributions up your tax filing date, including extensions for the prior tax year. Consult with your tax professional to determine when your employee contributions must be made. The Solo 401(k) plan must be established by the end of the calendar year.
  • Note that the SEP-IRA contribution is calculated as a percentage of compensation.  If your compensation is variable so will the amount that you can contribute to plan year-to year. Even if you have the cash to do so, your contribution will be limited by your income for a given year.
  • By contrast you can defer the lesser of $18,000 ($24,000 if 50 or over) or 100% of your income for 2016 into a Solo 401(k) plus the profit sharing contribution. This might be the better alternative for those with plenty of cash and a variable income.
  • Loans are possible from Solo 401(k)s, but not with SEP-IRAs.
  • Roth feature is available for a Solo 401(k) if allowed by your plan document. There is no Roth feature for a SEP-IRA.
  • Both plans require minimal administrative work, though once the balance in your Solo 401(k) account tops $250,000, the level of annual government paperwork increases a bit.
  • Both plans can be opened at custodians such as Charles Schwab, Fidelity, Vanguard, T. Rowe Price, and others. For the Solo 401(k) you will generally use a prototype plan. If you want to contribute to a Roth account, for example, ensure that this is possible through the custodian you choose.
  • Investment options for both plans generally run the full gamut of typical investment options available at your custodian such as mutual funds, individual stocks, ETFs, bonds, closed-end funds, etc. There are some statutory restrictions so check with your custodian.

Both plans can offer a great way for you to save for retirement and to realize some tax savings in the process.  Whether you go this route or with some other option I urge to start saving for your retirement today 

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.  

Photo credit Flickr

Enhanced by Zemanta

Stock Market Highs and Your Retirement

Share

Today both the S&P 500 Index and the Dow Jones Industrial Average hit all-time highs. This comes less than a month 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 15 + 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 all 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 with the S&P closing at a record 2,152 today. 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 . Please check out our Resources page for links to some additional tools and services that might be beneficial to you. 

Photo credit:  Phillip Taylor PT

Some Excellent Online Financial Resources

Share

English: Taken from the internet, public teach...

I use social media and the web to interact with financial advisors, financial bloggers and writers and to keep up with the latest financial news.  Here are some excellent online financial resources, including some blogs and websites that I follow.

Websites and Media 

Market Watch is one of the best all around financial sites; I especially like their RetireMentors section which includes a variety of writers on topics useful to retirees and those planning for retirement.  Robert Powell (twitter @RJPIII) provides some great insights on retirement-related topics.

Morningstar is one of the best investing sites and their columnists provide some excellent insights into a variety of topics. I especially enjoy articles from their personal finance guru Christine Benz (twitter @christine_benz), Mark Miller (twitter @RetireRevised) and John Rekenthaler.

Investopedia is an excellent all-around financial website. They offer an almost encyclopedia-like range of definitions on countless financial terms and products. In addition, they offer insights on a wealth of financial, investing and retirement planning topics for both individuals and financial advisors. I have been a frequent Investopedia contributor for the past few years.

Go Banking Rates is a popular website dedicated to providing readers with information about the best interest rates on financial services nationwide, as well as personal finance content and tools. I have contributed a number of articles to the site over the past year.

Financial Bloggers

Financial advisor Jim Blankenship’s (twitter @BlankenshipFP) site Getting Your Financial Ducks in a Row is a must read blog for information on topics relating to retirement.  Jim is an expert on Social Security and also provides great information on IRAs, taxes, and a variety of essential financial planning topics.  Jim’s books on Social Security and IRAs are must reads.

Mike Piper’s blog Oblivious Investor does a great job discussing a variety of investing and retirement related topics.  Mike is also a published author on retirement, Social Security and several other topics.

Barbara Freidberg Personal Finance provides a wealth of information on a variety of personal finance and investing topics. Barbara does a great job of sharing her knowledge and experience in these areas with her readers in an easy-to-understand and actionable style.

Investor Junkie is published by long-time investor and entrepreneur Larry Ludwig. This site provides great information about investing, retirement and other related topics. Additionally, they do review of various financial products and service providers. I have contributed a number of articles to this site as well.

Frugal Rules is an excellent personal finance blog offering practical tips on investing, frugality, and a range of useful personal financial topics.

Robert Farrington’s blog The College Investor does a great job of discussing investing and a range of financial topics geared to younger investors.

Financial advisor Russ Thornton (twitter @RussThornton) focuses his practice on women clients and his blog Wealth Care for Women provides sound financial planning tips for women.

The Dollar Stretcher is one of the oldest but still one of the best all-purpose financial blogs out there.  Gary Foreman (twitter @Gary_Foreman) covers the full spectrum of personal financial topics.

The websites and blogs listed above are some of my favorites, but this is not meant to be an exhaustive list.  Are there financial sites or online resources that you would recommend?  Please feel free add to this list by leaving a comment.

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.

Photo credit:  Wikipedia

Brexit and Your Portfolio

Share

As you are most likely aware, the U.K. voted to leave the European Union. The so-called Brexit vote was a surprise to many and caused a swift, severe and negative reaction in the world financial markets.

c2299963de084fdeb77ecb750f2e9da5

On Friday June 24, the S&P 500 lost about 3.6% and the Dow Jones Industrial Average lost about 3.4% of its value. There may be more pain in the days ahead, only time will tell.

As an individual investor what should you do when the stock market drops?

This isn’t new 

While the Brexit is a new issue, we’ve seen plenty of market disruptions before. The stock market crash of October 19, 1987 saw the market drop 22.61%. The correction following the Dot Com bust and 9/11 was severe as was the market decline in the wake of the 2008 financial crises. The markets recovered nicely in all cases and even with Friday’s declines the S&P 500 is about three times higher than it was at the depths of the market in March of 2009.

A good time to do nothing 

While everyone’s situation is different, the vast majority of investors would be wise to do nothing in the wake of these market declines. Panicking and withdrawing money from your accounts may feel good now, but you’ll likely regret it down the road.

Investors nearing retirement who sold their equity holdings near the depths of the financial crises in late 2008 or early 2009 realized large losses, then sat on the sidelines during some or all of the ensuing market recovery. Their retirement dreams are in shambles because they panicked.

Some strategies to consider 

Once the dust settles a bit, here are a few things you might consider:

Rebalancing your portfolio. Especially if the markets continue their downward trend for a few more days or weeks it is likely that your portfolio will become underweight in equities. This is a good time to rebalance back to your target asset allocation. Rebalancing forces a level of discipline on investors, in this case buying when equities have fallen.

Tax-loss selling. In the course of rebalancing and reviewing your portfolio, you may have some holdings in your taxable account that have dropped below their cost basis. Look to sell some of them to realize the loss. Be sure to understand the wash-sale rules if you intend to buy these holdings back. Above all ensure that any asset sales make good investment sense, as the saying goes “…don’t let the tax tail wag the investment dog…”

Recharacterize a Roth conversion. If you have converted traditional IRA dollars to a Roth IRA and the value of these converted dollars has fallen you are entitled to a do-over or recharacterization. You generally have until October 15 of the year following the year in which the conversion took place. The assets that are recharacterized cannot immediately be converted back to a Roth, there is generally at least a 30 day waiting period. In other words if you did a conversion in 2015 you would have until October 15, 2016 (or the latest tax filing date including extensions).

If the value of the assets that you converted has fallen appreciably, there can be significant tax savings to be realized here. These rules are complex so be sure that you know what you are doing or that you seek the advice of a knowledgeable tax or financial advisor.

The Bottom Line 

Event-driven market declines such as we’ve seen (and may continue to see) via the Brexit vote are often swift and severe in nature. For most investors the best course of action is no action. Once the dust has settled a bit review your portfolio and make adjustments and tweaks that make sense in a thoughtful, controlled fashion.

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.

 

Review Your 401(k) Account

Share

For many of us, our 401(k) plan is our main retirement savings vehicle. The days of a defined benefit pension plan are a thing of the past for most workers and we are responsible for the amount we save for retirement and how we invest that money.

Asset Allocation on Wikibook

Managed properly, your 401(k) plan can play a significant role in providing a solid retirement nest egg. Like any investment account, you need to ensure that your investments are properly allocated in line with your goals, time horizon and tolerance for risk.

You should thoroughly review your 401(k) plan at least annually. Some items to consider while doing this review include:

Have your goals or objectives changed?

Take time to review your retirement goals and objectives. Calculate how much you’ll need at retirement as well as how much you need to save annually to meet that goal. Review the investments offered by the plan and be sure that your asset allocation and the investments selected dovetail with your retirement goals and fit with your overall investment strategy including assets held outside of the plan.

Are you contributing as much as you can to the plan?

Look for ways to increase your contribution rate. One strategy is to allocate any salary increases to your 401(k) plan immediately, before you get used to the money and find ways to spend it. At a minimum, make sure you are contributing enough to take full advantage of any matching contributions made by your employer. For 2016 the maximum contribution to a 401(k) plan is $18,000 plus an additional $6,000 catch-up contribution for individuals who are age 50 and older at any point during the year.

Are the assets in your 401(k) plan properly allocated?

Some of the more common mistakes made when investing 401(k) assets include allocating too much to conservative investments, not diversifying among several investment vehicles, and investing too much in an employer’s stock. Saving for retirement typically encompasses a long time frame, so make investment choices that reflect your time horizon and risk tolerance. Many plans offer Target Date Funds or other pre-allocated choices. One of these may be a good choice for you, however, you need to ensure that you understand how these funds work, the level of risk inherent in the investment approach and the expenses.

Review your asset allocation as part of your overall asset allocation

Often 401(k) plan participants do not take other investments outside of their 401(k) plan, such as IRAs, a spouse’s 401(k) plan, or holdings in taxable accounts into consideration when allocating their 401(k) account.

Your 401(k) investments should be allocated as part of your overall financial plan. Failing to take these other investment assets into account may result in an overall asset allocation that is not in line with your financial goals.

Review the performance of individual investments, comparing the performance to appropriate benchmarks. You shouldn’t just select your investments once and then ignore them. Review your allocation at least annually to make sure it is correct. If not, adjust your holdings to get your allocation back in line. Selling investments within your 401(k) plan does not generate tax liabilities, so you can make these changes without any tax ramifications.

Do your investments need to be rebalanced?

Use this review to determine if your account needs to be rebalanced back to your desired allocation. Many plans offer a feature that allows for periodic automatic rebalancing back to your target allocation. You might consider setting the auto rebalance feature to trigger every six or twelve months.

Are you satisfied with the features of your 401(k) plan?

If there are aspects of your plan you’re not happy with, such as too few or poor investment choices take this opportunity to let your employer know. Obviously do this in a constructive and tactful fashion. Given the recent volume of successful 401(k) lawsuits employers are more conscious of their fiduciary duties and yours may be receptive to your suggestions.

The Bottom Line

Your 401(k) plan is a significant employee benefit and is likely your major retirement savings vehicle. It is important that you monitor your account and be proactive in managing it as part of your overall financial and retirement planning efforts.

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.

Enhanced by Zemanta

Is a $100,000 Per Year Retirement Doable?

Share

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 our resources page as well.  

Photo credit:  Flickr

Life Insurance Over Age 50 – Approval and Savings Tips

Share

This is a guest post by Chris Huntley, President of Huntley Wealth & Insurance Services. All opinions and suggestions are his.

One of the most common misconceptions about life insurance is that you can no longer purchase it, or the premiums suddenly skyrocket, the day you hit 50 years old.

In many cases, the exact opposite is true!

In some instances, purchasing life insurance at certain “milestone ages” like 60, 65, or 70, can actually unlock huge savings for you!

08c31d1594fc401bb8469653f34f6c37

Having said that, purchasing life insurance over age 50 can be a bit of a balancing act, and you’ll need to understand some key factors about how age affects pricing and qualification.

Generally speaking, older age affects:

  • Your premium
  • The types of policies and term lengths you are eligible to buy
  • The health class you can qualify for

Let’s start with the obvious… How premiums increase as we age, and then move to savings opportunities.

The Cost of Waiting

Generally speaking, life insurance tends to become more expensive as you age.

As a rule of thumb, you will likely see the premium for a policy increase in the following increments:

  • Age 50 – 59 will see an increase of between 8 – 10% per year
  • Age 60 – 69 will see an increase of between 10 -12% per year
  • Age 70 – 79 will see an increase of between 12 -14% per year

So, if you are currently age 59 or 69, or approaching another birthday, you may not want to wait to apply for coverage.  Of course, you’ll also want to weigh that decision against the savings tips for waiting, which I’ll cover later.

Qualifying for Life Insurance Over Age 50

While in some ways, qualifying for life insurance over age 50 is easier, there are situations when it is more challenging.

For example, most life insurance policies require that you take a medical exam.

After 50 years of age, the medical exams become a bit more stringent. Your exam might include a resting EKG, even for a small amount of coverage.

If you’re over 70, you might also be required to take a “special senior” exam to test mental cognition.

I once had a 72-year-old declined for coverage because he couldn’t draw the face of a clock with the hands showing the time, 2:40.

The age when these and other tests apply vary, so if you are worried you might be disqualified, speak to an independent agent who can check the exam requirements by carrier, to find the carrier with the “easiest” medical exam requirements.

How Age Affects the Types of Policies Available

When it comes to term life insurance, and particularly the length of the term, those who are over age 50 should know that there are certain age cut-offs where certain terms are no longer available.

For example, in your 50’s, some companies may no longer allow you to buy a 30-year term.  Some carriers no longer offer it at age 50, while for others, the cut-off age could be age 55 or 57.

The same holds true for 20 and 25-year term.  As you get into your 60’s or 70’s you may not be able to buy 20 or 25-year term policies. The point to keep in mind is that ALL insurers have a cut-off point where they will no longer sell certain policies.

If you wait too long to buy your policy, you may no longer have access to the term length you desire and might have to opt for a much more expensive permanent policy, such as whole life or universal life instead.

Now that you understand how waiting to buy life insurance can affect the policies available to you and pricing, let’s discuss some savings opportunities for people over age 50.

How Key Birthdays Can Save You Money on Life Insurance

As stated previously, there are specific birthday milestones after age 50 that can end up saving you a lot of money on life insurance.

This can apply to individuals in a variety of scenarios such as:

  • “Big Boned” or Overweight Individuals
  • Individuals with High Blood Pressure and Cholesterol Levels
  • Individuals with History of Family Illness
  • And more

In all cases below, the savings come from being able to qualify for a better health rating.  As we age, many life insurance companies relax on some health and lifestyle concerns, giving us the opportunity to qualify for better health classes.

And since the name of the game in life insurance is getting the best health rate (better health rating = savings), you need to understand these tricks.

Life Insurance Savings Tips for “Big Boned” Individuals

Whether you’re a few lbs. overweight or more, this single tip can easily save you 25% to 50% on your life insurance premiums.

As it turns out, some companies offer more lenient height/weight guidelines to individuals as they get older, particularly for ages 60, 65, and 70.

For example, a 59-year-old male who is 5’9 and weighs 210 lbs. might qualify for an insurance carrier’s third best health rating.

However, if that same individual was 60 years old, he could qualify for the carrier’s best rating.

Since health classes increase premium by approximately 25% per class, the 59-year-old would have to pay about 50% more than the 60-year-old at the same weight!

If you’re overweight at all and over age 50, it would be worth your time to speak to a knowledgeable independent agent who can shop the market for the company that can offer you the best rate at your age, height, and weight.

Savings Tips for Individuals with High Blood Pressure/Cholesterol Levels

The same lenient guidelines over age 50 apply to those with higher blood pressure and cholesterol levels.For example, let’s use an actual chart from one life insurer for blood pressure. They will give the give the top health rating for:

  • Ages 0 – 60 for blood pressure: 140/85
  • Age 61+ for blood pressure: 150/85

If you are an individual who is age 55 and has a blood pressure reading of 145/83, you would not qualify for the top health rating. But the same individual, who is 61 with the same BP reading would qualify for the top health rating.

The same approach applies to cholesterol levels, and other lab levels.  You can even get more favorable underwriting over age 50 if you’ve had a history of cancer or heart disease in your family.

How to Find Affordable Life Insurance After Age 50

As you can see, every insurer has their own underwriting guidelines for those after age 50, and it’s a bit of balancing to determine when you should apply for coverage.

For example, if you are 58 years old and have a few health conditions, or are a bit overweight, you’ll probably pay more now to purchase life insurance than you will if you wait until you’re 60.

You might even be tempted to hold off any purchase until you hit that milestone age.

However, I never recommend that my clients wait.  A lot can happen if you “chance it”, and wait a year or two to buy coverage.  First of all, you could die without coverage!  Secondly, no one can predict your health down the line and whether you’ll still be insurable.

Best practice is to buy the coverage you need now, and then every year or two, check with your agent for savings opportunities.

Just be sure to use an independent life insurance agent.

Chris Huntley is President of Huntley Wealth & Insurance Services, a life insurance agency based in San Diego, CA, where he specializes in helping individuals with high risk medical issues.  He has been in business for 10 years and is licensed in 48 states.  He also owns eLifeTools, a site dedicated to online marketing for insurance agents.  Chris can be reached on Twitter: @mrchrishuntley

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.

My Top 10 Most Read Posts of 2015

Share

I hope that 2015 was a good year for you and your families and that you’ve had a wonderful holiday season. For us it has been great to have our three adult children home and to be able to spend time together as a family. We saw the movie Sisters on Christmas day and I highly recommend it.

My Top 10 Most Read Posts of 2015

Hopefully you find many of the posts here at The Chicago Financial Planner useful and informative as you chart your financial course. Whether you do your own financial planning and investing or you work with a financial advisor my goal is to educate and provide some food for thought.

In the spirit of all of the top 10 lists we see at this time of year, here are my top 10 most read posts during 2015:

Life Insurance as a Retirement Savings Vehicle – A Good Idea?

7 Tips to Become a 401(k) Millionaire

4 Signs of a Lousy 401(k) Plan

Is a $100,000 a Year Retirement Doable?

4 Reasons to Accept Your Company’s Buyout Offer

401(k) Fee Disclosure and the American Funds

Is My Pension Safe?

My Thoughts on PBS Frontline The Retirement Gamble

7 Reasons to Avoid 401(k) Loans

YOU RECEIVED A PINK SLIP AND SEPARATION AGREEMENT – NOW WHAT?

I continued to write elsewhere as well, most notably Investopedia and Go Banking Rates.

I want to thank you again for your readership.  I invite you to contact me ( or thechicagofinancialplanner at gmail dot com) to ask any questions that you might have, to tell me what you like or don’t like about the site and to suggest topics that you would like to see covered here in the future. Don’t miss any future posts, please subscribe via email.

I wish you and your families a happy, healthy and prosperous 2016.