by Richard F. O'Boyle, Jr., LUTCF, MBAThe Internal Revenue Service is boosting the maximum contribution that workers can make to their 401(k), 403(b) and most 457 retirement plans without paying upfront taxes. The limit will rise by $500 to $17,000 for 2012. Workers over 50 can add another $5,500 to that. Individuals may still contribute $5,000 to traditional IRAs or Roth IRAs, or $6,000 if older than 50.The deduction for taxpayers making contributions to a traditional IRA is phased out for singles and heads of household who are covered by a workplace...
2011/10/22
6:14 AM
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by Richard F. O'Boyle, Jr., LUTCF, MBALife insurance and annuity contracts are intended to be medium- to long-term agreements. Term life insurance policies often have 20-year durations, and many annuity contracts have 8-year surrender periods. But in some cases, it makes sense to cancel or replace a contract with a new one. When should you cancel or replace your life insurance or annuity policy?You may consider making the change if:- The term is expiring on your old policy and the rate is sky-rocketing;- Your health has improved from the time when...
2011/10/16
11:52 AM
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Book Review: “Buckets of Money: How to Retire in Comfort and Safety,” by Raymond J. Lucia, CFP (John Wiley & Sons, Inc., 2004)by Richard F. O’Boyle, Jr., LUTCF, MBA“The Insider’s Guide to Retirement and Insurance Planning”http://www.retirementandinsurance.com We’re taught to save throughout our working years to fund our retirement – diligently socking money into our 401(k)s and paying down our debt. But once we flip the switch and settle into a presumably worry-free retirement, how do we effectively and efficiently spend down our assets in...
11:49 AM
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by Richard F. O’Boyle, Jr., LUTCF, MBA“The Insider’s Guide to Retirement and Insurance Planning”http://www.retirementandinsurance.comThroughout this article, I have referred to “financial planner” in the general sense to indicate advisors who work with life insurance, annuities, disability coverage and retirement planning. A “Certified Financial Planner” is a specific professional designation.It’s common knowledge that you have to spend money to make money and having a professional financial planner in your court is a smart investment, but should...
2011/09/02
2:56 PM
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Understanding Insurance Company Financial Ratingsby Richard F. O’Boyle, Jr., LUTCF, MBATriple A, Gone AwayWell, it’s official: The United States Government no longer has a perfect credit score. On August 5, 2011 its credit rating was lowered by Standard & Poor’s to AA+ from AAA. The rating on the debt of the federal government and some specific agencies such as mortgage giants Fannie Mae and Freddie Mac was lowered because S&P deemed it more risky due to the ballooning federal debt and the inability of the political process to reform entitlement...
2:41 PM
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Tricks of the Trade: Three Simple Steps to Avoid Probateby Richard F. O'Boyle, Jr., LUTCF, MBAMuch is said about the value of avoiding probate, the legal process where your will (if you have one) is validated and its provisions carried out. Complicated estates can be tied up for years with legal maneuvering and family wrangling. Most cases are straight-forward and uncomplicated – but they can still be time-consuming and emotionally draining.First, you can free up some resources for your heirs by carefully naming them as beneficiaries on savings...
2011/08/26
8:09 AM
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“Buckets of Money: How to Retire in Comfort and Safety,” by Raymond J. Lucia, CFP (John Wiley & Sons, Inc., 2004)by Richard F. O’Boyle, Jr., LUTCF, MBA“The Insider’s Guide to Retirement and Insurance Planning”http://www.retirementandinsurance.com We’re taught to save throughout our working years to fund our retirement – diligently socking money into our 401(k)s and paying down our debt. But once we flip the switch and settle into a presumably worry-free retirement, how do we effectively and efficiently spend down our assets in those golden...
7:54 AM
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“The Complete Guide to Reverse Mortgages,” by Tammy Kramer and Tyler Kraemer (Adams Media, 2007)by Richard F. O'Boyle, Jr., LUTCF, MBA"The Insider's Guide to Retirement and Insurance Planning"http://www.retirementandinsurance.com Tammy and Tyler Kraemer do professional advisors and consumers a valuable service by demystifying reverse mortgages. The sale of reverse mortgages has boomed in the past 20 years as house-rich/cash-poor retirees seek to tap into their home equity to fund their golden years. “The Complete Guide to Reverse Mortgages” details...
2011/03/10
2:49 PM
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by Richard F. O'Boyle, Jr., LUTCF, MBA"The Insider's Guide to Retirement and Insurance Planning"http://www.retirementandinsurance.com Thank goodness Ed Slott, author of “The Retirement Savings Time Bomb… and How to Defuse It,” has a good sense of humor, because while he looks harmless, his message is nothing short of apocalyptic. Your hard-saved retirement plan is at risk from something worse than inflation or stock market gyrations – the burdensome taxes you and your loved ones will have to pay once you start living off your savings or try to...
2011/02/02
6:32 AM
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by Richard F. O’Boyle, LUTCF, MBAMany people refinance their mortgage in the hopes of lowering their monthly payments, but there’s a little-known trick that can lower your monthly mortgage bill without a costly and hassle-prone re-fi. The last thing the banks want you to do is shorten your loan, reduce your interest rate, or lower the lifetime interest paid: that’s why they push refinancing. They want to sell you a new mortgage with all the attendant fees and lock you in for another lengthy term.A reamortization, also known as a recast or a principal...
2011/01/30
7:34 AM
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by Richard F. O’Boyle, Jr., LUTCF, MBALife insurance policies are contracts between individuals and insurance companies to pay a set dollar amount on the death of the individual covered by the policy. Most people first buy life insurance when they start a family and take on a large expense such as a mortgage since they don’t want to leave their spouse and kids with a stack of bills and only one income. Individuals in later life see the value of life insurance as part of their retirement and estate planning.Obviously, life insurance proceeds can...
7:30 AM
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by Richard F. O’Boyle, Jr., LUTCF, MBAIn Michael Lewis’ expose of the origins of the 2008-2009 credit meltdown, “The Big Short: Inside the Doomsday Machine,” we see how greed and ignorance created the perfect storm that brought on the worst financial crisis since the Great Depression. As a financial professional who helps families and businesses plan for their retirements, I help implement insurance and planning strategies. When we put in place these plans we are often relying on third party ratings of insurance companies and products to give us...
7:21 AM
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by Richard F. O’Boyle, MBA, LUTCFWhen applying for life insurance, the company bases it’s underwriting decision on a slew of data, including a past medical treatments, personal history, financial profile, motor vehicle record and current medical examination. If you are applying for over $1,000,000 of coverage or if you are over age 60, the medical requirements will be a bit more thorough.The medical exam usually consists of a series of medical questions, blood pressure and pulse readings, and blood and urine samples. The insurance company will...
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