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...
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