Is Your Retirement Money Safe?

This week, readers continue to search for answers to their most pressing financial questions. Here are the ones that I felt could benefit a cross-section of our readers:

Question #1
My wife and I are both retired and have our retirement savings in the Alabama RSA1 and federal TSP programs, both of which claim to have low expense ratios. Is it safe to have our retirement tied up in government sponsored programs? J.L.
J.L. is referring to Retirement System of Alabama’s deferred compensation plan which is available to state employees and the federal thrift savings plan which is similar to a 401k plan but for federal employees. Thousands of Alabamian’s are participating in these plans and I suspect many folks have heightened concern about how safe their money is in the aftermath of Jefferson County’s $3 billion default on their sewer bonds. Both programs do a great job of keeping expenses low and both plans are a ‘safe’ place for your money if you are concerned about a default or bankruptcy of some sort. What you should be concerned about under either plan is the type of investments you have chosen. Both programs offer a range of investment options including stock, bond and fixed rate-oriented securities. Both bond and stock-oriented investments can fluctuate significantly so J.L. should review his allocation and make certain it’s appropriate under his and his wife’s retirement status.
Question #2
A few weeks ago I answered a reader’s question about whether, since he is retired, should he keep his 401k with his former employer or roll it over to an IRA? I suggested he could possibly cut expenses and certainly increase his investment options by doing the rollover. Another reader asked this follow up question:
“Are they equally protected legally?  I believe a 401-k is classified as a pension and hence not subject to legal suits.  Is an IRA? I am retired, and understand that only an active employee can get a loan from a 401-K, so that means no advantage over an IRA as to taking a loan out.” M.G.

M.G. does bring up a good point. Defined contribution plans such as 401k’s and 403b’s; Simplified Employee Pension Plans (SEP) and SIMPLE IRAs; defined benefit pensions and profit sharing plans all fall under the Employee Retirement Income Security Act (ERISA) of 1974 and are fully protected against legal judgments except the Internal Revenue Service or a judgment in a divorce (called a qualified domestic relations order or QDRO). Historically, traditional IRAs have fallen under state law for purposes of legal protection. In 2005, congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act which provides that up to $1 million of traditional IRA (or Roth IRA) funds are protected under federal law if you file bankruptcy and 100% of funds rolled over from an ERISA plan are protected as well. However, if you don’t file for bankruptcy, it appears that state law will determine the level of protection for your IRA. State laws can vary widely. For example, according to a bankruptcy attorney I spoke with, Alabama provides for protection for a traditional IRA but not for a Roth IRA (legislation is pending for Roth IRA protection). So, depending on your state laws, leaving your money in your 401k may offer better asset protection. One suggestion is to review your umbrella liability policy and consider increasing the amount of coverage.

If you’d like to have your financial question answered, email me at stewart@getrichonpurpose.com and place Bhm News in the subject line.

Social Security Tax Strategies

Last week I discussed several strategies for maximizing your social security benefits. This week I’ll examine some of the nuances of how your Social Security benefits are taxed and how you might be able to reduce those taxes.

To determine if your Social Security benefit is taxable then you have to calculate what is called your “combined income.” “Combined income” is defined as your adjusted gross income (commonly referred to as your AGI) plus nontaxable interest (for example, interest on muni bonds) plus half of your social security benefit. Note that only half of your social security benefit is used to calculate your “combined income.” Here are the categories:
  • No taxes on Social Security. For joint filers with combined income below $32,000 ($25,000 for single filers) there is no federal taxation of Social Security benefits.
  •  Taxes on up to 50% of Social Security. Joint filers with combined income between $32,000 and $44,000 ($25,000 to $34,000 for single filers) may have to pay income taxes on up to 50% of their Social Security benefits.
  • Taxes on up to 85% of Social Security. For joint filers with combined income above $44,000 ($34,000 for single filers) then you may pay taxes on up to 85% of your benefit. No one pays federal income tax on more than 85% of his or her Social Security benefits.
Are there strategies you can use to reduce taxes on your Social Security benefits?
Strategy #1: Draw retirement benefits; postpone Social Security benefits. Let’s say you are retired at age 62 and you have the option of taking your Social Security benefit now or deferring until age 70. This strategy involves you deferring your social security benefit until age 70 and taking your current income need from your 401k or IRA. Your Social Security benefit is increasing each year you delay. You will be required to take Required Minimum Distributions at age 70½ from your retirement accounts but typically the initial amount is only about 3%. The advantage is a much higher Social Security benefit for you (and your spouse should he/she outlives you). For example, if your age 62 benefit was $750 per month; by waiting until age 70 to claim benefits they would rise to $1,320 per month. Remember that if your spouse survives you, he/she can choose to take 100% of your benefit. The goal of this strategy is once you start taking social security to keep your combined income below the taxable social security thresholds therefore receiving social security at little or no tax. The risk of this strategy? If you (and your spouse) die before or shortly after age 70, you will have spent retirement plan assets that would have gone to heirs and you would have received little to no Social Security benefits. This strategy works best if you expect your spouse and/or you to live well into your eighties or beyond.
Strategy #2: Reduce your ‘combined income’ by paying off debt. One strategy is to reduce your income by paying off debt. Say you take savings that was producing taxable interest and pay off your home mortgage. Mortgage interest is not used in the ‘combined income’ calculation for Social Security taxes but you will have reduced your AGI. While your income has gone down, so have your expenses as well as potentially reducing taxes on your Social Security, especially if you are on the borderline of the 50% or 85% threshold discussed earlier.
Strategy #3: Convert to a Roth. Roth income or distributions are not part of the combined income calculation for Social Security income tax purposes. The year that you convert from a traditional IRA to a Roth will likely cause higher taxation on your Social Security benefits that year, but in the years that follow you may have substantially reduced taxes on your Social Security benefits. An alternative would be to do your Roth conversions over several tax years. It’s worth noting that the Roth conversion may also trigger a higher Medicare Part B premium for the year of conversion.
Your particular circumstances will dictate which of these strategies may be appropriate and I recommend that you seek the advice of your tax advisor.
If you’d like to have your financial question answered, email me at stewart@getrichonpurpose.com and place Bhm News in the subject line.

Best Social Security Strategies

Eighty million Baby Boomers are headed for retirement and for many, Social Security will be the centerpiece of their retirement income plan. Today, I’ll reveal three little-known strategies that just might put thousands of dollars in your pocket.

First, let’s begin with a few basics. If you were born between 1943 and 1954 you can claim a full Social Security benefit at age 66. Beginning at age 62, you can take a reduced benefit equal to 75% of your full benefit. If you choose to wait beyond your full benefit age, your benefit increases 8% per year until age 70 (called Delayed Retirement Credits). A spouse can choose to receive his or her own benefit based on his or her own work record or he or she can choose to receive a spousal benefit equal to one-half of his or her spouse’s benefit. It’s worth noting that a divorced spouse, who was married at least ten years, also retains both of these options. Finally, a widow or widower may receive his or her deceased spouses’ benefit or he or she may elect to receive his or her own benefit based on his or her own work record. This widow/widower benefit can be taken as early as age 60. It’s within these multiple choices that lay the secret strategies.
Strategy #1: The Widow/Widower Strategy. By way of an example, let’s assume we have a couple where the husband is age 62 and the wife is age 60 and both have worked and therefore each has Social Security benefits. Assume the husband dies at age 62. Should the wife claim a widow benefit or wait and claim benefits based on her own earnings? As a widow she is eligible for 100% of her husband’s benefit if she waits until his full retirement age (age 66). She could begin her widow benefit as early as age 60 but the benefits will be reduced.
She should consider taking her widow benefit, perhaps as early as age 60 and then switch to her own benefits once she turns age 70. This strategy allows her to begin receiving income early while delaying her own benefits thus allowing her own benefit to increase to the maximum amount. It also allows her to make use of both her husband’s benefit and her benefit verses just her benefit.
Strategy #2: The 62/70 Strategy. In this example, let’s assume that our couple is both age 62 and we anticipate that both will live until or beyond their normal life expectancy. Instead of each taking their own benefit early at age 62 or waiting until their age 66 full benefit, the wife takes her early benefit at age 62 and the husband takes a spousal benefit at age 66. Once he turns age 70, he switches to his full benefit and she switches to a spousal benefit equal to one-half of his age 66 full retirement benefit or she continues her benefit, whichever is higher. Remember that if the husband were to die first, the wife would then step-up to 100% of the husbands age 70 benefit! Under these case facts, the earliest the husband can take a spousal benefit is age 66.
Strategy #3: The File and Suspend Strategy. In this example, let’s assume only the husband worked while the wife stayed home to raise the children. Here, the husband could begin his full benefit at age 66 then immediately ‘suspend’ his benefit. The wife then begins a spousal benefit equal to one-half of his full (but suspended) benefit. At age 70, he ‘un-suspends’ his benefit which has now grown to the maximum benefit amount including the 8% per year ‘Delayed Retirement Credits’ from age 66 to age 70.
It’s important to note that in each case example, the individual facts are vital to choosing the best strategy. Particularly in strategies one and two, case facts might drive you to reverse the order of which spouse’s benefit you choose to begin first. You need to ‘run the numbers’ under various options or have your financial advisor assist you in making this decision. Making the right choice could mean tens of thousands of dollars of additional Social Security benefits.
If you’d like to have your financial question answered, email me at stewart@getrichonpurpose.com and place Bhm News in the subject line.

401k’s Dirty Little Secret

In these turbulent financial times, people have lots of questions about their personal finances and investing their money. Here’s one reader’s question:

I have a 401K of a high six figure account and I am thinking of rolling it over to an IRA.
I am retired and feel that this may give me greater options.  I would appreciate your advice.  We do not use this for income.
Thank you for your response,  L.R.
It is often the case that a retiree will leave his or her retirement account with their prior employer after they retire. The reason most often given boils down to inertia…or rather the lack of inertia. If you’ve never opened a new brokerage account and initiated a transfer of funds from one account to your new account you might think the task is daunting, however it is quite easy. The new brokerage firm will help you through the process from start to finish.
The two best reasons for moving your account are reducing expenses and increasing your investment options.
Reduce expenses. What most employees don’t know is that there can be a lot of expenses associated with an employer 401k plan. First are the expenses imbedded in any mutual fund. Known as the expense ratio, they range from a low of about two-tenths of one percent, typically for index mutual funds, to a high of about 2% with the average being 1.3% to 1.5%. In addition to mutual fund expenses, there are also plan administration fees related to required record-keeping as well as, in some cases, consulting fees. In the old days, the employer paid these fees but many companies today pass these fees along to plan participants and these fees can dramatically affect your end results. If our reader, L.R., had $750,000 in his 401k plan and the ‘added’ expenses were one-half of one percent per year, the negative impact could exceed $300,000 over 25 years! If you want to know just what fees you’re paying in your 401k plan, you may find it difficult to get a straight answer because often all of that information may not be available in one place. By rolling your 401k plan over to an IRA, you can eliminate the administrative fees and you’re in a position to choose mutual funds with low expense ratios. Or you could buy individual stocks and bonds and further reduce your ongoing expenses. Be sure to consider a discount broker such as Charles Schwab (www.Schwab.com) or Vanguard (www.Vanguard.com). As I’ve written about many times in this column, I like blue chip dividend-paying stocks where you invest in great companies and hold them as long as they remain great; companies like Southern Company, AT&T, Exxon and Kimberly Clark. These companies have a history of paying good dividends and raising their dividends over time. You’ll need a minimum of ten to twenty companies for a diversified portfolio.
More investment options. Today, most 401k plans do a pretty good job of providing participants a relatively robust list of diversified mutual fund investment options. Still, the list is limited to a few dozen options. Once you rollover to an IRA, you’ll expand that list thousands of options. With investing, more options is a better strategy and you will have expanded your choices beyond mutual funds to include a wide variety of investments including individual stocks and bonds.
So I encourage L.R. to rollover his 401k plan to an IRA and either build his own retirement portfolio or seek the guidance of a professional.
If you’d like to have your financial question answered, email me at stewart@getrichonpurpose.com and place Bhm News in the subject line.

Ask Stewart: Retirement & College Funding Questions

I recently wrote about investment alternatives for retirees who are seeking higher income in today’s challenging investment environment. A younger reader wrote me with a question from his age group’s particular perspective:

“My question is what do you recommend for someone that still has around 25 years left in the workforce. I’m maxing out my 401(k) at work. However, I’ve just had my third child and have not yet started a 529 college fund for any of my children (ages 8, 5, and 6 weeks). 
Basically, I’d like to know your recommendation on maximizing my funds’ growth over my remaining working life for retirement (I am weighted heavily in equity stocks in my 401(k) currently with some balance of bond funds) and what 529 plan / funds do you recommend? There was a time over 5 years ago that Utah’s 529 fund was all the rage, but I’m now seeing some recommendations for Alabama’s 529 plans.”
Signed: Saving for Retirement and Kids’ Education
First, I want to applaud ‘Saving for Retirement’ for thinking well ahead about the important issues of retirement and college funding. Most families don’t do this and the results, particularly related to retirement, are devastating with less than 5% of all retirees being financially prepared. On the education front, many parents realize too late the mammoth costs of putting a child through college. Four years of in-state college can easily cost $80,000 in today’s terms and you can expect at least $160,000 for a four-year private college. While this reader did not provide his retirement income goals, if he wanted to maintain an inflation adjusted retirement income based on $75,000 in today’s dollars, he’d need approximately $3,000,000 of investment capital at retirement. Most people are very surprised by the size of these numbers and one of the keys to success is developing a success strategy as early as possible so that you have time working on your side.
To answer this reader’s questions, I’ll start with the college funding. Yes, we used to recommend the Utah 529 Plan to our clients but last summer Alabama adopted a new plan run by Vanguard which is as competitive as any in the nation and you’ll receive a state income tax deduction of up to $10,000 per year for new deposits, including transfers from other plans. Currently, for Alabama residents, we recommend all new deposits go to the Alabama 529 Plan and we are systematically transferring in money from out-of-state plans to capture the $10,000 state income tax deduction. In particular, we often recommend one of Vanguard’s Age-Based investment options. These plans automatically become more conservative by shifting money out of stocks into bonds as your child approaches college age. Visit the Resource Center at www.WelchGroup.com; click on ‘Links’; the ‘College Costs Calculator’ and run projections on how much you’ll need to invest to fund your child’s college education. For more information on the Alabama 529 Plan, visit www.CollegeCounts529.com.
As to the question about retirement, I would start with a retirement analysis in order to get some idea of how much you’ll need to be investing in order to reach your retirement goal. Visit the Resource Center atwww.WelchGroup.com; click on ‘Links’; then ‘Retirement Planning Calculator’ for a quick estimate. If you are investing primarily through your company’s 401k plan, I think you’re on the right track having your investments weighted heavily towards stocks. If your goal is large and you have 25 years, we might typically recommend 80% to stock mutual funds with the balance in bond funds. The last decade in stocks has been quite challenging but I expect stocks to outperform bonds over the next five years or more. If you are investing additional money outside your 401k, you could consider a similar no-load mutual fund strategy. If you’re inclined towards individual stocks versus mutual funds, I still like blue chip dividend-paying stocks. As the 80 million Baby Boomers retire over the next dozen or more years they’ll seek income investments with an opportunity for conservative growth….and these stocks are a near perfect fit.

Ask Stewart: 401K’s Dirty Little Secret

In these turbulent financial times, people have lots of questions about their personal finances and investing their money. Here’s one reader’s question:

I have a 401K of a high six figure account and I am thinking of rolling it over to an IRA.
I am retired and feel that this may give me greater options.  I would appreciate your advice.  We do not use this for income.
Thank you for your response,
L.R.
It is often the case that a retiree will leave his or her retirement account with their prior employer after they retire. The reason most often given boils down to inertia…or rather the lack of inertia. If you’ve never opened a new brokerage account and initiated a transfer of funds from one account to your new account you might think the task is daunting, however it is quite easy. The new brokerage firm will help you through the process from start to finish.
The two best reasons for moving your account are reducing expenses and increasing your investment options.
Reduce expenses. What most employees don’t know is that there can be a lot of expenses associated with an employer 401k plan. First are the expenses imbedded in any mutual fund. Known as the expense ratio, they range from a low of about two-tenths of one percent, typically for index mutual funds, to a high of about 2% with the average being 1.3% to 1.5%. In addition to mutual fund expenses, there are also plan administration fees related to required record-keeping as well as, in some cases, consulting fees. In the old days, the employer paid these fees but many companies today pass these fees along to plan participants and these fees can dramatically affect your end results. If our reader, L.R., had $750,000 in his 401k plan and the ‘added’ expenses were one-half of one percent per year, the negative impact could exceed $300,000 over 25 years! If you want to know just what fees you’re paying in your 401k plan, you may find it difficult to get a straight answer because often all of that information may not be available in one place. By rolling your 401k plan over to an IRA, you can eliminate the administrative fees and you’re in a position to choose mutual funds with low expense ratios. Or you could buy individual stocks and bonds and further reduce your ongoing expenses. Be sure to consider a discount broker such as Charles Schwab (www.Schwab.com) or Vanguard (www.Vanguard.com). As I’ve written about many times in this column, I like blue chip dividend-paying stocks where you invest in great companies and hold them as long as they remain great; companies like Southern Company, AT&T, Exxon and Kimberly Clark. These companies have a history of paying good dividends and raising their dividends over time. You’ll need a minimum of ten to twenty companies for a diversified portfolio.
More investment options. Today, most 401k plans do a pretty good job of providing participants a relatively robust list of diversified mutual fund investment options. Still, the list is limited to a few dozen options. Once you rollover to an IRA, you’ll expand that list thousands of options. With investing, more options is a better strategy and you will have expanded your choices beyond mutual funds to include a wide variety of investments including individual stocks and bonds.
So I encourage L.R. to rollover his 401k plan to an IRA and either build his own retirement portfolio or seek the guidance of a professional.
If you’d like to have your financial question answered, email me at stewart@getrichonpurpose.com 

The Clock is ticking … for Medicare Open Enrollment

It’s that time of the year again…. Medicare open enrollment. This year open enrollment runs from October 15 until December 7. Below are some of the major changes for 2012 plans and tips to remember when deciding which plan is best for you.
For your Medicare coverage, you have two main choices:
1.      Original Medicare.   With Original Medicare you will want to add a Medicare Supplemental (Medigap) plan and a Part D Prescription Drug Plan. This option is best if you want to pay a set monthly premium and have little or no out-of-pocket cost throughout the year for medical. You will have copays/deductibles with all Part D prescription plans. It is advantageous for people to choose this type of coverage when they travel outside of Alabama and for people who want to choose their doctors without needing referrals or being restricted to doctors within a plan network.
§ Medicare Advantage Plan. With Medicare Advantage Plans you combine Part A, Part B and usually Part D coverage and these plans act as a HMO or PPO. Depending on what plans are offered in your area you can have the choice of a plan with no or very low premiums. With Medicare Advantage plans you share the costs of your medical and prescription care. For example, you will have doctor copays and deductibles each time you see your physician or go to the hospital. Each plan has a different maximum out-of-pocket cost so you should carefully compare the Advantage Plans available in your area for the amount you would pay for copays, deductibles and annual maximums. These plans are best if you are healthy and rarely visit the doctor and you are comfortable knowing you’ll share the costs of all doctor and hospital visits.
New this year is the 5-Star Special Enrollment Period, which begins on Dec 8, 2011. In most cases you must stay enrolled for the calendar year starting the date coverage begins in the plan that you enrolled in during open enrollment. This new 5-Star Enrollment Period will allow you to join a 5-star Medicare Advantage Plan or 5-star Medicare Prescription Drug Plan one time per year. You can see the overall plan star ratings at www.medicare.gov/find-a-plan.
If you are choosing a stand-alone drug plan with original Medicare then be sure to carefully review your prescriptions and choose the best plan that matches your needs. The most expensive plan does not mean it will be the best plan for you. Be aware that several commonly used brand name drugs are coming off their patents in 2012 and will be available as generic. This could make a significant difference in your drug costs depending on when the generic will become available. You can ask your pharmacist for this information or research your drug online. Some individuals have saved $50 per month just on their Part D premium by switching to a plan that best fits their needs.
You can save hundreds of dollars per year by carefully choosing plans based on your specific health and financial situation. Your best research tool is Medicare’s website www.medicare.gov where you can input your personal data and they’ll help analyze which plan is best for you.
This article was written by my associate, Kimberly Reynolds, CFP, MS.

Do I Need a Will? Yes you do!

The recently released EZLaw Wills & Estate Planning survey indicated that one-third of parents with minor children didn’t believe they needed a will. Their assumption was that all assets would automatically go to the surviving spouse. Scary! First, these folks seem to miss the possibility that both parents could be killed in a common accident. This is what happened last year to a couple my wife and I were friends with. Without a will stating your wishes, who would get your children? Who would be responsible for managing your assets for the children’s benefit? If you think you are certain of the answer, you are probably wrong. The answer is unknowable because it’s the courts who will decide and the courts have been known to render some very surprising decisions.
Another reason cited for people not having wills drawn was that it was too complicated and confusing to deal with. Yes, many things involving our legal system are very confusing but we shouldn’t use this as an excuse to ignore one of our most basic responsibilities to our family. Here are the three documents every adult needs:
  1. Will. Your will basically states who gets all your ‘stuff’. If you have minor children, they can’t receive ‘stuff’ so you have to designate an adult (or trustee) to hold and manage your assets for their benefit. If your children are minors (typically under the age of 18), your will says who will raise them until they are adults. Without a will, your assets will transfer according to state law and the courts will decide who will raise your minor children.
  2. General and durable power of appointment. This is a relatively simple document where you appoint someone to handle your financial affairs should you become incompetent due to an accident or illness. Should you become incapacitated without having a power of attorney, someone must hire an attorney, go to court and have the court appoint an attorney-in-fact. This can be time consuming and expensive.
  3. Living Will. In most states, this is a downloadable document whereby you indicate your end-of-life wishes regarding artificial life support. It should also include a power of appointment for healthcare decisions whereby you appoint someone to represent you to the medical staff. Without a living will, medical staff will follow hospital guidelines that may be in direct conflict with your wishes. To download your state’s living will form, visit the Resource Center atwww.WelchGroup.com; click on ‘Links’; then click on ‘Living Wills- State by State’. Be sure to have this document properly witnessed.
75% of survey respondents said they would address these issues if there were easy-to-use on-line resources. Legal Zoom is an Internet-based service that allows you to produce all of the documents discussed above very inexpensively.  My preference is to use an attorney who is experienced in drafting estate planning documents or at least have an attorney review your on-line documents before you sign them.
 

What is the #1 Life Insurance Mistake People Make?

Twenty-five years ago a young lady came into my office in tears and on the verge of a nervous breakdown. Her very successful salesman husband had recently passed away of a heart attack and while he left behind a $1 million life insurance policy, he also left her in financial peril because he made the number one life insurance mistake…he inadvertently made a poor choice with the beneficiary designation. In this case, he named his estate as the beneficiary. This might have been ok if he had a properly drawn will directing the insurance proceeds to his wife but, in this case, he had no will at all. Without a will, the laws of the state where you reside determines who will receive your assets. In this case it meant that one-half of the $1 million went outright to the wife, but the remaining one-half would go to their nine-year-old son. To complicate matters further, since the child was a minor the court appointed a conservator to oversee and protect the child’s money. This court-appointed attorney purchased CDs with the money and refused to allow either the income or principal to be used for the benefit of the child. So here’s this mother sitting across the desk from me with a big nice home which had a large mortgage and interest earnings of about $25,000 per year from her portion of the life insurance proceeds and she has expenses that significantly exceed her income. The end result was not pretty. She ended up selling the home and, since she had not worked for years, took a low paying job to help with expenses. All of this could have been avoided if her husband had simply named her as the beneficiary. Even worse, the son received over $750,000 when he turned nineteen! He wasn’t ready to handle that much money! This is just one example of how a careless mistake can create a tidal wave of financial repercussions.
Our initial review of policies for new clients suggests that these mistakes occur more than half of the time. Here are some other typical scenarios that we often run into:
  • Primary beneficiary is the spouse with ‘children’ named as the contingent beneficiary. Should the spouse predecease the insured, the children become the primary beneficiaries. If any of the children are minors, you have a similar situation as described in our story.
  • Primary beneficiary is the spouse with no contingent beneficiary where there are minor children. In this case, should the spouse predecease the insured, the effect is to make the insured’s estate the primary beneficiary.  The insurance proceeds would then be distributed according to the insured’s will, if he or she has one.
  • Primary beneficiary is an ex-spouse. Yep, this happens! A couple goes through a divorce and they forget to change the beneficiary on their personal life insurance or the group life through their employer.
  • Beneficiary is a person who is ill equipped to handle a large sum of money. Let’s face facts. Many people simply lack the experience to handle a large sum of money and would be best served by having the money directed to a trust for their benefit.
Use this column as a reminder to review all of your beneficiary designations, including retirement plans, as well as ownership of investment and bank accounts and property deeds. If you’re like half of the people, you’ll find a mistake that needs correcting.

Please feel free to use or re-post this article so long as you post it exactly as it was written and credit Stewart Welch III and provide the website address www.GetRichOnPurpose.com

Three Questions For Retirement Planning

Check out Stewart’s New eBook, “Marrying Finances” coming soon. Visit the store section at www.GetRichOnPurpose.com for more information!