Philip Lee CFP® I file this Wall Street Journal article, (How to Manage Your Target-Date Fund After Retirement) under "One Size Fits None." I've had conversations with my retiree clients on these very issues: Are Target-Date funds overly simplistic? How or do I want to control the allocation? Does the portfolio allocation consider your unique situation such as your marital status, desire to take on more or less risk? Is the glide path appropriate? How...
This is the time of year when many may be spending time with family and/or friends while enjoying the holiday season. It's also the time when people typically make New Year resolutions – often centered around physical health or financial health. These are some Frequently Asked Questions I get for those thinking about their finances. Of course there is more to financial planning and investment advisory services than these limits: Q: What is the max...
By Philip Lee, CFP® Are you a Massachusetts resident and saving towards college via a 529 Plan? I’ve often recommended the Nebraska 529 plan or, more recently, the Utah 529 plan since they offer great investment options for college savers. Massachusetts didn't have a tax incentive to save in our state's 529 plan. Now there may be a reason to use the Massachusetts state plan! Effective January 1, 2017 Massachusetts residents will be able to...
Whew…... so, this current election cycle is over and soon there will be a new administration. In the past two weeks, I find clients who are overwhelmed with the election, the barrage of 24-hours news on social media and the radio, and have a multitude of questions or concerns about what may or may not happen with the markets. Might inflation start to flare? How many my taxes change? Will volatility increase? While I cannot...
There’s no denying that Americans are in love with their credit cards; but increasingly, the romance is rocked by the actions of unsavory characters seeking to come between them. More specifically, they’re seeking to steal your credit card information and they are relentless in pursuing any and all technological means to get it. They will go after the big, “secure” data bases of our banks and credit card processers, and they will go inside your...
By Philip Lee, CFP® Last week my son asked me about charities and why or how people give to others. What a great conversation to have with a son – so I explained that I like to help others who have been less fortunate or need help during a transition such as a job loss or a divorce. Last year I helped to serve meals at a women’s shelter and gave away clothes that no...
There are a myriad of strategies for cutting your tax bill leading up to and during retirement. Philip Lee, CFP® is quoted in this recent The Fiscal Times article about the importance of asset location in investment portfolio designs: http://www.thefiscaltimes.com/2016/09/20/5-Ways-Cut-Your-Tax-Bill-Retirement
Philip is quoted on Roth IRA Re-characterization deadlines, maxing out on retirement plans, as well as the need to establish solo 401(k) plans by December 31, 2016. Here is the link https://www.thestreet.com/story/13839414/1/tax-tips-for-october-filers.html to the short article by TheStreet, Inc,. a leading digital financial media company reporting on the latest investing trends and analysis to investors around the world.
While everyone’s unemployment and financial situations are different, when one loses a job there are some helpful tips to consider in responding to the change: Tip 1 – Don’t panic---while losing your job is surely a major life event, the emotional and financial implications can usually be overcome. You may be emotionally hurt but you must react to the situation to minimize the long-term financial burden related to being unemployed. While you may want to...
College Transitions By Philip Lee, CFP® Last week Kristen and Julia, our rising high-school senior, visited McGill University in Montreal, Canada. By all accounts it was a hugely successful trip. Julia is thrilled at the prospect of furthering her education and expanding her horizons. She will be 18-years old soon and "on her own" as a freshman, hopefully, at a college of her choice. Students may be worried about making new friends, studying, and adjusting...
by Philip Lee, CFP® As the summer wind-down begins it is time to start thinking about upcoming financial planning deadlines: Sept. 15: Deadline for your Third quarterly estimated tax payment due Oct. 1: FAFSA Submission Time-window Begins If you (your child) plans to attend college from July 1, 2016 - June 2017 you can submit the Free Application for Federal Student Aid (FAFSA) form starting October 1st. This is a significant change from the past...
All too often people take their Social Security benefit as soon as they are eligible, which is typically age 62. While additional income is always appealing, the reality may be that waiting is in your best interest. The answer to, “When to take Social Security” can be complicated. Below are listed five key questions to guide you to the answer right for you. Social Security is no longer routinely sending “Earnings Benefits Statements”, but you...