401k Basics

401k Basics By Glenn J. Downing, MBA, CFP® & Jonathan G. Cameron, CFP® It used to be the case that you went to work for one employer and remained with that employer for the entirely of your working life.  You received a pension from that employer when you retired – in other words, you continued

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Understanding Medicare, Parts A – D, and Medigap Policies

by Glenn J. Downing, MBA, CFP® Part A Original Medicare is a creation of the Johnson administration in 1965.  Medicare is health insurance for those age 65+.  There is a premium associated with coverage, and this premium is deducted from the social security benefit.  As with any government program, there is nothing easy to understand

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Social Security Benefits

by Glenn J. Downing, MBA, CFP® The Social Security program is officially called OASDI – Old Age, Survivor, and Disability Insurance.  As the name suggests, it consists of two parts – the disability income part, and the retirement income part. The program is funded by payroll taxes under the Federal Insurance Contributions Act (FICA):  7.65%

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Income Taxation of your Social Security Benefits

by Glenn J. Downing, MBA, CFP® Many new Social Security recipients are surprised to learn that their benefits are taxable.  But they are, and have been since the Clinton administration added a formula to the tax code to determine how much, if any, of your Social Security benefit is subject to tax.  Before that time

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How Do I Improve My FICO Score?

By Jonathan G. Cameron, CFP® An important financial concern that we often hear from clients is, “How can I improve my credit score?” Now, I have to give a quick disclaimer that our company, CameronDowning, is not a credit repair or debt consolidation service. Our goal is to arm you with the education you need

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Shielding Retirement Assets From Taxes

By Jonathan G. Cameron, CFP. ® The retirement assets you’ve worked so hard to save will be taxed once distributions begin. Fortunately, there are strategies that can reduce taxes for you and your heirs. As hard as it is to believe, today’s tax-advantaged plans — including individual retirement accounts IRAs, 401(k)s, and rollover IRAs — have

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What Happens When My Mother Runs Out of Money?

By Glenn J. Downing, MBA, CFP. ® Increasingly as we work with people of retirement age, we’re hearing a new concern:  What should I do if my parents run out of money? This is something relatively new.  Those in their middle ages used to be called the sandwich generation, because they were in the middle, caring

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Quick! Sell it all!

Click here to learn more about CameronDowning. “Sell everything and buy gold!” “Time to take profits off the table!” “The market is poised for a big upswing – get in now!” “Make 16% guaranteed with tax lien certificates!” “Buy my real estate flipping system and control your own rental empire!”   I’m getting an Excedrin

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Is a Health Care Flexible Spending Account a Good Idea?

Click here to learn more about CameronDowning. Flexible Spending Accounts (FSAs) With flexible spending accounts (FSAs), you can reduce your tax bill while setting aside money for health care costs. This article considers the pros and cons of FSAs. A flexible spending account (FSA), offered as an elective benefit by many employers, permits workers to

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