In President Trump’s proposed tax plan, personal income tax brackets go down from seven brackets to three. The following information is fluid and subject to change, but it’s what we know so far. I’ll explain in a moment what this has to do with a Roth conversion. If the Republican-controlled Congress agrees, here’s what the […]
Life Insurance Part 3 – Why DOES Life Insurance Make Me Want to Vomit?
It’s not the life insurance product but the process of obtaining it that isn’t fun. Theory 1: You put the life insurance agent/broker in the same category as a stereotypical car salesman. He’s got greasy hair, you’re his newest best friend in the world, and he wants to know, What do I need to do […]
401k Retirement Plan Basics
It used to be the case that you went to work for one employer and remained with that employer for the entirety of your working life. You received a pension from that employer when you retired – in other words, you continued to get paid a lesser amount even though you’d stopped working. This arrangement […]
Life Insurance Part 2 – Why Whole Life Insurance is Like a Philip’s Head Screwdriver
Brokers vs. Agents There’s a difference between a broker and an agent. An agent represents the insurance company, and his job is to sell policies. The broker, on the other hand, represents the client, and shops the insurance market to find the product most suited to the client’s specific needs and goals. From the broker’s […]
What is a 457 Deferred Compensation Plan?
This deferred compensation plan gets its name from Section 457 of the tax code. It is a type of non-qualified deferred compensation. The employee defers money into the 457 account on a pre-tax basis. Any growth in the account doesn’t get taxed until it is ultimately withdrawn years down the road, in retirement. Withdrawals are […]
Life Insurance Part 1 – Everything You Never Wanted to Know about Life Insurance
The fundamental reason to buy life insurance is because someone else is depending upon you for a living. Plain and simple. It is risk transfer: in exchange for premium dollars, the insurance company will make a big payout at your demise. The life insurance industry is one that responds to market demands. In Part I […]
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