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DON’T Claim Social Security Until You Understand This!

Written by Zachary Morris, CFP® on .

Retired couple reviewing finances and Social Security survivor benefits

Most couples plan for Social Security based on their own lifespans. What age should I file? When do I break even? How much will I get each month? But when one spouse passes away, Social Security planning doesn’t stop. The surviving spouse may still rely on those benefits for the rest of their life. Let’s look at who is eligible for Social Security survivor benefits, how much you can receive, when to claim, how survivor benefits work with your own Social Security benefit, and the mistakes that could cost you money over your lifetime.

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Should I Have A WILL or a TRUST?

Written by Sarah M on .

family deciding on a will vs trust

Do you need a WILL, a TRUST, or both? A lot of people think a trust is something you set up to save on taxes or protect your assets from creditors or lawsuits. While some trusts are designed for those purposes, that’s not why most families create one. For the vast majority of people, a trust isn’t about taxes or lawsuits at all. It’s about making things easier for your loved ones after you’re gone. The truth is, everyone needs a will. Not everyone needs a trust. Understanding the difference can help you decide what’s right for your family.

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How Much Money Can I Give To Kids Without Paying Tax?

Written by Zachary Morris, CFP® on .

How Much Money Can I Give To Kids Without Paying Tax?

There are a few common misconceptions about how to gift money to children. Some believe they can pay for weddings, renovations, or even contractors directly without tax consequences, while others fear the IRS will penalize them for giving “too much.” Let’s break down the truth about annual gift exclusions, lifetime exemptions, and smart strategies for transferring wealth.

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Roth 401(k) or Traditional (Pre-Tax): Most People Get it WRONG

Written by Zachary Morris, CFP® on .

Traditional vs Roth 401(k)

Is a traditional vs Roth 401(k) better for taxes? Common advice says that a Roth is only for low earners, and that traditional 401(k)s are always better for high earners. But in many cases, the math tells a different story. The real answer depends on future taxes, required minimum distributions, Medicare surcharges, and even what happens when you pass money to your kids.

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3 Big Risks When You Are Retiring With a Pension

Written by Zachary Morris, CFP® on .

3 Big Risks When You Are Retiring With a Pension

A pension can be an incredible benefit if you are lucky enough to have one. Pensions help with income, predictability, and peace of mind in retirement. While they provide stability, there are three hidden pension risks that can quietly erode your financial security. If overlooked, these risks could mean the difference between a surplus and running out of money too soon. 

The good news is that none of these challenges is insurmountable. With the right type of planning, they can be anticipated and managed. 

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4 Major Ways to Reduce Your Required Minimum Distributions (RMD)

Written by Zachary Morris, CFP® on .

4 Major Ways to Reduce Your Required Minimum Distributions (RMD)

Did you know you can end up paying thousands more in taxes every year because of how and when you take money out of your IRA? This surprises a lot of retirees, and it usually comes down to required minimum distribution, or RMDs. RMDs are mandatory withdrawals from tax-deferred retirement accounts such as traditional IRAs and 401(k)s. 

Under current law, RMDs begin:

  • At age 73, if you were born between 1951 and 1959
  • At age 75, if you were born in 1960 or later

If you are already taking RMDs, you may be familiar with how they work. The amount you must withdraw each year is based on your account balance as of December 31 of the prior year and is calculated using the IRS Uniform Lifetime Table, which factors in life expectancy. Below are three strategies, plus one major exception, that can help manage or reduce required minimum distributions.

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The 6 RMD Mistakes Wealthy Retirees Can’t Afford to Make

Written by Zachary Morris, CFP® on .

common required minimum distribution mistakes

Did you know that missing just one required minimum distribution (RMD) could cost you up to 25% in penalties from the IRS? But did you also know that if you catch the mistake within two years, you could get the penalty down to 10%. Learn about how penalties work, the most common required minimum distribution mistakes, and the steps you can take to stay on the IRS’s good side.

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Why a Pension Changes the Way You Should Plan for Retirement

Written by Zachary Morris, CFP® on .

Why a Pension Changes the Way You Should Plan for Retirement

Are you planning to retire with a pension and want to make the most of it? Unlike 401(k)s or IRAs, pensions tout income for life. Knowing how to optimize your retirement benefits is crucial. Retirement planning goes beyond monthly checks.

Pension retirements are rare these days. How will you ensure stability, flexibility, and financial freedom? We’ll cover what most people don’t know about retiring with a pension.

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6 Mistakes Your Financial Advisor is Making

Written by Zachary Morris, CFP® on .

Mistakes Your Financial Advisor is Making

Ever wonder if your financial advisor is missing something important? Most people assume their financial adviser has everything under control. Sometimes, that’s true. But even the most well-meaning advisers can overlook important details. Not because they’re bad at their job, but because philosophies and best practices change. Not every adviser adapts to them.

These blind spots can snowball into setbacks like higher taxes in retirement, unnecessary risk, or missed opportunities you didn’t even know existed. Here’s a look at the most common mistakes financial advisors make and how to spot them before they derail your financial future. 

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