I have been reading a lot of newspapers, both foreign and domestic. I have listening to a lot of news, and talking to a lot of people both here and from Israel. I and the other planners in our office have had meetings to discuss what might happen. I feel that Israel will take action against Iran. This can happen anywhere between mid April and October. A global sanction seems to be slowing things down a bit for Iran but certainly not stopping them. Beyond these sanctions, we do not know what our government will do to stop a potential strike again Israel. The only country to state that they will step in is England but these issues are often decided quietly and we learn of the results after the fact.
It is important that you review your investments and discuss any changes that need to be made while things are still somewhat calm.
Tag Archives: planning
Why will you be getting out of bed everyday?
This is the question I posed to Mike, who at age 58 is getting ready to retire from the fire department. Mike’s wife has been a stay at home Mom and now they will be together 24/7 for the first time in their married life. Mike sorta stared at me – this was not the type of question he expected from a CFP®practitioner.
To me, this is one of this most important questions to ask when you are getting ready to retire. You have to have a plan for how you will spend your time as well as a plan for how long your savings will last. There are only so many “honey-do” items to fill the void. There are many charities that can use the expertise and extra hands that a retiree can provide.
Having a reason to get out of bed each day keeps you sharp mentally and physically fit, and allows you to participate in life. I’ll worry about your finances for you – you need to figure out what you will do with all of your time.
Your taxing questions
Q: I take enough required minimum distribution from my IRA to cover all of the RMD. Do I need to take a seperate RMD from my 401k?
A: As long as you withdrawl the required amount, no you do not.
Q: Can I still deduct sales tax in 2011?
A: If you itemize, the deduction for sales tax still applies for 2011.
Life’s cycle of Events
Over the course of this week I learned that the Father of one of my oldest friends had passed (a blessing), another friend was diagnosed with cancer, and my niece has gotten engaged. The circle of life spins so quickly at times but we can try to prepare.
My friend’s Father had Long Term Care Insurance. This coverage was purchased many years ago and they had discussed the necessity of this coverage, erred on the side of caution and have been thankful they made this decision. There are many different types of Long Term Care Insurance and every client has different needs. Please consider adding this but only after leaning all that you can about the different options.
My friend with the cancer is self employed and health insurance for those of us who are self employed is expensive. Every year he has reviewed all of the health care changes and health insurance options. This is a very confusing type of insurance to buy, but it is one of the most necessary. Thank G-d my friend has the protection to get the care he needs.
My soon-to-be new Nephew spent a lot of time looking at rings and purchase options. He knew what he wanted to get for my niece yet was completely on his own for this very special purchase. He educated himself on the ring for quality of diamond and gold then educated himself on paying for it. Would he pay cash or finance? If he did a combination of both, were the terms of finance acceptable? I can’t tell you which path he took but he is a smart boy and I know he made the right choice for their future.
Life cycle events are more often joyous vs. sad. We can only do so much to prepare. Prepare we must
You can hear me this Saturday 12/17/11
I will be co-hosting “On the Money” on WDBO 580 Am & 95.6 FM.
Call me with your questions.