Your Pension – Take the Lump Sum or the Annuity?

If your company offers a pension, when you retire, you’ll have to decide how you want to take that pension. There are three big decisions you’ll need to make, although not all company pensions offer all choices. These decisions are: Should you take your pension as a lump sum (you get cash up front that you can rollover to an IRA account) or as an annuity (you get monthly payments for life)? When should you start your pension? Now, or would you get a higher monthly payment if you wait and start at 62, or 65? What type of survivor option should

Retirement Calculators, From Rags to Riches with a Single Click

HP12C Retirement Calculator How would you like to go from running out of money in retirement, to instantly having a surplus that allows you to travel and leave money to heirs? I can show you how… Use an online retirement calculator. Or use a spreadsheet projection with an unrealistic set of assumptions. Or use a financial planner that doesn’t understand how drawing money out impacts the internal rate of return you’ll earn on investments. With one erroneous assumption, you go from the poorhouse to the

How Much Should I Withhold for Taxes in Retirement?

Calculator to calculate tax withholding in retirement Many upcoming retirees aren’t quite sure how taxes in retirement are calculated. It’s not all that different than the way they are calculated while you are working. Much like when you are working, you’ll need to have an estimate of total taxes so you know what amount of taxes to have withheld from your Pension, Social Security, or other forms of income. In this article we’ll look at a series of sample calculations so you can see how to calculate your tax withholding in retirement. The Goal – Withhold Just the Right Amount The

Online Retirement Planning Classes

retirement workshop photo We teach online retirement workshops several times a year. You can watch them live, or scroll down to find our recorded classes on YouTube. Next Online Retirement Workshop Our next live retirement planning class will be January 26, 2017. In this one and half hour online class, Dana Anspach, the author of Control Your Retirement Destiny, will cover one main topic from each of the 13 chapters in the 2nd Edition of her book. Dana is a nationally recognized retirement expert who

2016 Arizona Tax Credit Limits

DanaTaxCreditBlogUpdated 10/8/2016 The Arizona State Tax Credit program allows you to make a donation to an eligible organization and receive a dollar-for-dollar credit against Arizona state taxes owed. These donations count as charitable contributions and may be deducted on your federal return if you itemize your deductions. Donating to tax credit eligible organizations will most likely leave you in a tax neutral situation – meaning you’ll pay about the same total amount whether you use the tax credits or just pay the tax. But by donating

Best Phoenix Financial Advisor, Near 5th & Wine

Sensible Money is one of the best financial advisors in Phoenix. We are one of the best financial advisors in Phoenix. As a matter of fact, we are one of the best retirement income planning firms in the country. But that doesn’t necessarily mean we are the best financial advisor for you. The best financial advisor for you is one who has expertise in the area that you need help with. If you’re age 50 or older, thinking about retirement, or already retired, you’ve come

10 Tips on How to Find the Best Financial Advisor

How to find a financial advisor. The last thing you want to find is a cheap financial advisor. The most important thing you want to look for is competency. Competency is different than trust. Yes, trust is important, but it is a feeling. It is entirely possible to trust someone that is not trustworthy. Competency, meaning someone who knows what they are doing, should be the number one criteria you look for. How do you find a great, competent financial advisor at a price that is reasonable? The ten factors below should help you out. 1. Understand the Difference in

What Does a Financial Planner Do?

Picture of a financial planner using oranges as binoculars. I am a financial planner. My primary job is to look into the future and make a plan that shows you the decisions that you can make that will help you achieve long-term financial success. It is amazing how many of my friends still don’t know what I do for a living. Many of them still think I sell stuff – investments or insurance or something. Sometimes I think it would be easier to

Investing Sanely in an Insane World

diversitficationDana here. It was Thursday night, June 23rd. I was packed and ready to head out the next morning for the annual trip that I take with my significant other and his two boys to Rocky Point, Mexico. I glanced at my phone and saw a few Bloomberg alerts. “What?” I exclaimed out loud, as I started reading that the vote count was showing that Britain was likely to leave the EU. My next thought was, “Now what? Do I stay up until 2 a.m. trying

Navigating the Transition to Retirement

Transitioning to Retirement You’ve thought about retirement for years. Now, here you are getting close, and you feel… anxious, nervous, and for some of you, even terrified. You’ve been saving for years. The thought of starting to spend that savings makes all kinds of questions run through your mind. What if the market goes down? What if you don’t have enough? Should you start Social Security now so you have some income coming in… but, wait, you’ve read that it is better to wait and begin benefits later. How should you withdraw your money? Once a year as a lump