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Topic:
Retirement Planning
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Beyond Billable Hours: Financial Considerations for Legal Professionals
As a partner or shareholder of a law firm, your financial structure might be less predictable or straightforward compared to traditional salaried employees. Between irregular cash flows from legal settlements, dividends, and distinct firm-related structures, there are complex tax and cash flow considerations that should be addressed in your financial plan. 1. Unpredictable Cash Flows…
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Often Underestimated Retirement Assumptions
When planning for retirement, there are several rules of thumb to guide you part of the way there, but many of these rules don’t account for all the contingencies we may face in real life. Life Expectancy Average life expectancy in the US is around 76-78 years old. Life expectancy can vary based on various…
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Pascal’s Wager: The 0.1 Percent Risk
Playing Russian roulette with a thousand-chamber gun might not seem so risky until you consider the consequence of that 0.1 percent risk. I’ve been working with Linda, my client, for the last hour, entering data into MoneyGuide, our planning program. We’re now discussing the plan’s time horizon—how long her nest egg needs to last so…
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Buyer Beware: What Do You Get From Your Advisor?
Although I have never been to Thailand, I have read that you cannot go more than a few feet in a typical town market without someone yelling, “same same.” It is the vendor’s way of telling you that what they offer is the same as everyone else, thus encouraging you to end your comparison shopping…
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Turning Age 72 With An IRA Account – What You Need To Know
The year you turn 72 is the year you have to start taking distributions from your retirement plans and there are several decisions you will need to make once this process starts. Making sure you do start taking distributions is very important since the IRS imposes a 50% penalty on funds that are not withdrawn…
