The Importance of a Debt Free retirement
I have heard debt defined as work you have yet to do. Thinking of debt in this way highlights the need to be debt free in retirement. If retirement is to be a time when you no longer exchange labor for a paycheck, then you do not want ‘work you haven’t done yet’ to be […]
Getting Out of Credit Card Debt – The 2nd Financial Commandment for Millennials
Get Out of Credit Card Debt: Stop Giving Away Your Money Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, getting out of credit card debt is a crucial component for younger investors to get ahead. Interest payments can absolutely destroy your personal finances while often draining a debtors’ mental well-being as well. When used […]
What Happens if the Market Tanks the Day After You Retire?
Imagine its October of 2007. You have spent the last 30-plus years of your life working and saving for this day, the day you retire. You have watched the S&P 500 Index rise steadily over the past five years, climbing from 837.37 to 1561.80, gaining over 12% a year on average. You have watched your […]
10 Financial Commandments for Millennials
Budget Allocation: The First Step in Personal Finance Part of Oak Street Advisors’ 10 Financial Commandments for Millennials series, budget building and understanding a general hierarchy of allocating extra income is crucial to getting a head start on retirement planning for millennials. Follow these steps and refer to the Personal Budget Template to begin. Make a budget and stick […]
How a Beneficiary IRA Works
You’ve inherited an IRA- so what happens next? Before we start, we need to understand some key terms: Required Minimum Distribution (RMD): The dollar amount the IRS requires one to distribute from IRAs and defined contribution plans like 401(k)s and 403(b)s. This amount is distributed from your IRA and taxed as normal income unless that […]
Here’s How Trump’s Tariffs Effect You
There’s been a lot of writing about the new Trump Tariffs so I’m not going to delve into any figures, charts, numbers etc. (I started to, but it’s a long way down that rabbit hole). So here’s what you need to know in short form. How this affects US producers of raw materials They win […]
Is your advisor really a fiduciary?
The Department of Labor’s fiduciary rule has died in the courtroom. The Insured Retirement Institute and the Securities Industry and Financial Markets Association along with the Chamber of Commerce brought suit to protect the financial service companies who would prefer not to act as your fiduciary partner. After a three-judge panel ruled the DOL had exceeded […]
What Kind of Life Insurance Do You Need?
Life insurance can be a confusing topic. There are many different flavors and choosing the right coverage for your needs and budget can be difficult. Throw in the fact that life insurance agents goal of collecting a commission check may be at odds with your goal of obtaining the best protection for the lowest price […]
When Should You Pay Off Your Mortgage?
Carrying mortgage debt can be a contentious subject among financial planners. Some look at the leverage as an opportunity to build net worth. Others see mortgage debt as merely a necessary evil. Often clients believe the mortgage interest deduction is valuable, but with the new income tax rules effective January 1, the deduction is limited […]
Can I Use My 529 Plan to Pay for Private Schools?
The tax plan passed at the end of 2017 has a bonus for parents whose children attend private elementary and high schools. You can now use funds from a 529 savings plan to pay for these expenses, up to a maximum of $10,000. In South Carolina and other states that allow a tax deduction for […]
