Ken Fisher dislikes annuities. He is not shy about it and became controversially famous with his ‘I Hate Annuities’ campaign. But is his hatred justified? First, Fisher’s claims that annuities have ‘nosebleed’ fees is just wrong. Most of them don’t…
The Truth About Ken Fisher (Are Annuities Bad?) Read More »
Enjoy the Financial Benefits of Your Philanthropic Efforts Charitable giving tax advantages are probably not the first thing on your mind when you decide to make a philanthropic gift. After all, deciding to give to an organization or cause that you care about is a personal decision reflective of your values, passions, and hopes for
Five Charitable Giving Strategies that Come with Tax Advantages Read More »
Lane Martinsen from Financial Fast Lane interviews David McKnight on why you should use LIRP and the benefits of getting to the zero percent tax bracket. David explains the motivation behind his book The Power of Zero. David reveals why he is…
When Should You Use an LIRP? Read More »
If You Find Yourself Struggling to Adjust to Retired Life, You’re Not Alone Most of the advice surrounding retirement planning pertains to the financial aspects, like creating reliable income streams and devising a Social Security strategy. These are certainly crucial planning considerations, but there’s more to retiring than making smart money moves. After all, leaving
8 Tips for a Smooth Adjustment to Retirement Read More »
Did Joe Biden just solve the national debt crisis? Here’s why you shouldn’t be celebrating just yet. David explains why most people believe passing the Inflation Reduction Act might be the first step to taming inflation and curbing the national debt…
Did Joe Biden Just Solve the National Debt Crisis? Read More »
David breaks down the Inflation Reduction Act of 2022 and how the bill will potentially curb inflation by reducing the deficit, investing in domestic energy production, and promoting clean energy solutions. As far as Biden’s Build Back Better…
The Inflation Reduction Act of 2022–Will It Raise Your Taxes? Read More »
David is asked about the pros and cons of the Indexed Universal Life – or LIRP – and what to look for when researching it. As far as LIRPs are concerned, David suggests looking for contracts that are both tax- and cost-free. David discusses some…
Whole Life vs. Indexed Universal Life and More… Read More »
Smart Retirement Planning Lets You Enjoy Life Now While Setting You Up for Success in the Future, Too When it comes to your retirement plan, it can be difficult to strike the right balance between saving and investing enough to ensure you reach your future goals, while also allowing yourself to spend enough money to
Spending, Saving, and Your Retirement Plan: Tips for Success Read More »
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Fixed Annuities are long term insurance contacts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Withdrawals prior to age 59-1/2 may result in a 10% IRS tax penalty, in addition to any ordinary income tax. Any guarantees of the annuity are backed by the financial strength of the underlying insurance company.
Converting an employer plan account or Traditional IRA to a Roth IRA is a taxable event. Increased taxable income from the Roth IRA conversion may have several consequences including but not limited to, a need for additional tax withholding or estimated tax payments, the loss of certain tax deductions and credits, and higher taxes on Social Security benefits and higher Medicare premiums. Be sure to consult with a qualified tax advisor before making any decisions regarding your IRA.
