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Steve Coker, CFP
- Jun 3
- 1 min
Medicare Enrollment: Remember age 65!
Remember that the “Initial Enrollment Period” for Medicare begins 3 months before the month of your 65th birthday and extends 3 months after the month of your 65th birthday. For most retirees, it is best to enroll as soon as possible since the sooner you enroll, the sooner the coverage starts. Don’t be confused with the Open Enrollment Period or General Enrollment Period that you may find on the internet – the Initial Enrollment is just for you and is based on your birthday.
Steve Coker, CFP
- Oct 28, 2019
- 2 min
Big Changes Coming to IRAs: The SECURE Act
New retirement legislation, known as the SECURE Act, has passed in the House of Representatives, has bipartisan support in the Senate, and is showing promising signs of becoming law by the end of 2019. The law makes several significant changes to retirement accounts, including pushing back Required Minimum Distributions from age 70 ½ to age 72, setting a maximum of 10 years to distribute a non-spousal inherited IRA, and eliminating the age limit on IRA contributions. While
Steve Coker, CFP
- Oct 21, 2019
- 2 min
Goals for the Second Half of Your Life
Do you remember when you first graduated from High School or College? Most of us were filled with a strange mixture of fear and excitement. We were nostalgic as we remembered the good times we had, and the friends we made. We were also glad to finally be ‘done’ and excited for the next phase of our lives, full of hope and goals for career, family, and the world. There is a reason that graduation ceremonies are called commencements – they mark the start of so much of our l
Steve Coker, CFP
- Sep 30, 2019
- 3 min
Social Security: Why you should wait
Filing for Social Security too early is one of the biggest mistakes that retirees make. While it is tempting to file early to receive a little extra cash a little sooner, taking an early benefit will result in a reduced benefit for the rest of your life. For most retirees it is better to let the portfolio bridge the gap, allowing Social Security to grow. While the final decision should be made within the context of your financial plan and your specific health situation, th
Steve Coker, CFP
- Sep 23, 2019
- 3 min
4 Tax Benefits for California Retirees
It is popular to criticize California for its high taxes, and rightfully so. Californian’s enjoy one of the highest income tax rates, highest sales tax rates, highest fuel tax rates, and more, which is why many retirees choose to leave the state. Nonetheless, for those of us who choose to stay and retire here, there are a few tax laws that help ease the pain in a state where both costs and taxes are near the top. Here is a list of four tax benefits that can really matter f
Steve Coker, CFP
- Aug 26, 2019
- 3 min
Want to retire in 5 years? – Here are 5 things to do now!
If you are planning to retire within the next 5 years or less, then it is time to get serious about getting ready. Retirement can be a stressful event, but if you plan well it can be exciting, rejuvenating, liberating and yes, maybe even downright fun. Here are 5 key steps that you can take right now to make sure that you are on track to retire well: 1. Dream big! Retirement is about more than walking away from the job.It is about starting something new – so dream big!Those
Steve Coker, CFP
- Jun 24, 2019
- 3 min
Getting Your Docs In Order for Aging Parents
Aging can be difficult, and at some point, many of us will need some help taking care of our own affairs. When that time comes, it is critical to have the appropriate documents in place giving a trusted family member or friend the authority to help. Unfortunately, many of us also neglect to create those documents, for ourselves and our aging parents. My wife and I have been struggling with aging parents, and it has been a difficult and emotional time. Still, we are so than
Steve Coker, CFP
- Feb 25, 2019
- 3 min
Retiring Out of California
California is a wonderful and expensive place to live. It has incredible beauty, amazing weather, and some of the highest tax rates in the country. And with the anticipated cuts in the federal tax rates, the rates in California are starting to look even higher. If you are one of the thousands of retirees considering whether to leave the state in order to lower your taxes in retirement, here are the basics on getting away from California taxation. Generally, taxpayers will be
Steve Coker, CFP
- Nov 5, 2018
- 2 min
Moving in Retirement? How to Keep Your California Property Tax Basis
There are a few excellent tax breaks for retirees in high tax California and Propositions 60 and 90 are two of the best. These laws allow property owners over the age of 55, subject to some restrictions, to sell their principal residence in California and transfer their Property Tax basis to a new home of equal or lesser value. Simply put, the laws provide a way for retirees to move to a new home without resetting their Prop 13 tax basis, potentially saving thousands of dol
Steve Coker, CFP
- Oct 1, 2018
- 3 min
Retiring Out of California
California is a wonderful and expensive place to live. It has incredible beauty, amazing weather, and some of the highest tax rates in the country. And with the anticipated cuts in the federal tax rates, the rates in California are starting to look even higher. If you are one of the thousands of retirees considering whether to leave the state in order to lower your taxes in retirement, here are the basics on getting away from California taxation. Generally, taxpayers will be
Steve Coker, CFP
- Aug 27, 2018
- 2 min
Healthcare in Retirement - Developing a Health Insurance Strategy
Several weeks ago we wrote an article outlining the basics of healthcare costs. This week we continue our conversation with strategies for health insurance during retirement. Since many Americans also get their health insurance through their employer, it can be difficult to leave both a paycheck and health insurance coverage. Although healthcare costs must be considered carefully, many successfully retire and still cover health costs. The importance of healthcare insurance
Steve Coker, CFP
- Jul 2, 2018
- 2 min
The Cost of Healthcare in Retirement
One of the most daunting challenges facing retirees is the cost of healthcare. Without some type of employer-provided retiree healthcare, the typical retiree sees a 3-fold increase in health insurance premiums after leaving the job, leading many workers to stay longer on the job simply for the health insurance benefits. However, despite the high cost, the healthcare ‘problem’ is not insurmountable. With proper planning, and appropriate health insurance and Medicare decisions,
Steve Coker, CFP
- Mar 19, 2018
- 3 min
Can I Retire Before Age 59.5?
Can you retire before the age of 59.5? The quick answer is maybe, but many mistakenly believe that they simply cannot leave their job and access the retirement accounts before this age. In fact, while the IRS has a general rule that imposes a 10% penalty on accessing your retirement accounts before 59.5, there are many exceptions that allow those with adequate savings to retire in their 50’s. When I work with retirees that have not yet reached that age of 59.5, I like to dev
Steve Coker, CFP
- Oct 16, 2017
- 3 min
Diversification Strikes Again: Why We Stay Globally Invested
The concept of diversification is one of the hallmarks of modern investment theory. Diversification offers many benefits, most notably the ability to achieve better returns with lower volatility (something every investor wants), and we have said many times that asset allocation diversification, typically between stocks and bonds, is one of the most important decisions that an investor can make. But what of international diversification? Many fear investing in international ma
Steve Coker, CFP
- Oct 25, 2016
- 3 min
Overcoming the Black Hole of Retirement
“As I look out into retirement all I see is a black hole”. The comment from one of our clients struck me this week, and I have pondered his struggle ever since. I hope that he is ok with me sharing his thoughts because he is certainly not alone. I have helped hundreds of individuals retire and know that everyone approaches this significant life event with a different attitude. Some approach retirement with an immense amount of joy, excitement, and anticipation. Others ap
Steve Coker, CFP
- Jul 11, 2016
- 2 min
Medical Expenses in Retirement - What You Can Expect
For many Americans finally retiring from their job means more than just walking away from a paycheck; it also means walking away from their source of health insurance. In response, some put off retirement just to keep their coverage. Others assume that Medicare will pay for all of their medical needs and don’t budget properly for this significant retirement expense. Of course, both of these extremes are incorrect. In this article, we’ll explore what you can expect to pay
Steve Coker, CFP
- Feb 1, 2016
- 3 min
Want to Retire in 5 Years? - Here Are 5 Things to Do Now?
If you are planning to retire within the next 5 years or less, then it is time to get serious about getting ready. Retirement can be a stressful event, but if you plan well it can be exciting, rejuvenating, liberating and yes, maybe even downright fun. Here are 5 key steps that you can take right now to make sure that you are on track to retire well: Dream big! Retirement is about more than walking away from the job. It is about starting something new – so dream big! Thos
