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Financial

Have you given much thought to collecting Social Security? The answer probably depends on how old you are — but whatever your age, you’ll want to consider the best way of incorporating Social Security benefits into your retirement income strategy. read more »

 

Boeing Co. announced it will end the traditional pension plans for about 68,000 nonunion employees in 2016 and transition them to a company-funded defined contribution retirement savings plan.

Boeing employees, including managers and executives, who participate in the main Boeing and subsidiary defined benefit pension plans are affected by the change.

Starting Jan. 1, 2016, Chicago-based Boeing (NYSE: BA) will make cash contributions each pay period through a new component of the 401(k) plan. When they retire, employees will receive all benefits earned in the current traditional pension plan prior to the transition, and Boeing said it will continue to match employee savings in an existing 401(k) plan. read more »

 
Retirement Lifestyles

When most business owners develop a plan and look into the crystal ball, they see a future of sustained success and profitability for their venture. What they often fail to see and plan for is the byproduct of that success — that someday they will either want or need to move beyond what they’ve worked so hard to build.

I have always advised my clients that there is a difference between “succession planning” and an “exit strategy.” Succession planning is simply who is going to take over your position and replace your name on the door. An exit strategy is much more involved and is your detailed plan to exit that business with the financial resources to live the rest of your life in the manner to which you have grown accustomed. read more »

 
Retirement Lifestyles

You need to save and invest as much as possible to pay for the retirement lifestyle you’ve envisioned. But your retirement income also depends, to a certain degree, on how your retirement funds are taxed. And that’s why you may be interested in tax diversification.

To understand the concept of tax diversification, you’ll need to be familiar with how two of the most important retirement-savings vehicles — an IRA and a 401(k) — are taxed. Essentially, these accounts can be classified as either “traditional” or “Roth.”

When you invest in a traditional IRA or 401(k), your contributions may be tax-deductible and your earnings can grow tax-deferred. With a Roth IRA or 401(k), your contributions are not deductible, but your distributions can potentially be tax-free, provided you meet certain conditions. (Keep in mind, though, that to contribute to a Roth IRA, you can’t exceed designated income limits. Also, not all employers offer the Roth option for 401(k) plans.) read more »

 
Retirement Lifestyles

When you start out in your career, you’re probably not thinking much about retirement. At this point, your picture of a “retirement lifestyle” may be, at best, hazy, hidden as it is behind a veil of experiences you’ve yet to encounter. But as you move through the years, your view of retirement comes into clearer and closer focus — and this vision will have a big impact on your savings and investment strategies.

Consequently, to create and implement those strategies effectively, you’ll need to define your retirement vision by identifying its various parts. Here are some to consider read more »

 
Retirement Lifestyles

An affluent client who was quickly approaching age 62 recently asked my opinion about when he and his wife should begin taking Social Security. My initial response was based on much of the analysis I’ve done about how one can actuarially maximize Social Security benefits over two peoples’ lives. By understanding the rules and structuring Social Security in such a way that you are taking full advantage of all of the nuances within the system, a married couple can greatly increase the amount of benefits received over two peoples’ lifetime. Sometimes us geeky number guys are more concerned with the math than the reality of how the choice impacts lifestyle.

This client pointed out that he and his wife have plenty of income from other sources and Social Security will just be an added bonus. He also pointed out that if he used the strategies we teach to maximize his Social Security benefits, it may mean he would receive more money from the Social Security Administration over both of their lifetimes, but most of that additional money would come much later in life. read more »

 

Amazon certainly isn’t the first tech company to get into the payment processing space, but it’s pretty clear the company is interested in the possibility of owning it.

Amazon has applied for a patent for a card that would link all of your credit cards to one Amazon card and let you choose which one to use via an app on your phone. The patent was first reported by the tech blog Re/code.

Google has already done this with the Google Wallet card — I have one — but it doesn’t yet link to your credit cards and you can’t yet use it for anything other than spending the balance in your Google Wallet. So basically, you can use it like a debit card, but not in place of that pile of credit cards in your wallet. read more »

 

Bainbridge Island sales-tax software company Avalara Inc. said it’s raised $30 million in a financing round led by existing investors Battery Ventures and Sageview Capital.

Since its founding in 2004, Avalara has raised more than $100 million.

“This investment should help extend our technology and integration capabilities and support growth,” said Avalara founder and CEO Scott McFarlane in a statement.

Avalara created a software system that aggregates the sales tax rates and regulations from around the country and attaches them to a company’s sales management system. The correct tax is then calculated and applied automatically.

 
Financial

You need to save and invest as much as possible to pay for the retirement lifestyle you’ve envisioned. But your retirement income also depends, to a certain degree, on how your retirement funds are taxed. And that’s why you may be interested in tax diversification.

To understand the concept of tax diversification, you’ll need to be familiar with how two of the most important retirement savings vehicles — an IRA and a 401(k) — are taxed. Essentially, these accounts can be classified as either “traditional” or “Roth.”

When you invest in a traditional IRA or 401(k), your contributions may be tax-deductible and your earnings can grow tax-deferred. With a Roth IRA or 401(k), your contributions are not deductible, but your distributions can potentially be tax-free, provided you meet certain conditions. read more »

 
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