May 24th, 2018

Retirement Planning Tips for Women

For our parents, living to 75 amounted to a nice, long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old female will live to age 86.6. Given these projections, it appears that a retirement of 20 years or longer might be in your future. Are … Continue reading “Retirement Planning Tips for Women”

May 10th, 2018

The Many Benefits of a Roth IRA

The Roth IRA changed the retirement savings landscape when it was established in the Taxpayer Relief Act of 1997 becoming a fixture in many retirement income strategies. This analysis offers a closer look at the trade-off you make when you contribute to a Roth IRA versus other types of investment accounts. When compared to a … Continue reading “The Many Benefits of a Roth IRA”

March 21st, 2018

Tax Efficient Retirement Planning

Will you pay higher taxes in retirement? Do you have a lot of money in a 401(k) or a traditional IRA? If so, you may receive significant retirement income. Those income distributions, however, will be taxed at ordinary income tax rates.  If you have saved and invested well, you may end up retiring at your … Continue reading “Tax Efficient Retirement Planning”

March 13th, 2018

Attention Retiring Federal Employees – It’s Time to Retire Your Thrift Savings Plan

Being a fiduciary wealth manager means two things in practice. First, I’m obligated to serve my clients’ best financial interests. Second, I give big-picture advice. This could be a recommended action (where to invest, for example), or a simple word of caution: Don’t. I recently offered that word of caution to a federal employee who’s … Continue reading “Attention Retiring Federal Employees – It’s Time to Retire Your Thrift Savings Plan”

March 12th, 2018

Target Date Funds

Advice for the Middle Class Millionaire Clark shares his thoughts on target date funds. 

January 22nd, 2018

Retirement Planning Mistakes

Much has been written about the classic financial mistakes that plague start-ups, family businesses, corporations, and charities. Aside from these blunders, there are also some classic financial missteps that plague retirees. Calling them “mistakes” may be a bit harsh, as not all of them represent errors in judgment. Yet whether they result from ignorance or … Continue reading “Retirement Planning Mistakes”

December 28th, 2017

Examining the 2018 Social Security COLA and Increased Medicare Premiums

Seniors in the Washington D.C. area and the rest of the country received good news this fall. Next year, monthly Social Security income payments to retirees will increase by 2.0%. That will mean an extra $326 – roughly $27.40 a month – for the average Social Security recipient in 2018. This is the largest cost-of-living … Continue reading “Examining the 2018 Social Security COLA and Increased Medicare Premiums”

August 30th, 2017

Best Practices for Talking to Your Kids about Your Wealth

Are you a Middle Class Millionaire? If you have children, at some point they may discern how wealthy you are – and in turn, learn how “rich” their parents are. How will you handle that moment? How will they handle that knowledge? We all know (or have heard) about children from wealthy families who grew … Continue reading “Best Practices for Talking to Your Kids about Your Wealth”

April 28th, 2017

A New Tax Break for Montgomery County Seniors and Military Retirees

Are you a Montgomery County resident age 65 or older or a military retiree age 65 or older? If so, you may be eligible for a 20% tax credit on your Montgomery County property taxes if you meet certain criteria. On March 7, 2017, the Montgomery County Council passed the Property Tax Credit for Elderly … Continue reading “A New Tax Break for Montgomery County Seniors and Military Retirees”

April 6th, 2017

Is It Time to Retire Your Thrift Savings Plan?