December 2018 Update

Posts by financialconsulate

 IRS Notices: Potential Waste of Time

The Internal Revenue Service (IRS) uses algorithms (i.e., computer program applications) to examine the data that it receives and then fires off notices to taxpayers to explain distributions from individual retirement accounts (IRAs) and other forms of retirement accounts. When an individual withdraws money from his or her retirement account, this action is considered a…

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A Legacy of Burden

My grandmother loved history, especially our family history. As a genealogist in the time before computers, she painstakingly researched our family tree, taking trips to the birthplaces of our ancestors, collecting history, and compiling it in her library. She was well-known not only for her research on our family, but also on the first families…

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Opening an Online Savings Account: Is It for You?

This article discusses a matter that we at the Financial Consulate recommend for nearly all of our clients. The subject matter will differ from what we have discussed in previous articles, in that as the author, I am going to describe my own recent experiences with transitioning from doing business with a brick-and-mortar bank to…

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Retirement Options: Lump Sum Versus Pension

When preparing for retirement, you may be faced with a decision that will launch you into the next chapter of your life: your company retirement plan may offer a lump sum or pension option upon retirement. Choosing the right option can seem like a daunting decision with no perfect answer, but it serves as a…

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Protect Your Children from Identity Theft

With the growing prevalence of technology in our daily lives, identity theft is becoming an increasingly more common occurrence. The Financial Consulate strongly recommends mitigating the risk of identity theft by utilizing the following recommendations: Check your credit report at Equifax, Experian, and TransUnion on an annual basis. You can obtain a free credit report…

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The Snowball Effect: Investing in a Roth IRA

As a financial advisor, I know of no reason (other than lack of funds) why one should not invest in a Roth IRA. If you have available cash in the bank, then it would be a good idea to transfer it to a Roth IRA account. If you have funds invested in stocks or mutual…

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