What will tax reform look like for the proactive advisor?

Now is the time to build relationships with CPAs

At this point, it seems safe to expect some form of tax reform will pass in the next several months. The House has already passed H.R. 1, the Tax Cuts and Jobs Act,” which includes a variety of changes to the personal income tax system and significant changes to corporate taxation. The Senate has released its proposal, which doesn’t reduce the number of brackets, but does smooth the progression with level steps between each new proposed

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Posted in Tax Reform, Tax Clarity

How New Tax Law Will Impact How You Help Clients

By Joe Elsasser, CFP®, president of Covisum

For all the talk about how the Trump tax plan, the House plan and the Senate plan change the current tax system, there has been little talk about just how similar they are to the current structure. For mass-affluent retirees and the advisors who serve them, the future is highly similar to the past — rich with opportunities to help clients

The tax plans don’t change the fundamental concepts in the current tax system. Here, we break it down by those

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Posted in Trump, Tax Reform, Tax Clarity, Joe Elsasser

Can I work and collect Social Security benefits?

By Keith McCullough, Director of Support Services

The better question would be, “What happens if I work while collecting a Social Security benefit?” The short answer is yes, a person can work and get Social Security benefits at the same time. But, if they are younger than the full retirement age, and they earn more than the yearly earnings limit, they may be subject to a reduced benefit. 

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Posted in Social Security, Social Security Timing, Social Security Benefits

Help your clients avoid the "tax torpedo"

Social Security Timing® subscribers have helped clients save for retirement and have given them coaching on when to start taking Social Security benefits. But do you understand the impact of other income on the taxability of Social Security benefits?

Understanding how different sources of income interact is critical, according to Greg Geisler in the September, 2017 Journal of Financial Services Professionals. Because of how Social Security benefits are taxed relative to other income, it can

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Posted in Tax Clarity, Journal of FSP, Taxes, Retirement

Tax Implications of Filing for Social Security Benefits Early Versus Filing Late

By Keith McCullough, Director of Support Services

Many of us have heard someone say that Social Security is not going to be around much longer. There are claims that the Social Security Administration will run out of money and will not be able to pay out benefits. Along with those claims comes the suggestions that one should file for benefits as soon as possible. You know, “…it’s better to get a little something back considering you’ve paid into the system for all your working life.”

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Posted in Tax Clarity, Tax, Social Security, Social Security Timing

Women need financial advisors too - shouldn't they pick you?

By Katie Godbout, Director of Sales and Marketing

It's a fact, there are more men working in the financial industry than women. According to the latest data from analytics firm Cerulli Associates, women represent 16% of all advisors. But the U.S. Census Bureau found that women represent more than 50 percent of the population. What does that mean? A whole lot of men in the financial industry need to know how to communicate with women about their finances and retirement plans. Luckily, I found

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Posted in Marketing, Marketing Strategies