Required Minimum Distributions (“RMDs”) – Everything You Need to Know
Center for Financial Planning, Inc.
by Nicholas Boguth, CFA®
15h ago
Contributed by: Nicholas Boguth, CFA®, CFP® “What is a required minimum distribution?” RMDs are the amount you are required to withdraw from your retirement accounts once you reach your required beginning date. Remember all those years you added money to your IRA and 401k and didn’t have to pay tax on those contributions? Well, the IRS wants those taxes EVENTUALLY – which is why we have RMDs. These required distributions ensure that you will spend down the assets in your lifetime, and the IRS will receive tax revenue on that income.  “When do I have to take RMDs?” When you turn 73. This ..read more
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Navigating Your Financial Journey
Center for Financial Planning, Inc.
by Kelsey Arvai, MBA
1w ago
Contributed by: Kelsey Arvai, MBA, CFP® In a world where financial decisions can often feel overwhelming and complex, the role of a financial planner stands out as a guiding beacon, offering expertise and tailored strategies to help individuals achieve their financial goals. Whether you're aiming to buy a home, save for retirement, or planning for your children's education, a financial planner can be an invaluable asset in navigating the intricacies of personal finance. In this blog, we'll explore who financial planners are and what they do. Who are Financial Planners? Financial planners are ..read more
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Should I Invest When Markets Are Making New Highs?
Center for Financial Planning, Inc.
by Angela Palacios, CFP®, AIF®
2w ago
Contributed by: Angela Palacios, CFP®, AIF® While it may seem counterintuitive, the answer can be yes! The chart below shows forward returns for the S&P500 when investing on days when the market is making new highs. The green bar shows the average forward returns when investing on a day the market makes a new high, and the gray bar shows the forward returns on average when investing on any day. You might be surprised to learn that the outcome is usually better when investing when markets are making new highs! Think about timing the market less and focusing more on your short- and long-t ..read more
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The Trend Towards Later Retirement
Center for Financial Planning, Inc.
by Sandra D. Adams, CFP®
3w ago
Contributed by: Sandra Adams, CFP® According to The Pew Research Center, over the next decade, workers over age 55 will grow 4 percent per year — 4 times faster than the entire workforce. Older workers are not only a larger percentage of the overall workforce but also an important part of the workforce with their knowledge and experience base. So, what are the reasons why people are working later in life? Some may need additional income after “first” retirement. Some indicated they thought they needed to supplement what they had already saved to keep up with inflation. Some may want ..read more
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Five Reasons Supporting the Case for Discretionary Investing
Center for Financial Planning, Inc.
by Mallory Hunt
1M ago
Contributed by: Mallory Hunt We all lead busy lives. Whether you are getting down to business (in the throes of the grind??) or enjoying your retirement to the fullest, who wants to worry about missing a call from their advisor because something in their portfolio needs to be changed? Perhaps cash needs to be raised to meet that monthly withdrawal to your checking account so you can keep paying your traveling expenses. Or maybe you are still in the saving phase, and money has to be deposited into your investment account to keep pace with your retirement goals. Regardless of your situation, m ..read more
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DTE Announces Buyout Offer
Center for Financial Planning, Inc.
by Michael Brocavich, CFP®, MBA
1M ago
Contributed by: Michael Brocavich, CFP®, MBA DTE has recently offered buyouts to 3,000 employees’, which is about 30% of its total workforce.  Employees that are eligible will receive an offer and be under a deadline to determine if they will accept the offer. If you, friends, family members, or colleagues have recently received a buy-out offer from DTE or any other company and would like to discuss the details with one of our team’s Certified Financial Planners, please feel free to reach out, and we’d be happy to arrange a time to chat. Our team has nearly four decades of experience he ..read more
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Center Clients Donate over $1 Million in Tax-Savvy QCD Strategy in 2023
Center for Financial Planning, Inc.
by Lauren Adams, CFA®, CFP®
1M ago
Contributed by: Lauren Adams, CFA®, CFP® We are proud to announce that The Center assisted clients in donating over $1,000,000 to charities using the Qualified Charitable Distribution (QCD) strategy in 2023! The QCD strategy allows clients with assets in an IRA account and who are over age 70.5 to donate funds directly from their retirement account to a charity. Giving directly from an IRA to charity results in those dollar amounts not being included as taxable income for that year. That usually results in a lower tax bill for clients and can have positive downstream effects like lowering th ..read more
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Strategies to Help Protect your Income Plan
Center for Financial Planning, Inc.
by Center for Financial Planning, Inc.
1M ago
Contributed by: Nick Defenthaler, CFP®, RICP® In my recent blog focused on the popular '4% rule', we discussed safe portfolio distribution rates over the course of retirement. While the percentage one is drawing from their portfolio is undoubtedly very important, other factors should also be taken into consideration to ensure the income you need from your portfolio lasts a lifetime: Asset Allocation It's common for retirees to believe their portfolio should become extremely conservative when they're in retirement, but believe it or not, having too little stock exposure has proven to d ..read more
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Is My Pension Taxable in Michigan?
Center for Financial Planning, Inc.
by Center for Financial Planning, Inc.
1M ago
Contributed by: Kali Hassinger, CFP®, CSRIC™ In 2023, a tax relief bill many are calling “Lowering MI Costs” was signed into law that will eventually phase out state tax on pensions (both public and private) and other retirement income for many Michigan residents! As with many laws, however, the timeline for implementation and how and when this law will affect everyone can be confusing. Ultimately, the amount that can be deducted depends on when you were born and is adjusted incrementally over the next few years. I’ve outlined below what you can expect based on the year you were born.  ..read more
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Avoid Common Inheritance Mistakes with These Tips
Center for Financial Planning, Inc.
by Sandra Adams, CFP®
2M ago
Contributed by: Sandra Adams, CFP® If you are like most of our clients, anticipating an inheritance likely means something is happening or has happened to someone you love. This often means dealing with the pain of grief and loss in addition to the potential stress of additional financial opportunities and responsibilities. Combining your past money experience and your relationship with the person you are losing or have lost can cause varying degrees of stress. Approximately 15% of American adults expect to receive an inheritance in the next decade, according to the New York Life Wealth ..read more
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