At Apprise Wealth Management, we want to help people make better money-related decisions. We also read constantly and like sharing some of our favorite commentaries each week.
We hope you will share our blog with your friends. If you are not a current subscriber, please sign up for our mailing list at the bottom of our blog page or use our Contact Us page. If you would like to discuss any of the ideas presented in these articles, please email philweiss@apprisewealth.com. You can also schedule a free 15-minute call.
Here are this week’s articles as well as a brief description of each:
1. Investment Fees? Some Investors Don’t Think They Pay Any. Unfortunately, many times investors don’t understand the full extent of the fees they pay for their investments. The fees investors can pay go well beyond the fees paid to a financial advisor. According to research by Morningstar, fees paid for the funds you invest in play a role in predicting future success or failure. At Apprise, we recognize the impact of fees on returns and attempt to minimize them as much as possible. To learn more about the types of fees you can pay, please check this blog.
2. There’s No Such Thing as ‘Quality’ Time. We often say we want to spend more ‘quality time’ with family, friends, our kids, or even ourselves. This creates a disconnect. Our brains have a perfectionist side. They want everything to be special, to be “right.” But it’s hard to live up to that standard. Comedian Jerry Seinfeld offers an alternative. There’s no such thing as “quality time.” Instead, look for some garbage time. As my kids have grown, I’ve come to appreciate things like a good talk in the car or playing a board game together.
3. Opinion: 5 Tricky Retirement Taxes Boomers Should Watch out For. When you retire, you still must pay income taxes. The rules can be complex, and some of the related penalties are high. This article shares five areas boomers should pay attention to when thinking about what taxes they may pay in retirement. Two that are often overlooked:
· The interaction between part-time earnings and Social Security income.
· Deciding which retirement account(s) to withdraw your savings from and in what order to withdraw them.
4. Trade-offs: The Currency of Decision Making. Every decision comes with an opportunity cost. Failing to budget wisely can cause us to waste time and energy on things that don’t matter. It is important to decide which trade-offs we want to make and which ones we don’t. Doing so can help us feel better when we’re forced to let things slide.
5. 4 Ways to Manage Your Required Minimum Distributions When You Don’t Need the Money. After many years of saving, some retirees find it difficult to spend money during retirement. The result: They don’t know what to do with their money when it’s time to start taking their required minimum distributions (RMDs). If you’re fortunate enough to not need the money, what can you do with it? My three favorite options from the article are as follows:
· Make a qualified charitable distribution
· Reinvest the RMD
· Reduce RMD amounts by converting a portion of your traditional IRA to a Roth IRA
We hope you find the above posts valuable. If you would like to talk to us about financial topics including your investments, creating a financial plan, saving for college, or saving for retirement, please complete our contact form. We will be in touch. We can schedule a call, a virtual meeting via Zoom, or a meeting at Apprise Wealth Management’s office in Northern Baltimore County.
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For firm disclosures, see here: https://apprisewealth.com/disclosures/
Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
