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Year-End Planning

2017 Key Numbers
Individual Income Tax Planning
Alternative Minimum Tax (AMT), child tax credit, earned income tax credit, itemized deductions, kiddie tax, personal exemptions, and more.
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2017 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)
Tax rates for all filing statuses.
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2016 Federal Income Tax Rate Schedules (Individuals, Trusts, and Estates)
Tax rates for all filing statuses.
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Business Planning
Earnings subject to FICA taxes, Section 179 expensing, standard mileage rate, and more.
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Education Planning
Coverdell education savings account limits, education loan interest deduction limits, Hope and Lifetime Learning Credits, and more.
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Protection Planning
Eligible long-term care premium deduction limits, Archer Medical Savings Accounts, and Health Savings Accounts (HSAs).
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Estate Planning
Annual gift tax exclusion, estate tax applicable exclusion amount, gift tax applicable exclusion amount, GSTT exemption, and more.
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Government Benefits
Social Security, Medicare, and Medicaid.
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Retirement Planning
Elective deferral limits, IRA contribution limits, additional "catch-up" limits, traditional deductible IRA and Roth IRA compensation limits, and more.
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Investment Planning
Tax rates on long-term capital gains and dividends, additional Medicare contribution tax on unearned income.
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Still Time to Make
2013 IRA Contributions
Year-End Tax Planning:
Higher Income Filers
Must Navigate New Landscape

Smart Year-End
Investment Moves

Long Term Capital Gain:
What Tax Rate Applies?
Additional Medicare Payroll Tax:
High Income Individuals
Face New Medicare Taxes
in 2013
New Medicare Contribution
Tax Applies to
Unearned Income of
High-Income Individuals
in 2013
 
Getting Started
  • Personal Budgeting Spreadsheet
    Determine your monthly and annual budget with this RPS Excel worksheet
  • Financial Report Card Planning Tool ****
    Work with this RPS Excel workbook to develop your 1) Personal Net Worth Statement; 2) Retirement Income Comparison; and 3) Retirement Expense Comparison

  • Ten Steps to a Secure Retirement
    RPS retirement planning summary by Gerry Cannizzaro

  • Can You Afford to Retire?
    Commentary by Karen P. Schaeffer, CFP, Courtesy The National Institute of Transition Planning, Inc.

  • Use Willpower to Your Financial Advantage (Kiplinger's Personal Finance, August 2012)
    Just as exercise strengthens muscles, so too does financial discipline increase willpower. This key insight from Willpower: Rediscovering the Greatest Human Strength (Penguin Books, $28) leads to the authors recommending services such as Mint.com that track spending and monitor whether you're staying in budget.

 



Financial Planning:
Helping You See the Big Picture
Investment Basics
Retirement Basics Retirement Income Planning







Putting Market Volatility
in Perspective:
Coping with Volatility

Six Reasons to Work with a Financial Professional

How Long Will It Take to Double Your Money? The Rule of 72

Three Factors to Consider When Investing for Retirement






   

Alternate Video One
  Understanding the Unique Challenges Faced by Women  

Why Participate in Your Employer's Retirement Savings Plan?

What If You Don't Have Health Insurance in 2014?
         
  The Tax Benefits of Retirement Plan Participation


The Tax Benefits of Retirement Plan Participation
  The Tax Benefits of Retirement Plan Participation  The 1 Percent Difference, Part 1: Increasing Your Retirement Plan Contributions
New! 
The 1 Percent Difference, Part 2: Striving For Higher Returns
New!
Federal Income
Tax Basics

New!
  

     
  Rebalancing 101: How to Get Your Portfolio Back on Track
New!
   

For more information on a broad range of topics that can help you target the key financial strategies and issues that are likely to be most important to you at your particular life stage, visit the Life Events page.  Topics include:
  • Starting Out
  • Changing Jobs
  • Coping with Unemployment
  • Getting Married
 
  • Managing College Expenese
  • Long-Term Care Planning
  • Planning an Estate
  • Nearing Retirement/Retirement

  • Starting a Family
  • Buying a Home
  • Saving for College
  • Planning for Retirement

  • Caring for an Aging Parent
  • Loss of Spouse
  • Financial Windfall
  • Getting Divorced

 


Getting out of Debt
  • Get Your Free Credit Report
    This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

    Also, see:
    • Credit Scores Are on the Rise (Kiplinger's Personal Finance, August 2012)
      Post-recession some borrower's FICO scores have improved – and they'll now have access to lower interest rates and better credit terms.
    • 6 Things to Know About Credit Scores (Kiplinger's Personal Finance, August 2012)
      Your VantageScore and PLUS number—in addition to your FICO score—may determine your ability to secure the best deal on a loan. Learn more about these rankings and how to monitor your credit profile.

  • 10 Steps to Eliminate and Control Your Credit Card Debt
    RPS roadmap for managing and getting out of credit card debt

  • National Foundation for Credit Counseling (NFCC)
    The nation's largest financial counseling organization, the NFCC includes more than 700 community-based offices. Member agencies are held to particular standards and low fee scales. According to a recent study (Georgetown University Credit Research Center), borrowers who received such counseling reduced their debt and improved their credit profiles over a 3-year period better than those who did not receive counseling.  Always check with the Better Business Bureau and the state attorney general's office before signing on with any credit counseling or debt consolidation company. Additional information on consumer protection issues is available from the Federal Trade Commission (www.ftc.gov/ftc/consumer.htm).

  • You May Need An Emergency Source of Money
    RPS article about the potential benefits of Home Equity Loans

  • A Comparison of the Affects on your Retirement Income of having Mortgage versus No Mortgage Debt in Retirement
    Evaluate the potential merits of paying off one's mortgage ahead of schedule with this RPS Excel worksheet

Education Planning
  • Financial Aid for College New!
    ABCs of Financial Aid;  Positioning Your Income/Assets to Enhance Financial Aid Eligibility; Finding the Funds to Pay for a College Education; Major Federal Financial Aid Programs; Comparison of Federal Higher Education Loans; and the Financial Aid Calendar

Alternate Video One

Alternate Video One

                                                            
College: Is It Worth The Price of Admission
     New!
College Net Price Calculators Saving for College
529 College Savings Plans


Introduction to
Virginia 529
College Savings Plan

For more information on Education Planning, visit the "Saving for College" and "Managing College Expenses" sections of the Life Events page.


Life Insurance, Long-Term Care Insurance and Aging
  • Life Insurance Basics
    Life Insurance Basics; Comparison of Types of Life Insurance; How Traditional Whole Life Insurance Works; How Variable Life Insurance Works; How Universal Life Insurance Works; and  How Variable Universal Life Insurance Works

  • Life Insurance Planning Worksheet
    Determine your life insurance needs with this RPS Excel worksheet

  • What Retirees Need to Know About 3 High-Cost Financial Products (Kiplinger's Personal Finance, November 2012)
    Here's how to evaluate three offers heavily marketed toward retirees: immediate annuities, long-term-care insurance and reverse mortgages. Before buying, you need to understand the risks

Caregiving often involves providing for the needs of our older population. As the number of older Americans rises, so will the number of caregivers. According to the U.S. Department of Health and Human Services (www.longtermcare.gov), almost 70% of people over age 65 will need some type of long-term care during their lifetimes. Between the ages of 40 and 50, on average, 8% of people have a disability that could require long-term care services. The average yearly cost for long-term care in a nursing home is about $74,820 for a semiprivate room, while the average annual cost for care in an assisted-living facility is $39,516.

Retirement Planning Services has prepared the following educational materials to help clients understand the significance of caregiving in general and the importance of planning for long-term care.

  • Long-Term Care Insurance Quote
    MAGA Limited is an insurance agency that focuses exclusively on Long Term Care Insurance.

  • The 2012 MetLife Market Survey of Nursing Home, Assisted Living, Adult Day Services, and Home Care Costs
    This survey provides national, statewide and area specific average daily rates for private and semi-private rooms in a nursing home, monthly base rates in assisted living communities, hourly rates for home health aide and homemaker services, and daily rates for adult day services.

  • Caring for an Aging Parent
    Caring for Your Aging Parents; Tips for Caregivers; Housing Options for Aging Parents; Medicare, Medigap, and Medicaid Overview; and Common Incapacity Documents

  • Planning for Incapacity
    Facing the Possibility of Incapacity; Common Incapacity Documents; The Fundamentals of Disability Insurance; Social Security Disability Benefits; Individual\Group Disability Policy Alternatives; Understanding Long-term Care Insurance;  What to Avoid When Buying a Long-Term Care Insurance Policy; and Inflation Protection Options

 

                                 
                                                                        
Planning for Long-Term Care



For more information, visit the "Long-Term Care Planning" and "Caring for an Aging Parent" sections of the Life Events page.


Investment and Retirement Planning
  • Investment Basics New!   
    Saving and Investing Wisely, Building on Your FoundationTypes of Investments: Bonds, Types of Investments: Cash, Investing Through Mutual Funds and ETFs, and Asset Allocation

  • IRAs 
    Understanding IRAs; Comparison of Traditional IRAs and Roth IRAs; IRA Limits and Saver's Credit Tables; and  IRA Future Value Illustration
  • IRA Rollover Guide
    Use this rollover guide to help you decide where you can move your retirement dollars.
  • Required Minimum Distributions (RMDs)
    What Are Required Minimum Distributions (RMDs)?; Which Retirement Savings Vehicles Are Subject to the RMD Rules?; When Must RMDs Be Taken?; How Are RMDs Calculated?; Should You Delay Your First RMD?; What If You Fail to Take RMDs As Required? ; Can You Satisfy the RMD Rules with the Purchase of an Annuity Contract?; Tax Considerations; and Inherited IRAs and Retirement Plans

  • Retirement Income: The Transition into Retirement
    Are You Ready to Retire?; Timing Is Everything; Do You Plan to Work in Retirement?; Retirement Income: The "Three-Legged Stool"; Asset Allocation; Making Portfolio Withdrawals; Investment Considerations; and Health-Care Considerations

 

  • Blank Inactive Portfolio Management Spreadsheet
    Determine your asset allocation with this RPS Excel worksheet

  • Joint Asset Allocation Planning Tool
    RPS Excel worksheet that provides sample Joint Asset Allocation Plan (One Federal & one Non-Federal Employee) as a template to determine your own asset allocation

  • Asset Allocation Charts - Federal Employees & Private Industry
    Sample allocations for Married Federal Employee with non-Federal spouse & FERS Pension; Click here
    Single or Two married Federal Employees & CSRS Retirement; and Private Industry various age groups with no defined pension. Click here

  • Phased Retirement for Federal Employees
    This RPS analysis explains this new program that allows Federal workers to retire from part of their employment, while continuing the remainder and continuing to earn additional retirement benefits proportionately based upon the additional less-than-full-time employment.

  • Catch-up Contribution Considerations for Federal Employees
    This RPS analysis provides an overview of IRS rule changes that allow Federal workers, aged 50 or over, to make "catch-up" contributions to their individual plans.

  • Federal Employees: Are you in the right retirement plan?
    (Commentary by Bob Braunstein, Federal Retirement Benefits Counselor, Courtesy The National Institute of Transition Planning, Inc.:

  • Annuity Income versus Stock Portfolio Income Analysis

  • Get Your Social Security Statement Online (The official website of the Social Security Administration)
    Paper statements are no longer mailed to those under 60.  Your online account provides many benefits, including:  estimates of the retirement and disability benefits you may receive;  estimates of benefits your family may get when you receive Social Security or die;  a list of your lifetime earnings according to Social Security's records.


Roth IRA Conversions Rising Interest Rates
and Your Portfolio
Social Security:
When Should You Start
Receiving Benefits


Estate Planning
  • Basic Estate Planning
    Estate Planning--An Introduction; Steps to Estate Planning Success;  Estate Planning Pyramid; Advantages of Trusts; and Conducting a Periodic Review of Your Estate Plan

  • Estate Taxes
    Estimating Estate Tax Liability; Federal Gift and Estate Exemption Limits and Tax Rates; and Estate Tax Rate Schedules

       

Estate Planning Basics
Advanced Estate Planning
Special Needs Planning

4 Key Estate Planning
Documents Everyone
Should Consider

New!

For more information on Estate Planning, visit the "Planning an Estate" section of the Life Events page.


Mortgages and Home Insurance
  • Buying a Home
    Buying a Home; Applying for a Mortgage; The Down Payment;  Popular Types of Mortgages;  Tax Benefits of Home Ownership; and Opening the Door to Homeowners Insurance

  • Qualified Personal Residence Trust (QPRT)
    A QPRT offers an excellent opportunity for homeowners with taxable estates to minimize federal gift tax and avoid federal estate tax.

  • Mortgage Payoff Calculators: www.interest.com/hugh/calc contains an extensive list of useful calculators and formulas including a mortgage prepayment calculator, a lease vs. buy decision program. See also: http://www.mortgageloan.com/ 

  • Check Up on Your Home Insurance (Kiplinger's Personal Finance, August 2012)
    The cost of homeowners insurance is increasing; new exclusions and conditions are being added— while the housing bust and recession have pushed home prices down 35% on average.  You may be paying more for less coverage—or you may be able to lower your costs while upgrading your coverage.

  • Safe Harbor for Vacation-Home Exchanges (The Washington Post)
    IRS guidance on the use of Starker exchanges for vacation homes. Such transactions, also known as like-kind exchanges or Section 1031 exchanges, allow owners of investment property to defer capital gains tax.
For more information, visit the "Buying a Home" section of the Life Events page.


Personal and Family Finances
The Tax Benefits of Retirement Plan Participation     

Your Credit Profile: New Protections Help Consumers?
New!

  IRS Releases List of Possible Tax Scams to Watch Out for in 2015   Data Breaches: Fighting Identity Theft with New Technologies

 



 
 
 
ClearLogic Financial
11107 Sunset Hills Road, Suite 220 | Reston, VA 20190
Phone: 703-476-3521 | Fax: 703-991-9191
Email: Gerald@ClearLogicFinancial.com
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Check the background of this financial professional on FINRA's BrokerCheck.