Strategies for Using Inheritance Dollars Now

Suppose you have a detailed financial plan and a strong projection that you will have a significant amount of money left after you depart this realm of existence. In that case, you may think of the best ways to use that wealth now and even after your departure. In this article, we will explore ideas and methods to use your wealth that you may not need after all.

This article marks the conclusion of our Retirement Income Series and is entry #8. To learn about the entire retirement income process from A-Z, we suggest going to our main resource page and starting from the beginning.

RetirementGuest UserMay 16, 2023Michael Mikonis, retirement income

How Much Money Do I Need in My 401k When I Retire?

If you are the kind of person that must plan ahead to ensure your family will have enough money to live on, AND you are not blessed with the gift of foresight, you’ve likely spent a few sleepless nights wondering if you have saved enough for retirement. To go along with those restless nights are a multitude of “what-ifs” that begin to creep in. With all that in mind, this article will explore a few rules of thumb and techniques used to estimate how much a retiree will need to have saved so that their nest egg lasts their lifetime.

Guest UserDecember 14, 2022Michael Mikonis, 401k and IRA

Asset Location and Roths

You’ve probably heard so much about “Asset Allocation” that you may have thought I left out “A” in the title by mistake. “Asset Location” is not talked about nearly as often but has the potential to impact the bottom-line of investment account performance. The premise behind this strategy is rather simple; some investments are more tax efficient than others.

IRAsGuest UserSeptember 23, 2022Michael Mikonis, Roth IRA Series

When To Use a ROTH 401K

Roughly 75% of employers that Fidelity serves as an administrator offer a ROTH option in their 401K plans. If you were amongst the lucky 75%, when you enrolled into your 401K and were customizing contributions, you may have noticed that you had a choice between a Traditional or a ROTH 401K. Most people select the “Traditional 401K” option, and only 13.6% opt to contribute to a ROTH account. It could very well be that majority of plan participants do not take the time to research which choice would serve them better and go with the safe sounding “Traditional” option. So, when does it make cents (HA!) to choose one over the other? The answer depends on your financial priorities now versus the future, let’s take a look.

401KGuest UserAugust 4, 2022Roth IRA Series, Michael Mikonis

Important Dates in the World of Medicare

You will encounter many important dates and deadlines once you peer into the world of Medicare and you will want to attend to these matters earlier than later – each day 11,000 people turn 65 and “get in line” to sign up for benefits. We hope this article will help you stay on top of things and have a smooth experience signing up for Medicare.

Health InsuranceGuest UserJune 29, 2022Michael Mikonis, medicare series

Medigap - Medicare Supplement Insurance

We know that government programs – such as Medicare and all the parts that come with it, including Medigap plans – are as straight-forward as a ball of spaghetti. We hope that you find our insights helpful as you plan out your medical expenses during retirement.

Health InsuranceMichael MikonisJune 16, 2022medicare series, Michael Mikonis

Medicare Part D: Prescription Drug Coverage

If you opt to go with Traditional Medicare, you will need to purchase a Part D plan to have coverage for prescription medications. You may not need a Part D plan if you choose to go with Medicare Advantage instead; as most advantage plans include Part D already, but make sure to consider the limitations of Advantage plans before making your choice.

Health InsuranceGuest UserJune 1, 2022Michael Mikonis, medicare series

Could a Health Savings Account (HSA) be THE best account to invest in?

Today we will be answering questions from Mr. Skeptical (who may or may not be one of my family members) on Health Savings Accounts (HSA). I hope you find this blog post useful and the Q&A format easier to get through than an article laden with IRS statutes, random dates, and dollar amounts.

How Employer's Retiree Group Coverage Can Help You Retire Before 65

On average a 65-year-old couple will spend about $300,000 on health care throughout their retirement, therefore it is one of the most common worries for those nearing retirement. This can be such a worrisome topic, that some affluent people may opt to delay retirement and continue working - just so they have medical coverage until reaching Medicare age.

Health InsuranceGuest UserMarch 25, 2022Michael Mikonis

How to Invest During A Recession

During times of market or economic uncertainty – when we are not sure what will happen to our 401K balances or if we will still have a job at the end of the coming quarter. One thing that is for sure to happen, almost every “news” outlet gets covered by headlines: “Best 10 stocks to own during a recession” or “Best Recession Proof Stocks” or my favorite “How to make money during recession”.

InvestingGuest UserJanuary 5, 2021Michael Mikonis, market crash vs correction

How Can I Get My Pension Money Now?

You’ve worked and saved all your life and are nearing your retirement date - you likely have a lot of questions and many checkboxes to check before you can confidently wave goodbye to your colleagues. One of the most important decisions you have to make at this point in your life is HOW you want your pension benefits paid to you.

RetirementA.S.October 21, 2020Michael Mikonis

401K Hardship Withdrawals: What Qualifies & What It Means to You

Many people have saved for their retirement years in 401K plans, which typically do not allow distributions until one is 59 ½, retires or changes employment. However, it can become a true lifeline if you can qualify for a “Hardship Withdrawal” if your plan allows for such a distribution.

401KA.S.September 15, 2020Michael Mikonis, 401k and IRA

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