Charles Carroll Blog

Thinking About Retiring Early? Learn More About 72(t)

ARE YOU ONE OF THE GROWING NUMBER OF AMERICANS THAT WANT TO RETIRE EARLY?
Tuesday, 20 August 2019

Thinking About Retiring Early? Learn More About 72(t)
DO YOU WANT TO DO IT BEFORE YOU TURN 60? IF YOU ANSWERED YES TO EITHER OF THOSE QUESTIONS, THEN READ ON, AS YOU MAY WANT TO LEARN MORE ABOUT A 72(T) DISTRIBUTION.

Normally, when someone retires early and draws on their retirement savings (before the age of 59 ½) they incur penalties and fees. 72(t) distribution plans allow someone to draw on their IRA savings, without fee or penalty, by using what is called “substantially equal periodic payments”. What that essentially means is unlike the other times you can pull from retirement savings, like to buy a house, or for school tuition, a 72(t) must be paid out over a set period of time. If you start a payout at age 52, for example, you must consistently do so for 8 years. You must take payment for 5 years, or turn 59 ½, whichever happens later. So, if you start at 57 you must continue with the payments until you are 62.

Five Questions All Couples Need to Answer Before Retirement

Tuesday, 30 July 2019

Five Questions All Couples Need to Answer Before Retirement

When, where, what, who. These are questions that we ask ourselves all the time about big or small things happening in our lives. When is the movie? Where is the baby shower? What do we need at the grocery store? Who left the bathroom light on? So then, it should seem obvious that you and your spouse consider the very same thing when you are approaching retirement. Let’s start with when.

When will we retire?

According to a recent Motley Fool article, 43% of couples do not agree on when they will retire. This poses a challenge since agreeing upon the right time to retire is critical to making your retirement income last as long as it can.

Does Investing in a Financial Plan Make Sense?

WHEN YOU THINK ABOUT PLANNING FOR RETIREMENT IT CAN BE A STRUGGLE TO JUSTIFY THE COST OF PAYING FOR A PROFESSIONAL TO DRAFT A FINANCIAL PLAN FOR YOU.
Tuesday, 16 July 2019

Does Investing in a Financial Plan Make Sense?

After all, you manage and plan for most of the other things in your life, why do you need to pay someone to make a plan for what comes next financially? It turns out that not investing in a financial plan could cost you in the long-run and not just because of the investment component of financial planning.

According to a Morningstar study[i] which tracked households for a fifteen-year period and then ranked their financial soundness and the quality of their financial decisions, those who got planning advice from a financial planner fared better than those who sought advice from the internet, friends or transactional advisors. In fact, those who sought planning advice from transactional advisors (brokers and bankers) had the least positive outcome in this study.

It’s Not So Bad: Avoiding the Doom and Gloom

Monday, 17 June 2019

It’s Not So Bad: Avoiding the Doom and Gloom

It’s hard these days to turn on a TV, open a paper, or scroll a news feed without a bombardment of unsettling stories. This article will be, hopefully, something of a palate cleanser from all of that. Yes, there are troubles, tragedies, wars, famine and all manner of turmoil in the world, but there is also so much good that gets so much less press. The 24-hour international news cycle depends so thoroughly on us being angry, scared and engaged that unfortunately stories about the positives in the world get lost in all the noise.

The Rich Person Roth IRA

Tuesday, 28 May 2019

The Rich Person Roth IRA

If you live in a high tax state (like CA, NY, or NJ) and are a high-earner (over $120,000 for singles and $199,00 for a couple)[i] there is a good chance you will see your taxes going up. Due to earnings caps on certain investment strategies, you may not have thought too much about a Roth IRA. This article will go over what is called “The Rich Person’s Roth” which is a gauche name for cash value life insurance, or Life Insurance Retirement Plans (LIRP) which could be a useful investment option for those who make too much to use a traditional Roth and want the tax saving and retirement benefits.

Minimizing Taxes and Protecting Assets for High-Income Earners

If you’re a business owner, professional, physician, or self-employed, and a high-earner, you may pay higher taxes than most Americans.
Friday, 03 May 2019

Minimizing Taxes and Protecting Assets for High-Income Earners

Individual income taxes are the IRS’s biggest revenue source and the top 50% of all taxpayers paid 97% of the total income tax paid. The good news is that there are some financial options that you may be able to take advantage of to lessen your taxes and keep more of your hard-earned money. In this article, we will go over some of the basics of the Defined Benefit Plan (DB), the Defined Contribution Plan (DC), and Cash Balance Pension Plans.

How to Give to Charity in a Way that Makes an Impact

Tuesday, 23 April 2019

How to Give to Charity in a Way that Makes an Impact

It may be hard to see sometimes, with the often apocalyptic 24-hour news cycles, but there is a lot of good out there in the world. One of the good things is how generous Americans have been with their charitable giving. Part of this widespread generosity is tied, no doubt, on the internet connecting people all over the world. Americans gave $410.02 billion dollars to charity in 2017, breaking a record and 70% of that was given by individuals.[i] As wealth grew, so too did charitable giving and generosity. Within that huge number, over $400 billion, some interesting patterns and data appear. Within this article, we will discuss why people practice charitable giving, who is giving, and how, if inclined, you could give more as well.

Deriving More Happiness from Your Spending Habits

Not all purchases are created equal. No matter your tax bracket there is often the feeling that there isn't enough to do what you want, pay off what you need to, and sock enough away for down the line.

Friday, 12 April 2019

Deriving More Happiness from Your Spending Habits

There's always some excuse for not getting on top of our finances, we are busy after all, and between work and families, there's little brainpower left to devote to balancing the books and making more mindful spending choices. But what if, with just a few tweaks, you could? In this article, we will walk you through a few techniques that can help you feel happier about your spending habits and your money management skills.

Credit Cards versus Debit Cards

Tuesday, 12 March 2019

Credit Cards versus Debit Cards

Most consumers typically have both a credit card and a debit card. Of course, the biggest difference between the two is that a debit card will immediately take money out of your bank account when used, unlike a credit card, which will pay for the purchase and later add the amount of the transaction to your monthly statement.

But are there any other differences between the two?

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