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Cash Balance Plan Overview

You’re successful, your credentials are impeccable and you’ve educated yourself by attending one of the finest schools or through tough life experience. You managed to build a business that is profitable beyond your wildest dreams, but every year more of your profits seem to be going to Federal and State taxes.

What to look for in Long-Term Care Insurance

Thousands of Baby Boomers are retiring each day, and many are wondering about the possibility of having to pay for expensive long term care. Long term care insurance was created to cover the costs of skilled nursing, assisted living and other types of care as you age.  Long term care policies are expensive and should be considered carefully.

Is a Little Debt a Good Thing?

Under the right circumstances, taking on debt can positively affect your finances. The secret is in knowing the difference between good debt and bad debt. Good debt is debt used to finance something that will create value.

What Can You Do with an Inherited IRA?

If you’ve become the beneficiary of an IRA or other retirement accounts, it’s important to know your options.

You can take the money out in one lump sum. This requires opening an account called an Inherited IRA in your name for correct IRS reporting.
That lump sum may be taxable depending on whether the original contributions were pre or post-tax.

How to Plan Ahead in Caring for Aging Parents

Today’s longer lifespans have left some baby boomers in the difficult position of planning for retirement, helping their children and caring for aging parents simultaneously. Giving advice to aging parents on their finances and other matters can cause conflict.

To ease the way, start the conversation long before a crisis occurs by asking for copies of documents you might need someday such as property deeds, birth certificates, and insurance policies. Also keep updated information on retirement plans and pensions, Social Security and health insurance.

How to Avoid an IRA Rollover Mistake

If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer-sponsored retirement plan.

The wrong move could cost you in income taxes and early withdrawal penalties.

5 Common Mistakes to Avoid in Retirement

You’ve been saving for your retirement for decades. Don’t undermine your own plans by making these 5 common mistakes when you retire.

1. Don’t retire too soon. Lifespans are increasing and many retirees underestimate their life expectancy when calculating the money needed to live on.

5 Important Medicare Facts for Pre-Retirees

Most Americans who turn 65 are eligible for Medicare, a federal program that covers many health expenses for seniors.

But the program is complicated. Here are 5 important facts you need to know:

First - Medicare is not free. Of the 4 parts, Part A - Hospital Insurance - is the only one that normally has no premium. Parts B, C, and D have premiums that vary.

Is a Tax-Free Retirement Possible?

A question we're commonly asked is, "Is it possible to drastically reduce taxes in retirement, or even eliminate them? It’s possible, but you must start planning before you retire.

Many people don’t realize that Traditional IRAs and 401(K)s are fully taxed upon withdrawal, so the key is to diversify your retirement income. You can do that by saving and investing in tax-advantaged and non-taxable accounts, such as a Roth IRA, while you’re still working.

How you can use a Roth Conversion to grow your nest egg

With a traditional IRA, you may qualify for a tax deduction when you invest your money. But later, when you take the money out in retirement, all those distributions are taxed. The Roth IRA is the opposite. It has no deduction when you put the money in, but later, all distributions are tax-free when you take the money out during retirement.

What do do if your spouse has passed away

The death of a spouse is one of the most devastating events of a person’s life. During this difficult time, do not make any major financial decisions right away. Allow yourself time to only deal with the emotions of your loss. Then, get 10 to 20 copies of your spouse's death certificate to document ownership changes. Be sure to keep all payments current to avoid late and interest charges.

Do You Have to Take Your Required Minimum Distribution?

You might be thinking, “Since I don’t need the required minimum distribution from my retirement accounts in order to live on, can’t I just leave it in my retirement account?” 

If you do not withdraw the required minimum distributions, the IRS will impose a penalty of 50%. Further, after imposing the penalty, you are still required to make the withdrawal. You must make the withdrawals so that you can pay taxes to the government. The remainder of the withdrawal after taxes can be invested with the goal of building wealth outside your IRA. Let’s discuss strategies to help you invest money both inside and outside of your IRA. Give us a call today.

How to Double Your Money

People often ask us, “How long will it take to double my money? You can find the answer with the rule of 72. Here's how it works. Compounding interest is the interest you earn on a growing amount of money.) To find out how long it will take your money to double, take the number 72 and divide it by the interest rate earned. This will give you the number of years it will take to double your money.

How to Control Your Debt

The average American household debt is increasing. Some debt is good, but some debt is bad. Good debt includes borrowing for a home or college education. Good debt is often defined as debt that can help you generate additional income or increase your future net worth. Bad debt includes buying things you use that won’t generate money in the future, like a boat or a high priced car. Save up and buy these kinds of things with cash, not with debt. Set aside a certain amount of savings each month just for this purpose.

What's the Difference Between a Will and a Living Trust

A “Living Trust” is a trust you created that is active while you are alive versus a Testamentary Trust which becomes active at your death. When you create a Living Trust, you ensure that your assets will be disbursed efficiently to the people you choose after your death. The big advantage to a Living Trust is that the trust doesn't have to go through probate court as a will does. Probate can be expensive in attorney and court costs while also causing long and frustrating delays.


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The information presented on this website is for information on matters of interest only. Given changing laws, rules and regulations, there may be delays, omissions or inaccuracies in information contained on this website. The information in this website is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. Before making any financial decision, you should consult one of the Charles Carroll advisors. Every effort has been taken to see that the information contained on this website is accurate. Charles Carroll in not responsible for any errors or omissions, or for the results obtained from the use of this information. Charles Carroll and its employees are not liable to you or anyone else for a decision made or action taken based on the information on this website