CMP Financial Planning

Retirement Income Planning

What Will My Social Security Benefit Will Be at Retirement?

- Oct 07, 2020

Tips for navigating the Social Security website Social Security is an important part of most family’s retirement plans. For special needs families, this benefit is of particular importance, because the adult child with a disability’s income can be tied to the primary earner’s benefit through the Social Security Disability (SSDI) insurance program.   Who qualifies for the…

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How to Avoid Panicking When Your 401k is Down

- Jun 17, 2020

The best way to avoid panicking when the balances in your 401k or other investment accounts go down is to learn some basics about the stock market and develop good investing discipline/habits. Over and over, research shows that emotional investment decisions means worse investment returns. The key to successful investing is more about having a disciplined…

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Should I Take a Withdrawal or Loan from my 401K?

- Jun 10, 2020

Millions of Americans are facing significant financial consequences as a result of the COVID-19 pandemic. Many special needs families are particularly hard hit because of the additional burdens of caring for their loved one under the pandemic restrictions. The CARES Act passed in March created several relief provisions for families and individuals, one of which included…

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Understanding the Family Maximum Social Security Benefit

- Jun 03, 2020

Social Security is an important part of retirement planning both for the parents and the individual with a disability.  Family members can claim benefits tied to the primary household earner once he or she begins receiving Social Security retirement benefits; however, there are limits how much the family in total can collect. This article discusses…

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The SECURE Act and Retirement Planning Changes

- May 07, 2020

The passage of the SECURE Act legislation in late December 2019 brought a few key changes that may impact your retirement planning. Several notable provisions included:  1. Stretch your IRA with the SECURE Act The biggest change with the SECURE Act involves the time period during which the non-spouse beneficiary can “stretch” an inherited Individual…

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Can Social Security Benefits Be Stopped?

- Oct 29, 2019

For millions of special needs families and individuals with disabilities, Social Security benefits provide a key pillar of regular income. I was recently made aware of a situation where, to the shock of the person in question, their Social Security benefits were suddenly discontinued even though the spouse had been receiving SSDI benefits for several years.   This…

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Making Long Term Care a Part of Your Financial Plan

- Oct 29, 2019

In last month’s Disability Insight article I discussed why my wife and I decided to buy long-term care insurance. For most Americans, long term care is the single biggest risk factor in their financial plan; however, since the annual cost of this insurance can run in the two to three thousand per person range this…

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Obtaining Your Social Security Benefit Estimate

- Sep 27, 2018

 by Barry Jamieson, CFP®, MA As you approach retirement, you may want to estimate more precisely estimate what your monthly Social Security benefit will be.  For many this figure is important because this benefit is likely to represent a significant share of their retirement income.  Unfortunately, the Social Security Administration does not send out paper statements as…

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Do Roth Accounts Makes Sense for Special Needs Families?

- Aug 13, 2018

Barry Jamieson,  CFP®, MA Since their inception, Roth accounts have been a great saving vehicle for families planning for their retirement. This saving tool has also been a nice way for families to help their children get started with their own future planning. But do Roth accounts make any sense for families with children with…

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Should I Buy an Annuity?

- Jul 17, 2018

by Barry Jamieson, CFP®, MA Some of you may have been on the receiving end of a sales pitch to buy an annuity. The proposition that annuities defer taxes and guarantees growth on your investment is indeed enticing. What is not to like? Although these complex financial instruments may have a place in the financial…

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Should I Take My Social Security Retirement Benefit Early?

- Jun 15, 2018

By Barry Jamieson, CFP®, MA Most special needs families understand the critical role Social Security plays in the financial wellbeing of their loved one with a disability.  For families with children 18 or older the monthly Social Security Insurance (SSI) benefit represents a building block towards independence.  By itself of course, the additional monthly income…

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Retirement Planning For Three

- Apr 16, 2018

The initial planning energies of special needs families are often on hiring an attorney to draft necessary estate planning documents (e.g., wills, trusts).  Developing a solid financial plan for such families is equally important.  A comprehensive financial plan takes into account both the needs of the individual and the goals of the family members. While…

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HSAs Double as Retirement Savings Vehicles!

- Oct 02, 2017

More Americans are participating in high deductible health insurance plans, making them eligible to also participate in a Health Savings Account (HSA). HSAs can be a super retirement savings vehicle. Here is why:  contributions are made tax free, they grow tax free, and withdrawals are tax free as long as they are made for  “qualified…

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Social Security Benefits to Remain Flat in 2017

- Jan 15, 2017

Because of the low inflation figures contained within the CPI index that determines Social Security increases, Social Security benefits are set to go up a mere 0.3% starting in January 2017.  If, for example, you currently receive $2,000 per month from Social Security, your payments will go up by a negligible $6 per month. Compounding…

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Update: Congress ends one Social Security Maximization Strategy

- Dec 10, 2015

Update: Congress ends one Social Security Maximization Strategy The budget deal that was signed into law recently gets rid of one of the key strategies that has increased lifetime Social Security benefits by up to roughly $60,000 for some high-earning couples. The strategy known as “File and Suspend/Restricted Application” was applied when both spouses who worked under…

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Managing Healthcare Costs in Retirement

- Jun 10, 2015

Managing Healthcare Costs in Retirement For those who are thinking about retirement, it is important to consider the impact that future health care costs will have on your budget. Although Medicare, the federal health insurance program for the elderly and disabled, will pick up most retirees’ medical costs once they turn age 65, the out-of-pocket…

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What Increased Longevity Means for Your Retirement

- Mar 10, 2015

What Increased Longevity Means for Your Retirement By Alissa Henry Good news! Older Americans are living longer than ever. However, that means retirees now need to save more than ever to make their retirement money last during these extra years. A leading membership-based organization for actuaries in the United States and Canada, Society of Actuaries,…

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Are Annuities Always a Bad Deal?

- Apr 23, 2013

Are Annuities Always a Bad Deal? An annuity is a contract between you (the annuity owner) and an insurance company. In return for your payment, the insurance company agrees to provide either a regular stream of income or a lump sum payout at some future time— often at retirement. Generally annuities have a bad reputation,…

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