The IDA Blog

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The IDA Blog2023-08-24T17:22:08+00:00
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July 25, 20183:53 am

Are You a Henry?

Are you among a growing group of people in the U.S. who have a high household income, yet whose savings never seem to grow significantly year after year? Believe it or not, there is a name for people like you, and there is a very good chance that you might be a HENRY. HENRY stands for “High Earners, Not Rich Yet,” and it is just the newest socio-economic acronym from a long list of media catchwords. You may remember the popularity of terms like YUPPIES (Young Urban Professionals), DINKS (Dual Incomes, No Kids) couples, or even BOBOs (Bourgeois Bohemians) in the past. Today it is all about HENRYs. But what in the world does this term mean? DEFINING HENRYS The definition of a HENRY tends to be much more fluid than similar acronyms and can change based on who you are asking. The confusion usually centers on exactly how [...]

June 29, 20182:59 am

What To Do With Your Old 401(k) When You Switch Jobs

Switching jobs? If you have a 401(k) plan it’s a good time to review your financial decisions and choices linked to it — a process that’s much easier if you understand the options. There are three workable opportunities for continuing the growth of retirement funds. You can leave it where it is, roll it over to the new employer’s plan or create an individual account of your own. A fourth option — cashing out the account — involves early withdrawal penalties, tax implications and loss of any long-term growth. Figuring out which route offers more advantages for continued investment is the first step. ASSESSMENT If you read the plan’s agreement, you know that some employer plans accept rollovers, others may not. Plan sponsors maintain the membership guidelines. In some cases, the former employer’s plan allows the sponsor to cash-out the account when you end employment. Withdrawals could trigger income [...]

May 21, 20183:02 am

How to Secure Retirement in Your 50’s and 60’s

A comfortable and financially stable retirement is one of the most important goals for many Americans today. However, not many individuals plan for their retirement well during the last decades of employment, making them fall short of achieving their retirement American dream. Of the most common dilemmas for individuals in their 50s and 60s is how best they will fund their lifestyle once they get into retirement. According to the Social Security Administration, baby boomers have a life expectancy of around 85 years. But seven out of 10 baby boomers are never confident that they have adequate financial resources to sustain them up to 85 years, according to a study by Bankers Life Center. For you to secure your retirement, your 50s and 60s are the years to aggressively eliminate debt from your life, save more than you did in your previous years, and work to develop a sound [...]

May 16, 20183:29 am

Financial Life Planning – What it is and How it’s Different

Taking the first steps in financial planning is a big leap in your life as a person or as a couple. However, financial planning is not just about having the right amount of money in savings, insurance coverage, retirement savings, or other forms of savings. Although these are important, financial planning should first emphasize on helping you live a full, fun and “rich life.” Your money should not just act as a safety net but also as a means for you to reach your goals and enjoy life in the best way you know how. WHAT IS FINANCIAL LIFE PLANNING? Financial life planning can be well described as a holistic financial planning process that puts the interests of a client first when drawing up a plan to help them manage their finances. Financial life planning focuses on increasing the client’s well-being and ability to reach their personal goals, instead [...]

April 26, 20183:58 am

Hidden Costs When Buying a New Car

Buying a car can be an exciting experience. A car means independence for some and for others it’s comfort in knowing you have a reliable means of transportation. While test driving and deciding on a new car can be fun, the actual purchasing of a vehicle can come with numerous costs. Some of which you may not even know about. At Labrum Wealth Management in Carlsbad we are all about transparency!  We believe you should know ALL costs associated with your purchases. Today we’re sharing the four most common hidden costs that can come with buying a new vehicle. STATE AND LOCAL TAXES When buying a vehicle, you will be negotiating a price and probably expect to pay that amount less whatever you can pay for a down payment. The truth is, depending on the city and state you live in you will most likely have to pay additional [...]

March 19, 20184:01 am

How to Protect Your Personal Financial Information

Living in a world that is heavily dependent on the Internet comes with its own fair share of challenges, one of the biggest being information and identity theft. With millions of people partaking in online shopping, banking, and money transfers, the risk of personal financial information theft is higher than ever before. Fraudsters can easily pretend to be your bank or service provider asking for details about your credit card through email or mail. They can also send malicious malware to your computer devices in order to obtain your financial information without your knowledge. However, there are various ways that you can safeguard your personal financial information to prevent it from falling into the wrong hands. Here are several of them to consider: 1. STAY ALERT TO IMPERSONATORS Your personal financial information is yours and yours alone to keep. You should only entrust it to your spouse or a [...]

February 26, 20184:04 am

How Your Financial Advisor Can Help You Prepare For Tax Season

While not all financial advisors are CPAs (Certified Public Accountants) and thus may not be responsible for the filing and handling of your taxes, they can help you make strategic financial decisions throughout the year that can result in a reduced tax burden. Just keep in mind that many of the strategies listed below should be set up well before you are sitting down ready to file. The earlier you talk to an advisor about the points below, the more well prepared you will be come tax time. MAXIMIZE YOUR TAX SAVINGS Financial advisors can advise you on ways to help maximize your savings when it comes to tax payments. For instance, they might advise you to contribute the maximum to your company supported 401K. These contributions can be made pre-tax, therefore helping you to put away additional money that can grow for your retirement. Finding accounts that allow you [...]

February 18, 20183:04 am

How Much Money Will You Need To Retire?

If you Google “How much money do you need to retire?”, you’ll get a host of retirement calculators that promise to deliver your own personal retirement “number”.  While many of these calculators ask good input questions and therefore deliver pretty decent outputs, determining how much money you will truly need is not as easy as filling out an online assessment. After all, many of these calculators even rely on you to tell them “how long you plan to live”! Retiring with enough money really comes down to finding a process that makes sense for you and matches with your lifestyle. Below is a basic four-step process to set you on the right path, but since retirement is such a personal decision, it is always a good idea to meet with a certified financial planner who can sit down with you and take a true financial assessment. You’ll want to work [...]

February 13, 20184:07 am

Market Volatility and Why a San Diego Financial Advisor Says Not to Panic

Watch this news clip to find out why San Diego Finanical Advisor, Jason Labrum, President of Intelligence Driven Advisers, says it’s not time to panic when experiencing market volatility. Contact an Adviser Today

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