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Robert Klein
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If you want peace of mind when you retire, you need to have a plan that will generate sustainable income streams that will cover a large portion of your fixed and discretionary expenses. Income tax planning is critical since your income needs to be calculated net of income tax to determine the amount that will be available for spending. A sustainable income stream is simply a regular series of payments that, once it begins, will continue for the rest of your life. An ideal sustainable income stream is one that's calculated using life expectancy and has a flexible start date.... Continue reading
Posted Mar 16, 2015 at Retirement Income Visions
February 25, 2015. Bob Klein's article, 5 Benefits of a Capital Gains Retirement Strategy, was published in today's MarketWatch section of The Wall Street Journal. If you are self-employed and have a sizable capital loss carryover, you may want to forego part or all of your retirement contributions. Continue reading
Posted Feb 25, 2015 at Retirement Income Center
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Social Security is an important source, and in many households, the largest source, of income for retirees. You can start collecting benefits at any time between age 62 and 70. Since Social Security is an income annuity, the longer you wait, the greater your monthly income will be for the rest of your life. The Social Security start date decision is complicated by the fact that there are different types of retirement benefits for which you may be eligible. These include spousal, divorcee, and survivor options in addition to benefits based on your earnings. Furthermore, you may qualify for more... Continue reading
Posted Feb 23, 2015 at Retirement Income Visions
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2014 marked the introduction of qualified longevity annuity contracts, or QLACs. For those of you not familiar with them, a QLAC is a deferred fixed income annuity designed for use in retirement plans such as 401(k) plans and traditional IRAs (a) that's limited to an investment of the lesser of $125,000 or 25% of the value of a retirement plan and (b) requires that lifetime distributions begin at a specified date no later than age 85. QLAC investment options are currently limited to deferred income annuities, or DIAs. The purchase of deferred fixed income annuities in retirement plans for longevity... Continue reading
Posted Feb 2, 2015 at Retirement Income Visions
January 23, 2015. Bob Klein's article, How to Reduce Retirement Anxiety, was published in today's MarketWatch section of The Wall Street Journal. A secure retirement paycheck is key to worrying less about your financial future whether you're planning for retirement or are already retired. Continue reading
Posted Jan 23, 2015 at Retirement Income Center
Las Vegas, NV - January 19 - 20, 2015. Bob Klein attended the AICPA Advanced Personal Financial Planning Conference. The conference is recognized as the most technically advanced personal financial planning conference inside and outside the CPA profession. Continue reading
Posted Jan 21, 2015 at Retirement Income Center
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If you're married, you and your spouse have estate planning documents that were prepared before 2009, and the current and projected lifetime value of your estate is less than $5.5 million, or potentially $11 million, your plan may be outdated. Background A brief history of the evolution of the estate tax and the estate tax exemption will help you decide if it's time to consult with your estate planning attorney. Beginning in 1916, an estate tax was enacted that subjected the net value of an individual's estate to an estate tax upon death. The net estate value, which includes life... Continue reading
Posted Jan 5, 2015 at Retirement Income Visions
December 31, 2014. 2014 was an eventful year for Bob Klein and Retirement Income Center. In addition to servicing his clientele, Bob continued to distinguish himself as a leader in the retirement income planning field through his various media activities. Bob kicked off the year on January 5th as a... Continue reading
Posted Dec 31, 2014 at Retirement Income Center
December 22, 2014. Bob Klein's article, Starting Social Security Later - For Your Spouse's Sake, was published in today's MarketWatch section of The Wall Street Journal. The decision regarding when to begin receiving Social Security retirement benefits should be carefully analyzed, especially if you’re married since it will affect the... Continue reading
Posted Dec 22, 2014 at Retirement Income Center
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Not too long ago it was common for pre-retirees to depend on two sources of retirement income: Social Security and a private or public pension. Both began at age 65, were expected to last for life, and typically met 50% or more of retirees' financial needs. With two secure sources of lifetime income, age 65 was the standard retirement age for many years. Retirement income planning focused on closing or narrowing the gap between one's projected retirement income needs and what would be provided by Social Security and pension income. Retirement Planning Milestone The decline of defined benefit pension plans... Continue reading
Posted Dec 8, 2014 at Retirement Income Visions
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Since the Treasury and IRS finalized a regulation in the beginning of July blessing the use of qualified longevity annuity contracts, or "QLAC's," a lot of people have been wondering when and where they can buy one. Per the last paragraph of my September 15th "Don't Expect to See QLAC's Soon" post, speculation was that product launch may begin in the fourth quarter of this year. The mystery is now behind us. The first QLAC to hit the market was recently released by AIG through American General Life Insurance Co with its American Pathway deferred income annuity. AIG enjoys overall... Continue reading
Posted Dec 1, 2014 at Retirement Income Visions
November 25, 2014. Bob Klein's article, No Bargains on Roth IRA Conversions This Friday, was published in today's MarketWatch section of The Wall Street Journal. With the current stock market highs, those looking to do Roth IRA conversions need to be patient in order to realize potential benefits from a... Continue reading
Posted Nov 25, 2014 at Retirement Income Center
November 24, 2014. Bob Klein's article, How Annuities Can Provide a Secure Retirement Withdrawal Strategy, was published in today's MarketWatch section of The Wall Street Journal. Unlike the safe withdrawal strategy which lacks the ability to provide known and predictable income in a single year, let alone for the duration... Continue reading
Posted Nov 24, 2014 at Retirement Income Center
November 15, 2014. Bob Klein's interview with Bruce Alan of WTOP 103.5 FM from Washington, D.C. that was recorded on October 30th aired today. Bob discussed the use of fixed income annuities as a retirement income planning strategy with Bruce. The interview was solicited in response to Bob's MarketWatch RetireMentors... Continue reading
Posted Nov 16, 2014 at Retirement Income Center
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One of the most important financial goals for retirees is maximization of after-tax income. There are two ways to accomplish this: (a) maximize pre-tax income and (b) minimize income tax liability. A Roth IRA can go a long way toward helping you achieve the latter. There are two ways to fund a Roth IRA: (a) annual contributions and (b) conversions. Annual contributions, in and of themselves, generally won't result in a significant source of retirement income due to the relatively low limitation – currently $5,500 or $6,500 if you're age 50 or older. In addition, eligibility to make Roth IRA... Continue reading
Posted Nov 3, 2014 at Retirement Income Visions
October 28, 2014. Bob Klein's article, Don't Let the Next Downturn Undermine Your Retirement, was published in today's MarketWatch section of The Wall Street Journal. The recent flash correction reminds us about the importance of addressing the sequence of returns investment risk when planning for retirement using sustainable income strategies... Continue reading
Posted Oct 28, 2014 at Retirement Income Center
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There are a lot of moving parts to consider when doing retirement planning. Pre-retirees have done a good job overall with addressing certain tasks, including estimating monthly expenses in retirement and determining the best time to take Social Security. These two tasks have been performed by 64% and 68%, respectively, of affluent pre-retirees according to the results of a Cogent Reports study, Investor Retirement Income Trends, published earlier this year. Healthcare is another story. According to the study, only 29% have determined the most sensible Medicare option for their situation and 32% have evaluated financial protection against major health event... Continue reading
Posted Oct 13, 2014 at Retirement Income Visions
October 6, 2014. Bob Klein's article, Extend the Life of Your Children's Inherited IRAs, was published in today's MarketWatch section of The Wall Street Journal. An investment planning opportunity is available to address a proposal in President Obama's 2015 budget that, if approved, would accelerate distribution of IRAs inherited by... Continue reading
Posted Oct 6, 2014 at Retirement Income Center
Boston, MA - September 14 - 15, 2014. Bob Klein attended the Winning in IRA Rollovers conference, sponsored by Financial Research Associates, at The Harvard Club. Bob increased his knowledge and expertise in this important and growing retirement income planning area. Continue reading
Posted Sep 17, 2014 at Retirement Income Center
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One of the most exciting retirement income planning opportunities since the elimination of the Roth IRA conversion income threshold in 2010 has been approved, however, it isn't available yet for purchase. For those of you who may not be familiar with the change in Roth IRA conversion eligibility rules, prior to 2010, only taxpayers with modified adjusted gross income of less than $100,000 were eligible to convert a traditional IRA to a Roth IRA. With the elimination of the income threshold, Roth IRA conversions have soared in popularity since anyone may convert part, or all, of his/her traditional IRA to... Continue reading
Posted Sep 15, 2014 at Retirement Income Visions
September 13, 2014. Bob Klein was interviewed for the last half hour of The Financial Quarterback with Josh Jalinski radio show on WOR 710 from New York City. Bob discussed his MarketWatch article that was published earlier this week, Why an Air Tight Will Can't Protect Beneficiaries. WOR is a... Continue reading
Posted Sep 13, 2014 at Retirement Income Center
September 9, 2014. Bob Klein's article, Why an Air-Tight Will Can't Protect Beneficiaries, was published in today's MarketWatch section of The Wall Street Journal. Beneficiary forms often play a crucial role in determining who will receive your assets when you die. It’s important to coordinate beneficiary designations on these forms... Continue reading
Posted Sep 9, 2014 at Retirement Income Center
August 11, 2014. Bob Klein celebrates 25 years owning and operating his own business. After working for national and local CPA and financial planning firms in New York, New Jersey, and California, Bob founded Robert Klein, CPA in August, 1989. Bob began the business from his home and within three... Continue reading
Posted Aug 26, 2014 at Retirement Income Center
August 20, 2014. Bob Klein's article, Long-Term Care Insurance Makes a Great Birthday Gift, was published in today's MarketWatch section of The Wall Street Journal. Given the financial, emotional, and physical toll an extended care event takes on caregivers, it behooves you to make sure that your parents have a... Continue reading
Posted Aug 20, 2014 at Retirement Income Center
August 18, 2014. Retirement Income VisionsTM, Bob Klein's blog featuring innovative strategies for creating and optimizing retirement income, celebrated its five-year anniversary. Bob's goal in writing this blog remains the same as it was five years ago: to bring to readers' attention innovative planning strategies that they can use to... Continue reading
Posted Aug 18, 2014 at Retirement Income Center