7 Goals to Accomplish When You Retire

Although you will have various milestones in your life - buying a house, having children, getting married - one of the most substantial is your retirement. Assuming that you don’t want to have to work until you’re 80, you need to plan for this major step. 

Unfortunately, too many Americans are unprepared, which means that they will wind up scrambling to figure out what to do when they retire. If you’re getting close to that age or you’re just wondering where to begin, let this article be your guide. 

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Our Review of Stockpile vs. Robinhood

In the old days, if you wanted to invest online, you had to have some knowledge of what you were doing, and some capital already so that you could pay trading fees and other expenses. 

These days, there’s an app for that. Actually, there are many different trading apps available, but for this article, we’re going to look at two of them: Robinhood and Stockpile. We’ll break down how they’re similar and how they’re different, as well as which one is best for the kind of trading you may be doing. 

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Our Review of Blooom

Firms that manage your 401(k) are rare and difficult to find, which is unfortunate because managing your own 401(k) can be stressful and a hassle to keep up with. Blooom bridges the gap between you and 401(k) management by making the management of it as easy as possible. 

Blooom (yes, with three Os) is a registered and qualified investment advisory firm that can actually manage your 401(k) for you. Blooom identified an opportunity gap in the market, which is that millions of people every year hire third parties like robo-advisors and your traditional financial advisors to manage their 401(k) accounts. 

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5 Easy Money Hacks When You're Retired

There is a common misconception that being retired means you’ll no longer need or want to bring in any additional income. This is far from the truth for many people that have found ways to generate additional income after reaching retirement. 

There are several tips and methods you can start using to stretch your money out more, and even continue making more. With all of the free time you’ll have in retirement, you might as well put some of it to good use.

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13 Cool Passive Income Apps if You're Retired

Retirement doesn’t quite mean what it used to. For many of us, the picture of retirement looked like kicking your feet up, traveling, and perhaps taking time to get into some new hobbies. You worked hard your entire life, and now it’s time to take some much needed time off from work. 

Today, that isn’t exactly the case. As the average life expectancy for Americans keeps rising, more people are working well into their 70s. Even then, retirement doesn’t look like it used to in that more and more retirees are continuing to work part-time, citing that the extra income is a nice boost and adds to their peace of mind. 

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Your Investments and the Coronavirus; What Should You Be Doing

Recent outbreaks of the coronavirus (a.k.a., COVID-19) outside of China have raised concerns about its containment. These increased concerns have sent stocks quickly lower over the last few trading days as you've probably seen if you've been on the internet (it's pretty impossible to miss at this point).

While we don’t know how many people the virus will infect, the length of this viral cycle and what influence it will ultimately have on the economy, we do know that you probably have some questions about how it could affect your investments.

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What is a Solo 401(k)?

Investing for your retirement is important, but it’s something that many people don’t plan ahead for. Many of us are left scrambling for what feels like years or decades later trying to scrape together a retirement account or 401(k). 

One question that we get fairly often in regards to retirement is: What options are available to me if I am self-employed?

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The NextGen Wealth Weekly Roundup February 21, 2020

Once again, China released a large number of new confirmed cases of the coronavirus, with nearly 800 more cases overnight. This then resulted in a major drop in stocks, with fear over the global economic slowdown bound to happen. It kinds of seems like this is a recurring theme.

Earlier this week the market was up, as the number of confirmed cases had its lowest growth since January. This lifted investor sentiment and we saw S&P 500 and Nasdaq hit record highs. There was also talk of China taking action to lessen the effect of the coronavirus on their airline industry.

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What is a Donor Advised Fund?

A Donor Advised Fund (DAF) is like a charitable-giving savings account, helping you maximize your tax benefits while making a bigger impact on your favorite charitable causes.

Illustrated below, the IRS defines a Donor Advised Fund as: “A separately identified fund or account that is maintained and operated by a section 501(c)(3) organization, which is called a sponsoring organization. Each account is composed of contributions made by individual donors. Once the donor makes the contribution, the organization has legal control over it. However, the donor, or the donor's representative, retains advisory privileges with respect to the distribution of funds and the investment of assets in the account.”

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The NextGen Wealth Weekly Roundup February 14, 2020

Stocks were up this week, but little changed today as investors are still digesting the disappointing consumer data and strong earnings. 

Retail sales were unchanged last month according to the Commerce Department. They added though that clothing stores sales had their largest one month decline since 2009. 

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Are You Obsessed With Money?

As the saying goes, money makes the world go round. Living in modern society means that you can’t avoid money, no matter how hard you try. Need to get some food? That costs money. Need to get gas in your car? Swipe your card or fork over a few bills. Virtually every aspect of your life revolves around money - earning it, spending it, and saving it. 

For the most part, scrutinizing your money habits is a good thing. You don’t want to constantly worry about where your next paycheck is coming from, or whether you have enough cash to pay for something. However, while a detailed understanding of your money is good, it’s too easy to get carried away. 

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The NextGen Wealth Weekly Roundup February 7, 2020

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

After a rally in the market this week, stocks are down today even after better-than-expected jobs data was released. The release of this data seems to be well-timed with the coronavirus fears having investors questioning growth. 

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What is an Investment Policy Statement?

In its simplest terms, an investment policy statement (IPS) is a list of rules drawn up between you and your financial planner to set clear and concrete goals for each other. It also works as a game plan for the financial planner so that they can employ their expertise in the best way they see fit to meet your goals in a timely and efficient manner. 

Specifically, a financial advisor would look at risk, liquidity and asset allocation. An IPS serves as a manual of sorts to manage these three components but can include additional items as well.

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The NextGen Wealth Weekly Roundup January 31, 2020

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week!  

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Tax Strategies Behind Roth IRA Conversions

Saving money for retirement is critical, but not everyone knows how to do it effectively. You should already understand the value of building a nest egg for your golden years. However, when it comes to the types of accounts you have, it can start to get a little confusing. 

Individual retirement accounts (IRAs) are the most common options for those looking to save money, and there are two primary kinds - Roth and Traditional. In this article, we want to compare the two, particularly when it comes to paying taxes. 

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The NextGen Wealth Weekly Roundup January 24, 2020

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

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Podcast Interview: Crushing Debt Podcast

Hello blog-reading folks! I wanted to let you know that I was just recently interviewed on the Crushing Debt podcast if you want to check it out. You can subscribe to the show on your favorite podcast player or just click the play button below. 

It was a ton of fun and I had a blast. Shawn is actually an attorney who has his own practice in the Tampa area (wish I were there right now with the weather we’ve been getting in Kansas City).

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The Tax Benefits of Net Unrealized Appreciation

When you get a new job or start working for a company, your pay and benefits can take different forms. Your salary is often your primary form of taxable income, but companies can compensate you in other ways with benefits packages, perks, retirement plans, 401(k)s, and even shares of the company. 

One of the ways that companies and organizations can compensate their team is by giving them equity in the company, via employee stock ownership plan (ESOPs) or profit-sharing. If you do in fact have stock within your company 401(k) you could potentially be eligible for tax rules that can help you save money on your taxes.

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The NextGen Wealth Weekly Roundup January 17, 2020

Welcome to the weekly roundup where I share with you interesting articles from across the web. I hope you enjoy and absolutely feel free to share and pass along.

Our Kansas City Financial Planner Weekly Roundup

Hello everyone and welcome to another edition of the NextGen Wealth Weekly Roundup. Hope you’re having a great week! 

Once again, we saw stocks hit record highs this week due to a solid start to earnings season and strong global economic data that was released. All three main markets here in the US (Dow, NASDAQ and the S&P 500) were all up 1.5-% going into today.
 
Some of these can be attributed to the aftermath of the U.S. and China trade deal signing. This trade deal signing is expected to create a sharp increase in the sales of U.S. goods and services to China. Let's hope this is the beginning of the end of the two-year trade war.
 
However, this does still leave U.S. tariffs on billions of Chinese goods, which is about three-quarters of Chinese imports to the U.S. So, possible tariff reductions will be one thing discussed at later negotiations between the two countries. 

So enough of my commentary, let’s jump in and check out some of the best articles I ran across from the past week. Enjoy the weekend and find some time to relax.

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What is a Mega Backdoor Roth IRA?

When it comes to saving money for retirement, you should already know that IRAs are an essential part of the retirement planning process. There are two different kinds - a Roth and a Traditional IRA, and the rules surrounding them are pretty straightforward. 

However, depending on your particular situation, you may be able to take advantage of a mega backdoor Roth IRA. Not everyone can do this, but if you can, it could be highly beneficial for getting you to retirement as quickly as possible. 

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NextGen Wealth, LLC is a registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.

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