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Clint Haynes is a Certified Financial Planner® serving clients who are going through the transition into retirement. He is also the founder of NextGen Wealth as well as the best-selling book Retirement the Right Way.

Over the years, Clint has been quoted in and written for many local and national publications including the Kansas City Business Journal, Wall Street Journal, Kiplinger, and Forbes.

Read Clint Haynes’ Full Bio

What's the Difference Between a 1099 and a W2?

Whenever tax season comes along, it seems like everyone’s finances get a little hectic. Many of the employed expect some sort of tax rebate due to write offs and other credits. On the flip side, a lot of self employed workers have to pay their taxes in full at this time if they haven’t been paying quarterly (which I’d recommend). 

Handling your taxes can be tricky, and more so for the self employed and contract workers. Since employees who are taxed regularly from their payroll checks handle their taxes differently than those who do not see regular deductions from their paychecks, each group has a different tax form: The 1099 and the W-2.

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What's the Difference Between a Traditional 401k and Roth 401k?

Saving for your retirement is one of the most important financial hurdles you will be faced with. While there are a number of options including IRAs, chances are you’re most familiar with the 401(k). 

401(k) accounts are one of the most popular retirement plans offered by employers for their employees. Made up of a variety of investments, 401(k)s allow for increasing one’s savings and making your money work for you. 

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Social Security Filing Strategies With a Second Marriage

As you transition into retirement, one of the most pressing issues to consider is applying for Social Security. Although these monthly payments probably aren’t your entire income source, they can be a vital part of your retirement budget

If you’re married when applying for Social Security, your spouse may also be entitled to benefits, even if he or she is not at retirement age. However, while this process is relatively straightforward for current married couples, what if you’re on a second marriage? 

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Can Capital Gains Push Me Into a Higher Tax Bracket?

No matter who you are, investing is always a smart move. Whether you’re saving for retirement or trying to grow your personal wealth, you need to take advantage of investment opportunities. However, while your money can grow tax-deferred, what happens when you withdraw it? 

In most cases, you will have to pay taxes on capital gains in your taxable (non-retirement) accounts. Fortunately, if you wait until the right moment, you can reduce your tax burden. In some cases, you might be able to save thousands or tens of thousands of dollars. 

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2024 Retirement Plan Contribution Limits

This post was last updated on 30 December, 2023, to reflect all updated information and best serve your needs.

Planning for your retirement is the key to fully enjoying the fruits of your labor. Whether you have an IRA (individual retirement account), a 401(k) or other retirement account, you'll want to get the most out of it by maximizing your contributions. Understanding the contribution limits put in place by the IRS will help you maximize your savings.

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Important Retirement Plan Contribution Deadlines for 2024

This post was last updated on December 30, 2023, to reflect all updated information and best serve your needs.

Make the most of your retirement planning in 2024! No matter how much time between now and these deadlines, mark your calendar so you don't miss anything. Now is the time to prepare for retirement account contributions (or withdrawals). 

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Social Security Filing Strategies for Divorcees

There’s no easy way to say it: getting a divorce is terrible. Not only is there the emotional toll that you have to deal with; a divorce also brings with it a measure of financial stress as well. Instead of living on multiple incomes and sharing expenses, you are now forced to make – and pay for – everything on your own, making all financial decisions along the way. 

This burden doesn’t get any easier as you approach your retirement years either. A reduced income can make it harder for a single individual to live and thrive during what are supposed to be the golden years of life. Thankfully, there are programs out there that can provide some measure of help, and Social Security is one of them. 

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Social Security Filing Strategies for Widows

For the recently widowed, there are many painful questions that have to be answered. Unfortunately, many of those questions are about money. When you should be focusing on family and saying goodbye, you instead have to deal with questions about loss of income and the decisions that need to be made. 

For widows and widowers approaching retirement, many of the money-related questions have to deal with Social Security. Because a spouse has spent his or her entire life working and paying into the system, it doesn’t seem right for it all to go to waste. Shouldn’t the widow be entitled to the Social Security benefits of the deceased?

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Social Security Filing Strategies for Couples

For married couples, filing for Social Security comes with several options. Depending on the situation of the couple, there are different strategies that couples can employ to maximize their life-time benefits. We’ll cover each of these in more detail below but, for now, here is a brief overview to get you started. 

First, for couples that have a long life expectancy, the best strategy is to wait as long as possible before filing. Because waiting to file (up until age 70) increases the monthly size of your Social Security payments, a couple that expects to live a long time can earn more over the course of their retirement by waiting to file.

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Why Have Medicare in Retirement?

There are many perks to retirement, such as freedom, traveling, spending more time with friends and family, and for most, becoming Medicare eligible. Most seniors become eligible for Medicare when they reach age 65. Though, some seniors believe they do not need Medicare due to retiree or Veterans Affairs (VA) coverage. 

That is not always the case, so it’s important to know the facts when you approach your Golden Years. Here’s why you should have Medicare in retirement.

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What is the Difference Between a Traditional and a Roth IRA?

If you want to save money for retirement, you need to start doing it right now, no matter how old (or young) you are. While there are multiple methods for building a nest egg, one of the most reliable is contributing to an individual retirement account (IRA). 

There are two primary types of IRAs available - traditional and Roth. Both options have benefits and downsides, so it’s crucial to understand the differences between them. Here is what you need to know. 

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How to Save $5,000 In a Year

According to a recent study, over two-thirds of Americans (69 percent) have less than $1,000 saved in a bank account. This statistic is troubling for many reasons, particularly when it comes to having an emergency fund or saving for retirement. 

If you’re one of these individuals, you may be struggling with the idea of saving money. However, what if you could stash up to $5,000 within a year? It might seem far-fetched right now, but it is possible. We’re going to show you how. 

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When is the Best Time to Buy Long-Term Care Insurance?

As you get older, there’s a possibility that your health will decline to the point where you need assistance. This assistance can range from part-time help all the way to full-time assisted living. 

This long-term care is expensive, and without proper planning can financially devastate a person or couple. Paying for care with your own dollars will erode your nest egg and, depending on how big it is, it might even dwindle it all down before Medicaid swoops in.

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Do I Need Life Insurance in Retirement?

As you get closer to retirement, it’s crucial to plan for every detail. While your primary concern will be whether you’ve saved enough, one element that can come into play is life insurance. 

Typically, most individuals believe that life insurance coverage is only necessary when they have dependents. However, it can be a valuable asset at any stage of life, including retirement. In this article, we’re going to outline the steps you should take to determine whether you need life insurance in retirement or not. 

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Should I Have Multiple Savings Accounts?

If you’re like 69% of Americans, you may have less than $1000 saved. Putting money away is a struggle for many individuals, but part of the problem may be how they’re doing it. 

One possible way to make saving easier is to utilize multiple accounts. Today, we’re going to look at the various reasons you should be saving and the types of accounts you can use to reach your goal. 

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The Freedom of Mortgage-Free Living in Retirement

This post was last updated on January 15, 2021, to reflect all updated information and best serve your needs. 

When you retire, you deserve to enjoy years of relaxation and stress-free time doing the things that make you happy with the people you love. One of the best ways to make sure this happens is by paying off your mortgage before entering your retirement years. In this article, we’ll show you the freedom that not having a mortgage in retirement brings, and we’ll also tell you how to get there.

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What are the Fees in My 401(k)?

If you’re saving for retirement, chances are that you are putting money away into an employer-sponsored 401(k) plan. According to a recent study by the Investment Company Institute, Americans put away over $5.8 trillion in assets in 2019. By comparison, that number was only $3.1 trillion in 2010. 

While 401(k) and 403b accounts are by far the most widely utilized saving plans, you may not be aware of the various costs and fees that come with them. In fact, if you’re like 37% of savers, you may not realize that you pay anything at all.

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How to Create Your Retirement Transition Plan

Every working adult will eventually want to retire, but not everyone does the proper amount of planning for that event to actually happen. Without savings and a plan in place, this happy time might actually be more stressful than necessary. If you are a few years from retirement now, it’s time to really consider what the shift into this stage of life will mean for you. 

It is completely normal to feel concerned or scared. After all, this is uncharted territory, and the unknowns are many. How will your finances change? What will the social, mental and physical differences be in your life from this point onward? 

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Should I Retire In The Middle of a Pandemic?

Planning for retirement can be both exhilarating and scary at the same time. Living a worry-free retirement requires a combination of a robust investment portfolio, liquid assets, potential annuities and social security income. 

At the beginning of 2020, no one could have imagined the sudden economic downturn caused by the coronavirus pandemic. Market volatility has naturally made many people consider postponing retirement plans because of sudden drops in the stock market that have increased investment uncertainty in retirement accounts. 

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How to Create a Retirement Vision Statement

No matter who you are, retirement planning is a must. Whether you’re just around the corner from retirement or you have a few more decades, it is never too soon to start preparing for your golden years. 

However, while most individuals focus on the financial side of things, what will you actually do in retirement? How will you spend your days? What kinds of hobbies or interests will you pursue? If you’re like most pre-retirees, you might have some thoughts on the topic, but nothing set in stone. 

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