How to Grade Your 401k
Sixty five million Americans now invest for retirement through 401(k)s and similar plans. Defined contribution plans have become the centerpiece of many American’s retirement savings. How can you determine if your plan makes the grade? Here are some of the components to look at when judging your company’s 401k. Fees Low fees and expenses are important to getting […]
HOW TO CHOOSE THE RIGHT SOUTH CAROLINA STATE RETIREMENT PLAN
To choose the best South Carolina state retirement plan our CERTIFIED FINANCIAL PLANNER™ practitioners analyze your goals, retirement horizon, appetite for risk, cashflow and many other factors while constructing your personalized financial plan. If you would like to learn more about developing a comprehensive financial plan, reach out to Oak Street Advisors today Employees of the […]
HOW THE ULTRA-WEALTHY PAY LITTLE TO NO INCOME TAX
Recently, a report by Propublica revealed that the richest Americans do not pay federal income tax at nearly the same rate average Americans do. How does this happen? What legal pathways do these ultra-wealthy Americans take advantage of to ultimately pay so little in taxes? These are the questions many ordinary Americans are asking.This works because the […]
How the South Carolina 529 Plan Works
As financial planners, we meet with many parents concerned about how they will pay for their child’s college education. These parents often ask about the Future Scholar program, the 529 college savings plan for residents of South Carolina. We created our educational savings guide below to explain how a 529 program works, the benefits of […]
HOW THE NEW “TRUMP ACCOUNT” WORKS – AND WHY YOU SHOULD THINK TWICE BEFORE CONTRIBUTING
The recently passed “Big Beautiful Bill” (BBB) includes a provision creating a so-called “Trump Account” for all U.S. citizens born between 2025 and 2028. Each eligible child will receive a $1,000 contribution from the government, which must be invested in an index fund tracking the broad stock market, such as the S&P 500. These accounts […]
How Social Security Benefits are Impacted by When You Claim
Many times folks get in such a big rush to claim their Social Security benefit that they lock in reduced benefits without considering how this decision fits in with their long term needs and other sources of retirement income. Just because you can claim Social Security benefits at age 62 doesn’t mean that you should. […]
How Much Income Will You Need When You Retire?
If you were planning a vacation you would start with a desired destination, select the dates you can go, determine your budget, and then tweak your plans to fit your budget. It is the same with financial planning. You have to determine where you want to go (how much income or how big a nest […]
How Much Does a Variable Annuity Cost?
Variable annuities are often confusing and hard to understand. In addition to the fees charged for managing the sub- accounts (read mutual funds) within the policy consumers also pay for the insurance portion of the policy (mortality expense) and various riders and options offered with the policy. If you want to compare the expenses of […]
How Equity Index Annuities Work
Bob Clark, a columnist for Investment Advisor magazine, recently said, “…the role of advisors is to protect their clients from the financial services industry”. Many times the products pushed by the large financial service firms do more harm to investors than good. The “hot” product du jour is currently the Equity Index Annuity. While the […]
How Business Owners Can Save On Their Income Taxes With the Qualified Business Income Deduction
The recent income tax revamp has made income tax planning early in the year a must for many self-employed professionals. The ability to take a 20% deduction of business income, available for single filers with income below $164,900 for 2021 and married filers with income below $329,800, is too good to pass up. Filers with […]
