Schulfer & Associates, LLC

Blog

What Motivates You?

May 6, 2020
I am thrilled and excited when we receive a Confidential Profile from a prospective new client. It’s the starting point for us as advisors in a possible new relationship and as you can imagine, each person or couple’s situation is unique and fascinating. For me, it’s like watching a cooking show: the moment the chef opens his/her box of ingredients and their mind begins marvel in the creative process and see the potential outcome.
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Getting Started is the Hardest Part

May 4, 2020
We finalized a couple of impressive long-term care plans last week and started a financial planning engagement with a brand new client. I was pleased to help each client “check this off” their list, as it had been something they’d intended to get started on for quite some time: years, in fact.
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Planning and Inspiration at 81

April 24, 2020
I had the wonderful fortune of meeting a lady who is equally as sweet as she is sharp. She is the picture that many of us envision ourselves to be at 81: independent, eager to learn, financially successful to her own credit, energetic, socially engaged, and intellectually sharp. We had detailed conversations about her experiences in life, about money and advice she’s received from others. As you may guess, there has been good and there has been bad.
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The SECURE Act, CARES Act and Your RMDs

April 24, 2020
In retirement planning, Required Minimum Distributions (RMD’s) are a huge topic, and we’ve seen some big changes this year. These mandatory withdrawals apply to certain retirement accounts, and are based off of the account value on December 31st of the prior year as well as the Uniform Lifetime Table provided by the IRS.
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The Next Market Leaders

April 24, 2020
As we’ve been talking with our clients and prospective clients who’ve reached out to us recently during this bear market decline, we’ve been discussing our expectations for portfolios. One of the “you’re right but not quite” recurring conversations we’ve had is how to position one’s investments. For those who manage their own money, such as in their 401(k) or elsewhere, we’ve heard sentiment that they are just going to leave things as is until the market and their investments recover.
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You’re Retired, Your Accounts Shouldn’t Be

April 24, 2020
Some realities of retirement planning have changed in ways that are difficult for many people to wrap their minds around. Dogma has been that the closer you are to retirement, the more conservative your money should be invested. “You’re right, but not quite” has become one of my favorite recent sayings: it could be my next blog theme!
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Why the CARES ACT Waives RMDs

April 24, 2020
Required Minimum Distributions (RMD’s) are just as they sound: a minimum amount that is required to be distributed from a retirement account each year after you reach a certain age as an account owner, or in a specified schedule after you inherit a retirement account as a non-spouse beneficiary. The IRS website has great detail, leading off with the statement “You cannot keep retirement funds in your account indefinitely.”
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Jim Robinson earns Retirement Income Certified Professional (RICP®) Designation

April 14, 2020
James Robinson, RICP®, Wealth Management Advisor with Schulfer and Associates, has earned the Retirement Income Certified Professional (RICP®) designation from The American College of Financial Services. Using the most current retirement portfolio management techniques, the RICP® advisor helps to identify retirement income needs and objectives relative to the client's lifestyle goals in retirement.
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Don’t Forget the Simple Things

February 28, 2020
I attended a Wealth Management conference in Austin, TX recently with 168 other independent Wealth Management Advisors from across the country. Three days of sessions gave us insights on how to be better advisors to the clients we serve. We studied complex topics such as law changes, investment strategies, retirement and long-term care planning, taxes, estate planning, new technology, just to name a few.
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Passing Along Your Assets

February 27, 2020
It’s a great feeling as a parent to have helped your children, achieved financial success, and have assets to pass along to the ones you love. The timing of how you pass the assets on can matter a great deal.
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Key Ages for Retirement Income

February 26, 2020
You’ve worked hard all of your life. You’ve saved and invested your money, paid taxes on your income and you’ve made the mandatory contributions to government programs like Social Security and Medicare. Like so many others, the dream of no longer having to work is a big one and you can now see the retirement light at the end of the working tunnel. Financial planning for retirement should be at least as straightforward as saving for retirement, but it is not.
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Social Security: It Will Still Be There

February 20, 2020
A question I often hear is “Will Social Security be there when I retire?” The answer is yes. While I cannot tell you exactly what it will look like years down the road, I can give you a high-level perspective in this short article of how it works.
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People as Beneficiaries

February 13, 2020
I have been helping two sets of clients recently who are brother and sister to each other. They share as beneficiaries of a few different accounts, recently inherited from their mother. We easily transferred their portions of a ROTH IRA and an IRA to new accounts, which are now titled as beneficiary accounts in their names. This was straightforward and clear-cut, because the IRA and ROTH IRA listed each child of the mother, who was the original account owner, as equal beneficiaries.
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SECURE Act: More Flexibility for 529s

February 4, 2020
The Setting Every Community Up for Retirement Enhancement Act of 2019 was signed into law by President Trump on 12/20/2019 and most rules took effect on 01/01/2020. This Act was the most substantial piece of legislation passed in over a decade for retirement savers and people working toward financial security.
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Double Check Your Beneficiaries

January 31, 2020
I met with delightful couple recently as brand new clients. They’ve worked hard and equally as important, practice sound financial disciplines. They’ve saved and invested regularly, having worked with an investment & insurance representative for over 25 years.
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Stretch IRAs Gone for Many

January 22, 2020
The Setting Every Community Up for Retirement Enhancement Act of 2019 was signed into law on 12/20/2019 and most rules took effect on 01/01/2020. Many of the new provisions are retirement-saver friendly, but I was sad to see that the modifications to required minimum distribution (RMD) rules included the elimination of the “Stretch IRA” strategy for many non-spouse beneficiaries.
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The SECURE Act and Your IRA Contributions

January 8, 2020
The Setting Every Community Up for Retirement Enhancement Act of 2019 was signed into law by President Trump on December 20, 2019. The new rules took effect on January 1, 2020. Among other things, the Act repeals the maximum age that you can contribute to a traditional IRA. Until 12/31/2019, you had to be under 70 ½ to make a traditional IRA contribution, as well as meet income test limits for deductibility in a given year.
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The SECURE Act and Your RMDs

January 6, 2020
The Setting Every Community Up for Retirement Enhancement Act of 2019 was signed into law by President Trump on December 20, 2019. The new rules take effect on January 1, 2020. Over the next several weeks, I’ll overview sections of the new rules and how they may affect you.
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5 Modern Myths about Women and Money

December 20, 2019
I’ve been working with women and their money for over 20 years and as you can imagine, a lot has changed. There are still some beliefs that the financial industry, media and even some individuals assume to be true, that just flat out are not what I see.
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New Strategies

December 18, 2019
There has been a growing trend of financial advisors who offer a short-course on general financial education, usually renting a room at a university or technical college. This seems to be a better option than the free dinner seminars that were once popular. Often for a small fee, attendees can partake in a couple of nights of sessions that overview numerous financial or estate planning topics.
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5 Required Minimum Distribution Facts

December 10, 2019
We get all sorts of questions regarding Required Minimum Distributions. We put a substantial amount of effort into planning for and effecting the mandatory withdrawals that must occur from certain retirement accounts. If you are an IRA (Individual Retirement Account) owner, here are five RMD facts to be mindful of.
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What is Wealth Management?

December 6, 2019
We have an Advisory Council made up of five fine clients who’ve been with us for several years. At our last council meeting, we had an in-depth discussion of what Wealth Management means, and who needs it.
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Common and Costly IRA Mistakes

November 22, 2019
There are about a dozen common and costly mistakes that I can immediately think of that people make with their Individual Retirement Accounts. Over the next several weeks, I’ll go through them as space allows.
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Great News for Retirement Savers in 2020

November 20, 2019
If you are a retirement saver, I have great news for you. The amount you are allowed to contribute to some plans, as well as the income thresholds which make contributions permissible have risen for 2020. If you participate in a 401(k), you are allowed defer up to $19,500 of your salary if you are under 50 and up to $26,000 if you are 50 or over. These new limits for 2020 represent a $500 increase for each as compared to 2019.
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How Families Get Financially Stronger

November 20, 2019
Over the years, I’ve had many conversations with people about what they want to give to their kids and grandkids. Some people are not compelled to help their kids once they reach adulthood while others are. Of those who are, many choose to give to their kids and grandkids throughout their lifetimes so that the gifts can be either directed by the parents/grandparents and/or made use of while their family members are young and building their lives.
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Your Life Insurance Policies: Worth a Review

November 20, 2019
When is the last time you’ve reviewed your life insurance policies? For most people, they have a good understanding of their coverage as well as the features and benefits of their policy when they initially put the contract in place. Thereafter, it’s clear what the death benefit is and of course, the life insurance company will always make sure that you understand the premium due! Other important details of your policy may not be so obvious but are worthy of review.
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The Best Retirement Advice I’ve Ever Received…

November 20, 2019
I began working with a newer client about nine months ago. He is a successful semi-retired entrepreneur who has done a great job building and protecting his net worth. Throughout the years, he has worked with various financial planners, attorneys, CPAs and wealth management firms. His portfolio is robust with investments, insurances and a trust. At our initial meeting, I’d asked him “What is the most important thing I can help you with?” He replied as many do, with a list.
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What to do if you receive an Important Pension Notice

October 9, 2019
Pension buyout offers are nothing new. Longer life expectancies, increased costs to run pension plans and a decade of low interest rates have given incentive to hundreds of employers to offer their plan participants a "buyout", in which the participant would accept a lump sum of money in lieu of his or her future promised pension income. Buy-outs are usually one-time offers with a deadline.
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JIM ROBINSON CHAMPIONS TECHNOLOGY

September 19, 2019
Jim Robinson of Schulfer & Associates, LLC Wealth Management, recently attended LPL Financial’s Focus 2019 conference, one of the financial advice industry’s premier events and the largest annual conference hosted by LPL. During the conference, held Aug. 18 to 20 in San Diego, Robinson joined a select group of LPL Financial advisors and staff to share best practices and help connect other advisors to technology solutions that can help them more efficiently and effectively manage their practices.
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Imagining Retirement

September 16, 2019
I met with prospective new clients recently who were contemplating retirement. Like so many others, they have worked hard, dedicated themselves to a career and raising a family, and have been strong savers. When I asked them what the most important thing was that I could help them with, they agreed that it was designing a retirement plan.
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What Worries You?

August 13, 2019
When I meet with people for the first time, the two most important questions I ask are “What is the most important thing I can help you with?” and “What concerns or worries you?” Whether it is for wealth management or retirement planning, among the most common answers are not making large financial mistakes and balancing spending enough while not running out of money. In other words, it would be great if we could devise a plan to spend your last dollar on your last day!
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5 Tips for New College Students & Parents

August 9, 2019
There are all sorts of well known planning strategies for how to save for and pay for college. With the experience of two sons going away to universities, I'd like to share five tips that are not often thought of. Save on car insurance. If your son or daughter is not taking a car to college, call your insurance agent. They may offer a discount since your son or daughter will not be a regular driver while they are away at school.
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Rollovers and Transfers

July 9, 2019
Rollovers and transfers are ways to move retirement money from one account to another. Sound like semantics? Not to the IRS. Each comes with its own set of rules. A financial institution that holds your money is called a custodian; they have "custody" of your funds. You are rightfully allowed to move your money if you wish to choose different investments and hence, a different custodian. For example, if you are a plan participant...
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Organize Your Priorities

July 5, 2019
When we meet with new prospective clients, one of the first questions we ask is "What is the most important thing we can help you with?" We proceed with a comprehensive discussion surrounding their financial state-of-affairs, goals, concerns and expectations. Sometimes, an individual or couple may have a hard time making a decision as to how to move forward. My best advice: organize your priorities. Doing so will guide you in the right direction.
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Your Life Insurance Policies: Worth a Review

May 16, 2019
When is the last time you've reviewed your life insurance policies? For most people, they have a good understanding of their coverage as well as the features and benefits of their policy when they initially put the contract in place. Thereafter, it's clear what the death benefit is and of course, the life insurance company will always make sure that you understand the premium due! Other important details of your policy may not be so obvious but are worthy of review
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Your Greatest Risk may be Your Own Behavior

May 16, 2019
What do you think of when you hear the word "Risk"? When I ask that question to a client or prospective client, the answer is usually market losses in an investment. Certainly that is one type of risk. There are, however, many other types of risks that have to do with your financial well-being that we consider.
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Retirement Planning: Dig a Little Deeper

March 21, 2019
We work with a substantial amount of people throughout the course of a year who are actively planning for retirement.  Questions we commonly hear include: Where is the best place to put my retirement savings (401k, IRA)?  Which pension option is the right for me/us?  When and how should I claim social security?  When can I begin receiving retirement income?  What are the penalties if I do it wrong?
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It's Never Too Late for a Second Look

March 21, 2019
I met with a lovely couple for the first time recently who asked me to review their current financial situation and importantly, what it would look like upon the death of the first spouse.   Like many married couples, the husband is the older of the two.  The concern is, if he is the first to pass away, a considerable amount of pension income will be lost.  We also discussed social security:  upon the passing of the first spouse, the survivor assumes the highest benefit
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Suddenly Single

March 20, 2019
I hosted a Wine, Women and Wealth workshop at my office recently.  15 lovely ladies joined me for an interactive evening on how planning is different for women than it is for men.  We discussed how life changes if you find yourself suddenly single.  Marriage or a long-term relationship is a partnership where two people share many responsibilities.  In my 25 years of marriage, it has always been my ambition to rely on rather than be dependent upon my husband.  Still, if I
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Unexpected Money

March 20, 2019
When you see the words unexpected money you may conjure a vision of the person who wins the lottery and overnight, their dreams have come true.  Certainly, this is one way to come into a large sum  of unexpected money.  More commonly though, people who receive sizeable amounts of money do so through a divorce, a settlement from a law suit, life insurance proceeds from the death of a loved one, an inheritance, the sale of real estate, a business or other investment, receiving a sev
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Inheriting Accounts

March 20, 2019
I had a conversation with a funeral director recently about the overwhelming feelings people have when they lose a loved one.  The loss itself often feels too much to bear.  Shortly thereafter comes the realization that there is so much to do in so little time if pre-planning the funeral and final arrangements had not been done.  Then there are all the tasks of settling the estate.  He and I agreed that an important message that people need to hear is that when you lose a lov
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Long Term Care Planning: Different than it Used to Be

March 4, 2019
I had a review meeting recently with clients who are in their late 50’s.  Long term care planning was on our agenda.  They said they were not interested in pursuing insurance as a plan to cover potential future expenses, because the husband’s parents each had policies that never paid out.  In a meeting with another client, her parents also had long term care insurance that they’d purchased years ago.  Although her mother needed care a few times, she never go
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Sorting through Long Term Care Planning Options

March 4, 2019
Big decisions in life can be intimidating.  Some people are great at planning, while others procrastinate.  Sometimes we stall because we don’t know where to begin.  Many people find this true in financial planning for long term care. Write a list of what is important to you.  The majority of us like to believe we’ll be among the minority and reach a ripe old age without ever needing care.  So, start your list with two columns:  title the left colum
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Should I Work with an Advisor?

March 4, 2019
I met with a younger couple recently for an initial consultation.  They reached out to me with questions regarding retirement, which is likely 15 years out for them.  They are successful in their careers, save aggressively and have been doing their own investing into 401(k)s and basic index funds on-line.  The gentleman went on to say that he stays on top of his investments and feels he understands them, but now that their nest egg has grown to several hundred thousand dollars, he
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What Amount of Commitment Does Your Investment Require?

February 22, 2019
It’s a question that isn’t asked or understood enough:  What amount of commitment does your investment require? For those with a few decades of life experience such as myself, I don’t have to point out how our culture has changed to one of instant gratification.  That has actually become the case for some people with their behavior toward their investments, even though by its fundamental nature any investment should be held, and therefore judged and managed, for
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Your Greatest Risk May be Your Own Behavior

February 22, 2019
What do you think of when you hear the word “Risk”?  When I ask that question to a client or prospective client, the answer is usually market losses in an investment.  Certainly that is one type of risk.  There are, however, many other types of risks that have to do with your financial well-being that we consider.  Inflation risk.  Liquidity risk.  Financial emergencies.  Unexpected death or disability of an income earner.  A long-term care nee
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What is the Greatest Risk to Your Nest Egg?

February 22, 2019
In retirement, what is the greatest risk to your nest egg?  What could cause you to lose a significant portion of the assets that you’ve worked hard for all of your life?   For most people, debts are paid off.  Expenses are in-check.  Children are grown and independent.  Liability risks are low.  Investments have been well thought out.  For most people, the greatest risk to their nest egg is the possibility of needing long term care.Envision these tw
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When Should You Stop Investing?

February 22, 2019
The vast majority of us need to save money to reach our longer-term goals.  Retirement.  Paying for college.  Travel.  Weddings.  We tend to choose investments rather than savings accounts for these distant ambitions, rightfully so, since a variety of investment options have proven to outperform savings accounts over time. I’ve always really liked the “bucket” approach to aligning goals with saving and investing.  Visualize three buckets. 
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Life Insurance Shouldn’t be Complicated…. But sometimes it is

January 23, 2019
Years ago, the trend was for life insurance agents to sell whole life, universal or variable life insurance policies on the potential to grow the cash value inside of the policy.  Cash value can grow by overfunding the policy, meaning you put more money into the policy than the premium required to support the death benefit, or cash value can grow by dividends, interest or investment return on the cash value exceeding the expenses inside of the policy.Life insurance seems like one of those t
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“I don’t want to be the richest person in the cemetery…”

January 23, 2019
Our firm has an advisory council consisting of five diverse clients who we get together with twice per year for a half day of uninterrupted deep discussion.  We ask for perspective from a client’s point of view on aspects of their financial lives as well as ways that we can enhance our services.In the middle of a discussion, one of our council-member clients said half-jokingly that she does not want to be the richest person in the cemetery.  In other words, she wants to be able t
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Taxes and Your Investments

January 23, 2019
As a Wealth Management Advisor, I help my clients with important decisions, planning and investment management.  While I am not a tax adviser and do not give tax advice, I am mindful of how investment management and income distribution affect my client’s taxes. I began working with a couple in 2018 who had a complicated portfolio of business ownership and investments.  Reviewing their statements, I found over $69,000 of short-term capital gain had been generated with selling
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Important Ages for Your Retirement Income

January 23, 2019
You’ve worked hard all of your life.  You’ve saved and invested your money, paid taxes on your income and you’ve made the mandatory contributions to government programs like Social Security and Medicare.  Like so many others, the dream of no longer having to work is a big one and you can now see the retirement light at the end of the working tunnel.  Financial planning for retirement should be at least as straightforward as saving for retirement, but it is not.&n
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Beneficiary Designations Supersede Other Instructions

January 23, 2019
Last week, I shared information about the importance of knowing how to update your beneficiary designations.  While the subject sounds simple and most times is, there is potential for things to go wrong.  And when they do, it can be bad in a big way. Beneficiary designations are specified on a retirement account or life insurance policy and supersede other instructions such as those that may have been put forth in a will or a trust, but may not supersede the law.  That means
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10 Financial Resolutions for the New Year

January 23, 2019
A new year can either be a fresh start, a time to tweak or you can let it roll by without doing anything different at all.  If resolutions are your thing, here is a checklist.  Ten financial resolves for 2019. Face important decisions head-on.  Look over your next 12 months.  Big decisions involving money are easy to put off but may cost you in the long run.  Remember that you are not alone.  Engage the help of others including trusted family members or a friend and
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Doing Nothing is a Decision

January 23, 2019
In my line of work, people have to make decisions.  Sometimes the decisions are small ones, often times they are big.  The decision to save more.  Or not.  The decision to purchase life insurance.  Or not.  The decision to reposition assets.  Or not.  The decision to plan for retirement.  Or not.  The decision to plan for potential long-term care costs.  Or not.  The list goes on and on.  The biggest decisions can be the most intim
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Know How to Update Your Beneficiary Designations

January 23, 2019
When is the last time you reviewed your beneficiary designations?   For many people this easy task is one that ends up on the procrastination list.  Life changes and with it, should be a review of beneficiaries, trustee powers, powers of attorney, and transfers on death.Beneficiaries are designated on life insurance policies and retirement accounts.  You may name one or more primary beneficiaries as well as one or more contingent beneficiaries in percentages that you choose.&
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Are You a Trader or an Investor?

January 23, 2019
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True Wealth: All that Money Can’t Buy

December 28, 2018
I googled “wealth” recently and got about 280,000,000 results in .42 seconds.  I scrolled through the top few pages of hits and to no surprise the results were all about money.  As an Accredited Wealth Management Advisor, I work with people and their money day in and day out, predominantly in planning for and working toward a successful retirement.  I can tell you unequivocally that money is an important tool.  Money puts a roof over our heads and food on the tabl
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Words of Wisdom for Retirement

December 28, 2018
I am a quotations fanatic.  Some are profound and some are funny.  What I love about quotes is that the great ones say so much with just a few words of wisdom.  Here are a few on retirement with reflection from me.  If you have others that are worthy of sharing, I welcome you to e-mail me (louann.schulfer@lpl.com), I would love to hear from you!“The question isn't at what age I want to retire, it's at what income.”  George Foreman.  So true. 
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Great News for Retirement Savers in 2019

November 7, 2018
I am excited to share some great news for retirement account savers in 2019!  The amount you are allowed to contribute, as well as the income thresholds which make contributions permissible have both risen for the first time in six years! Since 2013, contributions to Individual Retirement Accounts (IRA’s) have been capped at $5,500 if you are under age 50 and $6,500 if you are 50 or older.  For tax year 2019, that amount goes up to $6,000 for those under 50 and $7,000 for th
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Investing and Planning Different for Women than Men

November 5, 2018
Early in my career, I would despise hearing how women differ from men when it comes to investing.  Often, it was assumed that women earned less than men and were less aggressive than men, therefore, advisors should choose investments accordingly.  I would go to conferences and listen to the speaker address the “hot topic” of how to work with women clients, like they (the presenters) were afraid that if advisors didn’t use the right words, have the right eye contact or
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Fees are what you pay. Value is what you get.

November 1, 2018
When a new prospective client calls our office, one of the questions they sometimes ask is “What are your fees?” before they tell us what kind of service they are seeking or ask us what we do.  Investment fees are a popular topic lately in news articles and advertisements.   I respect the question and wholly advocate using money wisely:  it’s the entire premise of what we do! What the questioner cheats himself or herself out of sometimes is asking about
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Social Security: It will still be there

November 1, 2018
A question I often hear is “Will Social Security be there when I retire?”  The answer is yes.  While I cannot tell you exactly what it will look like years down the road, I can give you a high-level perspective in this short article of how it works.  Make no mistake, the program needs some sort of reform.  The last seven Trustees Reports, available at https://www.ssa.gov/oact/TR/index.html, have warned us that Social Security’s trust funds are projected to b
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What do Halloween and Investing have in common?

October 16, 2018
So what do Halloween and investing have in common?  Is it the fear of the unknown?  Scary times?  Afraid you’ll be haunted by your next investment move?  Maybe for some people.  For me, there are a number of interesting financial related terms that are Halloween-ish.  Have you heard of any of these?Spiders.  A spider is the pronunciation for SPDR, an ETF, or exchange traded fund, and is one of many ETF’s which track the S&P 500.  The acrony
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Your Life Insurance Policies: Worth a Review

October 16, 2018
When is the last time you’ve reviewed your life insurance policies?  For most people, they have a good understanding of their coverage as well as the features and benefits of their policy when they initially put the contract in place.  Thereafter, it’s clear what the death benefit is and of course, the life insurance company will always make sure that you understand the premium due!  Other important details of your policy may not be so obvious but are worthy of review.
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The Compounding Effects of Good Financial Habits

September 28, 2018
We tend to have a more mature clientele in our office.  Our clients generally have built their nest eggs and are often within striking distance of retirement or are already retired.  It’s the compounding financial habits and years of wise decisions that has gotten them to where they are today and is equally important in sustaining a successful retirement.   Here is a short version of some of the most impactful financial decisions one can make.Start early.  When is
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“The Best Retirement Advice I’ve Ever Received…”

September 28, 2018
I began working with a newer client about nine months ago.  He is a successful semi-retired entrepreneur who has done a great job building and protecting his net worth.  Throughout the years, he has worked with various financial planners, attorneys, CPAs and wealth management firms.  His portfolio is robust with investments, insurances and a trust.   At our initial meeting, I’d asked him “What is the most important thing I can help you with?”  He r
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Managing Suddenly Acquired Money

September 28, 2018
You may conjure a vision of the fortunate fella or lucky lady who wins the lottery and overnight, his or her financial dreams have come true. Certainly this is one way to suddenly come into a large sum of money that you didn't have to make decisions with before. More commonly though, people who suddenly receive sizeable amounts of money or other assets do so through a divorce, a settlement from a law suit, life insurance proceeds from the death of a loved one, an inheritance, receiving a sev
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Cost of Medicare Premiums: Planning can go a Long Way

September 11, 2018
Medicare is the federal government’s health insurance program for those over age 65 or for certain individuals who are disabled.  There are four “parts”:  Part A covers hospital expenses and is paid for by the government.  Part C refers to Medicare Advantage plans offered by private insurance companies.  Part B covers outpatient costs and equipment and Part D covers prescriptions; both B & D have premiums partially paid for by the medicare recipient.&nbs
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Financial Exploitation of Seniors

September 7, 2018
With our aging population, financial exploitation of seniors is a serious and growing problem.   It happens throughout all economic levels and has robbed people of their savings, their financial security, their home and ultimately their dignity.   We tend to think of criminal activity as obvious and violent.  However, exploitation often begins with a much softer approach.  By playing on emotions, money or other assets are often stolen through gradual persuasion, wit
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What You Need to Gather When Your Spouse Dies

August 30, 2018
Losing your spouse is losing your best friend, your soul mate and also, your financial partner.  From a financial aspect, it’s as if you have a business and you’ve just lost your only business partner.  This is one of the most devastating times of our life.  In this highly emotional time, the least of which you want to do is deal with the stress of remembering all that needs to be tended to financially, so here is a basic guide that I recommend you keep as a reference
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Colorful Financial Slang

August 30, 2018
Last week, my article Fun Financial History explained the origins of a few of my favorite and the most frequently used financial references:   bull and bear markets, Wall Street and ticker symbols.    If you missed that one, you can find it online at www.SchuflerAndAssociates.com | Meet Us | Blog.  Continuing the spirit of financial fun, here are some colorful financial slang terms you’ve likely heard.Blue Chips.  What exactly is a “blue chip”
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Fun Financial History

August 8, 2018
How did bull and bear markets get their names, and what do they mean?  Even if you are not the least bit interested in the markets or investing, you can’t help but hear these frequent references.   A bull market is one that is generally rising for a period of time and a bear market is one that is generally falling for a length of time.  There are a few different theories as to how these rising and falling markets got their name and none are specifically documented, as t
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Retirement Like a Rubix Cube

July 31, 2018
We meet with a significant number of people each year who are preparing for retirement.  If you are planning on retiring, the thought of structuring your retirement income plan can feel like trying to solve a rubix cube.  On one side of the cube is your 401(k).  On another, your pension.  Flip the cube over and there is your social security.  The other sides of the cube are your spouse’s 401(k), IRA, and his/her social security.  Solving for one color can feel
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Planning Does Not Stop After Retirement

July 31, 2018
What do you think of when you hear the words “retirement planning”?  Most would say planning for retirement.  But that’s only part of the job.  Planning does not stop when you are retired.Planning for retirement is the first phase.  It’s both subjective and objective.  Retirement planning starts with your vision.  From there, it’s like a giant equation with many inputs to work toward your desired output.  Needs and wants for spendi
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Understand Your Investment Qualifications

July 25, 2018
For years, we’ve worked with investments that are “alternative” to the traditional offerings that many people are used to or have experience with.  When I meet with new clients, it’s still very common for me to hear “I didn’t know I could invest in something like that”, not ever having heard of investor qualifications and the different investments that one may be eligible to invest in per FINRAs and the SEC’s guidelines (they are our regulator
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The Most Important Question

July 12, 2018
When it comes to investing, the most important question is often overlooked.  It’s easy to get money IN to your investments.  You expect that over time, you will earn a rate of return.  But the most important question may be:  What is my exit strategy? Commonly, investors are introduced to investments that are daily liquid with traded markets such as stocks, bonds and exchange traded funds or the investment sponsor such as mutual fund companies.  These can be foun
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Shredding Party a Great Success for Pacelli Catholic Schools & Community

June 28, 2018
On May 10th, Schulfer & Associates, LLC Financial Professionals, a local retirement planning and investment firm, hosted their 8th Annual Shredding Party benefitting Pacelli Catholic Schools.Over $3,000 was raised at the shredding event through donations for the shredding services provided by Express Recycling Solutions, Inc., along with sales of shredded food, while attendees were entertained by the Pacelli Catholic High School pep band.Each year, Pacelli chooses a project which will be fun
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How Well do You Understand Your Annuity?

June 27, 2018
Sometimes I get the question, “Are annuities good or are annuities bad?”  My answer:  it depends.  It’s kind of like asking if medication is good or if it is bad.  The right amount used in the right circumstance for the right person can be great.  If the annuity is not a good fit or if there is not value for the extra expense, then it’s wise to consider other options.In a nutshell, an annuity is a contract between you and an insurance company.&nbs
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Escheatment and Your Investments

June 20, 2018
I had a new client recently come to me for help on his and his wife’s IRA accounts.  He said he didn’t have time to keep up on the investments and wanted to make sure that the accounts didn’t inadvertently end up in escheatment as unclaimed property someday to the State of Wisconsin. According to the Wisconsin Department of Revenue(1),  “Property becomes unclaimed or abandoned?? when there isn't owner? activity???R
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6 ROTH IRA Facts That May Surprise You

June 20, 2018
ROTH IRAs can be a powerhouse of tax benefit when the account enjoys compounded growth.  Here are six more facts that may surprise you. You can not be too young to contribute.  As long as you have earned income, age does not matter.  This was significant in our family when we gave our sons the opportunity to earn w-2 income beginning at 7 and 9 when we bought a golf driving range for them to run.  Their ROTH IRAs were opened the same year and they’ve been contributing e
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Retirement Planning: How Clear is your Picture?

June 6, 2018
When I meet with a prospective client or couple for the first time and ask “What is the most important thing I can help you with?”, the answer is often a list.  Near the top is, help me develop a clear picture of my retirement.  They usually go on to say that they have been strong savers, are not huge spenders and have accumulated a nest egg.  But the worry is there:  how much is enough?  How do I know my money will last as long as I do?   When can
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ROTH IRA Conversions

June 6, 2018
Should you convert all or part of your IRA to a ROTH IRA?  That depends.  There are pros and cons that may apply uniquely to each person’s financial situation.  Properly analyzing your circumstances may uncover a great opportunity.  However, understand the rules to avoid unexpected future surprises that may come as substantial drawbacks.The purpose of a ROTH IRA is to allow your money to grow tax deferred and take distributions on a tax-free basis.  The IRS has dis
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IRA Planning Options

May 21, 2018
There is so much you can do with your retirement money.  Start with an assessment of what is most important to you and quite frankly, what worries you.  Be sure you are familiar with, or are working with an experienced advisor who understands the various layers of rules governing retirement accounts, as unexpected taxes or penalties are surprises we all want to avoid!  Then, look for opportunities to potentially improve your future.  Here are a few cases I’ve worked rec
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You're Invited: Shredding Party!

May 1, 2018
We’re gearing up to host our 8th annual Shredding Party, a community service event that raises money for Pacelli Catholic Schools, and YOU are invited….  Individuals and Business alike!A few years ago in a business planning retreat, the advisors and staff of Schulfer & Associates, LLC Financial Professionals made a commitment to give more to our community.  We wanted to:1.       Host an event where we could share our knowledge with our com
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What to do When Your Pension Plan Terminates

May 1, 2018
In my years of experience as an advisor, one of the greatest sources of stress, anxiety and uncertainty felt by men and women is when they receive the news that their pension plan is terminating.  It feels like the rug has been pulled out from under their feet.  As loyal employees, they counted on their employer to provide a paycheck while working and throughout retirement.  Pension plan terminations are nothing new, but when it happens to you, it feels like a tragedy. What d
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What is Your Greatest Retirement Risk?

May 1, 2018
What is the goal of climbing a mountain?  Usually the answer I receive is ‘to get to the top of the mountain’.  Actually, that is just the first half of the journey.  The greater challenge is getting down from the mountain.  In fact, for climbers of Mount Everest, the highest peak on the planet, the descent is where most deaths occur.1  That is a great parallel to retirement planning.  “Accumulation” is getting to the top of the mountain.&nbs
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Introducing #WON

March 2, 2018
By LouAnn Schulfer, AWMA®, AIF® Schulfer & Associates, LLC Financial Professionals* Accredited Wealth Management AdvisorSM Accredited Investment Fiduciary® In our business, we set aside time each Friday for “business development”, a discipline where our entire staff comes together to work ON our business, not just IN our business.  Feedback from our clients and our advisory council has been valuable in shaping our success.  What has always been evi
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Insurance Champions

March 2, 2018
LouAnn Schulfer of Schulfer & Associates, LLC Financial Professionals was recently recognized as anInsurance Champion by LPL Insurance Associates. This recognition is for the top 40 advisors in LPLInsurance Associates, which is part of...
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North Central Wisconsin Workforce Development Board (NCWWDB)

March 2, 2018
LouAnn Schulfer of Schulfer & Associates, LLC Financial Professionals, was recently nominated andapproved as a Board Member to the North Central Wisconsin Workforce Development Board(NCWWDB). NCWWDB is a public/partnership between...
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James J. Robinson Attends LPL Financial 2012 National Conference

March 2, 2018
JAMES J. ROBINSON ATTENDS LPL FINANCIAL 2012 NATIONAL CONFERENCE, A LEADINGFINANCIAL SERVICES EVENT FOCUSED ON INCREASING VALUE TO INVESTORSStevens Point, WI August 19-22 James J. Robinson from Schulfer & Associates, LLC Financial...
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Professionals Offer Tips to Keep Resolutions

March 2, 2018
Many people resolve financially to do one or more of the following: save more, spend less or pay off debt. With these goals, the key to success is not unlike slimming down your waistline. Schulfer suggests thinking about what you want...
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Words of Wisdom for Retirement

March 2, 2018
I am a quotations fanatic. Some quotes are profound and some are funny. What I love about quotes is that the great ones say so much with just a few words of wisdom. Here are some on retirement with reflection from me. If you know...
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Do You Understand Distribution Diversification?

March 2, 2018
Recently, I was interviewed by Mark Henricks, a journalist from Austin, TX for an article that will be published on MainStreet.com, the personal finance site of TheStreet.com (if you watch CNBC you recognize “The Street”). Mark has...
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Inspiring Entrepreneurialism in Our Kids

March 2, 2018
When our sons were very young, my husband Gene and I set a goal to have some sort of part-time business for them to run during their teenage years. We wanted Jacob and Zachary to develop a business acumen early in life. We wanted them...
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Entrepreneurialism, Personal Responsibility and Kids

March 2, 2018
Earlier I wrote an article “Inspiring Entrepreneurialism in Our Kids”. When our sons were very young, we set a goal for them to have some sort of part-time business to operate during their teenage years. The opportunity presented...
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What Causes Market Sell Offs?

March 2, 2018
I like to simplify things. Break them down into the fundamentals. Then, once the basics are established we can add the more complicated facets in.So, what causes a stock market sell off? Simply put, there are more sellers than there..
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Retirement Planning: Dig a little deeper

March 2, 2018
We work with a substantial amount of people throughout the course of a year who are actively planning for retirement. Questions we commonly hear include: Where is the best place to put my retirement savings (401k, IRA)? Which pension...
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Big Changes to Social Security Planning for Some

March 2, 2018
On Monday, November 2, 2015, President Obama signed into law a 2 year bipartisan budget deal that avoids a United States default. The deal includes several provisions, one of which will affect social security planning for many.The deal...
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Important Ages for Social Security’s Recent Changes

March 2, 2018
Recently I wrote an article titled Big Changes to Social Security Planning for Some. The changes to Social Security are due to section 831 of the 2015 Bipartisan Budget Deal that was signed into law on November 2, 2015 (you can read it...
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What is your life worth?

March 2, 2018
It’s an arbitrary question in some ways, but certainly not a rhetorical one. Our life’s worth can be defined in many ways, sometimes best pondered through question. In reflection, what kind of lasting impact have you had on others?...
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What Would Happen If You Were To Die Today?

March 2, 2018
What would happen if you were to die today? It’s a question I ask all of my clients at some point. Often, the first response I receive is superficial and sarcastic, making light of the question. For all of us, it’s hard to imagine our...
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Old Life Insurance Policies: Did You Know….?

March 2, 2018
When is the last time you’ve had your life insurance policy reviewed? As with all types of business, the life insurance industry has evolved. There are things we can do with life insurance today that could not be done years ago. One of...
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Retirement Planning Advice: Work to eliminate your Debt

March 2, 2018
I explain to my clients that building a secure retirement plan is an equation. From a high level, that equation includes formulating an income plan and coordinating that with your spending plan. We identify your needed income (housing,...
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What Amount of Commitment Does Your Investment Require?

March 2, 2018
It’s a question that isn’t asked or understood enough: What amount of commitment does your investment require? For those with a few decades of life experience such as myself, I don’t have to point out how our culture...
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Your Last Gift

March 2, 2018
In my last article, I wrote about risk management and how for most of us life Insurance is a remarkable tool to manage what may likely be your family’s greatest risk. Not everyone “needs” life insurance; maybe your...
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What You Need to Gather When Your Spouse Dies

March 2, 2018
Losing your spouse is losing your best friend, your soul mate and also, your financial partner. From a financial aspect, it’s as if you have a business and you’ve just lost your only business partner. This is one of the...
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Accumulation vs. Distribution

March 2, 2018
Most people are familiar with how to save for retirement, and do a good job at it. Making regular contributions to your 401k, taking full advantage of your employer’s matching dollars, adding money to IRA’s or ROTH...
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Couples: Who makes your investment decisions?

March 2, 2018
In the years before I was a financial advisor, I had heard that the consensus about women and investing was that wives were often left out of making decisions regarding their family’s investment portfolio and retirement planning....
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Decisions, Decisions, Decisions

March 2, 2018
In my previous article “Retirement, Like a Rubix Cube”, I wrote about the complexities of retirement planning with respect to solving for the entire retirement income puzzle. Like a rubix cube, retirement planning has many...
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Fun Financial History

March 2, 2018
How did bull and bear markets get their names, and what do they mean? Even if you are not the least bit interested in the markets or investing, you can’t help but hear these frequent references. A bull market is one that is...
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“I” is for Individual

March 2, 2018
A common misunderstanding that I come across working knee-cap to knee-cap with people is what an IRA is. IRA stands for Individual Retirement Account. “I” is for Individual. That means an IRA can only be owned by an...
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More Fun Financial History

March 2, 2018
A couple of months ago I wrote an article, Fun Financial History explaining the origins of a few of my favorite and the most frequently used financial references: bull and bear markets, Wall Street and ticker symbols. If you missed...
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Past Performance is No Guarantee of Future Results

March 2, 2018
It’s the line we as advisors say all the time. Yet, when I meet with clients at our firm who have been managing their own money, past performance is usually the number one metric that they tell me they’ve based their...
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Retirement: A Financial Decision or an Emotional Decision?

March 2, 2018
When you hear the words “Retirement Planning” the natural association is financial. How much money have you and your spouse accumulated throughout your working years? What is a reasonable distribution rate to determine the...
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Retirement Planning Advice: Work to eliminate your Debt

March 2, 2018
I explain to my clients that building a secure retirement plan is an equation. From a high level, that equation includes formulating an income plan and coordinating that with your spending plan. We identify your needed income (housing,...
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Retirement Planning: The Emotional Side

March 2, 2018
Earlier, I wrote an article: Retirement: A Financial Decision or an Emotional Decision? If you didn’t get a chance to read it, it can be found at www.SchulferAndAssociates.com | Our Blog. This article is a sequel. The truth is,...
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Sizeable Assets, Suddenly

March 2, 2018
You may conjure a vision of the fortunate fella or lucky lady who wins the lottery and overnight, his or her financial dreams have come true. Certainly this is one way to suddenly come into a large sum of money that you didn’t...
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Do you Understand Distribution Diversification?

March 2, 2018
Recently I was interviewed by Mark Henricks, a journalist from Austin, TX for an article that will be published on MainStreet.com, the personal finance website of TheStreet.com (if you watch CNBC you recognize “The Street”)...
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Social Media and Identity Theft: Are You Putting Yourself in Harm’s Way?

March 2, 2018
By LouAnn Schulfer, AWMA®, AIF® Accredited Wealth Management AdvisorSM Accredited Investment Fiduciary® Many of us enjoy social media. It’s fun to connect with people we don’t regularly see, keep up to date on...
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Important Ages for Your Retirement Income

March 2, 2018
You’ve worked hard all of your life. You’ve saved and invested your money, paid taxes on your income and you’ve made the mandatory contributions to government programs like Social Security and Medicare. Like so many...
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Your First Wealth is Health!

March 2, 2018
As I get older, I have a much greater appreciation for my health. I eat nutritious foods and work out just about every day. Lifting weights and jogging are not things that I enjoy doing, but I sure do value the mental sharpness I feel...
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You Don’t Know What You Don’t Know….. and That Could Cost You!

March 2, 2018
The world we live in is complex and managing your money is no exception. Layers of rules and regulations make managing your assets more complicated than merely selecting investments to achieve a rate of return. One of my favorite...
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Life Insurance: Understand your Guarantees!

March 2, 2018
Choosing a life insurance policy can seem confusing, frustrating and intimidating. It’s a big decision and since life insurance premiums are not cheap, you’ll want be sure you are making an informed choice. More important...
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Do You Need Life Insurance?

March 2, 2018
The answer is no. You do not need life insurance on yourself, but your spouse and/or children may need you to have life insurance. What is the best way to find out if and how much life insurance you need? Start with a conversation. A...
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The Only Constant is Change: The DOL Fiduciary Rule

March 2, 2018
“The only constant is change” -- Heraclitus, Greek philosopher. Isn’t it interesting that this quote dates back to approximately 500 BC? Heraclitus created doctrines about the constant change and flux of life. Many...
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Couples: Who makes your investment decisions?

March 2, 2018
In the years before I was a financial advisor, I had heard that the consensus about women and investing was that wives were often left out of making decisions regarding their family’s investment portfolio and retirement planning....
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How We’ve Specialized in Our Business

March 2, 2018
Growth in business is key to success and longevity. Ours is no exception. Each Friday morning our team works on business development and a few times each year we travel to spend time with other top advisors from around the country at...
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Should I Roll Over My 401(k)?

March 2, 2018
When you leave a company, you generally have four options as to what to do with your retirement money. 1) Cash it out. Brace yourself for the taxes due and, if you are under 55 for certain types of plans or 59 ½ for others, an...
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Keep Flexibility in Your Retirement Income Plan

March 2, 2018
Planning for retirement can seem intimidating and is often filled with ambivalence. On the one hand, we fantasize about how great it would be to have a schedule filled just with our own personal activities, not having to report to work...
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Group Life Insurance vs. Personally Owned Life Insurance

March 2, 2018
Is it better to own my own life insurance policy or purchase extra group insurance through my employer? That’s a question I hear often in financial planning. The answer? It depends. As part of an employee benefit package, many...
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Social Security Restricted Application: Consider the “What If’s”

March 2, 2018
On November 2, 2015 President Obama signed into law, the 2015 Bipartisan Budget Deal. Section 831 contained significant changes to Social Security, which I had written about within days of the law passing as information began to...
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PERSONAL RISK MANAGEMENT

March 2, 2018
There are many types of IRAs. The two main categories which you may already be aware of are Traditional and Roth. The difference between the two is significant. Contributions or rollover dollars are received into a traditional IRA as...
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Different Types of IRAs

March 2, 2018
There are many types of IRAs. The two main categories which you may already be aware of are Traditional and Roth. The difference between the two is significant. Contributions or rollover dollars are received into a traditional IRA as...
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Your Last Gift

March 2, 2018
In my last article, I wrote about risk management and how for most of us life Insurance is a remarkable tool to manage what may likely be your family’s greatest risk. Not everyone “needs” life insurance; maybe your..
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Social Media and Identity Theft: Are You Putting Yourself in Harm’s Way?

March 2, 2018
Many of us enjoy social media. It’s fun to connect with people we don’t regularly see, keep up to date on each other’s lives, and share entertaining posts with our friends. It’s a great tool to get to know more...
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Don’t Blow Up Your IRA

March 2, 2018
Every now and again, I receive calls asking curious questions about what a person may be able to do with their IRA (Individual Retirement Arrangement). Often, they’ve heard an angle from a friend, a pitch from someone trying to...
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Schulfer & Associates, LLC Financial Professionals Office Update

March 2, 2018
We’ve had a productive year of business advancements that we are excited to share with you. In fact, there is so much to share that we will be doing so in various e-mails over the next several weeks. We kicked off 2017 tackling a...
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Schulfer & Associates, LLC Financial Professionals Office Update

March 2, 2018
Greetings! We’re continuing our communication with you regarding the exciting business advancements that Schulfer & Associates has made throughout the course of 2017. By now you’ve surely noticed the updated LPL account...
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We’re thrilled to bring you part three of our exciting updates!

March 2, 2018
E-signature is now allowable for most of our investment applications and other paperwork. Electronic form-filling and submissions are more efficient, reducing errors such as missed information, signatures or initials on paperwork. Once...
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Thank you for keeping up with our exciting updates! We’re delighted to send you

March 2, 2018
Thank you for keeping up with our exciting updates! We’re delighted to send you part four! Have you visited us at SchulferAndAssociates.com lately? Based on feedback from our advisory council, we’ve streamlined the content,...
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Raising Financially Responsible Kids

March 2, 2018
What does it take to raise financially responsible kids? The three words financially, responsible and kids each have significant importance when pondering the answer to that question. Financially: Money matters. Responsible: I believe...
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Can I Retire?

March 2, 2018
That’s the “million-dollar” question I get asked often. Truth is, there is not a magic nest egg number that works for everyone. Retirement planning is like a giant equation with many inputs and variables. To...
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Protection and Trust

March 2, 2018
Financial exploitation of seniors and vulnerable adults is matter of great concern for Schulfer and Associates, for LPL and the financial services industry in general. FINRA has taken steps to help firms address these concerns and to...
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Let Your Kids Handle Their Money. Literally.

March 2, 2018
When our sons were born, we knew we wanted them to develop a business acumen and strong work ethic at early ages. When they were 7 and 9 we bought a golf driving range for Jacob and Zachary to run. As a financial advisor, I am...
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Diversification: What it is NOT

March 2, 2018
You’ve likely heard the saying when it comes to investing, “Don’t put all of your eggs in one basket”. That’s a great way to think of diversification. Diversification of your financial portfolio involves...
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Taking Time to Plan

March 2, 2018
We all have to make decisions. Sometimes the decisions are small ones, other times they are big. The decision to plan for retirement. Or not. The decision to address estate planning. Or not. The decision to plan for potential senior...
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