CMP Financial Planning

Retirement Income Planning

Obtaining Your Social Security Benefit Estimate

- Sep 27, 2018

 by Barry Jamieson, CFP®, MA As you approach retirement, you may want to estimate more precisely estimate what your monthly Social Security benefit will be.  For many this figure is important because this benefit is likely to represent a significant share of their retirement income.  Unfortunately, the Social Security Administration does not send out paper statements as…

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Do Roth Accounts Makes Sense for Special Needs Families?

- Aug 13, 2018

Barry Jamieson,  CFP®, MA Since their inception, Roth accounts have been a great saving vehicle for families planning for their retirement. This saving tool has also been a nice way for families to help their children get started with their own future planning. But do Roth accounts make any sense for families with children with…

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Should I Buy an Annuity?

- Jul 17, 2018

by Barry Jamieson, CFP®, MA Some of you may have been on the receiving end of a sales pitch to buy an annuity. The proposition that annuities defer taxes and guarantees growth on your investment is indeed enticing. What is not to like? Although these complex financial instruments may have a place in the financial…

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Should I Take My Social Security Retirement Benefit Early?

- Jun 15, 2018

By Barry Jamieson, CFP®, MA Most special needs families understand the critical role Social Security plays in the financial wellbeing of their loved one with a disability.  For families with children 18 or older the monthly Social Security Insurance (SSI) benefit represents a building block towards independence.  By itself of course, the additional monthly income…

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Retirement Planning For Three

- Apr 16, 2018

The initial planning energies of special needs families are often on hiring an attorney to draft necessary estate planning documents (e.g., wills, trusts).  Developing a solid financial plan for such families is equally important.  A comprehensive financial plan takes into account both the needs of the individual and the goals of the family members. While…

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HSAs Double as Retirement Savings Vehicles!

- Oct 02, 2017

More Americans are participating in high deductible health insurance plans, making them eligible to also participate in a Health Savings Account (HSA). HSAs can be a super retirement savings vehicle. Here is why:  contributions are made tax free, they grow tax free, and withdrawals are tax free as long as they are made for  “qualified…

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Social Security Benefits to Remain Flat in 2017

- Jan 15, 2017

Because of the low inflation figures contained within the CPI index that determines Social Security increases, Social Security benefits are set to go up a mere 0.3% starting in January 2017.  If, for example, you currently receive $2,000 per month from Social Security, your payments will go up by a negligible $6 per month. Compounding…

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Update: Congress ends one Social Security Maximization Strategy

- Dec 10, 2015

Update: Congress ends one Social Security Maximization Strategy The budget deal that was signed into law recently gets rid of one of the key strategies that has increased lifetime Social Security benefits by up to roughly $60,000 for some high-earning couples. The strategy known as “File and Suspend/Restricted Application” was applied when both spouses who worked under…

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Managing Healthcare Costs in Retirement

- Jun 10, 2015

Managing Healthcare Costs in Retirement For those who are thinking about retirement, it is important to consider the impact that future health care costs will have on your budget. Although Medicare, the federal health insurance program for the elderly and disabled, will pick up most retirees’ medical costs once they turn age 65, the out-of-pocket…

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