Archive for June 2020

Organizing your finances can be quite complicated—it can vary over a short and long term period of time, there are multiple areas that need to be considered, the pricing of things that we need to survive changes (dramatically sometimes), and prioritizing one need over another can be mentally draining. Just in the example provided below,…

Knowing how long your money will last in retirement is an important question and the driving force behind retirement income planning. There are many factors that come into play- here are some of them: Spending habits- it is very difficult to reduce your lifestyle in retirement- in fact it is almost painful if you are forced…

When to begin Social Security retirement benefits is one of the most important decisions facing retirees.  It is much more complicated than meets the eye and deserves study.  We can help guide you to make an educated decision about when to start!   Here are some questions that should be answered in a Social Security…

You have had a rewarding career and now you are planning for retirement!  Time to relax and do all of those things that you did not have time to do before!  But suddenly you find that you have taken on a new business venture- to run the business of “Your Family”!  You have dealt with…

Have you already retired, but get the feeling that you are not on the right path?  Do you lack a retirement income plan to be confident in during times of stress?  Are your investments not performing like you thought they must to provide for your spending needs?   Do you want a second opinion?   There…

A SIMPLE IRA is the small-company version of a retirement plan that is subject to many of the same rules as traditional IRAs. This workplace retirement savings account allows eligible employees to invest a portion of their pretax salary into an individual account and receive mandatory employer contributions. These employer contributions (either 100% of an employee’s first 3% or 2%…

A simplified employee pension (SEP) IRA is a retirement savings plan established by employers—including self-employed people—for the benefit of their employees and themselves. Employers may make tax-deductible contributions on behalf of eligible employees to their SEP IRAs. There are many advantages for a business to set up a SEP IRA: There is only a little paperwork and low start-up…

There is a value system that comes with acting in a fiduciary capacity while managing assets.  We put a value on trust, honesty and integrity and clients should too.  All of our advisors are Fiduciaries while managing assets, but what does that mean?   We have Accredited Investment Fiduciary® designees and CFP® professionals who abide…

An individual 401(k), also referred to as a solo 401(k) or uni 401(k), is a retirement plan designed specifically for business owners and their spouses. In many ways, individual plans work in the same way as traditional 401(k)s, but there is a key difference: individual 401(k)s are exempt from most of the Employee Retirement Income…

NorthStar Financial Partners understand how essential tax efficiency is when investing. One of our duties as a fiduciary is to implement the proper strategies to avoid overlooking tax reduction strategies before and during retirement. Through education and interaction with a client’s CPA, we are up to date on the latest tax planning and tax reduction strategies…