Retirement Planning
Highlights of the SECURE Act 2.0
Nearly 50% of Americans make a New Year’s resolution in early January. The most popular categories being exercise, diet, and money. One of First Pacific Financial’s annual resolutions is to continue our exceptional care of clients in an increasingly complicated financial world. We have found that by working together we can make money resolutions unnecessary!…
Read More2019 Tax Update
2019 Tax Update Includes Increased Retirement Contribution Limits While it seems the changes from 2018 to 2019 will be minor, the great news is the IRS has finally increased IRA, 401(k), and other retirement account contribution limits. IRA Contribution Limits The contribution limit for Traditional and Roth IRA accounts has increased to $6,000. The…
Read More2018 Tax Reform: Here’s What You Need to Know
The new tax law passed by Congress should send tax preparers into a scramble, helping taxpayers understand how 2018 will be different from 2017. Early estimates and projections show the largest impact will not be from the changing tax rates, but instead from the new tax deduction rules. Specifically, the doubling of the standard deduction…
Read MoreInflation
Knowing that we’ll need more money to buy the same amount of goods we are buying today can be daunting. This is the reason savers choose to invest, so as to keep the purchasing power of their hard earned dollars ahead of inflation.
Read MoreFlexible Spending in Retirement
By adjusting spending accordingly, you are not required to live an austere lifestyle early on, because you can adjust your spending to meet the needs of the portfolio as time goes on. This flexibility can potentially increase the sustainable percentage distributed from a retiree’s portfolio. We recommend you read the full article here. Keep in mind there is no “one size fits all” approach to investing. We recommend creating a living plan which addresses your specific goals and needs, tailored to your unique circumstances.
Read MoreRetirement Savings: Delaying gratification or buying peace of mind?
The big question on many American’s minds is how much they need to save to have a comfortable retirement. Simple question right? Wrong.
Read MoreThe Living Plan
Many people think that a financial plan is for their benefit. No doubt, our clients are more organized and have a clearer picture of what the future may hold. However, when we create a financial plan, we’re also creating it for ourselves, as advisors.
Read MoreDo the Social Security File and Suspend and Restricted Application changes impact you?
In November, Congress decided to eliminate both the option to file and suspend your application and the option to file a restricted application. Fortunately, they are not closing the door on these options immediately, giving people who qualify for these benefits the opportunity to decide what they would like to do. If you qualify, filing…
Read MoreRetirement Planning Tips
Retirement planning is key to having the income you need after you leave the workforce. We have been working with a lot of baby boomers lately to form the right solution depending on their investment objectives and each individual’s specific goals. Review this list of the Top 10 Ways to Prepare for Retirement We think…
Read MoreRetirement Planning : Social Security Optimization
Retirement age has finally come for many within the baby boom generation. Whether that be a young boomer retiring early at 58, a 62 year old retiring simply because she is finally eligible for Social Security, a 66 year old “hanging it up” because he is eligible for his work pension, or a 69 year…
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