Your 457 Plan Info Source

High savings + pension = High taxes

by smeneshi - Mar 30, 2017 Anyone with a good pension and a large 457, 403b, TSP or IRA account balance has a tax problem.That’s because a number of factors usually converge for public sector retirees during retirement that may result Continue Reading ?

Can You Outsmart Uncle Sam?

by smeneshi - Feb 23, 2017 Life insurance is one of the most tax-efficient and versatile yet underutilized financial planning tools available. While most people view life insurance as only something that is needed when raising a family, its uses are Continue Reading ?

Will the WEP & GPO Impact Your Retirement Budget?

by smeneshi - Jan 26, 2017 As many of you get closer to the end of your career, your retirement planning will begin in earnest. You may do things such as request a pension estimate, reduce your exposure to the stock Continue Reading ?

The Perils of In-laws

by smeneshi - Dec 15, 2016 You’ve worked hard and have accumulated assets that will benefit the next generation, namely your kids and grandkids. Throughout this perilous journey, you taught your kids the value of a dollar and your mind is Continue Reading ?

Will You Benefit From Trump’s Tax Plan?

by smeneshi - Nov 22, 2016 With the presedential election of Donald Trump and the Republicans in control of both the House and Senate, reforming the tax code will likely be one of the top priorities for the Trump administration.  While Continue Reading ?

The Importance of a Living Will

by smeneshi - Oct 03, 2016 Some of the most important medical decisions affecting your treatment and care are made in the final weeks, months or years of your life.  Unfortunately, so few of us ever think about or act upon how Continue Reading ?

The Public Sector’s Tax Trap

by smeneshi - Aug 24, 2016 Having a guaranteed pension and sizable retirement plan may give you peace of mind during your retirement years, but will your income and withdrawals bump you into a higher tax bracket?  The answer could be Continue Reading ?

Death and [Illinois] Taxes

by smeneshi - Jul 27, 2016 According to Benjamin Franklin, the only two things you can be certain of in life are death and taxes; I’m fairly certain this will not be changing anytime soon. In the state of Illinois, higher Continue Reading ?

POA – Who Needs It?

by smeneshi - Jun 02, 2016 The Case for a Power of Attorney   If you’ve been admitted to the hospital in the last few years or changed doctors, you were likely asked to complete a number of forms.  One of Continue Reading ?

Prince’s $75 million haircut

by smeneshi - May 02, 2016 Not So Happily Ever After: A Cautionary Prince’s Tale As tributes continue to pour in for Prince – the musical artist who passed away unexpectedly in April at his Minnesota home – the more mundane Continue Reading ?

Build That Wall!

by smeneshi - Mar 30, 2016 Up to this point, the 2016 presidential election race has been quite contentious and with eight months left before the final ballots are cast, I’m sure there will be more fireworks ahead.   Donald Trump Continue Reading ?

April 29 Deadline to “File and Suspend”

by smeneshi - Mar 02, 2016 The Social Security Administration issued an emergency message recently clarifying new rules in the Bipartisan Budget Act of 2015 that eliminate the lucrative (yet vastly under-used) “file-and-suspend” claiming strategy. Anyone who will be at least Continue Reading ?

Lecture: Planning for Long-Term Care

by smeneshi - Feb 18, 2016 Long-Term Care affordability is a major concern for most Baby Boomers (for good reason).  I will be presenting a lecture at the LaGrange Park Public Library this Saturday (February 20) from 10:30AM – noon to Continue Reading ?

Living the “Just in Case” Retirement?

by smeneshi - Feb 03, 2016 If you stop for a minute and think about what the worst part of running out of money actually is, what do you think it would be? Do you think deep depression would hit you Continue Reading ?

The Taxes 2-Step

by smeneshi - Dec 28, 2015 With 2015 winding down and winter now beginning, it’s hard to believe another season is quickly sneaking up on us. Whereas Christmastime is known to be the season of cheer, April 15 puts a cap Continue Reading ?

2 Major Changes to Social Security

by smeneshi - Nov 02, 2015 The Bipartisan Budget Act of 2015 makes major changes to Social Security claiming rules related to the Voluntary Suspension of income benefits and the filing of a Restricted Application. Changes to the Restricted Application The Continue Reading ?

Your Pension Crisis and Low Interest Rates

by smeneshi - Sep 28, 2015 After the stock shock of 2008 and after nearly a decade of decreasing interest rates, many pension fund managers are abandoning their long-held belief that a diversified portfolio of stocks, bonds and other assets will Continue Reading ?

A Bear Walks Into a China Shop…

by smeneshi - Aug 27, 2015 Even though the Shanghai stock market fell 35% from June to July,  given the panic selling in global markets recently, it’s now finally dawned on investors that the Chinese economy is really slowing down.  Some economics Continue Reading ?

Get Rid of [Some] Money Worries for Good

by smeneshi - Jun 24, 2015 A lot of you are worried that the stock market is a bit long in the tooth and that your 457 plan and other investments may suffer some painful losses. After all, the Dow Jones Continue Reading ?

“Claim & Suspend” to Boost Your Social Security Income

by smeneshi - May 27, 2015 As a Certified Financial Planner™ practitioner, I’m always looking for strategies to help my clients maximize their Social Security benefits.  There are a number of loopholes in the Social Security system that aren’t obvious and Continue Reading ?

The Best Age to Take Your Social Security is…

by smeneshi - Apr 29, 2015 With millions of public sector Baby Boomers retiring over the next 20 years, deciding on when to take your Social Security benefits will be front and center when planning for retirement.  Picking the right age Continue Reading ?

Locked Out of the Roth? Try the Backdoor Roth IRA

by smeneshi - Mar 26, 2015 Many of you in the public sector have a household income that disqualifies you from making contributions to the popular Roth IRA.  For married couples with a Modified Adjusted Gross Income (MAGI) of $193,000 or Continue Reading ?

457 Plan Protection + Tax-Free Income

by smeneshi - Feb 25, 2015 What started out as a quiet Saturday morning led to dinner with my wife at a nice restaurant. We decided to celebrate a major financial victory – in just about 1 hour we easily put Continue Reading ?

Solved! The LTC Rub

by smeneshi - Jan 26, 2015 When it comes to personal finances and retirement, most of you in government, like your private sector counterparts, worry mainly about two things: high long-term care expenses and inflation. As for inflation, many pensions only Continue Reading ?

FREE Online Estate Planning Workshop [for the Public Sector] January 29, 2015 at 11:45AM Central

by smeneshi - Jan 09, 2015 The sad truth is a lot of government workers & retirees risk financial ruin because of improper estate planning.  Attend a FREE online workshop for public sector employees and retirees that will show how to Continue Reading ?

Changes To Your 457 Plan, Other Accounts in 2015

by smeneshi - Dec 18, 2014 Courtesy of Congress, Christmas came early this year with some beneficial changes for savers taking effect in 2015.  Most changes will be positive, but our lawmakers did leave us with a couple lumps of coal. Continue Reading ?

Tax & Penalty-Free Withdrawals From IRAs Before 59 1/2 are Possible

by smeneshi - Nov 25, 2014 Many of you have benefited from saving away your hard-earned money into a 457 plan. The 457 plan, like ALL retirement plans, has its advantages and drawbacks. One of the drawbacks of a deferred comp Continue Reading ?

Protected: Words to the Wise Bread

by smeneshi - Nov 17, 2014 There is no excerpt because this is a protected Continue Reading ?

Cut Your 457 Plan Costs [Wall Street Journal Interview]

by smeneshi - Nov 11, 2014 Wall Street Journal Interview   Sev Meneshian, on Reducing Costs in 457 Retirement Plans Nov. 10, 2014 11:12 a.m. ET Voices is an occasional column that allows wealth managers to address issues of interest to the advisory Continue Reading ?

FAQs about LTC (1 of 2)

by smeneshi - Nov 08, 2014 ANSWERED…Your Top 10 Questions About Long-Term Care (Part 1 of 2) 1) What exactly is long-term care? Long-term care is a general term for services needed to help with doing everyday activities. Even though LTC can Continue Reading ?

Easy (LTC insurance) Riders

by smeneshi - Nov 08, 2014 1) Inflation Protection An inflation protection rider makes sure that your LTC benefits grow in value every year. The inflation protection rider is very important because your benefits won’t be eaten away by the invisible Continue Reading ?

The 3 Ways Most Government Workers and Retirees “Plan” for LTC

by smeneshi - Nov 08, 2014 1) Do Nothing One thing you can do to prepare for the chance of needing expensive long-term care is simply nothing. Using this strategy, you’re just hoping for the best. Either you’re hoping that you Continue Reading ?

Top FAQs About LTC (2 of 2)

by smeneshi - Nov 08, 2014 6) How much and for how long will a LTC policy pay you? The answer to this question also depends on the policy that you bought. For example, some policies will cover the entire cost Continue Reading ?

IRS Announces New 457 Plan Contribution Limits

by smeneshi - Oct 23, 2014 The Treasury Department Releases 2015 Figures For Your 457 Plan, IRA, and Other Retirement Plan Limits. 401(k), 403(b), Thrift Savings Plan, & 457 plan Contribution Limits The maximum contribution to a 457 plan, 401(k), 403(b), Continue Reading ?

4 Easy Tricks to Avoid Getting Scammed

by smeneshi - Sep 26, 2014 Greed has an interesting (and very effective) way of getting in the way of common sense. I know a handful of people that have fallen for a Ponzi scheme and let me be perfectly 100% Continue Reading ?

You’ll get nothing…and like it! (the NPR interview)

by smeneshi - Aug 25, 2014 Based on the e-mails I received, a lot of you were disgusted when it came out that Philip Seymour Hoffman wasn’t leaving his millions to his three kids (so he thought). The late actor said Continue Reading ?

Your 457 Plan and Long-Term Care

by smeneshi - Aug 20, 2014 A HUGE THANK YOU is owed to the 20 or so public sector employees (both active and retired) who took valuable time from their day to help me with the research presented here.  After hours of Continue Reading ?

Here’s How 1 Couple Recovered From the Housing Crash (WSJ Interview)

by smeneshi - Aug 20, 2014 Alex Coppola’s interviews Sev Meneshian, CFP®                                                           Continue Reading ?

IMRF Pension Will Pay You 7.5% (rate can change) on Your Contributions

by smeneshi - Aug 20, 2014 Contributing to your 457 deferred compensation plan is an excellent way to save for retirement.  But did you know the Illinois Municipal Retirement Fund (IMRF) Voluntary Additional Contribution program gives you the opportunity to earn 7.5% (subject Continue Reading ?

You Can Benefit From More Than Just Your 457 Plan [Chicago Tribune Interview]

by smeneshi - Aug 20, 2014 ***The content in this post is from a Chicago Tribune article*** Click HERE for the link to the site where the article was originally posted. Maxing employee retirement benefits Many Americans 50 or older will Continue Reading ?

How Can $5 – $3.50 = $8?

by smeneshi - Aug 20, 2014 There’s a great little pizza place near Public Retirement Planners, LLC  in Evanston that I stop in for lunch about once a week.  Recently, I picked up a slice of pizza for $3.50 and was Continue Reading ?

Preserve Your 457 Plan…Celebrate National Biscuit Month!

by smeneshi - Aug 20, 2014 If you do a simple Web search for “bizarre and unique holidays” you’ll be entertained by what’s out there.  For example, there’s National Welding Month, National Picnic Month (this should not apply to ants), National Continue Reading ?

Attack of the 457 Plan Tax Zombies! (Part 2 of 2)

by smeneshi - Aug 20, 2014 Terrifying Income Tax Issues Are Lurking For Public Sector Retirees The intention during your working years was to save a lot in taxes now and pay less in retirement – not the same or more, Continue Reading ?

Attack of the 457 Plan Tax Zombies! (Part 1 of 2)

by smeneshi - Aug 20, 2014 Why Are Terrifying Income Tax Issues Lurking for Public Sector Retirees?    Many of you in the public sector wisely make payroll contributions to your 457 deferred compensation plan to save for retirement.  Another reason why you Continue Reading ?