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Shane Flait's Articles in Finance

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IRAs, Roths, and 401(k)s with Taxed and Untaxed Minimum Required Distributions (MRDs) IRA and Roth IRAs are two examples of government-regulated retirement savings plans - called qualified plans. Both are generally personal plans you set up that you can contribute to and withdraw from. Other examples of qualified plans associated with work are 401(k), 403(b) and their Roth versions- like Roth 401(k). This article explains which qualified plans have minimum required distributions (MRDs) associated with them and some strategy. Making Yourself Financially Independent Isn't Lucky - It's Planning If you want to accomplish something, you'll invariably need a plan - an effective plan. Most people think becoming financially independent is a pie-in-the-sky happenstance for those with high incomes, lottery winners, and lucky investors. They're wrong. With commitment and a mindset, it's within reach of most. In this article I'll map out a way that almost everybody can achieve financial independence if they put their mind to it. Government Asset Protection - Too Much and None Where There Should Be Government laws and its legal system play a part in asset protection. In some venues they may protect too much, while in others, they're the villain that we should be protected from. This article examines when and where. Coming to Terms with Asset Protection Strategies Asset protection deals with protecting your assets from others who may make a claim on them through a court action. Developing an approach to what asset protection strategy you need requires you to understand which assets of yours are vulnerable to be claimed, when, and from whom. This article outlines these points and the boundaries and limitations that affect your choice of asset protection device. Retirement Phase Questions to Answer Retirement brings a whole new set of considerations to our lives. It's our third - and last - phase of life. In this article I'll outline the sequential stages of our retirement years and the issues you should address - ideally, early in the first stage. Manage Your Retirement Income with the Critical Ages in Mind Certain ages are critical when managing our retirement plans. Failure to plan with those ages in mind can produce lost benefits. In this article I outline those dates and explain how they affect your retirement benefits. Annuities Help Retirees Secure An Income for Later in Retirement One aspect to living is that we never know when we'll die. Having saved money for their retirement income, retirees often worry that they'll outlive their savings since life expectancies are increasing. An annuity is an investment that is uniquely addressed to providing income for life. This article shows how you can use an annuity to assure yourself a future income if you live longer than you planned. Income Taxation of Annuities, When and On What? An annuity is both a contract with an insurance company and an investment. Your contributions (often called premium payments) to it are invested to produce earnings. This article explains when and what is taxed as income under annuitization, withdrawals, and gifts of your annuity. Your Remaining Life Expectancy for Retirement Planning How long will you statistically live? You probably think that statistically you'll live to about 75. But that's somewhat of a misconception. Having a better idea on what life expectancy means will help you better project how many years of retirement you need to plan for. And clearing up what life expectancy means to you is what this article is about. Know Your Retirement Health Phases To Optimize Lifestyle Choices at Minimum Expense Our health and activity level passes through 3 phases during retirement. And that'll alter our living options and expenses. By recognizing this, you can modify your living expenses now to suit your wishes and happiness. I'll outline these phases and the actions you can take to optimize your lifestyle choices by minimizing your expenses.