3 Strikes to Avoid When Tax Planning

3 Strikes to Avoid When Tax Planning Barnett Financial & Tax

Taxes are among the most common concern for people in retirement. You might be wondering how to start thinking about your tax strategy so you aren’t taxed more than you need to be. These three mistakes can help start the conversation about what a comprehensive tax strategy might look like for you. Taking Too Much…

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Traveling in Retirement on a Budget

Traveling in Retirement on a Budget Barnett Financial & Tax

Retiring is a lifetime achievement marking a new chapter of exploration, journey, and relaxation. That’s why so many retirees choose to travel when they enter retirement! But affording the retirement you planned for isn’t a walk in the park, especially nowadays with inflation affecting where and how we spend, especially when it comes to traveling.…

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5 Key Components to the Retirement Bucket Strategy

5 Key Components to the Retirement Bucket Strategy Barnett FInancial & Tax

Saving for retirement is a long-term endeavor. It’s not about finding the next hottest stock or trying to get rich quickly. It requires a different perspective on your wealth and income that accounts for your needs in different stages of your life, from the beginning of your working years through your retirement. These five key…

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Earth Shoes and Other Products of the 70s

Earth Shoes and Other Products of the 70s Barnett Financial and Tax

If you think some of the products your kids or grandkids have are strange, consider what was around in the 70s – pet rocks and beer shampoo. The 70s certainly saw some interesting trends. You may even have a few of these artifacts somewhere in your home, perhaps tucked away in the attic or basement.…

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4 Easy-to-Overlook Estate Planning Mistakes

4 Easy-to-Overlook Estate Planning Mistakes Barnett Financial & Tax

It’s easy to avoid making an estate plan, but not having one won’t be easy on your loved ones. Having your affairs in order can greatly help your family, so consider creating a comprehensive estate plan. Unfortunately, there are many easy-to-overlook estate planning mistakes, such as not naming beneficiaries on retirement accounts, not doing so…

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What Is a QCD and How Does It Work?

What Is a QCD and How Does It Work? Barnett Financial and Tax

You might expect your tax burden to decrease in retirement – after all, you’re no longer receiving a paycheck that incurs income tax, payroll tax, and Medicare tax. However, your income in retirement could be significant between investment income, rental properties, pensions, Social Security, and retirement account withdrawals. Then starting at age 72, you will…

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Inflation and a Gallon of Milk

Inflation and a Gallon of Milk Barnett Financial & Tax

In 1960, a gallon of conventional whole milk was 31 cents, and today it’s $4.21 on average.[1] A few dollars might not seem like much, but that’s a 1,258% increase! Now that we’re seeing high inflation, the buying power of your money – including your retirement savings – could be seriously impacted. When calculating how…

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The Role of Melody and Memory in Retirement

The Role of Melody and Memory in Retirement Barnett Financial & Tax

When you’re at the peak of your career and starting to think about retirement, many things might be circling your thoughts. “How can I afford my retirement?” Or “What will I do with all this time?” It’s important to remember that retirement is an opportunity to do what you love, not what you have to.…

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Are You Asking the Right Questions Before You Retire?

Are You Asking the Right Questions Before You Retire? Barnett Financial and Tax

You might remember a time when markets kept increasing and your retirement portfolio was smooth sailing. But that was before the recent inflation numbers and market correction. You may have built a substantial nest egg, but even then, you may be concerned about how you will maintain your lifestyle in retirement and how you will…

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