Byron Moore, CFP® and Mike Jones

Retirement

Understanding Taxes in Retirement

By Byron Moore, posted November 7, 2018

The following segment first aired on KEDM 90.3.

Do you know how taxes could affect you in retirement?

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Choose the Right Vehicle for Your Environment

By Byron Moore, posted November 6, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, November 4, 2018.
 

Who would design a car like this?Plane Cessna_small.jpg

First there’s the sheer size. There’s just no way, at 73 feet long, it’s ever going to fit into a normal person’s garage. And at nearly 20 feet tall, it may not even go under many bridges on today’s highways. 

And how ridiculous is this…it is nearly as wide as it is long (69 feet at its widest point)! Can you imagine driving down the Interstate and seeing a vehicle 69 feet wide? You’d have to have a sign hanging on the back that said “Wiiiiiiiiide Load.”

Yet with all that size, it can only carry twelve passengers. Granted, many cars cannot carry twelve passengers. But if you need to carry that many people, just get a van. Some of those are big enough to carry 15 people. 

And the cost? Well, that’s the worst part. You could buy 100 traditional luxury automobiles for the price of just one of these monstrosities. There is absolutely no good reason to pay all that money when many other less expensive and more practical cars are available.

That is, unless you want to travel 30,000 feet above the highway at speeds exceeding 500 miles per hour. 

Intra-Family Loans

By Byron Moore, posted October 17, 2018

The following segment first aired on KEDM 90.3.

Could an intra-family loan be the right thing for your family?

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Medicare Options for Those Working Beyond 65

By Byron Moore, posted October 15, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, October 14, 2018.
 

Question: I turn 65 this year, but I’m still working. Do I need to sign up for Medicare? I don’t really understand how it works.Retired couple_small.jpg

Answer: Like so many other things in life…that depends. 

According to www.medicare.gov, you can sign up for Medicare (part A and/or B) during the so-called Initial Enrollment Period - anywhere from three months prior to the month you turn 65, the month you turn 65 and three months after the month you turn 65. That’s seven months total if you’re counting. 

So, what’s this about part A & part B? This is the original Medicare. 

Back when Medicare was first created (1965), it was conceived as a combination hospitalization and medical plan. So, part A pays for hospital stays and most of the charges relating to that. 

Part B pays for so-called medical costs (most often related to visits to your doctor’s office, rather than the hospital). 

Retirement Prep - Balance Your Economic Strategies

By Byron Moore, posted October 8, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, October 7, 2018.
 

Shelly never realized how simple retirement would be.Piggy bank balance_small.jpg

“Will I have enough money coming in each month to live like I want to live?” she said. “And will it last as long as I do?”

Very simple.

But really hard. 

At first, she thought it would be as simple (and easy) as saving enough into her 401K plan. So, she just maxed out the amount she could withhold from her paycheck each month and put those withholdings into her company’s 401K plan. The company matched her contributions up to a certain amount, and she knew she’d also get some Social Security.

She was all set. Or so she thought.

When she turned 50, Shelly thought it might be a good idea to go see a financial planner to see if there was anything she might be missing. And good thing she did.

Spending the Right Kind of Money

By Byron Moore, posted September 17, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, September 16, 2018.
 

When I was in junior high, my parents thought it would be a good idea to take my three brothers and toddler sister on a European family vacation.Currencies_small.jpg

I’m not sure who was more traumatized by the end of those three weeks – my parents or the Europeans. June in Italy was hotter than June in Louisiana and air conditioning was as common as ice water in restaurants….not happening.

This was pre-European Union, so it was every country for itself. Borders were rather porous, so it was not easy for a 13-year-old riding in the back of a VW van to know when he crossed from one nation to another.  I recall trying to buy stamps in in a German post office using Swiss francs. I had no idea where I was.

The pudgy Bavarian postal official with a walrus mustache tried to explain to me in frustrated and very broken English, “Here (pointing to the Swiss franc) is not here! (pointing to the ground beneath his feet). 

That was when I learned that otherwise perfectly good money is worthless in the wrong situation (or in my case, location). In those days, the Germans were not interested in having me pay them with Swiss francs.

I have often thought of that experience when I see well-meaning clients trying to spend the wrong kinds of money for a given situation. Here are some examples. Can you see yourself?

Plan Like a Pessimist, Live Like an Optimist

By Byron Moore, posted August 29, 2018

The following segment first aired on KEDM 90.3.

In order to live optimistically, plan pessimistically.

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Retirement Budgeting: Don't Forget Your Meds

By Byron Moore, posted August 22, 2018

The following segment first aired on KEDM 90.3.

Medical expenses are likely to be a significant budget item for most retirees.

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Pension or Lump Sum, Which Should I Choose?

By Byron Moore, posted August 8, 2018

The following segment first aired on KEDM 90.3.

If you're being offered the choice between a monthly pension and a lump sum, which should you choose?

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Will Your Children Ruin Your Retirement (Part 2)

By Byron Moore, posted August 6, 2018
Originally published in the News-Star and the Shreveport Times on Sunday, August 5, 2018.
 

Last week we took a depressive look at the end-game of runaway financial co-dependence between parents and adult children.child money banker_small.jpg

I promised we would follow up with some strategies you can use at every stage of life to prepare parent and child alike for the financial separation that should come with adulthood.

As a parent, you should have a lifetime goal of helping your children learn the twin concepts of freedom of choice and freedom from consequences.

As parents, we spend much of our time in a child’s early years simply protecting them from consequences they have no capacity to comprehend. We do not let them play in the street, ride in the car standing up, talk to strangers, touch the hot stove or stay up as late as they want to.

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