Route 422 Business Advisor

From the Editor's desk at Route 422 Business Advisor — Relevant news and information of interest to business owners and operators along the Route 422, Route 100 and Route 30 corridors in Southeastern Pennsylvania. Please visit www.422bizmag.com

 

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Retirement Planning - Part Three Retirement Investing and Setbacks

Whether a person has many years until retirement or it is just around the corner; investing

for long term growth is essential. In an earlier article, it was mentioned that proper balance

between the basic asset classes - stocks (equity assets) and bonds (fixed income) - helps to

decrease market risk. Essentially, the higher the allocation to high quality bonds the lower the

market risk. In addition, diversification within those basic asset classes further decreases risk and

provides the best potential for above average returns.

 

5 Steps to Building a Retirement Income Plan

Greg Koch's picture

Modern thinking has taught us that, as the average life expectancy continues to climb (Could age 90 be the new 70?), our real concern should be more than a magic number for retirement savings. It should be creating a retirement income plan that ensures we will have income in retirement that lasts as long as we will.

By building a strong foundation of assets and implementing strategies first to grow them, then to protect and preserve them, you are setting yourself up for retirement income success. Here are some key steps that will help you get there.

How Digital Marketing Companies Fill in the Gaps and Help You Focus on Your Core Competency

The buzz around increasing organic traffic is sufficient to let everyone know why it’s important.

But are you aware that it plays a major role in the success of any business?

The entire SEO industry is built around organic search traffic to improve the organic ranking of the websites the SEO company has been entrusted. In fact, research shows that organic traffic represents more than 60% of the total traffic on any website.

Retirement Planning - Part Two - What savings vehicles are available to prepare for financial independence and retirement?

The amount of assets needed to sustain cash flow, as well as, where and how it is

invested must be carefully considered when planning for financial independence and retirement.

People with a plan tend to be more confident that they will be comfortable throughout retirement.

Saving and investing to provide for the future may be in the form of pre-tax payroll deductions

that grow tax-deferred, or after-tax contributions to tax-deferred or tax-free vehicles, or

contributions to a taxable account, or any combination of all of these vehicles.

Did you pay too much in taxes for 2017?

Greg Koch's picture

Problem: If you earned over $300,000 last year you probably paid way more in taxes than you should have!

Many professionals--doctors, dentists, lawyers--and small business owners often find they have spent so much time and effort developing their thriving practices and growing their profitable businesses that they just didn't have the time to plan for their own personal retirement situation.

Retiring Soon? Don't Make These 9 Mistakes

Greg Koch's picture

There is plenty you can do to avoid running out of money in retirement. Whether you are newly retired or retiring soon, planning is key. Some retirees just plunge in and get into trouble. 

Mistake 1: Not planning for medical expenses

Retirement Planning – Part One -What amount of assets do you need to be financially independent enough to retire?

What amount of assets do you need to be financially independent enough to retire? A long time ago, the assumption or a starting point was that most people needed about 70 percent of pre-retirement income to maintain their lifestyle in retirement. The reality in my experience is that most people need 100 percent of pre-retirement income to maintain their lifestyle in retirement. It seems that even though there are a few financial obligations that disappear, such as, mortgages and paying for college, a few new obligations appear impacting financial security in retirement. 

SEO & Social Media Trends to Look Out for in 2018!

Google has been known to roll out a few big changes throughout the year, each year.

While some updates are larger than the others, it’s worth keeping a track of and knowing what each update is about.

Merely responding to the changing SEO and social media trends is passé!

If you’d like to stay ahead of your competition and always have an edge over them, predicting how the face of SEO will look in the coming months is equally, or may be even more crucial than staying in line with the current trends.

Investment Management: Building Wealth

Sound investment management requires clearly defining your goals, knowing your risk tolerance and understanding various investment options. Building wealth requires patience and a strategy appropriate for your personal situation and objectives. Frequently, investors have a high-risk tolerance when the stock market is increasing and a low-risk tolerance when markets decline. Clearly, the best strategy is one that does well in good times and mitigates loss during market declines. 

Identity Theft

Greg Koch's picture

On Thursday, September 7th, Equifax, one of the largest credit-reporting companies in the US, said 143 million people could be affected by a recent data breach, involving credit card companies, banks, retailers, and lenders.

In 2017, data stored by hospitals, cell phone companies, health insurance and government agencies is being targeted more than ever. And the reality is, no matter how safe we are with our information, we can’t control the security of these databases. So, it’s only a matter of time before we’re personally affected by a serious company or government breach.

Workers’ Compensation File Basics

In the last two articles, we reviewed Personnel and Medical file basics including what should and should not be in these files, where and how they should be stored and who has access to them. Medical documents, including documents about workers' compensation, should not be kept in the personnel file. Instead, a separate filing system to manage the workers' compensation process and materials should be set up and maintained.

Let’s look at a physical filing system option for managing the files:

Economic Development in Pottstown Gaining Momentum

Pottstown has been rediscovered and is being appreciated for all that it has to offer.  Businesses are moving into and choosing to stay in Pottstown due to its increasing assets. One such asset is the diversity of properties that are available for development.  There are many buildings that still have the beauty of original architectural features that display craftsmanship not found today. There are traditional office structures in an office park setting and lots which are blank slates.

Employee Personnel File Basics – Part II: Storage and Access

In the previous article, we reviewed the basics of employee personnel files – what should and should not be filed in the personnel files. Items such as W4’s, performance appraisals, applications and resumes are all to be maintained within the employee personnel file. Any document of a medical nature should not be contained in the employee personnel file. Rather, a separate employee medical file should be created to hold items such as doctor certificates, disability related documentation, and completed Family Medical Leave forms.

Must You Pay Income Tax on Inherited Money?

Greg Koch's picture

The good news is, generally inheritances are not taxed as income.

An inheritance can be a windfall in many ways—the inheritor not only gets cash or a piece of property, but doesn’t have to pay income tax on it. Someone who inherits a $500,000 bank account doesn’t have to pay any income tax on that amount.

Employee Personnel File Basics — Part I

Many small companies, for purposes of this writing, small refers to companies with 125 employees and under, do not have a Human Resource Department. The HR responsibilities generally land on someone in management, or sometimes even an employee in a clerical position, to contend with. In these cases, the most common basic mistakes are within the files. Oh, the dreaded employee personnel file. For some, the personnel file represents the catch‐all file where every document, paper, note, etc., from the employee, finds its final resting place.

The Next Healthcare Reform — The American Heathcare Act (AHCA)

Much anxiety and concern surrounds the proposed changes to healthcare in the United States. This is easily understood considering healthcare has already gone through significant changes over the last several years. Some of these changes have been helpful while other changes have caused hardship to Americans.

In addition to anxiety and concern, there is also confusion surrounding the current House Bill. Let us take a look at a few of the most predominant features of the Bill:

Documents Everyone Must Have

Greg Koch's picture

Once you become 18 you are now considered an adult and can make your own decisions. There are certain documents that everyone must have. If you don’t, it could cost you dearly in several ways. These must-have documents are: a Living Will, A Durable Power of Attorney for Finance, and for Health, also called a Health Care Directive or DPOA.

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