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Genovese Burford & Brothers Blog

Read the latest posts from the Financial Advisors of Genovese Burford & Brothers.

When Should I Claim Social Security?

When Should I Claim Social Security?
One of the most common questions we receive is “When should I start claiming Social Security?”  If you are like most people we encounter, this can be a confusing and sometimes stressful issue.  Adding to the confusion, is the inundation of articles every day extolling the benefits of drawing as early as possible or delaying till age 70 in order to gain the highest possible benefit.  So which one is it?  Unfortunately, because each situation is unique, there is no rule of thumb on this issue, which makes it imperative to analyze each individual circumstance. Technically, you can begin claiming social security at any point after turning 62. However, there are three separate ages which act as milestones for benefits: at Age 62, at Your Full Retirement Age, and at Age 70. Claiming at Age 62 The benefits to claiming at age 62 are straight-forward.  By starting as early as...
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The Magic of the Mundane - A Quick Note from Kelly Brothers

The Magic of the Mundane - A Quick Note from Kelly Brothers
The Magic of the Mundane… My skills around the house are limited, but if there is one thing I do well, it is “dishes.”   When the kids were really small, I never had enough patience with the chaos of “bath time” so my wife would handle those duties while I cleaned the kitchen.   I still prefer to do it every night, even if others volunteer.  So I recently read with great interest an article that described how both Bill Gates and Jeff Bezos, two of the richest men in the world, love to do the dinner dishes.  Either could afford to pay an army of dishwashers, yet choose to stand at the sink every single night.  Why? Turns out multiple studies have shown that rolling up your sleeves and doing the dishes can reduce stress and boost creativity.  One study out of UCSB showed that doing mindless tasks allows the...
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Consider taking a Qualified Charitable Distribution from Your IRA

Consider taking a Qualified Charitable Distribution from Your IRA
From time to time you may be inspired to do some good for others.  Perhaps the recent wildfires in California are a reason for you to want to help someone in need.  Coupled with that, you may also have a Required Minimum Distribution (RMD) that you have to take from your Individual Retirement Account (“IRA) because you are 70 ½ or older.  As we approach year-end, the December 31 deadline for you to take your RMD for 2018 is fast approaching.  One last acronym:  consider the Qualified Charitable Distribution (QCD).  QCDs only apply to IRAs, so if you have assets in a 401(k) or other plan and you would like to do what we describe below, you would have to rollover those funds to an IRA first. A Qualified Charitable Distribution allows you to give up to a total of $100,000 of your RMD from your IRA directly to charities...
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3 Important Questions to ask when Hiring a Financial Advisor

3 Important Questions to ask when Hiring a Financial Advisor
So you’re thinking it’s time to hire a financial advisor…but how do you go about selecting the right one? Hiring a financial advisor is a major decision that should not be taken lightly.  Unfortunately, many people spend more time shopping for a car than researching and interviewing an advisor.  There have been a lot of changes in the industry with numerous types of advisory firms and their services.  When you’re close to meeting with a financial advisor, it’s important to be prepared to ask the right questions to make sure you, the advisor, and his or her firm are a good fit from the start.  The following are 3 broad, easy-to-ask questions you should have on your list before hiring a financial advisor. Are you a fiduciary? This is the single most important question that you can ask and lets you know from the start the advisor’s responsibility to their...
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How a Financial Advisor Can Help Me Evaluate My Pension Payout (Part 2)

How a Financial Advisor Can Help Me Evaluate My Pension Payout (Part 2)
If you read part one of this blog series, How A Financial Advisor Can Help You Evaluate A Pension, but thought, “I’d like to understand the math that goes into this decision”, you are in luck! Although it takes a bit of work, there are 3 steps you need to take before you take the final step of evaluating how it fits in your overall financial plan. Step 1 Have an advisor help you determine the probability you, your spouse or both are still alive in a specified number of years.  “How do you do this?” you may ask. Good question! The government publishes life expectancy tables that will give you and your advisor the typical life expectancy for single or married couples.  From there, the discussion can evolve around you and your spouse’s current health, longevity expectations and financial situation, to develop a reasonable decision to claim benefits. Step...
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