Entries by Alan Williams

What Are the Pros and Cons of Filing an Extension?

As with most things, there are pros and cons to filing an extension on your taxes. Let’s take a look at the pros of getting an extension to file first. Pros 1. You can avoid a late-filing penalty if you file an extension. The late-filing penalty is equal to 5 percent per month on any […]

Is Refinancing My Mortgage a Good Idea?

In today’s credit-laden world it’s become very popular to consolidate debt through a home mortgage loan. However, not properly understanding the math behind this idea can add up to trouble for many borrowers who have rolled over a  higher-interest-rate mortgage for one charging today’s lower rate. For example, had you bought a house in 1992 and […]

Why You Never Seem to Get Out of Debt

You’re working hard to pay off all those credit cards and paying extra every month on all your other loans, including your mortgage, but you never seem to make a dent in it all, right? Maybe the problem isn’t your debt, it’s your spending. Without having a spending plan that you track, you will never […]

Income Shifting: Tax Secret of the Wealthy

Since the inception of the income tax, people have been developing methods of shifting income within family groups in order to reduce excessive taxation. The concept is simple: Spreading income among several people, especially among those in lower tax brackets, is much cheaper when it comes to paying taxes, than having one person pay tax on all the income. Thus, income shifting […]

What Percentage of Your Retirement Savings Do You Think You Can Safely Withdraw?

When you retire, what percentage of your retirement savings (per year) do you think you can safely withdraw without outliving your money? A) less than 5% B ) 5 % C) 6-9% D) 10-15% E) 16-24% F) 25% or more G) Don’t know If you’re like most of my clients and I think it’s safe to say, most of […]

How Your Short-term Behavior Affects Your Long-term Big Picture

Achieving your long-term “retirement” goals is only possible as you look at your short-term behavior to see if it is hindering you. One of the best ways to combat irresponsible and shortsighted behavior that keeps you from accomplishing your long-term goals is to become more aware of your thinking and behavior during the time that you […]

Understand Your Risk Tolerance to Better Plan for Retirement

What is your tolerance for risk? Knowing how well you handle the stress of uncertainty is very important when it comes to creating a more predictable retirement. Part of retirement planning is dealing with the risks and also the potential for return on money you invest to help fund retirement. Risk:  Measured by the potential for […]