What makes for effective retirement planning?

Retirement planning is the type of planning one does to be prepared for life once paid work ends. This includes not just financial conditions but all aspects of life, such as lifestyle choices given the newly acquired free time, where to live, and when to completely quit working. On the financial side, it means identifying sources of income, estimating expenses, managing assets, as well as implementing a savings program.

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Government-sponsored retirement via Social Security and pension benefits, for instance, is facing issues that include an aging world population and fewer working-age individuals contributing to Social Security systems. Private pension plans aren’t immune to problems, too, with the real possibility of corporate collapses that can lead to employer-sponsored stock holdings getting wiped out.

Those who are planning to retire soon should have a checklist of things to do. This includes knowing when one can realistically retire, learning how medical care can affect one’s expenses, studying how Social Security timing will affect one’s income, making a plan for debt payment and management, and keeping one’s financial and lifestyle plans on track.

Thus there’s a need for effective retirement planning, whether in young adulthood (ages 21 to 35), early midlife (36 to 50), or later midlife (50 to 60). One needs to pay attention to one’s home and existing home equity loan; estate plan or what happens to one’s assets after death; tax efficiency, where most of retirement accounts are taxed as ordinary income tax; and insurance such as navigating the Medicare system.

As life tends to throw a curveball from time to time, it’s important to be flexible when dealing with changes, such as grappling with unforeseen illnesses.

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Barry Bulakites is the president of Table Bay Financial Network and is a recognized innovator in the field of financial services. For similar topics, subscribe to this blog.


Taking caution when it comes to self-directed IRAs

There are many attractive ads on TV that promote investment in self-directed IRAs. You might have even received solicitation letters for such. However, the IRS has come out with a notice to taxpayers of the need to take caution when dealing with some IRA investments, and many IRA owners now have questions.

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The most important thing to remember is that the IRS does not review nor approve IRA investments. This is true for all types of IRAs. It cannot issue any statement that would make an investor think that an IRA is protected just because, say, a trustee or custodian has been IRS-approved.

Secondly, you need to guarantee that you are not getting into any prohibited transaction with your IRA assets. Prohibited transactions refer to transactions between an IRA and a disqualified person. This has been a prevalent issue with self-directed IRAs. So, whatever self-directed IRA investment type you want to pursue, find out first if it is coming from a reputable institution, as negligence could even lead to fraud.

All in all, the information above do not claim that self-directed IRAs are inherently bad. However, before moving your assets into it, or to an IRA LLC, ensure that you know all the facts. The best course is to consult first with a personal tax professional or an IRA-planning expert.

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Barry Bulakites is co-founder, president, and chief distribution officer for Table Bay Financial Network Inc. He is a recognized innovator in the financial services industry, having been responsible for platforms that serve the exploding retirement marketplace such as America’s IRA Centers™ and America’s Tax Solutions™. For more on his work and interests, visit this Twitter page.

The perfect time to save up for retirement

Saving up for the future, may it be far or near, can be a little difficult especially when there are no boundaries set for spending. Individuals who save up for their retirement as it nears find their savings insufficient for them to maintain the lifestyle they currently enjoy.

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It is recommended that by the time a person retires, they must have a retirement savings worth $1 million to sustain oneself, yet most only get to save up about $5,000—an undesirable amount. Employees should not wait long before they start saving up for retirement. As the current workforce in America believes they should invest for retirement, only three-fourths of the population is doing the hard work for it.

It is best to start investing for retirement as soon as possible; begin saving the moment once employed. Doing so sets employees to a good start. This will lessen the load over the years of working non-stop and will build security as the years toward retirement draw near. The longer one waits, the harder it will get. If an employee plans to retire by the time they reach 67, by 35, retirement savings amounting to twice one’s annual salary must be attained.

Investing in one’s retirement may sound difficult, yet as one does it the soonest, the more attainable it will be. A person must decide and plan to save up for the far future to be able to sustain the lifestyle one enjoys.

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Barry Bulakites is the president of Table Bay Financial Network and is a registered innovator in the field of financial services. He is responsible for some of the industry’s unique platforms serving the retirement marketplace, including America’s IRA CentersTM, and America’s Tax SolutionsTM. Find out more about Barry by clicking here.

How To Choose a Tax Preparer

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Many taxpayers opt to prepare and plan their own taxes. While this would suffice for those who only have their W-2s to worry about or those with just a few assets, the rest should consider acquiring the services of a tax preparer. Because, more likely than not, they need professional guidance for managing their IRA, 401(k), and other assets.

Here are some of the things to check on tax professionals or institutions:

Qualifications: Federal regulations require all certified tax return preparers to register for a PTIN (Preparer Tax Identification Number), so those looking for tax services should check for it. Additionally, they could confirm whether the preparer is in good standing with the Better Business Bureau, state boards of accountancy for CPAs, and the IRS Office of Enrollment.

Service fees: There are tax preparers who take advantage of their clients by charging them based on a certain percentage of their refund. Clients should ensure that any refund due them is transferred to them directly, and not to the bank account of their preparer.

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Auxiliary services: When choosing a tax preparer, one should obviously consider his wants and needs. But some preparers offer additional services for free, such as custodial reviews, annuity check-ups, IRA strategy guidance, and planning services.

Barry Bulakites is a renowned innovator in the financial services industry. One of the platforms he is responsible for is America’s Tax Solutions™, which specializes in tax, financial, and retirement planning. Read more about it by visiting this website.

Why hire a financial advisor?

A lot of professionals are skeptical about working with financial advisors, who are thought as mere salespeople of insurance policies, or hourly paid consultants. This undermines their real function, which is to assist individuals toward financial stability. Here’s how financial advisors work.

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A financial advisor is a personal money planning partner. Together, they set realistic financial goals and think of ways to turn them into reality. For example, a millennial might want to start saving so he or she can retire at the age of 55. Financial advisors help them accomplish this by making a plan that will lead to the fulfillment of that goal.

Financial advisors also work as educators. It is part of their job description to help individuals understand their financial health and how they can make it better. Things like tax payments, budgeting, and saving are often involved in sessions with financial advisors.

While financial advisors clarifies financial decisions for others, it is still up to the clients to follow their advice or not. Not all financial advisors provide the same level of service, too, and it is always best to look for someone who understands personal needs.

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Barry Bulakites is known in the financial world as an innovator and resource speaker. He is the president, chief distribution officer, and co-founder of Table Bay Financial Network, Inc. Visit this page to learn more about him.

Iras And Retirement: What This Generations Should Be Aware Of

Current generations can learn a lot from previous ones.For instance, many GenXers and millennials who’ve just started out in their careers should look towards their financial goals.A great reference point would be the generation of baby boomers. Here are some helpful tips everyone, no matter the age, should remember when it comes to IRAs and retirement.

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Dates are crucial when it comes to IRAs. The required beginning date (RBD) of the required minimum distribution (RMD) is April 1 of the first year the IRA owner reaches 70 years and 6 months of age.

Retirees with qualified plans can choose whether it’s April 1 after reaching 70 years and 6 months of age of the first April 1 after retiring.

Employees who are not 5% owners choosing to work beyond 70 years and 6 months may transfer funds from a company to an IRA. There are a few guidelines, though, when it comes to deferring retirement plan payouts.

When it comes to deferring taxes, indexed universal life insurance plans are great plans to look forward to.


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Anyone with an IRA plan can request that distribution be postponed for a year. Plan holders, however, should not assume that the amount they will receive is based on the amount in plan from the year before.

Barry Bulakites is the president of Table Bay Financial Network. He has extensive experience in the field of financial services. For more on how to keep finances in check, follow this Twitter page.

Surviving The Bear: Weathering Market Woes

In bear markets, investors see huge chunks of value shaved from the securities they own. While many investment strategies are equipped for weathering the losses incurred throughout the business cycle, they cannot always hedge against downturns as large as bear markets.

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Shares that lose value too much, too soon during a bear market can be costly for investors. A drop of more than 40% of a share’s value, for instance, would require a rise in value of 67% to recoup the losses. The turnaround cannot always be counted on even when markets recover. Typically, investors often must cut their losses during a bear, which means dropping poorly performing investments before they hemorrhage value.
For many average investors, prevention is the key to surviving a downturn as big as a bear market. The adage of putting eggs in more than one basket is in play. A diversified investment portfolio ideally shouldn’t just consist of stocks, not even during more bullish times when the gains from shares are intermittently more lucrative.

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Investment products that make great hedges against bear market include fixed-income annuities, which provide no loss of principal while providing ways to track and lock in gains. Although their growth potential isn’t as high, they provide a good hedge against abrupt market fluctuations.

A widely-regarded innovator in the field of financial services, Barry Bulakites is co-founder, president, and chief distribution officer for Table Bay Financial Network and is one of the industry’s most sought-after speaker. Learn more about his company and its services from this website