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TAXTEMBER: How Income Flows on Your Tax Return

Source:  The White Coat Investor  We are back with another month of Taxtember.  A month filled with ideas and education around all things taxes.The above “flowchart” provides a nice (but detailed) view...

FIND THE EXACT DAY WHEN TO TAKE SOCIAL SECURITY

At Oldfather Financial Services, we have purchased Social Security timing software that will give our clients the exact month they should begin taking Social Security. It takes into consideration your past earnings, your spouse’s...

I WON'T...

Every year in January, we try to do resolutions on what we will do for the following year. Since we are half way through the year and your resolutions probably went out the window long ago, let’s try some reverse psychology and...

WHY DO YOU HIRE A FINANCIAL ADVISOR?

It is important to trust your financial advisor. But is your financial advisor worthy of your trust? How do you know? Do they put your interests first or their own? Your advisor is in business so they have to make money but you have a...

ARE YOU READY WHEN LIFE HAPPENS?

Most people know that you should have three to six months of savings in case an emergency happens. Having money set aside in the bank can really help when a financial emergency occurs such as getting laid off of work, having a large...

Lessons from the Market

New Year. New RMD Tables.

FINALS WEEK

TAXTEMBER - PROPERTY TAX RELIEF FOR NEBRASKANS

For Taxtember, we want to demonstrate a way for older Nebraskans to save money on Property Taxes. This is for Nebraska residents who are at least 65 years, or disabled, or are veterans may qualify for the Nebraska Homestead Exemption....

TAXTEMBER - BULLSEYE

Taxtember took a whole new focus this past week when word from Washington on proposed tax increase were released. You may have felt like you had a bullseye on your back if your income was above a certain threshold. The proposed tax...

TAXTEMBER - TRIPLE TAX ADVANTAGE ACCOUNT

Nothing cooler during Taxtember than to talk about something being triple tax advantage. To achieve that label: Contributions are tax-free - You don’t have to pay income taxes as they come pre-tax from your paycheck or from your...

TAXTEMBER - TIMING, TIMING, TIMING

Welcome to another year of the month of Taxtember. A month we focus on explaining various tax strategies that are available. We have had some great market returns for the past 3 years (what pandemic?). So, your portfolio is looking...

SOME ADVISERS NEED TO BE CHECKED OUT

The title “financial advisor” implies some kind of expertise in giving financial advice. But is that really true or is it just a little bit deceptive? The fact is that just about anyone can call themselves a financial...

**NEW** SOCIAL SECURITY STATEMENT

In May, we sent out an article on HERE’S WHEN TO FILE FOR SOCIAL SECURITY. As a follow up, we are now asking have you checked out the **NEW** Your Social Security Statement? (See above.) The Social Security Administration has...

INVESTORS BELIEVE IN THE POWER OF AMERICA

For many people the stock market is a mystery. We see the numbers reported every day and when the market has big gains or losses it is headline news. But what do these numbers mean and why are they sometimes so volatile? It seems like...

SMART INVESTORS NEVER REALLY RETIRE

On your last day of work, when you finally retire, you may think you are past the financial finish line. But in reality, it is just the beginning. Investing, taxes and financial planning completely change once you retire. For decades...

TAKE TIME TO MAKE A PLAN FOR FINANCIAL SUCCESS

According to a recent survey only 33% of Americans have a financial plan. Of those who don’t have a plan 42%, say they don’t think they have enough money to have a plan, 22% say it’s too complicated and 19% say they...

HERE'S WHEN TO FILE FOR SOCIAL SECURITY

For the average American household Social Security is their biggest retirement asset. Yet many people fumble the kickoff to their retirement years. They just guess when it comes to the question of when to start taking their Social...

OLD-TIMERS STILL KNOW HOW TO PICK 'EM

Warren Buffett and Charlie Munger are idols of mine and in my opinion the greatest investors in history. Their company Berkshire Hathaway has an annual meeting every year on the first Saturday in May. This annual meeting is unlike any...

PANDEMIC A LESSON IN STOCK MARKET DYNAMICS

This is an interesting time in history for everyone. We have just been through a year of crisis like most of us have never seen. Not only has the crisis affected your life this last year but it has affected your investments as well....

JUST WAIT, YOUR REWARD WILL ARRIVE

In a famous research experiment known as the marshmallow experiment, 4 and 5 year-old children were asked to sit down at a table in a room. A researcher then placed a marshmallow on the table in front of the child and proposed a deal....

Professor Brockmeier

I have started a new adventure this past semester as an Adjunct Professor at UNK teaching a Personal Finance class. Jeremy Armagost of Wealth Plan Partners and I agreed to each teach a class for the College of Business and Technology....

Taxtember Start Here

The month of Taxtember is now over, I hope that you have taken advantage of some of the tips and strategies that we discussed this month to lower your tax bill. I know within our office we are setting up four new Donor Advised Funds,...

Taxtember: Charitable Giving

This week for Taxtember we will discuss charitable giving strategies to reduce your taxes. With the 2018 tax cut, more taxpayers now take the higher standard deduction than itemizing their deductions on their 1040. So, a donation to a...

Taxtember: Tax Loss Harvesting

This week for Taxtember we are going review Tax Loss Harvesting (TLH) strategy. Another name for TLH could be “making lemonade from lemons” since you are implementing this strategy when the market falls. Say what you want...

Taxtember: ROTH Conversion

Welcome to the second week of Taxtember. Today we discuss ROTH Conversions. Over the next few years with the tax cuts put into place in 2018 and expiring in 2025, you are going to hear a lot of financial sites recommend doing a ROTH...

WELCOME TO TAXTEMBER!

We have renamed the 9th month of the year to TAXTEMBER!!! It is a month to focus on all things taxes because taxes matter. During this month of Taxtember, we will provide various tax planning strategies that you can implement in your...

A website designed to START HERE

For the last few years, our website was pretty much like every other financial advisor or broker out there. Just search “Any Financial Advisor Website” and you will see pretty pictures of a sunset or smart looking people...

WHAT CAN STOCK MARKET CRASHES TEACH US ABOUT INVESTING?

There are lessons to be learned from stock market crashes. It’s a shame that many people don’t learn them. There have been many market crashes. The two I remember most are the 1987 crash when the market went down 22% in one...

BIG DROP IN DOW INVESTORS' SIGNAL TO ACT

The Dow Jones Industrial Average dropped a total of 10,000 points in 23 days during March. If you are a do it yourself investor sitting on your hands or your advisor is telling you to just hang on, you can do better. You need to be...

WHAT YOUR MONTHLY STATEMENT WILL REVEAL

Very soon you will be notified that your first quarter statement is available or you will receive your statement via the mail. What are you going to do? Are you going to open it or just file it in the drawer? I have had several clients...

QUESTIONS TO ASK YOUR FINANCIAL ADVISOR

Do you operate as a fiduciary all of the time?YES, we always act in the best interest of our clients at all times. We must be transparent with all of our fees. We are not dually registered like most brokers in the community. Most...

WE'VE SEEN THE STOCK MARKET DROP MANY TIMES

The novel Coronavirus COVID-19 is having an unprecedented effect on almost every aspect of our lives. Today, we are right in the middle of this crisis and life in America has changed dramatically. The danger is real and the media is...

STAY AT YOUR TARGET

Remember that time when meeting with your financial advisor and they started talking about a target asset allocation? Trying to determine what percentage of your portfolio is in high return stocks and how much is in low return bonds....

PETS AND FINANCES

A couple of years ago my daughter presented a 27 slide PowerPoint presentation on why gerbils make great pets. She was twelve at the time and has done a wonderful job taking care of Mochi and Jupiter. A year ago she started hinting...

BE WARY OF WORKSHOPS

I wrote a column about 2 years ago about free dinner seminars. If you are over 55 you know about these free dinner invitations you used to get in the mail. You show up for a free dinner but you have to sit through a not so subtle sales...

FROST POINTS

I think parents of Scouts like to see the expressions of co-workers when they asked what they are doing this weekend. Camping! So, that is what I did this past weekend. Our Troop along with several other area Boy Scout Troops headed...

HAPPY NEW YEAR FROM OLDFATHER FINANCIAL!

Happy New Year from Oldfather Financial! We wanted to provide everyone a 2020 Quick Reference guide on Contribution Limits and Tax Reference. CLICK HERE TO GO TO THE GUIDE This will give you the contribution limits for various...

TIAA-CREF Mutual Fund Returns

JOURNEY OF AN EAGLE SCOUT

My son Charlie has just achieved the rank of Eagle Scout with Troop 158. We are very proud of his accomplishment and he came away with a lifetime of memories during this journey. Compared to sports, Scouting gives a parent and child...

WHAT YOU SHOULD DO BEFORE THE END OF THE YEAR

In the last Journal, Bill discussed various details to keep the Tax man away. To continue in that theme here are some other ideas/suggestions on what to do before the end of the year…. Contribute Maximize your contributions to...

DON'T LET THE TAX MAN RUIN YOUR RETIREMENT

When you are working your income is your paycheck but after you retire things can be much more complicated. When you are working the taxes you pay are pretty straight forward. You make this much you pay that much. When you retire...

RUNNING WITH THE BULL

Age alone doesn’t kill the bull. Of course I am talking about the stock market. The bull market is over 10 years old and it’s been a great ride. On March 9, 2009 the Dow Jones Industrial Average closed at 6,547, today it is...

HAVE YOU HEARD OF A SOLO 401(K)?

Solo 401k – Best idea out there There can be a lot of benefits when you are self employed. You are the boss. You can set your own hours, dress code, and when you will take vacations. Most self employed owners do not realize there...

THE BASICS OF RISK VS RETURN

One of the key investment concepts most investors do not understand is risk versus return. This important idea means that generally the more return you get the riskier the investment. It sounds simple but it can get complicated fast...

WHAT WE DID THIS SUMMER

School is back in session and usually the first essay that a student does is writing about what they did this past summer. So for that theme, we wanted to let you know what we have been up to at Oldfather Financial Services. Reduce...

DO YOU NEED A FINANCIAL ADVISOR?

If you ask that question to any Financial Advisor the answer will be a resounding “YES”!!! However, the answer is probably closer to a “Maybe”. A few years ago Vanguard quantified that a Financial Advisor can...

WHITE WATER INVESTING

I just got back from a great time white water rafting the Colorado River with my father. On the long car ride home I got to think about how white water rafting can be a lot like investing… Here are the similarities that I see:...

MARRIAGE & MONEY

For almost three decades, I’ve been helping people become financially successful mainly by giving advice about how to save and invest. In that time I’ve seen my share of people making bad financial decisions. I’ve...

HSAs A WAY TO INVEST FOR HEALTH CARE IN OLD AGE

Everyone knows as we age our healthcare costs will increase. Many seniors struggle to keep up with the increasing cost of healthcare while their incomes are static or even decreasing. Once you reach age 65 the overwhelming majority of...

FEES ARE KILLING YOUR RETURN

Investors seriously underestimate the importance of the fees they pay. In fact most investors don’t even know what they are paying their financial advisor because it is secondary to the sales process. Once you are hooked you are...

LOOK TWICE BEFORE SETTLING ON BIG RETURNS

Only looking at income gets a lot of investors in trouble. In this consumer society we are trained to look for the best deal so who wouldn’t take a 5% return over a 2% return? But total return and principal protection are much...

DID YOU WIN THE LOTTERY? LAY LOW AND GET SOME HELP

Have you ever dreamed about winning the lottery? All you have to do is pick 5 numbers from 1 to 69 in order and a sixth Powerball number from 1 to 26. It seems like you would have a pretty good chance. But you really don’t. The...

TAX LAW CHANGES AFFECT CHARITABLE GIVING

It is tax season and as Americans get their tax returns back they are discovering any charitable gifts they made in 2018 may no longer deductible. This is because the new tax law effective for the first time in 2018 raises the standard...

MY SON USED THE FRONT DOOR TO GET INTO YALE

We have heard plenty about the methods (money) that families will go through to get their children into various schools. I have been taking particular interest as my son applied last year to some of the schools and ultimately decided...

WHAT DO MILLIONAIRES LOOK, ACT LIKE?

A million dollars is not what it used to be. Not so long ago a millionaire was the person who inherited their money, lived in a big house, drove an expensive car, had a high paying job. They were living the good life. This stereotype...

HOW TO EASE THE STING OF COLLEGE DEBT

It is becoming increasingly difficult for children to have better lives than their parents. The high cost of education and the shrinking middle class are just two of reasons for this. Not too long ago you could make enough money at a...

WHAT TO KNOW WHEN CHOOSING A FINANCIAL ADVISOR

Who is your financial advisor? An acquaintance, friend, a friend of a friend, someone you know from church, your college room mate’s brothers friend? The relationship with your financial advisor may be a very personal...

HERE'S THE WAY TO A TAX-FREE RETIREMENT FUND

The ROTH IRA is a great way to save for retirement. A ROTH is a retirement account much like a traditional IRA. The contribution limits are the same, $6,000 a year for 2019, with investors over age 50 able to save an additional $1000....

JACK BOGLE REVOLUTIONIZED INVESTING

Jack Bogle recently passed away at age 89. You probably don’t know his name but he was the leading voice for the small investor in the financial services industry. Jack Bogle was a hero to me and had tremendous influence on my...

HOW MANY MISTAKES IS YOUR MONEY MAKING?

I have seen a lot of people over the years make simple mistakes with their money. The following is a list of the most common mistakes. Take a look at the list and see if there is something you can do to improve yourself and your...

HAPPY NEW YEAR!

Happy New Year! This always is a time of reflection and investors should not be in any different. As we all saw in December, the market won’t always be in our favor. The stock market and interest rates are items an investor...

DON'T LET TAXES EAT INTO EARNING POWER

A ROTH IRA conversion is a way to take existing traditional IRA accounts and convert them into a ROTH IRA. The big advantage of a ROTH is that you have no taxes when you withdraw the money and there is no requirement to take minimum...

YOUR FIRST STOCK MARKET DOWNTURN? THINK THIS ONE THROUGH

At times like these investors are paying closer attention to their 401(k)’s and other investments. Many of you are opening your statements and seeing the change in the balance from last month and feel like you have to do...

WITH VARIABLE ANNUITIES, KNOW WHAT YOU'RE BUYING

Today I am going to talk about variable annuities. I do not sell them, in fact I don’t sell any investment products but most “financial advisors” do sell annuities. If you think today’s politics are polarized...

YES, YOU'RE NERVOUS, BUT DON'T BLOW IT NOW

The recent slide in the stock market should not be a surprise to anyone. Since the epic decline during the financial crisis 10 years ago the stock market has gone almost straight up more than tripling in value. The fact that it’s...

INVESTORS SHOULD STAND BY THEIR PLANS

The Dow Jones Industrial Average gained 25% in 2017. It was a good year, but it was also one of the quietest years for stocks since 1964. The volatility or the day-by-day up and down fluctuations of the market was the lowest in over 50...

INVEST EARLY FOR A BETTER RETIREMENT

What is the retirement gap? The retirement gap is the difference between your retirement income and the actual expenses you will have after you retire. The number one cause of this gap is that people are living longer. It makes sense...

INVEST IN THINGS THAT GAIN IN VALUE OVER THE YEARS

How is your health? I am not talking about whether you have the flu. I am talking about your financial health. There are many indicators of your financial health but the one most used by financial planners is your net worth. It is...

RETIREES MAY NEED ALTERNATE STRATEGIES WITH NEW TAX CODE

Everyone has heard about how the new tax law is less complex and saves people money. The new law will reduce taxes for a large number of people and make it simple for some people to file their taxes. The main reason for this is that...

DON'T PROCRASTINATE WHEN IT COMES TO FINANCIAL MATTERS

I will stop procrastinating – tomorrow. Procrastination is that strong and mysterious force that keeps us from completing important tasks. Like the college student that pulls an all-nighter to cram for the big test the next day....

COUNT ALL COSTS BECAUSE FEES MATTER

COUNT ALL COSTS BECAUSE FEES MATTERMarch 18, 2017Those of you that regularly read this column know I am a huge fan of Warren Buffett. Not just because he has built the worlds 4th largest public company from the ashes of a failing...

HIGHER EDUCATION DEMANDS SAVINGS PLAN WITH TRACTION

Higher Education Demands Savings Plan with Traction March 17, 2017 Saving for higher education expenses is a major financial goal for many families. Remember it is always cheaper to save now rather than borrowing later. In most cases...

THAT FREE DINNER AND SEMINAR COULD COST YOU

That Free Dinner and Seminar Could Cost You March 4, 2017 Did you know that there are five seasons not four? They are winter, spring, summer, fall and seminar season. As sure as spring follows winter - for a couple of months after the...

HOW BEING A DONOR CAN GIVE BACK TO YOU

A gift to your church or your favorite cause is the perfect way to give back to your community and provide help to those who are less fortunate 12/3/2016

LITTLE DECISIONS TODAY EASE RETIREMENT PLANS LATER

Whether you are planning a trip, a project at work or just deciding what you are going to do for the holidays you have to imagine the future 11/19/2016

TWO REASONS WHY INVESTORS UNDERPERFORM

Stock market investors underpform the stock market by a substanial amount every year for two main reasons 10/05/2016

START SAVINGS 10% IN YOUR RETIREMENT ACCOUNTS

A retirement plan is all about saving but you also need to know how and why it works. 9/19/16

THE FIDUCIARY RULE AND YOUR BROKER.....CHANGE IS COMING

Big changes are coming for your retirement accounts. 9/19/16

SPARE YOUR FAMILY AGONY BY PLANNING FOR END OF LIFE

No one likes to think out their own demise 7/28/16

WHO PUTS YOUR FINANCIAL INTEREST FIRST?

If you want high standards, you'll want the fiduciary standard. 3/19/16

HISTORY BEST WAY TO PREDICT MARKETS FUTURE

History is littered with people who made bold predictions about the future and turned out to be spectacularly wrong. 1/16/16

MANY INVESTORS IGNORE RISKS FOCUS ON RETURNS INSTEAD

Investors are focused on return more than risk. 12/19/15

SAFEGUARDING THE AGING... AGAINST FINANCIAL ABUSE

The Baby boom generation will begin to turn 70 next year. The boomer generation kicked off in 1946 with a 22% increase in babies being born compared to the previous year. 10/29/15

PAY ATTENTION; SMALL INVESTMENT FEES REALLY ADD UP

Investing is defined as purchasing an item or an asset with the hope that it will either appreciate in the future or generate income. 7/25/15

BEST LESSONS ARE FROM TWO OLD GUYS WITH NO AGENDA

I attended the 50th annual Berkshire Hathaway meeting in Omaha at the beginning of May 5/9/15

MYTHS WON'T MAKE YOU VERY MUCH MONEY

Talking to people about their finances every day I hear some a really interesting things. 2/5/15

NEW YEAR CAN PROVIDE MOTIVATION TO REVIEW, ORGANIZE FINANCES

We have all heard about the boiling frog syndrome 12/30/14

FORGET YOUR FEARS, MAKE A FINANCIAL PLAN

There are few words in the English language that will scare people more than the words “financial planning”. 11/23/14

FIDUCIARY FINANCIAL ADVISERS ARE BAD FOR BUSINESS

Have you ever purchased a used car? 7/21/14

HOW MUCH DO YOU PAY FOR ADVICE ON YOUR INVESTMENTS?

There is a story on Wall Street that is more than a century old about a visitor to New York who admired the yachts the bankers and stockbrokers had moored in the harbor. 6/30/14

STAY INVESTED - MARKET'S TRACK RECORD IS ON YOUR SIDE

Over time if you are losing money in the stock market it is your own fault. 5/27/14

WITHOUT A WILL, ESTATE IS IN STATE'S HAND

No one wants to think about their own mortality. 2/18/14

LEARN THE VALUE OF SAVING, OWING, INVESTING

What is wealth? The concept of wealth can apply to anything of value. 2/10/14

HERES A STRATEGY FOR UNDISCIPLINED INVESTORS

Investors really love stocks, and because of that the stock market is hovering around an all time high. 11/14/13

ASK QUESTIONS BEFORE INVESTING

Banks and Brokerage firms are frequently fined hundreds of millions of dollars for selling bad investments. 8/19/13

Foxes

What does an Oldfather Financial Advisor do?