You’re not entitled to your full monthly benefit until you reach what’s known as full retirement age (FRA).
Not knowing your full retirement age can cause you to claim Social Security at the wrong time.
2. Filing too early
The Social Security Administration (SSA) allows you to file as early as age 62. However, for each month you file for Social Security ahead of FRA, your benefits get reduced by a small percentage.
3. Not checking your annual earnings statements
Checking that statement for errors is important, because if you spot a mistake that works against you it could cause your benefits to go down.
The Motley Fool
Disclosure: Past performance is not indicative of future results. Starfox Financial Services, LLC makes no promises or guarantees. Investments will go up or down depending on market conditions. The information presented is general and not specific to any investor. Please consult your advisor for how this may relate to you.
The COVID-19 pandemic has forced many Baby Boomers to retire sooner than expected. Nearly 5 million people ages 55 to 70 have lost their jobs since March and are unlikely to return to the workforce according to a report from New School’s Retirement Equity Lab.
Are you ready for retirement?
We Can Help You…
Plan for Retirement (Financial Planning)
Enjoy Retirement (Portfolio Management)
At Starfox, we offer both Financial Planning and Portfolio Management to help you maximize your retirement income and make it last. Financial planning is about managing and budgeting for your future financial needs, while portfolio management is investing your current capital to grow your wealth.
Our team is committed to helping our clients plan for a secure retirement. Whether you’re thinking about retiring or already retired we are here to help you achieve your financial goals.
Request a Complimentary Consultation
This commentary on this website reflects the personal opinions, viewpoints and analyses of the Starfox Financial Services, LLC employees providing such comments, and should not be regarded as a description of advisory services provided by Starfox Financial Services, LLC or performance returns of any Starfox Financial Services, LLC Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Starfox Financial Services, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Don’t delay, the extended deadline to file your taxes is approaching.
Taxpayers who need more time can request an extension through their tax professional, tax software, or by using the free file link at IRS.gov. Submit form 4868 for individuals and form 7004 for businesses. The automatic extension date is 10/15/2020.
The IRS urges taxpayers who are due a refund to file electronically as soon as possible. Filing electronically with direct deposit is the quickest way to get your refund. You are likely to receive your refund within 21 days.
Make sure to file your taxes even if you are unable to pay them. The penalty for not filing will be more expensive than the failure to pay. The IRS is willing to make arrangements for those who cannot pay in full (payment plans).
What makes us unique? At Starfox Financial Services, as a fiduciary, our team has a duty to act for the benefit of our clients above ALL else. We put our clients FIRST!
100% Fee-Only Service, we receive NO COMMISSIONS or WRAP FEES from any of the securities we recommend.
We hold a relationship of trust with our clients and are dedicated to being fully transparent. We pride ourselves in giving our clients our un-divided loyalty and effort.
At Starfox we work with our clients to develop a plan for financial independence and help to confront competing goals such as saving for retirement, college or paying down debt. We begin the financial planning process with an analysis of the current situation, goals, objectives and any issues. Our clients have access to a custom planning portal to see all their accounts and their progress toward achieving their goals.
Let us help you develop a plan to move from financial dependence to an ultimate goal of financial independence.
Jose Palafox and Bill Friebel of Starfox Financial Services, LLC share a video update that reviews 2017 and the upcoming year.
Watch the video below for the January 2018 Update:
Starfox Financial Services, LLC does not provide tax or legal advise. Please consult with your tax advisor or attorney. This summary is courtesy of our CPA friends. Consult https://www.congress.gov/bill/115th-congress/house-bill/1/text for details.
Past performance is not indicative of future results. Starfox Financial Services, LLC makes no promises or guarantees. Investments will go up or down depending on market conditions. The information presented is general in nature and not specific to any investor. Please consult your advisor for how it may relate to you.
Download the January 2018 Update presentation: CLICK HERE
Discussion Topics ▪ Tax Reform ▪ Market Update ▪ Outlook for 2018
Questions? Feel free to contact us: ➢ 281-764-2139 or 760-946-0700 ➢ Jose Palafox, Founder, Advisor, Portfolio Manager – firstname.lastname@example.org ➢ Bill Friebel, CFP®, Partner, Advisor, Client Service/Planning – email@example.com
What are misconceptions about the stock market? Jose Palafox of Starfox Financial Services talks about the market and why it’s important to have a financial advisor that’s working for you.
Questions? Contact Jose Palafox at firstname.lastname@example.org
Starfox Financial Services, LLC. is an independent Registered Investment Advisor (RIA) with a focus on serving the unique needs of the high net worth investor. Because we are an independent RIA, we are able to offer wealth building tools and advice without bias or conflict of interest.
Our in-house research team and tactical approach to wealth building and preservation offer a unique way to manage risk and address financial goals.
How can I save for school? Jose Palafox of Starfox Financial Services shares tips on saving money for your children’s college.
“We all know it’s completely expensive today to send somebody to college. Being that I have five kids I know this very well,” shares Jose Palafox, owner and managing partner of Starfox Financial Services, LLC.
“And a lot of times we have to make sure we put money away for college for those kids. But here’s the thing that I’ve also found. The story that I like to tell a lot of my clients is that you are saving for college, you don’t have to necessarily have to save it in a ‘college account’ as people like to do. Although that is important and it can help – it can even help some on taxes.”
“Here is a question that I have or a lot of people. If you put the money in the kid’s name, and it becomes their account when they become 18 or 21 – depending on the state you are in, the question is what is that kid going to do with it at age 18 or 21?”
Jose Palafox shared his experience in the video above about a high school friend that received funds at 18 and what happened soon after having access to the account.
“It’s ok to save for college. Just make sure it’s something that kids can’t control – because they may not use it for college.”
“One of the things we do at Starfox is to always access risk. What’s the risk in the situation that we are putting you in – the investments that we are putting you in? In this case, so many people forget that when you are 18, you have a different mindset than at 30, 40 or 50 years old – and not as responsible as 18.”
Starfox Financial Services, LLC is an independent Registered Investment Advisor (RIA) with a focus on serving the unique needs of the high net worth investor. Because we are an independent RIA, we are able to offer wealth building tools and advice without bias or conflict of interest.
Going through a divorce? Be sure to talk to a financial advisor!
Jose Palafox of Starfox Financial Services explains why you should talk with a financial advisor if you are going through a divorce to make plans and move forward. Questions? Feel free to contact us at email@example.com or (281)764-8239.
Reality Check! Here are 24 Stock Market Facts to know to help you have realistic expectations so you can plan your financial life appropriately:
Market rallies do not go on forever.
Well-diversified portfolios contain a variety of asset classes (large/small/foreign/domestic, etc); those without proper diversification will get slammed at some point.
Markets can change at any moment without notice. After the change, you won’t know the top or the bottom until well after it has occurred, so don’t try and guess either.
Flat years are normal.
Down years are normal.
Recessions are normal.
Buying a specific stock means someone has decided to sell that same specific stock. Have you ever considered the “why?” Ask yourself: What is that person losing that you’re gaining? What is that person gaining that you’re losing?
Good planning takes into account good years, fair years, flat years and bad years.
There is no such thing as a 100% risk-free return. Even a treasury bill, which has been deemed as risk-free, is only risk-free when it comes to principal. If its return doesn’t outpace inflation, it is NOT risk-free.
Buy low/sell high is far more difficult than it sound when humans get involved and “feelings” are employed.
There are a huge number of uncontrollable variables that impact market performance (weather, labor, energy, inflation, political climate, perception, litigation, legislation, management changes, etc).
You cannot “will” a stock to new highs.
Money needed for a short-term goal should never be invested in the stock market. The risk is simply too great.
Your risk tolerance tends to move with the markets. If your investments are up, so is your belief of your ability to take the risks. If the markets are in the toilet, you have next to zero risk tolerance. It’s human nature. Proceed accordingly.
Long-term bonds are risky.
Just because it’s called fixed income, doesn’t mean you have no risk.
Deferred annuities are rarely appropriate, except in very specific situations, regardless of what the sales people tell you. The guarantees and features and benefits typically come at a very, very steep price.
Time seemingly flies during a market rally, and time slows down considerably when markets are trending downward.
Stock tips are either illegal or just plain nonsense.
Stock pickers are like sport fishermen, they can’t wait to tell you about the huge fish they caught, but fail to tell you when they catch nothing.
People don’t talk about money; they show you their trappings, but not their values.
Money is not a destination; it’s a tool.
As soon as the markets turn south, someone will be touting gold bullion/coins as the next best investment.
Buying rental real estate doesn’t provide a fool-proof guaranteed stream of income; regardless of what you’ve heard. Remember, someone just sold that property. Moreover, real estate professionals passed the opportunity to buy it. So what makes you so smart or so lucky? Again, proceed with caution.
Have questions? Contact us to talk with our experienced advisors about the stock market, accumulating wealth or navigating financial decisions. Take the time to assess your knowledge and don’t hesitate to ask for help from professionals.