Blog

At Empire Wealth Management, our mission is the relentless pursuit of your financial goals. We’ve assembled a team of advisors who have been recognized for their expertise, and have been featured in The Wall Street Journal, Yahoo Finance, USA Today, CNBC, Reuters, CBS Money Watch, Market Watch, as well as various radio programs. Our advisors will collaborate to create a tailored plan to help you manage every facet of your financial life.

The Top Ten Most Financially Literate States

The Great Recession left millions of Americans reeling, with many buried under a mountain of debt when the housing bubble burst and credit card charges piled up. With the economy continuing its slow recovery, it might have been expected that Americans would get their financial houses in order.

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Should a Trust be the Beneficiary of Your IRA?

For many Americans, the assets in their Individual Retirement Account represent a significant portion of the wealth they hope to leave to their loved ones. You may have heard that creating a trust and naming it as the beneficiary of your IRA is a good way to direct how your assets are distributed after your death and force your heirs to “stretch” the IRA for generations.

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Don't Panic: 4 Recommendations When Dealing With Volatile Markets

If you’ve been watching market headlines, you already know that markets have performed horribly for the first month of 2016, raising the specter of corrections and bear markets. When markets swing, it’s natural to worry about your investments and question commitment to your strategy. As Wealth Managers, here is what we recommend you do when markets are volatile.

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5 Things Retirees Should Know About Social Security Benefits

The Social Security landscape changed dramatically in 2015 when Congress abolished several advanced claiming strategies that helped retirees increase lifetime income. The new rules make it more important than ever to make informed decisions when incorporating Social Security into your overall financial strategies.

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Why Market Timing Doesn’t Work

Few words characterize today’s financial markets like uncertainty.  When overseas economic issues can rob investors of months of gains and speeches by Federal Reserve officials cause markets to flip-flop unpredictably, investors are left wondering what they should do.  In an attempt to make major...

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5 Things to Consider About Inheriting money

According to the Center for Retirement Research, two-thirds of baby boomers can expect an inheritance.  For some, an inheritance could mean a drastic change in their finances.  For others, inherited money might be a nice cushion against unexpected events.  If you’re lucky enough to inherit money, you might wonder:  how will an inheritance change my financial picture?

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Is It Actually a Good Idea to Pay Off a Low-Interest Mortgage?

Home loans frequently make up significant amounts of household debt, and reducing as much debt as possible before entering retirement can seem like a good idea. A 2013 survey found that 40% of Americans age 55 and older believe that paying off their mortgage was the smartest financial move they ever made.

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Our Principles Of Investing

Here at Empire Wealth Management, our sole focus is on helping our clients achieve the highest possible degree of investment success. Our six principles of investing guide the decisions we make each day.

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Retirement Planning is More Than a Numbers Game

Almost from the day we are born, Americans are taught that if we work hard, systematically save a portion of our income, and invest wisely, we will one day be able to retire and use our carefully crafted nest egg to replace the income generated during our working years.  For many of us, the desire...

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Do Your Elders Need Your Help?

As they get older, Americans face complicated decisions about long-term care, estate strategies, and their finances, while potentially struggling with diminished capacity to manage their affairs. At some point, your parents and other loved ones may need your help handling their finances. One study found...

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5 Must-Do Tasks When Nearing Retirement

Whether it’s consolidating and properly diversifying your 401k’s, IRA’s and other investment accounts, coordinating you health insurance and medicare benefits, or determining when the best time to start receiving Social Security benefits, there are several factors that everyone needs to consider, and plan for when nearing retirement. Below are 5 must-do’s that will put you on the right track as you approach your “golden years”.

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4 Reasons to Consider Delaying Social Security

As you approach retirement, one of the most important decisions you will make is when you elect to begin receiving your Social Security benefits. While collecting these benefits right away might help alleviate some of your “no-more-paycheck” worries, there is an undeniable advantage to delaying your Social Security benefits.

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When Things Get Tough, Stick To The Plan.

At the start of every relationship with our clients, we create a long term plan that will look past short term issues such as we’ve seen this year.  In developing that plan, our first step is to establish portfolio parameters based on each client’s return requirements and appetite for risk.  Most...

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5 Must-Do Tasks When Nearing Retirement

Whether it’s consolidating and properly diversifying your 401k’s, IRA’s and other investment accounts, coordinating you health insurance and medicare benefits, or determining when the best time to start receiving Social Security benefits, there are several factors that everyone needs...

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4 Reasons to Consider Delaying Social Security

As you approach retirement, one of the most important decisions you will make is when you elect to begin receiving your Social Security benefits. While collecting these benefits right away might help alleviate some of your “no-more-paycheck” worries, there is an undeniable advantage to delaying...

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Estate Planning Post-Fiscal Cliff

Now that the fiscal cliff has, at least temporarily, been averted, it is important to take note of the estate planning implications that came about as a result. Much of what Congress did with this “deal” was to make permanent the system that has already been in place for the last two years, which...

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How to Detect Fraud on Your Credit Report

The most effective way to protect yourself against identity theft or fraud is to carefully examine your credit report on a regular basis. Even the slightest error in numbers or spelling is something to look into: this could mean the difference between a simple data entry error, or legitimate identity...

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Changes to 2013 Retirement Benefits

Along with all of the tax changes we are seeing for 2013, retirement benefits also look different compared to last year. USNews summarizes, “Workers will be eligible to contribute $500 more to their retirement accounts, and get new information about the fees that are deducted from their savings. Retirees...

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The Other Side Of Retirement Planning For Couples

Couples have some very unique challenges – and opportunities – when making retirement decisions that their single counterparts do not.  A lot of factors go into a couple’s retirement choices, such as developing new routines, renegotiating household chores, and others that come with such a drastic...

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2013 Tax Changes: Deducting Medical Bills

For those who tend to rely on the tax code for relief from big medical bills, January 1st brought a major change in this process. Beginning in 2013, taxpayers will only be able to deduct medical expenses that exceed 10% of their adjusted gross income. In previous years, this threshold was set at 7.5...

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Health Insurance Mandate Penalty

Starting when consumers file their 2014 federal income taxes in the spring of 2015, those who could afford to buy health care insurance but opted not to will owe the IRS a penalty. According to an article by USNews.com, “The nonpartisan Congressional Budget Office (CBO) has estimated that roughly...

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Learn From The Mistakes of Seasoned Retirees

According to a study by Fidelity Investments, although many retirees (66%) reported that they are currently living the lifestyle they always wanted in retirement, a little more than half (57%) wish they had done more before retirement to prepare for those years. If you are nearing retirement, use these...

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Year-End Tax Strategies to Trim Your 2012 Bill

Unless Congress reaches a favorable agreement by December 31st, taxes on wages and investments will go up, the exemption from the estate tax will shrink, and several tax breaks will disappear. This will make year-end tax planning, an already stressful time even in ordinary circumstances, even more stressful...

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Estate Planning Essentials

MSN Money says that, “The financial consequences of failing to keep your documents in order can be significant. According to the National Association of Unclaimed Property Administrators, state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets.” Your family could...

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Crucial Insurance Questions Answered

It is important to have a comprehensive, cost-effective network of insurance coverage, but knowing exactly what you need and how much can be a puzzle. Although we are licensed for most types of insurance, we only provide life and long term care insurance, mainly because they can be crucial tools in...

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Reasons to Rollover Your 401(k)

Most people have heard the phrase “Rollover”. However, we have found that many people don’t completely understand the benefits of rolling your 401(k) assets into an IRA. After retirement, you’ll need to decide whether or not to rollover your 401(k) to an IRA. Once you are no longer...

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Social Security Errors That Can Cost You Big Time

Most people understand the basics of how Social Security works.  The US Government takes money out of each of your paychecks during your working years, and then when you retire, they give money back to you in monthly payments.  However, most people are not aware that there are dozens of different...

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Choosing the Right Executor* for Your Estate

Most people know that having a will is important and that someone should be in charge of managing it upon death. However, few individuals understand just how important who you choose as your executor really is. Picking the “right” executor* is crucial – this will mean that loved ones receive their...

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Lending Money to Friends and Family

When somebody you care about is in financial distress and could use your help, chances are you want to do anything within your means to help them get back on track.  Unfortunately, sometimes this gesture of good will ends up being detrimental to your relationship with the recipient or to your own finances...

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Don't Become a Victim of These Scams

Bob Blancato, the national coordinator of the Elder Justice Coalition, says, “I call it the ‘scam du jour syndrome. New ones pop up on a regular basis.” Nearly every day, a senior is approached with some sort of scam aiming to tap into their retirement funds. From 2008 to 2010, losses from elder...

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Save Money In Everyday Living

1. Get rid of your home internet.  Most of us already pay for data plans on our smart phones.  Did you know you can tether that connection to use with your computers at home as well.  At one point, carriers were charging additional fees to tether. Up to $30/month made this technique less cost effective...

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Careers After Age 50

Job hunters over age 50 may be apprehensive about the job market for fear of being discriminated against due to age, having their salary compromised because of being “over-qualified”, or not having enough stimulating job choices. However, today’s job market isn’t just tailored for young college...

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Saving on Prescription Drugs

In today’s economy, finding the money to make sure everyday necessities are covered can be a challenge, not to mention coming up with discretionary funds to be able to do the things we “want” to do.  The last thing we should have to worry about is whether or not we will be able to maintain our...

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Phelps Wins 18 Gold Medals

As most of you know, and many of us witnessed, Michael Phelps made history last week when he became the most decorated Olympian in modern times.  Phelps has medaled 22 times in the Olympic Games with 18 of those medals being Gold.  If it wasn’t for admitted laziness in training, he would have won...

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Understanding Pension Risks

Defined-benefit pension plans are very attractive because of their promise of security. Individuals are typically guaranteed a constant stream of income throughout their retirement that will last the rest of their lives, and this means they can rely on budget projections. Karen Friedman, executive vice...

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The Silent Retirement Killer: Inflation

Inflation disintegrates the value of money. The same item or service you buy today, may double or triple in price due to inflation, and this vastly decreases your purchasing power. In 1960 a gallon of regular gas cost $0.31, a gallon of milk was $0.49, and a first-class postage stamp was $0.04. Fast...

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Living Trusts

There are many different estate-planning tools out there to help you preserve your assets for your heirs in the years to come. Many have opted to use a “Do-it-Yourself Trust Kit” only to find this cookie cutter approach can be full of legal loopholes. As we discuss on page 50 of our book...

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Insurance Claims

Filing an insurance claim is usually preceded by some sort of traumatic event in your life, whether it has to do with medical needs, home or auto damage or theft, or some other unfortunate circumstance. The last thing you want in these times is to have to fight with your insurance company to get them...

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Social Security Facts

According to the Social Security Board of Trustees’ annual report, the assets in the Social Security’s trust fund are predicted to run out by 2033, which is three years earlier than the estimate in 2011. Once these funds are exhausted, only ¾ of benefits will be able to be paid out unless changes...

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