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Mac and Cheese
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Our Marketing Director savors fine dining aboard the FPH corporate jet.

FPH INSIGHTS

JULY 2018

Announcements, colorful commentary, and useful financial planning tidbits from John H. Robinson


Editor's Notes

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Long Term Care

Genworth Long Term Care Follow Up...The piece I wrote for last month's newsletter entitled, "What if your long-term care insurance company goes bankrupt?" generated a few follow up emails from folks who have LTC coverage with Genworth. In response to inquiries about the premium increase notice that was sent to Hawaii policy holders, below are two useful links from the Genworth website.

Frequently Asked Questions

What Are My Options?

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stop IRS

The time to do 2018 tax planning is NOW...With the enactment of the Tax Cuts and Jobs Act, the tax returns of millions of Americans will look very different for the 2018 tax year than the 2017 tax year. By planning now, you may still have time to adopt new strategies that may help you keep more of your hard-earned money.

READ MORE...

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U.S. News

"Why the 4% Rule is Obsolete"...My commentary was featured in this U.S. News & World Report article. In my opinion, "the 4% rule" is one of the most misunderstood and misapplied concepts in financial planning. Prolific academic retirement researcher, Wade Pfau, PhD, CFA, also recently chimed in on this subject in the following article -

Ten Reasons Why the 4% Rule is Too Simplistic for Retirement Planning (RetirementResearcher.com)

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financial aid

Work Arounds for Grandparent Owned 529 Plans... Grandparents who establish 529 plans for their grandchildren should be aware that distributions from the plan to pay for college tuition may adversely impact the child's financial aid award in ways that parent-owned 529 plans do not. The article link above raises awareness of this problem and offers up creative solutions.

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401 k Loan

401(k) Loans Just Got More Appealing...The elimination of the deduction for home equity loan interest for purposes not relating to the home improvements just made 401(k) loans more appealing.

READ MORE...

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Wade Pfau Book

Book Review: How Much Can I Spend In Retirement?... If ever there was a definitive guidebook on retirement spending research, this book is it.

READ MORE...

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Two Cents Image for Blog

J.R.'s Two Cents

This month's podcast recounts my recent, decidedly unpleasant experience in dealing with Equifax.

Read the Transcript of This Podcast

Related Reading...The May issue of this newsletter included a segment I wrote to raise reader awareness of the rising threat of child identity theft. Here is a great follow up article - How Do You Check Your Child’s Credit Report?

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Appropos of Nothing

Curious, sometimes humorous, snippets of daily life that may or may not have anything to do with financial Planning.

Sofi

A Hilarious Way to Make a Serious Point...Last weekend, I gave a presentation to a group of Boy Scouts seeking their personal finance merit badge. As part of the curriculum, I was tasked with cautioning the boys on the dangers of carrying credit card debt. I could think of no better way make this concept tangible than to show them the following SoFi commercial...

The Real Cost of Borrowing

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Student Credit Card Image

Best Student Credit Cards...At the end of August, we will be taking oldest son, Noah, off to college. In preparation for his leaving the nest, I helped him set up an online bank account with ATM reimbursement with Ally Bank, which he linked to his Acorns investment/spare change app. We also got him his first credit card - a Discover student card, which will be useful for both transaction convenience and building his credit score.

The article below features some of the most popular student-oriented credit cards. Common themes include no annual fee and rewards programs. Most also carry exorbitantly high interest rates, which is only a problem/consideration if your child neglects to make his/her payments in full and on time each month. Setting up auto-pay from a bank account is a good idea here as well.

Best Student Credit Cards for College | No Credit Options in 2018

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J R Robinson 4111E

Aloha,
John H. Robinson
Financial Planning Hawaii
2800 Woodlawn Drive, Suite 139
Honolulu, HI 96822
(808)564-0654 or jr@fphawaii.com
www.fphawaii.com

Securities offered through J.W. Cole Financial, Inc. (JWC) member FINRA/SIPC. Advisory services offered through Financial Planning Hawaii and J.W. Cole Advisors, Inc. (JWCA). Financial Planning Hawaii and JWC/JWCA are unaffiliated entities.

Fee-Only Financial planning services are provided through Financial Planning Hawaii, Inc, a separate Registered Investment Advisory firm. Financial Planning Hawaii does not take custody of client assets nor do its advisers take discretionary authority over client accounts.

The information contained herein is general in nature. Neither Financial Planning Hawaii nor J.W. Cole provides client specific tax or legal advice. All readers should consult with their tax and/or legal advisors for such guidance in advance of making investment or financial planning decisions with tax or legal implications.

 
 
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