35:["$","$L36",null,{"category":"$37","relatedArticles":[{"id":"cG9zdDoyNzE2NTI=","databaseId":271652,"postId":271652,"author":{"node":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1454,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQ2OA==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19468,"categoryId":19468,"link":"https://smartasset.com/advisor-basics/articles","name":"Advisor Basics","postCount":{"pageInfo":{"offsetPagination":{"total":137,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"advisor-basics","ancestors":{"nodes":[{"name":"Financial Advisor","slug":"financial-advisor","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Financial Advisor","id":"dGVybTo3OTY5","slug":"financial-advisor","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$38","date":"2025-01-02T11:00:00","excerpt":"

A financial advisor should help you make informed decisions, but there are warning signs of a bad financial advisor that could indicate when they are doing otherwise. These signs generally include pushing unsuitable products, lacking transparency about fees, or being unresponsive to your questions or concerns. If you’re unsure about sticking with an advisor, here […]

\n","featuredImage":{"id":"cG9zdDoyNzE2NTU=","databaseId":271655,"altText":"A client determining whether her financial advisor is a good fit.","date":"2024-12-16T16:55:19","fileSize":213005,"mimeType":"image/jpeg","modified":"2024-12-16T16:57:40","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2025/01/iStock-2099666418.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-12-16","readable":"December 16, 2024"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjo3Ng==","databaseId":76,"userId":76,"avatar":{"url":"https://secure.gravatar.com/avatar/ff1d12e3cebfaa1fe2b25aef26174d63?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Becca Stanek is a graduate of DePauw University. Becca is an experienced writer/editor who serves as a retirement expert for SmartAsset. She's passionate about helping people understand the sometimes daunting ins and outs of personal finance. Becca is a member of the Society for Advancing Business Editing and Writing, and her work has appeared in Time, The Week, Lending Tree and the Mic. Becca grew up in the Midwest and now lives in New York.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Becca","fullName":"Becca Stanek","lastName":"Stanek","name":"Becca Stanek","postCount":{"pageInfo":{"offsetPagination":{"total":19,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"bstanek","__typename":"User"},"reviewedBy":null,"writtenBy":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. 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As a certified educator in personal finance, he edits and writes content that focuses on retirement, investments, home buying and other financial topics.\r\n\r\nArturo is a bilingual native in English and Spanish, and also writes as a freelance journalist for NBC News, among other publications. His articles have been published in Fusion, Univision, City Limits, the NACLA Report on the Americas and WhoWhatWhy, as well as La Opinión A Coruña newspaper in Spain.","additionalMeta":{"expertise":"Financial Planning, Retirement Planning, Investment Planning, Tax Planning","__typename":"User_Additionalmeta"},"email":null,"firstName":"Arturo","fullName":"Arturo Conde, CEPF®","lastName":"Conde, CEPF®","name":"Arturo Conde, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":38,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"aconde","__typename":"User"},"hideAuthor":true,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/financial-advisor/warning-signs-of-a-bad-financial-advisor","metaDesc":"There are warning signs of a bad financial advisor that could indicate when they are not a good fit. 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","

1. They Have Poor CommunicationPoor

","

A financial advisor who is difficult to reach or doesn’t communicate effectively may not be the right fit for those looking to stay up to date with their financial plan. Timely communication builds trust and keeps you confident in the decisions made on your behalf, while poor communication can lead to misunderstandings, missed opportunities, or feeling disconnected from your financial plan.

","

If your advisor avoids your calls, provides vague answers or fails to proactively update you on your financial progress, it could indicate a lack of dedication to your needs, time management problems, too many clients per advisor at the firm or another issue.

","

2. They Have a Confusing or Expensive Fee Structure

","

An advisor with a confusing or well above-average fee structure may not have your best interests at heart. A financial advisor’s fees should be straightforward, and your advisor should clearly explain how they are calculated—whether it’s hourly, as a percentage of assets under management or commission-based.

","

If costs are vague, layered with hidden charges or seem disproportionately high without clear justification, it could indicate a lack of transparency or fees that aren’t proportionate for the services they’re providing. Further, high or unclear fees can eat into your investment returns over time, leaving you with less value in the long run.

","

3. They Push Certain Financial Products and Services

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Some financial advisors may also be dually registered as representatives of broker-dealers or licensed to sell insurance products. These dual roles can create a potential conflict of interest if the advisor buys specific products to earn commissions rather than focusing on what fits with your investor profile and best interests.

","

If you feel pressured into buying a particular financial product—like an insurance policy, annuity or mutual fund—without a clear explanation of how it fits your financial goals, this could be a warning sign. An advisor should prioritize your financial objectives over their own compensation in all cases, so if their recommendations are driven by anything other than strategy, it may be time to evaluate whether their advice truly serves your best interests.

","

4. They Ignore Your Unique Needs

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An advisor who provides cookie-cutter services without considering your unique financial situation might not be ideal, particularly if you’re looking for a personalized approach. Everyone’s financial circumstances and goals are different, and most advisors will offer a more customized approach when making their recommendations and decisions.

","

For example, if you’re nearing retirement, an advisor should create a plan that considers your income needs, healthcare costs and risk tolerance, at the very least. Similarly, a younger client may require strategies focused on debt management and long-term growth.

","

If your advisor is offering generic solutions or not taking the time to understand your specific needs and goals, it could mean they aren’t committed or able to provide you with personalized advice that serves your specific financial situation and goals.

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5. They Churn Investments in Your Portfolio

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Account churning occurs when a fee-based advisor excessively trades the assets in your account to generate more commissions for themselves. This illegal practice can lead to unnecessary fees and can negatively impact your short- and long-term investment performance.

","

If you notice frequent buying and selling without clear, justifiable reasons, it could be a sign of churning. Keep an eye on your account statements and question any activity that doesn’t align with your investment goals.

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A responsible advisor should always have a sound strategy behind each trade and be transparent about the reasons for their actions. In turn, churning can signal that your advisor may be prioritizing their own profits over your financial interests.

","

6. They Don’t Use an Independent Custodian

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An independent custodian is a third party that holds and safeguards your assets, adding an extra layer of protection against fraud. If a financial advisor does not use an independent custodian, it could be a red flag. Without this safeguard, there’s an increased risk of unauthorized transactions or even misappropriation of funds.

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An advisor who manages and holds custody of assets may have excessive control, which could lead to unethical behavior in extreme cases. Verify that your advisor uses an independent custodian to protect your investments and reduce potential conflicts of interest.

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Bottom Line

","

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Choosing the right financial advisor involves more than just checking credentials—it requires paying attention to how well they meet your specific needs, communicate with you and protect your assets. Being aware of the warning signs of a bad financial advisor can help you determine if your advisor truly has your best interests at heart. Searching for an advisor who prioritizes transparency, tailored advice and ethical practices can help you find someone you feel comfortable working with and who will genuinely serve your needs.

","

Financial Advisor Tips

","$4a","

Photo credit: ©iStock.com/andreswd, ©iStock.com/bojanstory

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There are several popular financial gurus today that offer valuable wealth-building, investing and money management insights. When you want to grow your financial knowledge, each provides a unique perspective on how you can build strong financial practices for yourself. Whether you want to learn how to invest in the stock market or build for your […]

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","

In addition to these popular financial gurus, an experienced financial advisor can provide invaluable support to help you grow your personal portfolio.

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1. Warren Buffet

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Warren Buffett is not only a financial guru but is also widely regarded as one of the most successful investors of all time. As the chairman and CEO of Berkshire Hathaway, he has amassed a personal fortune that places him among the wealthiest individuals in the world.

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Buffett is known for his value investing approach, which involves purchasing undervalued stocks and holding them long-term. His investment philosophy, rooted in patience, discipline and thorough research, contrasts sharply with the fast-paced, speculative tactics common in today’s markets. Buffett often emphasizes the need to fully understand a company’s fundamentals, like its management and long-term prospects, before making an investment decision.

","

To learn from Warren Buffett, one can start by studying his annual shareholder letters, which provide deep insights into his thought process and investment strategies. His biography, “The Snowball: Warren Buffett and the “Business of Life”, and the book “The Essays of Warren Buffett” are excellent resources to learn his principles. Additionally, Buffett’s interviews and speeches, often available online, deliver valuable lessons on growing wealth through thoughtful, long-term investing.

","

2. John Bogle

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As founder of The Vanguard Group, John Bogle revolutionized the investment world by creating the first index fund available to individual investors. He was a staunch advocate for low-cost, long-term investing by focusing on simplicity and minimizing fees.

","

Bogle believed that passive index investing—tracking the performance of the entire market—would outperform most actively managed funds over time. His philosophy encouraged investors to avoid market timing and speculation and instead emphasized the importance of long-term, consistent investing. This approach has become a cornerstone of many modern investment strategies.

","

To learn from John Bogle, one can start by reading his landmark book, “The Little Book of Common Sense Investing,” where he outlines his investment philosophy in accessible terms. His other works, such as “Common Sense on Mutual Funds” and “Enough,” provide further insights into his views on finance, business ethics, and investment practices. Additionally, many of Bogle’s interviews and articles are widely available, offering practical advice on how to prioritize long-term growth while keeping investment costs low.

","

Following Bogle’s principles can help investors build wealth while avoiding unnecessary complexity and fees.

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3. Charlie Munger

","

","

Charlie Munger is a highly respected investor, best known as Warren Buffett’s longtime business partner and vice chairman of Berkshire Hathaway. Though Buffett often receives the spotlight, Munger’s influence on Berkshire’s success is undoubtedly profound. A former lawyer, Munger is renowned for his sharp analytical mind and his focus on mental models—interdisciplinary frameworks used to solve complex problems.

","

He advocates long-term investing, patience and the importance of understanding a company deeply before making investment decisions. Munger is also known for his preference for simplicity and his disdain for overcomplicated investments, aligning closely with the value investing philosophy he shares with Buffett.

","

To learn from Charlie Munger, one can start by reading “Poor Charlie’s Almanack,” a collection of his speeches, insights and essays that delve into his investment philosophy and broader thinking on life and business.

","

4. Ray Dalio

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Ray Dalio is the founder of Bridgewater Associates, one of the world’s largest and most successful hedge funds. Known for his principles-based approach to investing and life, Dalio has gained recognition for his deep understanding of global markets and economic cycles. His investment philosophy emphasizes diversification, risk management and balancing opposing forces in markets, which he refers to as “radical transparency.”

","

Dalio’s approach is often data-driven, using a blend of historical analysis and current market trends to make informed decisions. His focus on understanding how economies work as interconnected systems has earned him widespread respect in the financial world.

","

To learn from Ray Dalio, his book “Principles: Life and Work” offers a comprehensive look at his philosophy on decision-making, both in investing and in life. His other book, “Principles for Navigating Big Debt Crises,” provides a deep dive into how economies function during periods of financial instability, offering valuable lessons for investors.

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5. Benjamin Graham

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Benjamin Graham is often referred to as the “father of value investing” and is widely recognized for his groundbreaking work in financial analysis and investment principles. He was an influential economist and investor whose teachings laid the foundation for modern investing strategies.

","

Graham is best known for his concept of intrinsic value, which involves buying stocks priced below their actual worth based on a company’s financial fundamentals. His approach emphasizes thorough analysis, a margin of safety in investments, and a focus on long-term gains rather than short-term speculation. Warren Buffett, one of his most famous students, credits Graham’s teachings as the bedrock of his own success.

","

To learn from Benjamin Graham, his seminal books, “The Intelligent Investor “and “Security Analysis” are essential reading. The Intelligent Investor is particularly popular for its timeless lessons on risk management, value investing and the psychology of investing.

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6. Peter Lynch

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Peter Lynch is one of history’s most successful mutual fund managers who is best known for managing the Fidelity Magellan Fund from 1977 to 1990. Under his leadership, the fund delivered an average annual return of 29%, outperforming the market and growing its assets from $18 million to $14 billion.

","

Lynch is famous for his “invest in what you know” philosophy, encouraging everyday investors to look for opportunities in companies they understand from their own experiences. His approach is based on identifying undervalued growth companies early and holding them for the long term, making him a key figure in the world of growth investing.

","

To learn from Peter Lynch, his books “One Up on Wall Street” and “Beating the Street” are excellent resources. In One Up on Wall Street, Lynch explains how average investors can achieve success by leveraging their everyday knowledge to spot investment opportunities.

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7. Jim Simons

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Jim Simons is a renowned mathematician and hedge fund manager, best known for founding Renaissance Technologies, a highly successful quantitative hedge fund. Unlike traditional investors, Simons and his team at Renaissance use advanced mathematical models and algorithms to identify patterns in financial data and make investment decisions. His flagship fund, Medallion, is famous for delivering consistently high returns by leveraging data-driven, automated trading strategies.

","

To learn from Jim Simons, one can explore the methods of quantitative investing, which involves using mathematical and statistical techniques to make market predictions. While Simons himself has not written extensively about his strategies, books like “The Man Who Solved the Market” by Gregory Zuckerman offer an in-depth look at Simons’ life and the rise of Renaissance Technologies.

","

Understanding the principles of data science, machine learning and complex algorithms can provide insights into Simons’ approach, though his methods remain highly secretive. Simons’ success demonstrates how cutting-edge technology and rigorous research can transform the investment landscape.

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Bottom Line

","

","

In learning from these seven popular financial gurus, investors can gain valuable insights into a variety of investment strategies. From value investing and long-term growth to quantitative approaches, these experts have shaped the financial world with their unique philosophies and methods. Whether you are a beginner looking to build a solid foundation or an experienced investor seeking to refine your approach, studying the teachings and principles of these influential figures can help guide your decisions and improve your financial outcomes.

","

Tips for Investing

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Photo credit: ©iStock.com/AmnajKhetsamtip, ©iStock.com/photobyphotoboy, ©iStock.com/Kansuda Kaewwannarat

"],"experts":null,"link":"/financial-advisor/popular-financial-gurus","published":{"datetime":"2024-10-23","readable":"October 23, 2024"},"shareInfo":{"title":"7 Popular Financial Gurus","origin":"/financial-advisor/popular-financial-gurus"},"isNewsArticle":true},{"id":"cG9zdDoyNzE0NzU=","databaseId":271475,"postId":271475,"author":{"node":{"id":"dXNlcjoxNDQ=","databaseId":144,"userId":144,"avatar":{"url":"https://secure.gravatar.com/avatar/e1f3d3a0e571088b1ba1f56a767f73d3?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Brandon is a Certified Financial Planner™ (CFP®), Retirement Income Certified Professional (RICP) and Enrolled Agent (EA) with more than 10 years of experience as a financial professional. He runs his own independent financial planning firm called Belonging Wealth Management, where he helps clients plan out their retirement distributions, minimize taxes, build financial plans and more. He also holds a PhD in Finance from Hampton University, and spent years as an Assistant Professor of Finance at both Louisiana College and East Texas Baptist University.\r\n\r\nBrandon's areas of expertise include financial planning, retirement planning, taxes, Social Security, investing, annuities, general personal finance and more. His quotes have appeared in publications like Forbes, U.S. News and World Report, Business Insider and more.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Brandon","fullName":"Brandon Renfro, CFP®, RICP, EA","lastName":"Renfro, CFP®, RICP, EA","name":"Brandon Renfro, CFP®, RICP, EA","postCount":{"pageInfo":{"offsetPagination":{"total":96,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"brenfro","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQ2OQ==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19469,"categoryId":19469,"link":"https://smartasset.com/ask-an-advisor/articles","name":"Ask an Advisor","postCount":{"pageInfo":{"offsetPagination":{"total":136,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"ask-an-advisor","ancestors":{"nodes":[{"name":"Financial Advisor","slug":"financial-advisor","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Financial Advisor","id":"dGVybTo3OTY5","slug":"financial-advisor","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$5c","date":"2025-01-06T08:00:00","excerpt":"

Does the interest, dividends and capital gains from assets owned in my taxable brokerage account count toward the Social Security earnings limit? Only wages from employment or self-employment count toward the exempt earnings limit for those who file for early Social Security. Investment income won’t result in benefit withholdings, but it can influence the taxation […]

\n","featuredImage":{"id":"cG9zdDoyMDM5MzM=","databaseId":203933,"altText":"Financial advisor and columnist Brandon Renfro","date":"2023-07-11T14:38:39","fileSize":11056,"mimeType":"image/webp","modified":"2023-07-18T11:35:06","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2023/07/Brandon-Renfro-2.webp","__typename":"MediaItem"},"modified":{"datetime":"2025-1-5","readable":"January 5, 2025"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMjA=","databaseId":120,"userId":120,"avatar":{"url":"https://secure.gravatar.com/avatar/9be66d92947dd5b190bf90987b5e85f2?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Patrick Villanova is an Editor for SmartAsset, producing comprehensive personal finance content to help consumers make better decisions with their money. His particular areas of focus include retirement, financial planning and investing. Patrick studied English at the University of New Hampshire and currently holds the Certified Educator in Personal Finance (CEPF) designation. \r\n\r\nPrior to joining SmartAsset, Patrick was a senior writer at MagnifyMoney, where he covered investing. His career began in journalism and included 11+ years at The Jersey Journal, where he covered sports and news as an editor. His work has appeared on Yahoo Finance, MSN, NJ.com, and The Star-Ledger. 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Does the interest, dividends and capital gains from assets owned in my taxable brokerage account count toward the Social Security earnings limit?

","

Only wages from employment or self-employment count toward the exempt earnings limit for those who file for early Social Security. Investment income won’t result in benefit withholdings, but it can influence the taxation of your benefits and other aspects of your retirement income strategy. Here are some things to know about how Social Security interacts with other income sources.

","

Need help creating a retirement income plan that includes your Social Security benefits and other assets? Connect with a financial advisor today.

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What Is the Social Security Earnings Test?

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If you claim Social Security before full retirement age (FRA) and continue working, your benefits may be temporarily reduced if your earned income exceeds certain limits. In 2025, the limit is $23,400, and $1 is withheld for every $2 earned above this threshold. For example, earning $33,400 would result in $5,000 being withheld.

","

In the year you reach FRA, the earnings limit increases to $62,160, and the withholding rate decreases to $1 for every $3 earned above the limit. (And if you need help determining how your wages may impact your Social Security, match with a financial advisor and talk it over with them.)

","

The Benefit Withholding Isn’t Permanent

","

Luckily, the benefit reduction for exceeding the exempt earnings limit is not permanent. If you stop receiving that income, the Social Security Administration (SSA) will stop withholding a portion of your benefits.

","

Additionally, the withheld benefits are not lost. Once you reach FRA, Social Security recalculates your benefit to credit the months when payments were reduced. For example, if $5,000 is withheld and your monthly benefit is $2,500, you’ll be credited for two months of benefits at FRA.

","

While you can recoup those withholdings, it’s important to remember that claiming Social Security before reaching FRA will permanently reduce your lifetime benefits by as much as 30%. This money cannot be recouped. (And if you need additional help navigating the rules of Social Security, consider speaking with a financial advisor who specializes in retirement planning.)

","

Social Security Taxation

","

","

While the interest, dividends and capital gains generated by your brokerage account will not count against your exempt earnings cap, they can impact how much of your Social Security benefits are subject to income tax.

","

Investment income, such as interest, dividends and capital gains, can affect the taxation of your Social Security benefits. Taxability depends on your “combined income,” which includes your adjusted gross income (AGI), half of your Social Security benefits, and any tax-exempt interest.

","

For singles:

","

Combined income below $25,000: Benefits are tax-free.
Combined income between $25,000 and $34,000: Up to 50% of benefits may be taxable.
Combined income above $34,000: Up to 85% of benefits may be taxable.

","

For married couples filing jointly:

","

Combined income below $32,000: Benefits are tax-free.
Combined income between $32,000 and $44,000: Up to 50% may be taxable.
Combined income above $44,000: Up to 85% may be taxable

","

Interest, dividends and capital gains are all components of your AGI so they will impact how much of your benefits are subject to income tax. (And remember, if you need additional help planning for taxes in retirement, work with a financial advisor with retirement planning and/or tax expertise.)

","

Bottom Line

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Passive income you receive from investments does not count toward your exempt earnings limit for Social Security – only the income you earn from working does. However, investment income does increase your AGI, which is one of the components considered in determining the taxable portion of your Social Security benefit.

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Social Security Planning Tips

","$6e","

Brandon Renfro, CFP®, is a SmartAsset financial planning columnist and answers reader questions on personal finance and tax topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column.

","

Please note that Brandon is not an employee of SmartAsset and is not a participant in SmartAsset AMP. He has been compensated for this article. Some reader-submitted questions are edited for clarity or brevity.

","

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\n","featuredImage":{"id":"cG9zdDoyNjgxNDI=","databaseId":268142,"altText":"How to Amend a Florida Will With a Codicil","date":"2024-11-12T16:56:47","fileSize":180007,"mimeType":"image/jpeg","modified":"2024-11-12T16:56:59","sourceUrl":"https://smartasset.com/wp-content/uploads/sites/2/2024/11/iStock-1503298098.jpg","__typename":"MediaItem"},"modified":{"datetime":"2024-11-12","readable":"November 12, 2024"},"multipleBylinesByRole":{"editedBy":{"id":"dXNlcjoxMzY=","databaseId":136,"userId":136,"avatar":{"url":"https://secure.gravatar.com/avatar/1d295f71ad5f26fc505155b8d7e5e2a0?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Jeff White is an Editor for SmartAsset. He's an expert in a variety of personal finance topics, such as investing, banking and retirement, and also holds the Certified Educator in Personal Finance (CEPF®) designation. Jeff has received his JD and MBA and has been featured in a number of publications, such as Investopedia, The Street, Forbes, Yahoo! Finance and more. He currently resides in Utah with his wife and five children, where they cheer for the Denver Broncos and make it to the water to sail whenever given the chance.","additionalMeta":{"expertise":"Financial Planning, Small Business, Retirement, Banking","__typename":"User_Additionalmeta"},"email":null,"firstName":"Jeff","fullName":"Jeff White, CEPF®","lastName":"White, CEPF®","name":"Jeff White, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":16,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"jwhite","__typename":"User"},"reviewedBy":null,"writtenBy":null,"factCheckedBy":null,"secondEditor":null,"hideAuthor":true,"__typename":"Post_Multiplebylinesbyrole"},"adTargetingOverrides":{"fieldGroupName":"adTargetingOverrides","pageGroupNewKey":null,"__typename":"Post_Adtargetingoverrides"},"seo":{"canonical":"https://smartasset.com/financial-advisor/how-to-amend-a-florida-will-with-a-codicil","metaDesc":"Using a codicil to amend a will is one of the ways to make it legally binding in Florida. Here's how it works and what you need to know.","metaKeywords":"","metaRobotsNofollow":"follow","metaRobotsNoindex":"index","readingTime":6,"title":"How to Amend a Florida Will With a Codicil","__typename":"PostTypeSEO"},"slug":"how-to-amend-a-florida-will-with-a-codicil","status":"publish","title":"How to Amend a Florida Will With a Codicil","uri":"/financial-advisor/how-to-amend-a-florida-will-with-a-codicil","tags":{"nodes":[{"name":"news-sitemap","__typename":"Tag"}],"__typename":"PostToTagConnection"},"__typename":"Post","adPageGroupOverride":null,"bylines":{"writtenBy":null,"editedBy":{"id":"dXNlcjoxMzY=","databaseId":136,"userId":136,"avatar":"$70","description":"Jeff White is an Editor for SmartAsset. He's an expert in a variety of personal finance topics, such as investing, banking and retirement, and also holds the Certified Educator in Personal Finance (CEPF®) designation. Jeff has received his JD and MBA and has been featured in a number of publications, such as Investopedia, The Street, Forbes, Yahoo! Finance and more. He currently resides in Utah with his wife and five children, where they cheer for the Denver Broncos and make it to the water to sail whenever given the chance.","additionalMeta":"$71","email":null,"firstName":"Jeff","fullName":"Jeff White, CEPF®","lastName":"White, CEPF®","name":"Jeff White, CEPF®","postCount":"$72","slug":"jeff-white-cepf","__typename":"User"},"reviewedBy":null,"factCheckedBy":null,"secondEditor":null},"category":{"id":"dGVybTo3OTY5","children":"$75","databaseId":7969,"categoryId":7969,"link":"https://smartasset.com/financial-advisor/articles","name":"Financial Advisor","postCount":800,"slug":"financial-advisor","ancestors":null,"parent":null,"__typename":"Category"},"isModifiedBeforePublished":true,"contentBlocks":["

In Florida, one of the most efficient ways to update a will without rewriting the entire document is by using a codicil. A codicil is a written document that allows you to make specific changes to your existing will. The Florida codicil to will form is available online, which makes the process even easier for residents. However, a codicil must be processed with the same legal formalities as the original will, including being signed in the presence of witnesses. Consulting with an estate planning attorney can help ensure the codicil is legally binding and avoid disputes among beneficiaries.

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Work with a financial advisor to help you protect your financial assets and to properly plan for the future.

","

How a Codicil Works in Florida

","

A codicil is a legal document that allows individuals to make amendments to their existing will without having to rewrite the entire document. In Florida, the codicil form itself is straightforward but requires careful attention to legal formalities to ensure the changes are valid. The codicil process must be handled like a will, meaning it must be signed by the person who created it, also known as the testator, in the presence of two witnesses who also sign the document. This ensures that the codicil is legally binding and reflects the testator’s estate planning strategy. It’s important to note that a codicil can modify, add to, or revoke parts of a will, but it cannot replace the entire document.

","

While a codicil is a convenient tool for updating a will, it is not without potential pitfalls. Each codicil must be carefully drafted to avoid inconsistencies or contradictions with the original will. Multiple codicils can complicate the probate process, leading to confusion or disputes among beneficiaries. Therefore, it is advisable to limit the number of codicils and ensure that each one is clear and precise. Engaging a qualified attorney can help mitigate these risks and ensure that the codicil is properly executed.

","

Steps to Properly Amend Your Will With a Codicil in Florida

","

","

Amending a will requires an exact process to take place for the change to be legally binding. Here are the steps you may want to consider to make sure you’re doing it the right way:

","

Consult with an Attorney: While it is possible to draft a codicil on your own, consulting with an attorney ensures that the document complies with Florida law. An attorney can provide guidance on the language and structure needed to avoid potential legal challenges.

","

Draft the Codicil: Clearly state the changes you wish to make in the codicil. Be specific about which parts of the will are being altered, added, or removed. This clarity helps prevent misunderstandings and ensures your intentions are honored.

","

Sign the Codicil in the Presence of Witnesses: Florida law requires that the testator must be of sound mind and at least 18 years old. The codicil must be in writing and signed by the testator in the presence of two witnesses, who must also sign in the presence of the testator and each other.

","

Store the Codicil Safely: Keep the codicil with your original will in a secure location, such as a safe deposit box or with your attorney. Inform your executor or a trusted family member about the location to ensure it is easily accessible when needed.

","

Always consult with a legal expert in the state to ensure you’re making changes that will stand up to a legal challenge.

","

Alternative Ways to Amend Your Will in Florida

","

Sometimes, the changes you wish to make are significant enough that creating a new will is the best option. This approach can help avoid confusion and potential legal disputes among heirs. When drafting a new will, it’s important to explicitly revoke all previous wills and codicils to ensure that only your most recent intentions are honored.

","

Revoking a will is another method to consider if you wish to make substantial changes. In Florida, a will can be revoked by physically destroying it, such as tearing or burning, with the intent to revoke it. Alternatively, you can create a new will that includes a clause revoking all previous wills. This method is often used when individuals undergo major life changes, such as marriage, divorce or the birth of a child, which may necessitate a complete overhaul of their estate planning.

","

With the advent of technology, digital amendments and electronic wills (e-wills) make it possible to create a will online. Florida is one of the few states that legally recognize e-wills, provided they meet specific criteria. This includes being signed electronically in the presence of an online notary and witnesses.

","

Bottom Line

","

","

Amending a Florida will with a codicil is a straightforward process that can ensure your estate plan remains up-to-date with your current wishes. This can be particularly useful for minor adjustments, such as changing an executor or updating beneficiaries. However, it is crucial to ensure that the codicil is executed with the same formalities as the original will so it may be beneficial to seek guidance from a financial advisor or legal counsel before attempting to make changes.

","

Tips for Estate Planning

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