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Why Should I Think About Retirement Planning?

We hope you are having a good summer so far. It is hot in St. Pete and the daily rain storms are back in full force. Hard to believe 2019 is already half over! If you do not feel like you are on track with your financial goals, this is a great time to set up an appointment with your portfolio manager. The article we are sharing today highlights the importance of retirement planning. You are never too old or too young to begin working on your retirement plan. We are here to assist!

Will raising the age for required withdrawals from your retirement account make a difference?

The Secure Act, which passed the House of Representatives, aims to increase the age for required minimum distributions to 72 from 70 1/2. Will this change be impactful for you? Currently, retirees are required to begin distributions from retirement accounts (IRA's, 403b's, 401k's) the year in which they turn 70.5. Withdrawals typically start at about 3.65% of your prior year end balance and go up from there. By the time you reach 80 years of age, your RMD is close to 5% of your balance annually. For those who do not need the distributions, there are limited options available. You can donate your RMD as a qualified charitable distribution to avoid taxation (check with your CPA each year to make sure the IRS is still offering this option), or you can move the money into a taxable investment account for reinvestment and pay the required taxes. If allowed additional years to defer your RMD, that may help your funds last longer. If you have any questions about your account or withdrawal strategy, please give your Portfolio Manager a call. We are happy to help!

Have Multiple Retirement Accounts? Use Them in This Order.

It is common for most retiree's to have multiple accounts to withdraw from during their golden years. When we are putting together a financial plan for our clients, one of the areas of consideration is where to draw from first. We take fee's, IRS rules, and taxes into account when providing distribution guidance. Small tweaks to your plan can add up and help you save more money for your own use. Today's article expands on that thought and provides some more context around how to distribute your assets. Give us a call for a personalized plan of action.

Video: Saving For Your Child's School

Saving for college does not have to be overwhelming. There are various options to consider: 529 Plans, Prepaid College Plans, and Savings bonds. We can help you make sense of the options available and help you plan for the future.

Start Now: A Step by Step, Tough Love Guide to Saving For Retirement in Your 20s

It's February and love is in the air! The new year is off to a roaring start and many of us are still committed to completing the goals we have set for ourselves in 2019. Becoming financially fit is usually top of the list, and the article we are sharing today is full of helpful advice for young investors. Please share this with your friends and family if you think it may be useful to them. As always, if you have any questions or want to work on your financial plan- give us a call! We are happy to help.

Financial Advisor Designations: What Those Letters Mean

Happy New Year! We hope your 2019 is off to a great start. This is a good time to get your financial house in order and working with an advisor can help you set tangible goals. When it comes to picking an advisor, it can be difficult to understand what credentials or experience an individual might have. After all, anyone can call themselves a financial planner, financial advisor or wealth manager. What does CFP or CFA really mean? What is the difference between an RIA or a brokerage firm? Who has my best interests in mind? The article we are sharing today explains in more detail what goes in to obtaining the various financial designations so you can make better sense of your advisors qualifications.

6 Ways to Get Your Finances Ready for 2019

As the end of the year approaches, it is a time for reflection. Reflection on the past year and reflection on our goals for the upcoming one. If you have not reviewed your financial plans in the past year, this is a good time to call your Portfolio Manager and set up a time to meet. We are here to help you as your navigate your financial goals both big and small.

Do This One Thing Before the End of the Year to Save Money on Your Taxes

With Thanksgiving behind us, the end of the year will be here before you know it. This is a busy time of year for all with celebrations, shopping and spending time with loved ones. It is also a good time to review your income and expenses for the year and meet with your CPA for a tax review. If you need help, give your Portfolio Manager a call and we can assist you with setting up a tax planning meeting. Today's article talks about some end of year tax planning strategies. This may or may not be available to you depending on your financial situation.

IRS Announces Higher 2019 Retirement Plan Contribution Limits for 401ks and More

The limits for retirement contributions have been increased for 2019, so this will allow investors to set aside additional funds for retirement. If you have questions about how much you can save and the tax implications of those decisions, please give us a call.

Here's how much you should have saved by 40

What is the right amount to save for retirement? How much will I really need? These are questions that we get asked daily by clients, and we are happy to help you plan for your retirement. If you are already retired, we can help you review your income plan to make sure you are not overspending. The article we are sharing today comes from CNBC and explores how much one should have saved by age 40 and shares some tips on how we can all do a little better at saving for our future income needs.

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