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via IFTTT From https://localseo0.blogspot.com/2019/07/legal-marketing-pros-855-831-5020.html From https://juanitasmith0.blogspot.com/2019/07/legal-marketing-pros-855-831-5020.html from https://juanitasmith0.wordpress.com/2019/07/10/legal-marketing-pros-855-831-5020-greensboro-law-firm-marketing/ from https://angelawalker0.blogspot.com/2019/07/legal-marketing-pros-855-831-5020.html via IFTTT From https://localseo0.blogspot.com/2019/05/divorce-lawyer-greensboro-nc-anne.html From https://juanitasmith0.blogspot.com/2019/05/divorce-lawyer-greensboro-nc-anne.html from https://juanitasmith0.wordpress.com/2019/05/23/divorce-lawyer-greensboro-nc-anne-littlejohn-336-373-8476/ from https://angelawalker0.blogspot.com/2019/05/divorce-lawyer-greensboro-nc-anne.html via IFTTT From https://localseo0.blogspot.com/2019/05/greensboro-carpet-cleaning-336-250-6517.html from From https://juanitasmith0.blogspot.com/2019/05/greensboro-carpet-cleaning-336-250-6517.html from https://juanitasmith0.wordpress.com/2019/05/20/greensboro-carpet-cleaning-336-250-6517/ from https://angelawalker0.blogspot.com/2019/05/greensboro-carpet-cleaning-336-250-6517.html Concerned about outliving your savings? Opening a tax-advantaged IRA is a great way to increase your retirement funds. At a time when 4 out of 10 Americans believe they may outlive their savings, according to Northwestern Mutual’s 2018 study, opening an individual retirement account (IRA) can substantiallyincrease your retirement money. Less than a third of us have any type of IRA, a 2018 studyby CFSI found, even though these accounts offer big tax advantages that can improve financial security. You can open an IRA if you earn money and are younger than age 70 ½, even if you already participate in a 401(k) or other employer-backed saving plan. People aged 50 or older are allowed to make “catchup contributions” to improve their retirement savings faster. Credit:Northwestern Mutual Why IRAs are one the best ways to save for retirement
If you change jobs, you can roll your 401(k) into your IRA instead of cashing out your funds. This can save you an early withdrawal penalty if you are younger than 59 ½, as well as the tax liability. All of these great tax advantages make IRAs one of the best ways to save for retirement.
Credit: The Pew Charitable Trusts Who can benefit from using an IRA to improve retirement savings Many Americans use a combination of IRAs and other retirement savings vehicles, but IRAs may be the only tax-advantaged retirement savings plan available to some workers. According to a report by The Pew Charitable Trusts, 35 percent of private sector workers do not work for an employer that offers a pension or a defined contribution plan such as a 401(k), and 41 percent of Millennials don’t have access to an employer-sponsored retirement savings plan.
IRAs give everyone the chance to improve their retirement savings, even those who are self-employed or working for a business with no retirement offerings. That’s an important consideration, since 42 percent of Americans have less than $10,000 saved, according to Go Banking Rate’s 2018 Retirement Savings survey. Credit: Go Banking Rates Tips on how to maximize retirement savings with an IRA When used to their best advantage, IRAs can leave you in a much more secure position when you retire. Here are three tips that make getting the maximum benefit from your IRAs as simple and pain-free as possible:
For more tips on ways to increase your retirement money and other financial advice, reach out to skilled Greensboro financial planner Matt Logan at www.mattloganinc.com or call 336-540-9700. We can help you develop a retirement savings strategy that will allow you to live your desired lifestyle throughout your retirement. From https://localseo0.blogspot.com/2019/02/increase-your-retirement-funds-with.html from From https://juanitasmith0.blogspot.com/2019/02/increase-your-retirement-funds-with.html from https://juanitasmith0.wordpress.com/2019/02/21/increase-your-retirement-funds-with-these-simple-tips/ from https://angelawalker0.blogspot.com/2019/02/increase-your-retirement-funds-with.html Survey reveals becoming wealthy is more achievable with a financial plan When asked to assign a specific dollar amount, respondents to a recent survey singled out $2.4 million as how much money you need to be considered wealthy. That’s nearly 30 times the average net worth of American households, according to the U.S. Census Bureau, making that an unrealistic achievement for many. However, the majority of those surveyed defined personal wealth as living stress-free and having peace of mind. When you consider personal wealth in terms of quality of life rather than dollar amounts, figuring out how to become wealthy is an achievable goal even if you are in a more modest income bracket. What do you consider “wealth”? Charles Schwab’s 2018 Modern Wealth Index surveyed 1,000 Americans between the ages of 21 to 75 on the concept of wealth. 28% listed peace of mind/ stress-free living, and 17% lauded “loving relationships with family and friends,” as the true definition of wealth. Less than a third of the survey’s respondents defined wealth specifically in terms of money. 18% cited “being able to afford anything I want” as being wealthy and 11% defined wealth as having “lots of money”. How different age groups perceive wealth Not surprisingly, the perceived amount of what you need to be considered wealthy varies according to your age. The average amount rose by $700,000 as respondents grew older. Millennials consider someone with $2 million to be wealthy, Gen X’ers cited a figure of $2.6 million, and Boomers regarded $2.7 million as the necessary net worth. Millennials are more optimistic about their finances, with 64% of respondents in their 20s and 30s believing that they will have enough money to be considered wealthy in their lifetimes. Just 22% of Boomers believe they will achieve that milestone. Best personal finance advice for becoming wealthy: write a financial plan
Unfortunately, only 24% of Americans have a written financial plan. The reason that 45% of people give for not have a written financial plan is that they don’t believe they are wealthy enough to need a plan. That’s a classic case of backward thinking – having a written financial plan will enable you to save more money and become wealthier. Why written financial plans hold the keys to becoming wealthy Having a written financial plan is helpful in several ways. People with written financial plans tend to be more disciplined financially. They are more likely to be engaged with their wealth, and most importantly, people with written financial plans tend to demonstrate better saving and investing behaviors. While all these factors will help you save more money, written financial plans hold the keys to becoming wealthyin another way: they give you greater confidence in reaching your financial goals, relieving stress and increasing peace of mind.
If you would like help developing a financial plan, consider reaching out to skilled financial planner Matt Logan. We can take a look at your current financial behaviors and create a savings plan to help you reach your long and short term financial goals and enjoy greater wealth in the future. Learn more about financial and other economic-related topics at www.MattLoganInc.com Matt Logan is a Representative with Matt Logan Inc. and Summit Brokerage and may be reached at http://www.mattloganinc.com/, 336-540-9700 or [email protected].
Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc., and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice. From https://localseo0.blogspot.com/2019/01/becoming-wealthy-is-more-achievable_10.html From https://juanitasmith0.blogspot.com/2019/01/becoming-wealthy-is-more-achievable_10.html from https://juanitasmith0.wordpress.com/2019/01/11/becoming-wealthy-is-more-achievable-with-a-financial-plan-2/ from https://angelawalker0.blogspot.com/2019/01/becoming-wealthy-is-more-achievable_10.html Survey reveals becoming wealthy is more achievable with a financial plan When asked to assign a specific dollar amount, respondents to a recent survey singled out $2.4 million as how much money you need to be considered wealthy. That’s nearly 30 times the average net worth of American households, according to the U.S. Census Bureau, making that an unrealistic achievement for many. However, the majority of those surveyed defined personal wealth as living stress-free and having peace of mind. When you consider personal wealth in terms of quality of life rather than dollar amounts, figuring out how to become wealthy is an achievable goal even if you are in a more modest income bracket. What do you consider “wealth”? Charles Schwab’s 2018 Modern Wealth Index surveyed 1,000 Americans between the ages of 21 to 75 on the concept of wealth. 28% listed peace of mind/ stress-free living, and 17% lauded “loving relationships with family and friends,” as the true definition of wealth. Less than a third of the survey’s respondents defined wealth specifically in terms of money. 18% cited “being able to afford anything I want” as being wealthy and 11% defined wealth as having “lots of money”. How different age groups perceive wealth Not surprisingly, the perceived amount of what you need to be considered wealthy varies according to your age. The average amount rose by $700,000 as respondents grew older. Millennials consider someone with $2 million to be wealthy, Gen X’ers cited a figure of $2.6 million, and Boomers regarded $2.7 million as the necessary net worth. Millennials are more optimistic about their finances, with 64% of respondents in their 20s and 30s believing that they will have enough money to be considered wealthy in their lifetimes. Just 22% of Boomers believe they will achieve that milestone. Best personal finance advice for becoming wealthy: write a financial plan
Unfortunately, only 24% of Americans have a written financial plan. The reason that 45% of people give for not have a written financial plan is that they don’t believe they are wealthy enough to need a plan. That’s a classic case of backward thinking – having a written financial plan will enable you to save more money and become wealthier. Why written financial plans hold the keys to becoming wealthy Having a written financial plan is helpful in several ways. People with written financial plans tend to be more disciplined financially. They are more likely to be engaged with their wealth, and most importantly, people with written financial plans tend to demonstrate better saving and investing behaviors. While all these factors will help you save more money, written financial plans hold the keys to becoming wealthyin another way: they give you greater confidence in reaching your financial goals, relieving stress and increasing peace of mind.
If you would like help developing a financial plan, consider reaching out to skilled financial planner Matt Logan. We can take a look at your current financial behaviors and create a savings plan to help you reach your long and short term financial goals and enjoy greater wealth in the future. Learn more about financial and other economic-related topics at www.MattLoganInc.com Matt Logan is a Representative with Matt Logan Inc. and Summit Brokerage and may be reached at http://www.mattloganinc.com/, 336-540-9700 or [email protected].
Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc., and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice. From https://localseo0.blogspot.com/2019/01/becoming-wealthy-is-more-achievable.html From https://juanitasmith0.blogspot.com/2019/01/becoming-wealthy-is-more-achievable.html from https://juanitasmith0.wordpress.com/2019/01/11/becoming-wealthy-is-more-achievable-with-a-financial-plan/ from https://angelawalker0.blogspot.com/2019/01/becoming-wealthy-is-more-achievable.html HOW SOCIAL SECURITY COULD RAISE YOUR TAXES
Matt Logan | November 28, 2018
As you prepare for retirement, one of the last things you’d probably expect is to face a higher tax rate. You’re on a fixed income, after all, with just a fraction of the income you had while you were working. Many retirees are surprised to find out that up to 85% of their Social Security benefits can be taxable. Because of the unique way Social Security benefits are taxed, retirees can face a massive effective tax rate. If you haven’t figured Social Security taxes into your saving strategy, that mistake could leave you with a significant income shortfall once you retire.
Credit: Social Security Administration How taxes on Social Security benefits work To figure out if you have to pay taxes on your Social Security income, add half of your Social Security benefits to the total of your other retirement income. If the sum is between $25,000 and $34,000 for singles or $32,000 and $44,000 for couples, up to half of your Social Security benefits are taxable. If your income exceeds $34,000 for singles or $44,000 for couples, you will have to pay income tax on up to 85 percent of your Social Security benefits.
How tax on Social Security can cause a massive increase in your taxes If you are single and have $1,500 in monthly Social Security income and monthly withdrawals of $2,000 from a traditional IRA or 401(k) account, your countable annual income would be $24,000 plus half of $18,000 for a total of $33,000. Because that is below the $34,000 threshold, only 50 percent or $9,000 of your $18,000 Social Security income would be taxable. Your total taxable income would be $33,000 and you would be taxed at a 12% rate (according to 2018 Federal tax brackets). Working from that example, if you took an additional one-time IRA withdrawal of $1,500, it would raise your total countable income to $34,500. Since that is over the 85 percent threshold, $15,300 of your Social Security benefits would be included in your taxable income now. You would have added $1,500 to your taxable income by IRA rules, plus an additional $6,300 of your Social Security benefits would be taxable. Your total taxable income would now be $40,800, raising you to the 22% tax bracket. Because of the way that additional $1,500 in IRA income would effectively increase your tax burden, you could actually end up having less income at your disposal. Credit: The Fiscal Times / Gallup How to lower Social Security – 3 tax tips for retirees
Once you understand how Social Security could raise your taxes, the importance of retirement income strategies becomes clear. If you would like more Social Security tax tips or help planning tax-saving strategies for your retirement, reach out to Matt Logan at www.mattloganinc.com or call 336-540-9700. We will assess your income sources and options to create a retirement income plan that will help you enjoy the best lifestyle possible. Matt Logan is a Representative with Matt Logan Inc and Summit Brokerage and may be reached at http://www.mattloganinc.com/, 336-540-9700 or [email protected]. Matt Logan Inc. is an independent firm with Securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. Summit Brokerage Services, Inc., its affiliates and Matt Logan Inc. do not give tax or legal advice. You should consult an experienced professional regarding the tax consequences of a specific transaction. These are the views of Matt Logan Inc, and not necessarily those of Summit Brokerage Services, Inc. and any of its affiliates and should not be construed as investment advice. From https://localseo0.blogspot.com/2018/11/social-security-could-raise-your-taxes.html from From https://juanitasmith0.blogspot.com/2018/11/social-security-could-raise-your-taxes.html from https://juanitasmith0.wordpress.com/2018/11/29/social-security-could-raise-your-taxes/ from https://angelawalker0.blogspot.com/2018/11/social-security-could-raise-your-taxes.html Looking for Website design in the Triad Area ? [googlemaps https://www.youtube.com/embed/videoseries?list=PLZ9oejGgM_pWSAlJn0O3odk_d-eNkHjAB” allow=”accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture” allowfullscreen=”” frameborder=”0″ height=”315″ width=”560″> NC Internet Marketing
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