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INCREASE YOUR RETIREMENT FUNDS WITH THESE SIMPLE TIPS
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
Unlike regular savings accounts, IRAs allow you to purchase investments such as stocks, bonds, and mutual funds. You can escape taxes on the money on the front end by investing in a traditional IRA or pay taxes when you invest and withdraw the money tax-free in retirement with a Roth IRA. With both accounts, your money grows tax free, generating savings that can add up to thousands by the time you retire.
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:
- Automate your contributions
If you have a traditional IRA, ask to have your contributions automatically deducted from your paycheck. Automating your contributions makes it more likely that you will stick with your savings plan. - Directly deposit your tax refund
You can elect to have all or a part of your tax refund directly deposited into your IRA using IRS Form 8888. Assigning a portion of your tax refund into your tax-advantaged IRA definitely maximizes the tax benefits for your retirement savings! - Take advantage of higher contribution limits
If you are already contributing to an IRA, boost your saving rate to take advantage of the higher 2019 limits. The IRA contribution limit has been raised from $5,500 to $6,000 for the 2019 tax year. People over 50 making catch-up contributions can contribute $7,000. Saving an extra $500 a year may not sound like a big jump, but it can vastly increase your retirement money if you invest regularly. If you start with a $1,000 contribution and invest $6,000 instead of $5,500 over 40 years at a modest 6% interest rate, you could have $80,000 more by the time you retire.
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.
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Becoming wealthy is more achievable with a financial plan
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
So, what’s the best personal finance adviceif you want to become wealthy? Experts agree that whether you have a little to save or a lot, having a written financial plan is the best way to reach your financial goals. The Schwab survey results illuminate the value of this advice: three out of four of the top 10% of financial performers said they had a written 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 matt@mattloganinc.com.
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
Becoming wealthy is more achievable with a financial plan
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
So, what’s the best personal finance adviceif you want to become wealthy? Experts agree that whether you have a little to save or a lot, having a written financial plan is the best way to reach your financial goals. The Schwab survey results illuminate the value of this advice: three out of four of the top 10% of financial performers said they had a written 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 matt@mattloganinc.com.
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
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SOCIAL SECURITY COULD RAISE YOUR TAXES
HOW SOCIAL SECURITY COULD RAISE YOUR TAXES
| November 28, 2018As 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
Once you retire, distributions from IRAs (except for Roth IRAs), pensions, and other income sources are taxed at your regular rate. Social Security benefits are only taxable if your entire retirement income is above a certain threshold. Around 56% of beneficiary families now have to pay taxes on their Social Security benefits, according to a report from the Social Security Administration.
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.
|
Filing Status |
Threshold for 50% Taxation on Social Security |
Threshold for 85% Taxation on Social Security |
|
Single, Head of Household, Qualifying Widow(er)
|
$25,000 to $34,000
|
Over $34,000
|
|
Married filing jointly
|
$32,000 to $44,000
|
Over $44,000
|
How tax on Social Security can cause a massive increase in your taxes
Because of the way Social Security benefits are taxed, certain groups can end up facing tax rates that are far higher than they expected to have to pay. This is where it pays to talk with a Greensboro financial planner.The following example shows how tax on Social Security can leave you facing a huge marginal tax rate:
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
57% of retirees rely on Social Security as a main income source, and 90% count on Social Security benefits to provide at least some income. That makes Social Security tax strategies an essential concern for most seniors. Here are three tax tips for retirees that will help lower your Social Security taxes so you can keep more of your benefits:
- Manage distributions from your IRA
Take advantage of penalty-free withdrawals from your IRA starting at age 59 ½, and delay signing up for Social Security until age 70 ½. If you withdraw money from your IRA throughout your 60s or take a large distribution the year before signing up for Social Security, you can reduce the amount of money in your IRA before required minimum distributions begin.
- Donate to charity
One way to lower taxes on Social Security benefitsis by donating the required minimum distribution from your IRA.If you are a retiree age 70 ½ or older, you can avoid taxes on your IRA distribution if you have it transferred directly to a charity. This may be your best choice if keeping the distribution would put you just over the next tax bracket. - Consult a professional
A professional Greensboro financial advisor can help you figure out the best Social Security strategies for your situation. Knowing when to start collecting Social Security, the best way to manage your IRA distributions, and other retirement income strategies can make the difference between struggling to make ends meet and enjoying the retirement of your dreams.
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 matt@mattloganinc.com.
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.
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