The document provides information and advice for newly married couples on managing finances together after marriage. It recommends that couples openly communicate to develop a shared financial plan and goals. It also suggests preparing a joint budget that accounts for all income and expenses to help stay on track financially. Additionally, the document discusses options for saving for retirement through employer-sponsored plans and spousal IRAs to maximize savings opportunities. Open communication and coordination between spouses is presented as key to building wealth over time through a unified retirement strategy.
Tax Benefits of Homeownership After Tax ReformJason Fuchs
Recent tax reform legislation may have reduced the tax benefits of homeownership for some by (1) substantially increasing the standard deduction, (2) lowering the amount of mortgage debt on which interest is deductible, and (3) limiting the amount of state and local taxes that can be deducted. On the other hand, the tax benefits of homeownership may have increased for some because the overall limit on itemized deductions based on adjusted gross income has been suspended. You generally can choose between claiming the standard deduction or itemizing certain deductions (including the deductions for mortgage interest and state and local taxes). These changes are generally effective for 2018 to 2025.
Tax reform proposals and the ongoing conversations around comprehensive tax reform have made individual tax planning for 2017 more complicated. In the absence of a clarity or certainty around tax changes, it is best to plan for the deductions, credits and other tax opportunities that are available now.
Tax Benefits of Homeownership After Tax ReformJason Fuchs
Recent tax reform legislation may have reduced the tax benefits of homeownership for some by (1) substantially increasing the standard deduction, (2) lowering the amount of mortgage debt on which interest is deductible, and (3) limiting the amount of state and local taxes that can be deducted. On the other hand, the tax benefits of homeownership may have increased for some because the overall limit on itemized deductions based on adjusted gross income has been suspended. You generally can choose between claiming the standard deduction or itemizing certain deductions (including the deductions for mortgage interest and state and local taxes). These changes are generally effective for 2018 to 2025.
Tax reform proposals and the ongoing conversations around comprehensive tax reform have made individual tax planning for 2017 more complicated. In the absence of a clarity or certainty around tax changes, it is best to plan for the deductions, credits and other tax opportunities that are available now.
Bunching Tax Deductions to Maximize Their BenefitSarah Cuddy
Bunching expenses, particularly charitable gifts, in one year rather than over multiple can provide added tax benefits, especially after the latest tax law changes. And combining that plan with a donor-advised fund can compound the tax savings.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
The 2014 Essential Tax and Wealth Planning Guide discusses opportunities available through the final few months of 2013, and the planning environment beyond as policymakers continue a tax reform debate that could fundamentally change how individual taxpayers compute their taxes.
The tax-related decisions you make today, and at various points in your career, may have a marked effect on how you save for retirement and how much you will have down the road to support your goals. Many tax decisions you make about retirement are one-time choices that can be very costly to change, so it pays to plan.
For more information, visit http://www.deloitte.com/us/taxandwealthguide
Estate Planning For The Business Owner Updated 1 5 2011 For 2010 Tax ActDeborahPechetQuinan
This presentation reviews federal and Massachusetts estate tax laws and applies the law and valuation discounting concepts to the closely-held business owner, and reviews pre-sale/appreciation event estate tax minimization planning opportunities.
This is a presentation for Blue Edge Financial Planning for a post on their Facebook page.
It is their Spring newsletter.
You can follow them on Facebook at:
http://www.facebook.com/blueedgefinancialplanning
Bunching Tax Deductions to Maximize Their BenefitSarah Cuddy
Bunching expenses, particularly charitable gifts, in one year rather than over multiple can provide added tax benefits, especially after the latest tax law changes. And combining that plan with a donor-advised fund can compound the tax savings.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
Highlights of the Final Tax Cuts and Jobs ActSarah Cuddy
The combined tax reform bill includes plans to lower tax rates on individuals and businesses and change many deductions. Those hoping for tax simplification, however, may be disappointed.
The 2014 Essential Tax and Wealth Planning Guide discusses opportunities available through the final few months of 2013, and the planning environment beyond as policymakers continue a tax reform debate that could fundamentally change how individual taxpayers compute their taxes.
The tax-related decisions you make today, and at various points in your career, may have a marked effect on how you save for retirement and how much you will have down the road to support your goals. Many tax decisions you make about retirement are one-time choices that can be very costly to change, so it pays to plan.
For more information, visit http://www.deloitte.com/us/taxandwealthguide
Estate Planning For The Business Owner Updated 1 5 2011 For 2010 Tax ActDeborahPechetQuinan
This presentation reviews federal and Massachusetts estate tax laws and applies the law and valuation discounting concepts to the closely-held business owner, and reviews pre-sale/appreciation event estate tax minimization planning opportunities.
This is a presentation for Blue Edge Financial Planning for a post on their Facebook page.
It is their Spring newsletter.
You can follow them on Facebook at:
http://www.facebook.com/blueedgefinancialplanning
Retirement Planning Guide - Life After WorkIBB Law
IBB's Wealth Management Planners have created a new Retirement Planning Guide.
For advice on wealth management and retirement planning as well as other issues such as inheritance tax planning, please visit: https://www.ibblaw.co.uk/service/ibb-wealth
For more information please contact Kellie Lewis, Client Relationship Manager, on 01895 544001 or kellie@ibbwealth.co.uk or Graeme Cowie, Director, on 01895 544001 or graeme@ibbwealth.co.uk. Alternatively please visit www.ibbwealth.co.uk.
The content of the articles featured in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in
their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information
is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice
after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and
tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor.
The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
2021 Tax Savings Ideas for Individuals and Businesses.
This presentation and these materials are designed to provide information in regard to the subject matter
covered. This presentation and these materials are provided solely as a teaching tool, with the
understanding that Stephen Moskowitz, Moskowitz LLP, and the instructor are not engaged in rendering
legal, accounting, or other professional service and that they are not offering such advice in this
presentation and these accompanying materials.
Creating and maintaining the right investment strategy plays a vital role in securing your financial future. But we live in the era of the 24-hour news cycle, and ‘bad news sells’. The investment world can be unpredictable and investors currently have plenty of bad news to process, with a plethora of events making the daily and even hourly news headlines - from the US - China trade conflict and oil price volatility, to Britain’s exit from the European Union. We consider why it’s important to stay positive and focus on your investment goals. For more information visit https://www.tudorfranklin.co.uk
A special report that discusses what to do with your tax refund, specifically strategies to optimize the use of your income tax refund; saving for your future, improving your financial well-being, addressing risk management strategies, education savings, reducing non-deductible debt, RRSP or non-registered savings, contributing to a Tax-Free Savings Account (TFSA), building an emergency fund and receiving your tax fund earlier than expected.
As a result of RRSP contributions, interest expenses, tax shelter deductions or various other tax deductions and credits, your clients may be expecting, or have recently received, an income tax refund from the Canada Revenue Agency (CRA). If they have received a tax refund, it may be a good opportunity to determine if they can use some or all of it to improve their financial well-being. This special report will discuss some strategies that may help them use their income tax refund more wisely and assist them in meeting their financial goals.
In this edition of Return On Investment, we have included information on the following topics:
1. The Importance of Risk Control
2. Are You Nearing the Age of 71?
3. Pension Reform: The CPP is Set to Change
4. Transferring Wealth: Preparing Your Heirs
5. Unclaimed Balances: Are Funds Owed to You?
6. Year-End Tax Planning Considerations
Finance Minister Bill Morneau provided numerous updates to the proposed changes to the taxation of private corporations and their shareholders, which were first introduced back in July as part of a consultation paper and draft tax legislation. In this edition of Monthly Perspectives, we update you on these changes.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
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June 2018 Newsletter
1. Cedar Point Financial
Services LLC®
Todd N. Robison, CLU
President
10 Wright Street
2nd Floor
Westport, CT 06880
203-222-4951
todd.robison@cedarpointfinancial.com
www.cedarpointfinancial.com
June 2018 Newsletter
Marriage and Money: Taking a Team Approach to
Retirement
Managing Money When You Marry: Financial Tips
for Newlyweds
As a business owner, what should I know about
using temporary workers?
What is the employment situation report, and why is
it important to investors?
Cedar Point Monthly Newsletter
Elegant solutions to complex financial issues
Mid-Year Planning: Tax Changes to Factor In
See disclaimer on final page
Have questions? I can help.
Email Me:
todd.robison@cedarpointfinancial.com
Visit My Website:
www.cedarpointfinancial.com
linkedin.com/in/toddrobison
Services:
Estate Planning
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CA License #0B77420
The Tax Cuts and Jobs Act,
passed in December of last
year, fundamentally
changes the federal tax
landscape for both
individuals and businesses.
Many of the provisions in the
legislation are permanent,
others (including most of the
tax cuts that apply to individuals) expire at the
end of 2025. Here are some of the significant
changes you should factor in to any mid-year
tax planning. You should also consider
reviewing your situation with a tax professional.
New lower marginal income tax rates
In 2018, there remain seven marginal income
tax brackets, but most of the rates have
dropped from last year. The new rates are 10%,
12%, 22%, 24%, 32%, 35%, and 37%. Most,
but not all, will benefit to some degree from the
lower rates. For example, all other things being
equal, those filing as single with taxable
incomes between approximately $157,000 and
$400,000 may actually end up paying tax at a
higher top marginal rate than they would have
last year. Consider how the new rates will affect
you based on your filing status and estimated
taxable income.
Higher standard deduction amounts
Standard deduction amounts are nearly double
what they were last year, but personal
exemptions (the amount, $4,050 in 2017, that
you could deduct for yourself, and potentially
your spouse and your dependents) are no
longer available. Additional standard deduction
amounts allowed for the elderly and the blind
remain available for those who qualify. If you're
single or married without children, the increase
in the standard deduction more than makes up
for the loss of personal exemption deductions.
If you're a family of four or more, though, the
math doesn't work out in your favor.
Itemized deductions — good and bad
The overall limit on itemized deductions that
applied to higher-income taxpayers is repealed,
the income threshold for deducting medical
expenses is reduced for 2018, and the income
limitations on charitable deductions are eased.
That's the good news. The bad news is that the
deduction for personal casualty and theft losses
is eliminated, except for casualty losses
suffered in a federal disaster area, and
miscellaneous itemized deductions that would
be subject to the 2% AGI threshold, including
tax-preparation expenses and unreimbursed
employee business expenses, are no longer
deductible. Other deductions affected include:
• State and local taxes — Individuals are only
able to claim an itemized deduction of up to
$10,000 ($5,000 if married filing a separate
return) for state and local property taxes and
state and local income taxes (or sales taxes
in lieu of income).
• Home mortgage interest deduction —
Individuals can deduct mortgage interest on
no more than $750,000 ($375,000 for married
individuals filing separately) of qualifying
mortgage debt. For mortgage debt incurred
prior to December 16, 2017, the prior $1
million limit will continue to apply. No
deduction is allowed for interest on home
equity loans or lines of credit unless the debt
is used to buy, build or substantially improve
a principal residence or a second home.
Other important changes
• Child tax credit — The credit has been
doubled to $2,000 per qualifying child,
refundability has been expanded, and the
credit will now be available to many who
didn't qualify in the past based on income;
there's also a new nonrefundable $500 credit
for dependents who aren't qualified children
for purposes of the credit.
• Alternative minimum tax (AMT) — The Tax
Cuts and Jobs Act significantly narrowed the
reach of the AMT by increasing AMT
exemption amounts and dramatically
increasing the income threshold at which the
exemptions begin to phase out.
• Roth conversion recharacterizations — In a
permanent change that starts this year, Roth
conversions can't be "undone" by
recharacterizing the conversion as a
traditional IRA contribution by the return due
date.
Page 1 of 4
2. Marriage and Money: Taking a Team Approach to Retirement
Now that it's fairly common for families to have
two wage earners, many husbands and wives
are accumulating assets in separate
employer-sponsored retirement accounts. In
2018, the maximum employee contribution to a
401(k) or 403(b) plan is $18,500 ($24,500 for
those age 50 and older), and employers often
match contributions up to a set percentage of
salary.
But even when most of a married couple's
retirement assets reside in different accounts,
it's still possible to craft a unified retirement
strategy. To make it work, open communication
and teamwork are especially important when it
comes to saving and investing for retirement.
Retirement for two
Tax-deferred retirement accounts such as
401(k)s, 403(b)s, and IRAs can only be held in
one person's name, although a spouse is
typically listed as the beneficiary who would
automatically inherit the account upon the
original owner's death. Taxable investment
accounts, on the other hand, may be held
jointly.
Owning and managing separate portfolios
allows each spouse to choose investments
based on his or her individual risk tolerance.
Some couples may prefer to maintain a high
level of independence for this reason,
especially if one spouse is more comfortable
with market volatility than the other.
However, sharing plan information and
coordinating investments might help some
families build more wealth over time. For
example, one spouse's workplace plan may
offer a broader selection of investment options,
or the offerings in one plan might be somewhat
limited. With a joint strategy, both spouses
agree on an appropriate asset allocation for
their combined savings, and their contributions
are invested in a way that takes advantage of
each plan's strengths while avoiding any
weaknesses.
Asset allocation is a method to help manage
investment risk; it does not guarantee a profit or
protect against loss.
Spousal IRA opportunity
It can be difficult for a stay-at-home parent who
is taking time out of the workforce, or anyone
who isn't an active participant in an
employer-sponsored plan, to keep his or her
retirement savings on track. Fortunately, a
working spouse can contribute up to $5,500 to
his or her own IRA and up to $5,500 more to a
spouse's IRA (in 2018), as long as the couple's
combined income exceeds both contributions
and they file a joint tax return. An additional
$1,000 catch-up contribution can be made for
each spouse who is age 50 or older. All other
IRA eligibility rules must be met.
Contributing to the IRA of a nonworking spouse
offers married couples a chance to double up
on retirement savings and might also provide a
larger tax deduction than contributing to a
single IRA. For married couples filing jointly, the
ability to deduct contributions to the IRA of an
active participant in an employer-sponsored
plan is phased out if their modified adjusted
gross income (MAGI) is between $101,000 and
$121,000 (in 2018). There are higher phaseout
limits when the contribution is being made to
the IRA of a nonparticipating spouse: MAGI
between $189,000 and $199,000 (in 2018).
Thus, some participants in workplace plans
who earn too much to deduct an IRA
contribution for themselves may be able to
make a deductible IRA contribution to the
account of a nonparticipating spouse. You can
make IRA contributions for the 2018 tax year up
until April 15, 2019.
Withdrawals from tax-deferred retirement plans
are taxed as ordinary income and may be
subject to a 10% federal income tax penalty if
withdrawn prior to age 59½, with certain
exceptions as outlined by the IRS.
Open communication and
teamwork are especially
important when it comes to
saving and investing for
retirement.
Page 2 of 4, see disclaimer on final page
3. Managing Money When You Marry: Financial Tips for Newlyweds
Getting married is an exciting time for a couple.
However, along with this excitement come
many challenges. One such challenge is how to
manage your finances together. The key to
success is to communicate with your partner
and come up with a financial plan that you both
agree on, since the financial decisions you
make now can have a lasting impact on your
finances in the future.
Map out your financial future together
Your first step should be to discuss your
common financial goals. Where do you see
yourself next year? What about five years from
now? Together, make a list of your short- and
long-term financial goals. Short-term goals are
ones that can be achieved in less than five
years (e.g., saving for a down payment on a
home or new car). Long-term goals usually take
more than five years to achieve (e.g., paying off
college loans, saving for retirement). Next,
determine which financial goals are most
important to both of you so together you can
focus your energy on them.
Prepare a budget
A budget is an important part of managing your
finances. Knowing exactly how you are
spending your money each month can set you
on a more clear path to pursue your financial
goals. Start by listing your current monthly
income. In addition to your regular salary and
wages, be sure to include other types of
income, such as dividends and interest. Next,
add up all of your expenses. It helps to divide
expenses into two categories: fixed (e.g.,
housing, food, transportation, student loan
payments) and discretionary (e.g.,
entertainment, vacations). Ideally, you should
be spending less than you earn. If not, you
need to review your expenses and look for
ways to cut down on your spending.
Consider combining bank accounts
You'll also need to decide whether you and
your spouse should combine bank accounts or
keep them separate. While maintaining a joint
account does have its advantages (e.g., easier
record keeping and lower maintenance fees), it
is sometimes difficult to keep track of the flow of
money when two individuals have access to a
single account. Fortunately, online banking
makes it easier to know exactly what is in your
account at all times. If you choose to keep
separate accounts, you might consider opening
a joint checking account to pay for common
household expenses.
Resolve outstanding credit/debt issues
Having good credit is an important part of any
sound financial plan, so this would be a good
time to identify any potential credit or debt
problems you or your spouse may have and try
to resolve them now rather than later. Order
copies of your credit reports and review them
together. You are entitled to a free copy of your
credit report from each of the three major credit
reporting agencies once every 12 months (visit
annualcreditreport.com for more information).
For the most part, you are not responsible for
your spouse's past credit problems, but they
can prevent you from getting credit together as
a married couple. Even if you've always had
good credit, you may be turned down for credit
cards or loans that you apply for together if your
spouse has a bad credit history. As a result, if
one of you had credit issues, you might
consider keeping your credit separate until your
credit situation improves.
Evaluate your employee and retirement
benefits
If you and your spouse have separate health
insurance coverage through an employer, you'll
want to do a cost-benefit analysis of each plan
to determine whether you should keep your
health coverage separate. Compare each
plan's deductible, copayment, and benefits as
well as the premium for one family plan against
the cost of two single plans. In addition, if you
and your spouse participate in an
employer-sponsored retirement plan, you
should be aware of each plan's investment
options, matching contributions, and loan
provisions. Review each plan carefully and
determine which one provides the better
benefits. If you can afford to, contribute the
maximum amount possible to your respective
plans.
Assess your life and disability
insurance needs
While the need for life and disability insurance
may not have seemed necessary when you
were both single, as a married couple you may
find that you are financially dependent on each
other. Having life and disability plans in place
will help ensure that your financial needs will be
taken care of if either of you dies or becomes
disabled. If you already have insurance, you
should reevaluate the adequacy of your
coverage and update your beneficiary
designations.
1 "Stress in America," American Psychological
Association, 2017
According to a survey by
the American Psychological
Association, 62% of
Americans are stressed
about money.1
The cost and availability of
life insurance depend on
factors such as age, health,
and the type and amount of
insurance purchased.
Page 3 of 4, see disclaimer on final page
4. Cedar Point Financial
Services LLC®
Todd N. Robison, CLU
President
10 Wright Street
2nd Floor
Westport, CT 06880
203-222-4951
todd.robison@cedarpointfinancial.com
www.cedarpointfinancial.com
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018
Securities offered through Kestra
Investment Services, LLC (Kestra
IS), member FINRA/SIPC. Cedar
Point Financial Services LLC is a
member firm of PartnersFinancial.
Kestra IS is not affiliated with
Cedar Point Financial Services or
PartnersFinancial.
What is the employment situation report, and why is it
important to investors?
Each month, the Bureau of
Labor Statistics publishes the
Employment Situation
Summary report based on
information from the prior month. The data for
the report is derived primarily from two sources:
a survey of approximately 60,000 households,
or about 110,000 individuals (household
survey), and an establishment survey of over
651,000 worksites.
Results from each survey provide information
about the labor sector, including the:
• Total number of employed and unemployed
people
• Unemployment rate (the percentage of the
labor force that is unemployed)
• Number of people working full- or part-time in
U.S. businesses or for the government
• Average number of hours worked per week
by nonfarm workers
• Average hourly and weekly earnings for all
nonfarm employees
According to the Bureau of Labor Statistics,
when workers are unemployed, they, their
families, and the country as a whole can be
negatively impacted. Workers and their families
lose wages, and the country loses the goods or
services that could have been produced. In
addition, the purchasing power of these
workers is lost, which can lead to
unemployment for yet other workers.
Investors pay particular attention to the
information provided in this report. For instance,
a decreasing unemployment rate may indicate
an expanding economy and potentially rising
interest rates. In this scenario, stock values
may rise with expanding corporate profits, while
bond prices may fall for fear of rising interest
rates. Advancing wages may also be a sign of
higher inflation and interest rates, as well as
greater economic productivity.
Generally, the Employment Situation Summary
report provides statistics and data on the
direction of wage and employment trends —
information that can be invaluable to investors.
As a business owner, what should I know about using
temporary workers?
If you're planning to ramp up
your temporary staff this
summer, here are a few things
to know.
Generally, temporary work is any work that is
not intended to be permanent or long term.
Temporary work can be full- or part-time. Use
of temporary workers (sometimes referred to as
temps) may provide you with some flexibility to
handle employee absences due to illness,
vacation, or maternity leave. They may also
help you handle special projects, busy times, or
seasonal work.
Temporary workers can be hired directly or
through a temporary employment agency.
Temporary workers you hire directly, even if
part-time, are generally treated the same as
full-time workers and may be entitled to
employee benefits through you. For example, a
worker who completes 1,000 hours of service in
a year may be eligible to participate in your
retirement plan.
On the other hand, a temporary employee hired
through a temp agency works for the agency,
not for you. The employment agency is
generally responsible for the temporary
employee's benefits, if any. The hourly wage
rate you pay to the agency may be higher as a
result.
The temp agency can save you time and effort
by finding and screening potential employees
so that you don't have to. The agency may
have a pool of workers available at any time
and at a moment's notice. The screening, in
particular, may be worth the extra cost in the
current tight job market.
However, you may need to break in or train a
temporary employee each time you get one
from the employment agency. To minimize this,
you may request that the employment agency
send a temporary employee who has already
worked for you before.
Sometimes a temporary employee may
become a permanent employee. If an employee
was hired through a temporary employment
agency, depending on your contract with the
employment agency, you may need to pay a
fee to the agency if you permanently hire the
temporary employee.
Page 4 of 4