July 28th, 2010
Beverly O. Davis, AWMA
It’s a fact, women face unique challenges in life and in retirement. Whether you are juggling career and family responsibilities, making a difference int he communities where you live and work – or all of the above – women tend to aim high and deliver. But in doing so, women often put the goals and objectives of others before their own needs.
Retirement is one area where you really need to be first in line. Since, according to the U.S. Department of Health and Human Services, many women will spend upwards of 25 years in retirement, it is important to attacin the retirement lifestyle you envision and that you’ve worked so hard to achieve.
As an independent financial professional, I’ve focused my practice on understanding the challenges women and their families face inpreparing for retirement, and to provide personalized guidance that puts your goals first. Because I’m independent, I have no company agenda to promote – your objectives always come first.
Call me at your convenience, allow me to introduce myself and learn more about your retirement goals and concerns.
Beverly O. Davis, AWMA, Wealth Advisor
Financial Services & Solutions, Inc.
Securities and financial planning offered through LPL Financial. Member FINRA/SIPC.
Tags: Beverly O. Davis, Financial Services & Solutions, Murfreesboro Financial Advisor, women and retirement
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July 28th, 2010
The Tennessee sales-tax free weekend is August 6th through August 8th. This is a great time to do back to school shopping especially for the large items.
Some of tax free items include clothing and clothing accessories, protective equipment and sports gear under $100 per item.
School supplies including calculators, art supplies, backpacks, etc as long as they are under $100 per item.
And computers and computer accessories under $1,500 each.
You can get a full list of the items that are applicable by visiting www.tn.gov/revenue/salestaxholiday
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July 13th, 2010
Scott Flowers, Wealth Advisor
People want to know — “Should I open an ESA or a 529 plan for my child?”
If the money is only for K-12 schools then an Education Savings Account (ESA) makes sense. With a $2,000 annual contribution limit, distributions are tax-free if they are “qualified education expenses”. These include: tuition, books, room, board, etc. However, certain income limits might restrict parents from contributing to ESA’s.
If the money is for college or post secondary education then a 529 plan may be a suitable option. With lifetime contribution limits up to $250,000 per child, and distributions tax-free for qualified expenses there is a lot of flexibility. Contact your financial professional today to explore the best options for your family.
To find out more about college planning, use our college planning calculator located on our Investment Tools page of our website. This is an easy way to determine how much money you may need to be saving for the future.
Submitted by Scott Flowers, Wealth Advisor
Tags: 529 college plans, college planning, education savings accounts, Financial Servic, Financial Services and Solutions, Scott Flowers
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July 13th, 2010
When folks ask me about what they should look for in disability insurance, my short answer is this:
Make sure you apply for adequate coverage, and that you get the best rate available for your occupation. Some occupations allow for longer payout periods than others so it is important that you review your options. Adding an “own occupation” rider is a great way to protect a loss of income from your specific job. Another benefit is the cost of living adjustment (COLA) rider, which raises your benefit with inflation. Make certain that the policy pays for partial disability as well. The future option benefit allows for you to increase your coverage on the each anniversary date of the policy. Contact your financial professional today and see if a disability policy makes sense for you.
submitted by Scott Flowers, Wealth Advisor, FSS
Tags: disability coverage, disability insurance, Financial Services and Solutions, Scott Flowers
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November 6th, 2009
Jeff Brown, CPA, CFP
One way to provide income on a tax free basis is through the use of municipal bonds. A Tennessee municipal bond is free from both federal and state income taxes. Currently, yields on municipal bonds are low due to the low Federal Funds target rate. But, when you factor in the tax savings, many times the “tax equivalent yield” is greater than a comparable taxable bond or certificate of deposit. Give us a call and let us show you how to generate tax-free income through municipal bonds.
Authored by: Jeffrey O. Brown, CPA, CFP
*Subject to availability and change in price. Subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Federally tax-free but other state and local taxes may apply.
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October 27th, 2009
The Internal Revenue Service has announced the following contribution limits for IRAs for the 2010 tax year.
Traditional IRA Eligibility
Single filers covered by employer plan:
The MAGI range is $56,000 – $66,000.
Married couples filing jointly, contributor covered by employer plan;
The MAGI range is $89,000 – $109,000.
For a joint filer/with spouse covered by employer plan:
The MAGI range is $167,000 – $177,000.
· Must be under age 70-½
· Must have earned income Roth IRA Eligibility
Roth IRA
Single filers:
The MAGI range is $105,000 – $120,000.
Married couples filing jointly:
The MAGI range is $167,000 – $177,000.
SEP IRA Contributions
Company may contribute up to 25% of compensation or $49,000, whichever is less
Compensation limit is 20% for sole proprietors
SIMPLE IRA Contributions
Salary deferral up to $11,500
$2,500 catch-up contribution if age 50 or older
Employer match (up to 3%) or non-elective contribution (2%)
source: irs.gov
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September 18th, 2009
IRA’s are very limiting as far as tax deferral, with a maximum of $5000 ($6000 if you are over 50). Generally, business owners can shelter as much as $49,000 ($54,500 if you are over 50) into a properly drafted and designed retirement plan (which we specialize in, by the way.) When you are looking at the tax savings (using 2009 tax rates, assuming “married, filing jointly), if your company netted $190,000 in profits, you would owe $66,500 in Federal taxes on your profits; with the proper retirement plan in place and maximizing your deferrals, your tax bill would reduce to $39,480, a tax savings of $27,020! (Even more if you are over age 50). In essence, the government is subsidizing a large portion (over half) of your retirement contribution. Why not pay yourself instead of the government? Remember the deadline for implementing this type of plan is October 1, so time is running out if you want to utilize this strategy for 2009. It is also important that you talk with a tax advisor about your situation prior to executing any strategies.
Authored by: Beverly O. Davis, AWMA bdavis@fssplanning.com
Tags: Beverly O. Davis, Financial Services & Solutions, Retirement Plans for Businesses
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September 18th, 2009
Typically, there are standard 12 month waiting periods for most pre-existing conditions. This means that you may be able to get coverage, but the insurance company may not provide benefits for a specific ailment or condition during the waiting period. This exclusionary period can be for 12 months or in some cases the entire length of the policy for medically underwritten plans. One of the most critical things to do is to maintain credible coverage: do not have more than a 63 day break in coverage if you change jobs and lose your employer health insurance. HIPAA portability laws may allow you to avoid some of the standard waiting periods. In case you are denied coverage due to a pre-existing condition, there are additional options available to you.
Authored by Ben Leyhew bleyhew@fssplanning.com
http://www.fssplanning.com/bios.html
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September 18th, 2009
One of the legislative proposals currently being discussed is a taxpayer funded health exchange set up by the government to compare different plans and options. Fortunately, qualified insurance brokers can do the exact same thing for you right now (and without raising your taxes). One of my jobs as a financial advisor is to compare all the available plans and options and help you determine the best plan for your budget and medical needs. As one of the fastest growing expenses in a household budget, medical insurance planning is a critical component of your overall financial plan. The Financial Planning Association states that medical insurance costs are second only to mortgage expenses in households 35-65 and for retirees it is often their biggest expense. Whether you are looking for a comprehensive medical plan, a health savings account, or long term care insurance, I can help you take the guess work out of choosing among the different plans. Authored by: Ben Leyhew bleyhew@fssplanning.com
Tags: Ben Leyhew, Financial Services & Solutions, insurance
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August 24th, 2009
I recently reviewed my company retirement plan and was surprised to find that my beneficiary was someone who my ex-spouse. I’m not sure who to designate as beneficiary now?
This is a common issue; one that needs to be reviewed periodically. Some company plans require that spouses be beneficiary of company retirement plans. There are times that you might want to designate children, or your estate as beneficiary of retirement plans. A financial planner can help you determine the beneficiary designation that most fits your individual situation. The proper beneficiary designation will allow your assets to pass as you intended.
Author: Jeff Brown, CPA, CFP
Posted in Financial Services, Insurance Planning | No Comments »
