PROTECT YOUR RETIREMENT FROM HIGHER TAXES

from Healthy Living April 2013

RETIREMENT

With higher taxes in 2013 and beyond a virtual certainty, now is a good time to examine whether you are doing everything in your power to make your investments as tax efﬁcient as possible. Luckily, this year there are some increases to the contribution limits for tax deferred and tax-free accounts that should help ease the blow and ultimately increase your net return.

First, the phase out income limitation for determining whether you can make a Roth IRA contribution increased to $178,000 for married couples ﬁling jointly. That means that you and your spouse could each contribute the new maximum amount of $5,500 after taxes to a Roth IRA this year. While you wouldn’t get a federal income tax deduction for that $11,000 like you possibly would if it were a traditional IRA, the fact that you can withdraw that money down the road in retirement with no taxes on the earnings or contributions is very appealing. I think this added certainty on taxation normally makes it the better choice for most people.

For traditional IRAs, the rules on deductible contributions are a bit more complicated because their status depends not only on income, but whether you are an active participant in your company’s qualiﬁed plan.

Tax laws are complex and subject to change. Morgan intended or written to be used for the purpose of avoiding tax

There are some somewhat complicated rules associated with this process though, so consultation with your adviser is highly recommended.

In addition to IRAs getting a step up this year, so do qualiﬁed plans like 401(k)s and 403(b)s. You can now contribute up to $17,500 per year. Another set of great features that many employers are adopting in their plans are Roth provisions. The great thing about a Roth 401(k) is that there are no income limitations for contributing to them so regardless of how much money you make, you can beneﬁt from the same tax-free distributions that make it so attractive in IRA accounts.

Everyone’s situation is unique, so how to best implement a tax efficient consequences of any actions or investments described herein. SOURCE: www.IRS.gov changing nature of tax laws, it is always prudent to discuss the options with your CPA to get a professional opinion. The important theme to keep in mind though is to defer taxes for as long as possible so that the power of compounding has time to make a real difference. In the long run, you will find that doing so may afford you a significantly better lifestyle in retirement.

April 2013 9

Qigong Introduction Series (April 9–May 14)

Qi is considered the life force that moves through and around bodies, essential to the smooth operation of body functions and balance of emotions. Qigong is an ancient Chinese practice that has given way to most martial arts; its literal translation means “the cultivation of life force.” This is a six-week series: $12 per class or $60 for the entire series. Classes are 6 to 7p.m. at the Vitruvian Health Center, 351 Plaza Drive, in Eustis. Contact Amber Johnson at 352.255.1969 or email her at johnsonpossibilities@ yahoo.com for additional information.

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Baby Fairs (April 11–25)

These fairs are open to women who are currently pregnant and new, ﬁrst-time parents. Each program will include information, education, and presentations on healthy lifestyles, child safety, early learning, and positive parenting. The events are scheduled at the following locations: April 11th at Minneola City Hall, 800 N. U.S. 27, Minneola; April 16th at the Leesburg Community Center, 109 E. Dixie Ave., Leesburg; and April 25th at the First Baptist Church of Eustis, 3551 E. Orange Ave., Eustis. Registration will be from 5:15 to 5:45p.m.; the program will then promptly begin at 6p.m. For more information, contact Jamie Hanja at 352.255.6099.

A Country Music Garden (April 11–12)

At Cooper Memorial Library in Clermont, there will be a display of beautiful ﬂower arrangements all based on country music songs and singers. There will also be a People’s Choice award. Free. Call Barbara Williams at 352.394.3954 or email wmsbarbara@yahoo.com for more information.

13

Miss Leesburg Scholarship Scramble Golf Tournament

This ninth annual event will begin at 8a.m. at Harbor Hills Country Club in Lady Lake. Registration begins at 7a.m and shotgun start at 8:15a.m. There will be awards, prizes, and rafﬂes. Cost is $75. Proceeds will beneﬁt the Miss Leesburg Scholarship Program. For further info, call Linda Watts at 352.326.4217 or email her at Linda6571@embarqmail.com.

Palatlakaha Picnic Eco Tour

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Here is an easy tour for the whole family... and a picnic lunch is included! Along the way, you will see a variety of wildlife and a huge concentration of osprey as they fish and call out from their nests in the tops of the trees. The ancient cypress trees standing watch in the edge of the lake is a favorite lookout for the magnificent birds of prey. Cost: $55 per person which includes kayak, gear, and a picnic lunch. Call Mary Prescott at 352.406.0904 or email mary@floridafromakayak.com.

20

Lake Dora Paddle/Clean up

Help keep the lakes and streams clean while enjoying a morning of camaraderie and a little paddling. Join the Lake County Water Authority on this guided paddle trip and clean up local waterways along the way. All supplies will be provided. Canoes and kayaks can be reserved in advance by calling LCWA or bring your own. Food, refreshments, and T-shirts will be provided to participants. For directions or to reserve your space or a kayak, call 352.343.3777.

21

Florida Challenge Triathlon

The long course includes a 1.2-mile swim in Lake Minneola, 56-mile bike ride, and 13.1-mile run on South Lake Trail. They will also have a sprint course with a 440-yard swim,8-mile bike, and 3-mile run. Awards will be given to top three male/female overall, top masters, and top three in each division. The action will begin at 7:30a.m. at Waterfront Park, 330 Third St., Clermont. Visit ﬂoridachallenge.com for more info.

26

Rotary Club of South Lake County Golf Classic

This tenth annual golf classic begins at 7a.m with registration and instructions. There will be an 8:30a.m. shotgun start. Lunch and awards will be at 1p.m. Proceeds will beneﬁt the Boys & Girls Club of Lake & Sumter, South Lake Unit. Registrations must be received by April 19th. For more information, contact Chairperson Denny Blankenship at 352.242.1396 or visit the website at www. southlakerotary.com.

27

Earth Day Celebration and Sidewalk Chalk Art Contest

Celebrate Mother Earth during the seventh annual Earth Day and Sidewalk Chalk Art Contest on Montrose Street in downtown Clermont. There will be family-friendly exhibits and tons of entertainment. The sidewalk chalk contest is free to entrants and cash prizes will be awarded to the winners in each age division. Downtown merchants will be open for shopping and dining. Call Mary Prescott for further information at 352.406.0904.

Clermont Challenge Race (April 27–28)

Bring the entire family to a two-day longboard skateboarding event at Lake Louisa State Park sponsored by The Ian Tilmann Foundation. Saturday will host longboard distance racing sanctioned by the International Distance Skateboard Association. Races will include a 5K, 10K, and half marathon. Sunday will host a women’s longboard clinic and slalom races. There will be recreational longboard skating both days and a prize purse and product awards for competitors. Join the fun and watch Florida’s ﬁnest longboard skaters compete in what is sure to be the premier longboard distance race of the 2013 season. For additional information, call Barry Tilmann at 813.215.9950 or email iantilmannfoundation@tampabay.rr.com

CAN YOU SPELL COLLEGE EDUCATION?

Take Stock in Children’s eleventh annual Corporate Spelling Bee generated a lot of buzz. Participants may not have spelled every word correctly, but they came away winners anyway because their participation helped Take Stock in Children purchase Florida Prepaid scholarships for local students. Without question, these scholarships help ease the sting of rising college tuition costs. Local businesses and organizations formed teams to compete in the event, which was held at Lake Receptions in Mount Dora.

1. B.E. Thompson and Bill Gifﬁng

2. Alan and Amy Holbrook

3. Kathy Magnuson, Sheri Olson, Shelly Scarbrough, and Marlene Kimball

4. Molly Soltis, Shannon Danko, and Diane Aylor

5. Jennifer Forst, Katie Poden, and Carolina Eisen

6. Shawn Janis with Ian and Susan Webb

7. Laura Lester, Pat Moreau, Pat Matthew, and Robyn Pence

Meet The Folkers

Attendees of the ﬁfteenth annual Lake County Folk Festival were enthralled with the sounds of acoustic guitars, soft melodies, pounding percussions, twangy bluegrass, and old-fashioned harmony gospel. Talented musicians throughout Florida were present to perform a variety of music genres, including Celtic, bluegrass, blues, and jazz. The two-day event also included a funniest song contest, contra dances, and arts and crafts.

1. Roger Gillies and Jimm Gillies

2. Tana Downey and Robin Austin

3. Mary Lee and Frank Sweet of “Backintyme”

4. Barb Loudon, Dani Jordan, and Bill Bygrave

5. Jessy Boylston, “Odis”, and Matthew Kierstead

6. Jeff Friberg and Kace Montgomery

7. Joe Ramirez, Sean Curran, John French, Steve Waters, and Paul “Pink” Smithson of “John French Connection” Band.

What A Deal

“Be Tempted” was the catchphrase for the 2012 Art of the Deal, an annual event in Mount Dora that celebrates the arts. With sexy pole dancing shows, casino tables, and an open bar, temptation was indeed prevalent at this event. Guests also enjoyed gourmet food, live entertainment, and silent and live auctions featuring items such as romantic getaways, gift baskets, and artwork donated by local artists.

1. Peggy and Jeff Herbst