lifeplanning
JANUARY 26, 2019
LIFE PLANNING GUIDE
1
GUIDE 2019
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Protect your smartphone from being hacked
MetroCreative
For many smartphone users, their smartphones are
• Update your operating system. It can be a nuisance
never too far out of reach. It is a reflection of the role
to update a phone’s operating system. In fact, many a
these devices now play in everyday life as well as the
smartphone user has bemoaned an OS update, feeling
amount of sensitive information contained within
the updates changed the look and performance
them.
of apps they had grown accustomed to. However,
The treasure trove of personal information, including
updated operating systems are offered for various
banking info, personal emails and private photos, that
reasons, one of which is to guard against glitches or
smartphones contain makes them tempting targets
bugs in old operating systems that might have made
for skilled cyber criminals. Though phones come with
phones more vulnerable to hackers. When prompted
built-in security features, savvy smartphone users
to update a smartphone’s operating system, do so
recognize the importance of going beyond such
right away.
features to protect their devices from hackers.
• Avoid public WiFi. Hackers target victims in
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many ways, including through public WiFi hotspots.
Google Play. Some hackers access phones via apps
Smartphone users who don’t have unlimited data
they offer through websites that, on the surface,
plans may be tempted to use public WiFi when out
seem legitimate. However, such apps contain viruses
and about. But doing so makes users vulnerable
and malware that make it easy for hackers to access
to skilled hackers who are just waiting to access
phones once they’ve been installed.
unknowing users’ personal information, including their
Smartphone users must recognize the importance
financial data. When leaving the house, turn off the
of protecting their phones, and all the sensitive
WiFi on your phone, only turning it back on when you
information their phones contain, from hackers.
need it and only if you can access a secure network. • Accept two-factor authentication. Two-factor authentication was designed so internet users would have another layer of protection against hackers. When attempting to sign into an account, whether it’s email, social media, banking, or another login that requires a username and password, you may be asked if you want to enroll in two-factor authentication. This refers to the system in which users receive a temporary code via the messaging apps on their phones that only the users have access to. Some might say two-factor authentication is a nuisance, but receiving and typing in the short code will only take an extra few seconds and it’s a great extra measure of protection against hackers. • Only buy apps from your phone’s official app store. When purchasing and downloading apps, only use official app stores such as the Apple Store or
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Explaining financial plans and why you need one
MetroCreative
A clear understanding of personal expenditures and savings
1. Identify what you want. You must identify what you
rates is essential for securing a strong financial future. A
want to achieve. Goals may include buying a home, retiring
financial plan can help everyone from the extraordinarily
early, providing for a child’s education, or having more time
wealthy to those struggling to make ends meet.
and money for travel. Putting your goals on paper may inspire
The Financial Planning Association says a financial plan identifies goals and objectives that take finances to achieve
you to pursue them more vigorously. 2. Audit your finances. Conduct an audit of your finances
and creates a plan for making those things happen. A financial
so you can get a clear grasp of your current situation. Make
plan can serve as a road map that people can look to for years
a list of all of your assets, and then subtract existing debts to
to come as they work toward securing their financial futures.
figure out your net worth. While you’re tabulating,
Whether you aim to retire by age 50 or to reduce your debt,
find out how much you bring in and spend each month
a financial plan can be just what you need to turn your dreams
so you can get a clear picture of your spending habits. This
into a reality. Here are some steps for devising a financial plan.
will help you make smart choices in regard to spending and saving. 3. Eradicate existing debt. One of the key parts of a financial plan is to pay down high-interest debt to free up money for the future. Focus on paying off credit card balances, high-interest loans or balances for other accounts where interest is high. A debt consolidation loan may be worth exploring if you’re having trouble paying down high-interest debt. 4. Start saving. Building savings is essential to reaching many goals. It also is key to help avoid financial ruin during emergency situations, such as home or car repairs, disability that takes you out of work, etc. Start small by having a certain percentage of money deposited into a separate account automatically. Then watch it grow. Investing in the right products also can help you grow your savings. Financial advisers can help individuals devise plans to meet their shortand long-term goals.
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Estate planning and charitable giving
MetroCreative
Charitable giving comes in many forms. Some people donate
interest trust allows men and women to donate their assets to a
annually to their favorite charities, while others may volunteer
charity but retain some of the benefits of holding those assets.
their time or professional services.
A split-interest trust funds a trust in the charity’s name, and
One way many people choose to give to charity is to donate
people who open one receive a tax deduction any time money
at the time of their death. Including charitable giving into
is transferred into the trust. But the donors still control the assets
an estate plan is wonderful way to support a favorite cause.
in the trust, which is passed onto the charity at the time of their
When researching this approach, it can be easy to become
deaths. You have various options at your disposal in regard to
overwhelmed by references to tax codes, attorney fees and other items that can make including charitable gifts in one’s estate plan seem more complex than it needs to be. Schwab Charitable, an independent nonprofit organization, notes that
charitable trusts, so speak to a financial adviser to help you pick the best one for you. Charitable giving is a part of many people’s estate plan.
there are various ways to incorporate charitable giving into an
Explore your options and choose the one that’s most beneficial
estate plan, and that doing so is something almost anyone can
to you, your heirs and the charities you want to support.
do. • Dictate giving in your will. When reading about charitable giving and estate planning, many people might begin to feel intimidated by estate taxes, feeling their heirs won’t get as much of their money as they hoped. But Schwab Charitable notes that including a charitable contribution in your estate plan will reduce your estate tax liabilities, which will help to maximize the final value of your estate for your heirs. Speak with your estate attorney and ensure your donation is spelled out in your will. • Donate your retirement account. Another way to utilize an
Jason Harwick
estate plan to donate to charity is to designate the charity of your choice as the beneficiary on your retirement account. Schwab Charitable notes that charities are exempt from both income and estate taxes, so choosing this option guarantees the charity will receive 100 percent of the account’s value once it has been liquidated. • Explore a charitable trust. Charitable trusts provide another way to give back through estate planning. For example, a split-
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What it costs to raise kids today
MetroCreative
A generation ago, it was common to see families with four or more children. But things are a bit different today.
children until later in life, the rising costs of raising kids may have something to do with it as well.
Pew Social Trends indicates that
The U.S. Department of Agriculture
parents now have 2.4 children
says the cost of raising a child today
on average, a number that has
has climbed to $233,610, which
remained fairly stable for two
excludes the expenses of college.
decades. In addition, since 1976,
A 2011 article that appeared in the
the share of mothers at the end of
Canadian publication MoneySense
their childbearing years who have
estimated childrearing costs to be
one child has doubled, from 11
$12,824 per year, which adds up to
percent to 22 percent.
$243,656 by the time a child reaches age 18.
While shrinking families may be based on many different factors, including postponing having
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It’s also well documented that more adult children are living with their parents for longer than kids used to stay with mom and dad. Pew Research has found that roughly one-third of women and half of men between the ages of 18 and 34 are still living at home, surpassing records set in the 1940s. This means expenditures on child-rearing may continue long after kids reach adulthood. As a result, it is easy to see how having multiple children can be a major source of financial stress for the average middle-income family. The financial planning resource NerdWallet estimates that the cost of raising a child today is higher than the DOA figures, coming in at roughly $260,000 and that is just for the basic essentials. Throw in tiered levels of care, including everything from more expensive choices for food and clothing, and extras for early childhood care, sports lessons, music instruction, and electronics/gaming, and the cost can get as high as $745,634. Many different factors impact the size of modern families today, and the rising cost of raising children may be the most influential of such factors.
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Understanding the jargon of health insurance
MetroCreative
The world of healthcare can be confusing to navigate. Today people must navigate copayments, coinsurance, deductibles, and savings plans, which can make it difficult to understand what’s going on with your insurance company.
• Long-term care insurance: A specific healthcare plan that can be used for in-home nursing care or to pay for the medical services and room and board for assisted living/nursing home facilities.
Healthcare is standardized in some areas of the world and publicly financed with little to no out-of-pocket costs for participating citizens. Elsewhere, access to health insurance is provided through employers or government assistance programs or individually purchased. Understanding some health insurance-related jargon is a great way to better educate oneself about the industry.
• Network provider: This is a healthcare provider who is part of a plan’s network. Many insurance companies negotiate set rates with providers to keep costs low. They will only pay out a greater percentage to network providers.
• Benefit period: The benefit period refers to the duration of time services are covered under your plan. It is usually a calendar year from the point of start to end. It may begin each year on an anniversary date when you first received coverage.
• PPO: A preferred provider organization is a type of insurance plan that offers more extensive coverage for in-network services, but offer additional coverage for out-of-network services.
• Coinsurance: This is a percentage of the cost of services rendered in specific areas outlined by the health plan that you are responsible for after a deductible is met. For example, a plan may cover 85 percent of costs, with patients responsible for the remaining 15. • Copayment (copay): A copayment refers to the flat rate you pay to a provider at the time you receive services. Some plans do not have copays. • Deductible: The amount you pay for health services before the insurance company pays. You must meet a set limit, which varies by plan and provider, before insurance will kick in and cover the remaining costs during the benefit period. Many plans have a $2,000 per person deductible. This deductible renews with each calendar year. • HMO: A health maintenance organization offers services only with specific HMO providers. Referrals from a primary care doctor often are needed to see specialists. • HSA: A health savings account enables you to set aside pretax income up to a certain limit for certain medical expenses.
• Non-network provider: A healthcare provider who is not part of a plan’s network. Costs may be higher if you visit a nonnetwork provider or if you are not covered at all.
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Topics to cover when interviewing financial advisers
MetroCreative
Investors put a lot of faith in their financial advisers. Many
who must place clients’ interests ahead of his or her own.
professionals work hard to save up enough money to invest
Fiduciaries also must disclose any existing or potential
so they can secure their financial futures. Handing that hard-
conflicts of interest that might affect clients’ willingness to
earned money to a financial adviser can be nerve-wracking.
work with them. That includes how they earn their money.
But prospective investors can calm their nerves by discussing
Non-fiduciaries have no such responsibility, so they can sell
certain topics with planners before deciding to work with
clients a particular investment without having to tell clients
them.
how their own compensation is affected by that sale.
Fiduciary status People new to investing will no doubt find some financial jargon confusing. Fiduciary is one term that novice investors may be unfamiliar with. A fiduciary is a financial professional
Some fiduciaries work for specific funds that only allow them to sell those particular funds’ proprietary products. That’s the case even if they believe there are other investments that are better for given clients. Such arrangements must be shared with clients for advisers to maintain their fiduciary status. The Certified Financial Planner Board of Standards’ “Rules of Conduct” can be found at www.cfp.net.
Fees Fees should be discussed before signing an agreement with a financial adviser. Ask each adviser you interview how they earn their money. Some might charge clients a percentage of the assets they’re managing while others may earn money by selling you specific products. Investors have a right, and an obligation to themselves, to understand how financial advisers they work with will earn money. That’s smart investing and can help investors sleep easy knowing their advisers have put clients’ interests first.
Services Financial advisers offer different services. Some might only suggest investments, while others may help clients come up
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with comprehensive financial plans that focus on short- and
signing any agreements, and determine if you’re comfortable
long-term goals. Some investors may only want suggestions,
meeting just once a year to go over things or if you want more
while others may need more from their advisers. Determine
routine check-ins.
which type of investor you are and then find the right adviser for you.
Financial advisers help millions of people across the globe secure their financial futures. Discussing various topics and strategies with prospective advisers is a great way for investors
Access Investors, particularly those without much experience, might
to find the right individual for them.
be comfortable knowing they can contact their financial advisers as often as they’d like. Some advisers are more accessible than others, so discuss access with advisers before
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Items to take to the tax preparer
MetroCreative
For many working Americans, April 15 is synonymous with taxes. But taxpayers may be happy to learn that they have two extra days to file their returns in 2018. That’s because this year April 15 falls on a Sunday, and April 16 is Emancipation Day, when the District of Columbia celebrates Abraham Lincoln’s signing of the District of Columbia Compensated Emancipation Act, which freed more than 3,000 slaves in D.C. The extra two days to file might not be much time, but the extra 48 hours will no doubt please taxpayers who tend to put off filing until the last minute. Whenever taxpayers decide to begin the process of filing their taxes, those who hire professionals to prepare their returns
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• Social security or tax ID number • Social security or tax ID number of your spouse, if applicable • Dates of birth of all dependents • Social security or tax ID numbers of all dependents • Last year’s tax return • Spouse’s tax return from previous year, if filing jointly
Income Information • If you are filing a joint return, W-2 forms from all of your spouse’s employers in the last year • Information regarding investment income, including proceeds from the sale of bonds or stocks, income from foreign investments, interest income, and/or dividend income
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• Income from local and state tax refunds from last year • Business income and accounting records from businesses individuals own • Unemployment income • Rental property income
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• W-2 forms from all employers you worked for in the last year
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should have the following items ready when visiting their tax preparers.
• Proof of miscellaneous income, such as lottery winnings, gambling winnings, etc.
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Income adjustments (if applicable)
Bank information
• Homebuyer tax credit
• Bank account number
• Green energy credits
• Bank’s routing number
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• IRA contributions • Mortgage interest
This list is a general list of documents that taxpayers may
• Student loan interest
need to bring when visiting their tax preparers. Individuals
• Contributions to medical savings accounts
who want to be certain they bring all the documents
• Self-employed health insurance
necessary to file their returns should contact their tax
• Education costs • Qualified medical expenses
Dependent care (if applicable) • Education costs • Childcare costs • Adoption costs
Charitable contributions (if applicable) • Charitable donation receipts
preparers in advance of their appointments to determine which documents they will need to make the process go as smoothly as possible.
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Simple ways to keep a realistic budget
MetroCreative
Successful financial plans often begin with the creation of a budget.
spending habits, but it doesn’t have to put a complete damper on plans. In fact, with a budget in hand, people may be more free to spend because they will have a
A budget is an estimate of income and expenses in a given period of time. Budgets help with long-term goals like paying off a mortgage or sending a child to college as well as short-term goals like financing a dream vacation. Not all budgets are alike, and when people hear the
stronger grasp of their financial situation. Making a realistic budget does not have to be a chore. Here is how to get started. • List the necessities. Begin by calculating the costs
word “budget,” they may get apprehensive. Budgeting
associated with fixed needs, including rent/mortgage,
may require making some concessions in regard to
utilities, food, and any other bills you have to pay each month. • Add existing debt. Debt includes any routine payments being made to credit card companies, student loan lenders, car payments, or unpaid medical bills. • Conduct a spending analysis over several months.
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Budgets are easier with fixed numbers, but unforeseen variables can affect spending every month. These can include the extras for clothing, entertainment and much more. Average the cost of these expenses throughout your analysis period so you can get some idea of how much to allocate for them. • Use software or apps to help. There are plenty of
$
resources available to help people calculate their budgets
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and get a picture of their financial habits. Resources such as Mint, YNAB (You Need a Budget) and various
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Thinking of Pre-Planning Your Funeral or Cremation
accounting programs can produce spreadsheets, pie charts and bar graphs as you work to create a budget. • Start trimming gradually. Quitting a certain lifestyle cold turkey can be jarring. Gradually cut back on your spending if your analysis suggests that’s the way to go. • Automate saving. Immediately removing a set amount from your paychecks by having it directly deposited into a separate account can remove the temptation of spending too much from your financial equation. Budgets are a key part of a financial plan and can help people reach their goals.
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5 options for funding your next home improvement project
MetroCreative
Before starting a home improvement project, either on one’s own or with the assistance of a professional contractor, homeowners must first consider the costs involved. According to the home improvement resource HomeAdviser, more than one-third of homeowners do not understand what hiring a professional will cost, and then cannot successfully budget and secure financing once they have set their sights on a renovation project.
options.
HomeAdviser says that some of the more popular projects, such as remodeling a kitchen or bathroom or building a deck, can cost, on average, $19,920, $9,274 and $6,919, respectively.
2. Home equity line of credit: The financial experts at Bankrate indicate that a HELOC works like a credit card, with the house as collateral. There is a credit limit, and borrowers can spend up to that limit. The interest rate may or may not be fixed. However, the interest may be tax-deductible if the financing is used to improve, buy or build a home.
Homeowners may find that the more expensive renovations require them to secure some type of financing. Those who have never before sought such financing may want to consider these
1. Cash-out refinancing: With cash-out refinancing, a person will begin the mortgage process anew with the intention of paying off the current mortgage balance, and then taking out additional funds for other purposes. Cash-out refinancing is a way to tap into a home’s existing equity for use on improvements or other expenses, such as college tuition.
3. Home equity loan: Individuals also can borrow against equity in their homes with a fixed interest rate through a home equity loan. Most lenders will calculate 80 percent of the home value and subtract a homeowner’s mortgage balance to figure out how much can be borrowed, according to the financial advisery site The Simple Dollar. 4. Personal loan: Homeowners can shop around at various financial institutions for competitive personal loans to be used for home improvement purposes. Funds may be approved within one business day, which can be ideal for those who want to begin their improvements soon. 5. Personal line of credit: A personal line of credit allows borrowers to borrow only the money needed at the time, and offers a variable interest rate that is generally lower than fixed loan rates. Again, like a credit card, PLOC gives a person a maximum borrowing amount and is ideal for ongoing purchases. Homeowners looking to finance their next improvements should speak to a financial adviser and shop around for the best types of funding for them.
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What are the hidden costs of untreated hearing loss?
Dr. Anne Simon, Audiologist, Simon Audiology & Tinnitus
“I never thought of my hearing loss as anybody else’s problem,” says Frank Bentley, a mechanical engineer. Bentley’s untreated hearing loss came with a long list of accommodations. Workmates would relay key details from phone conversations. He never answered his wife’s phone calls at work. He had long since stopped attending professional association meetings and conferences. “I couldn’t hear the presentations. I loved talking shop with colleagues. But now, networking events were a waste of time.” He avoided family events unless they were at home. The friction in his marriage gradually increased. “My lack of hearing became the elephant in the room that everyone in my life had to tip-toe around.” Bentley continues, “All my social, family, and job decisions were warped by my hearing loss.” Finally, Frank had a moment of epiphany. He walked into the kitchen to see his wife comfort their sobbing 7 year old granddaughter. “I kneeled down to offer her a hug and ask what was wrong. She ran out the door!” Confused and wondering what was wrong Bentley stood to see anger in his wife’s eyes.
genuinely heard. You don’t have to live with untreated hearing loss. You don’t have to live the story of your life with pages missing. If you or a loved one are experiencing hearing loss, call 208-746-7022. Schedule a hearing test and let me help you live your life to the fullest. Signs you have hearing loss. • You have difficulty understanding people on the phone. • You commonly find yourself in disagreements because of a lack of understanding. • The voices of women and children are hard to understand. • You have worked around excessive noise (factory, airport, military, firearms, big machines)? • You have trouble understanding in noisy situations (restaurants, social gatherings, public events)?
Knowing he wouldn’t be able to hear anything, Bentley declined his granddaughter’s invitation to her school play. The image of his granddaughter running out the door sobbing was the last straw. “I could no longer ignore the price that everyone else was paying for my hearing loss.” Living without being able to hear Frank’s story reveals some of the costs of untreated hearing loss. As humans, we collect information through five senses. Being fully alive means having access to the breadth of information available to us. We are presented with countless decisions in our walk through life: at work, with family, social engagements, with friends. Better information can lead to better decisions. Lack of information impairs our ability to make sound decisions. Among our greatest emotional needs is the need to feel heard and understood. Untreated hearing loss impairs the ability to hear, understand, and empathize with those we care the most about. Relationships are far richer when both parties feel like they are 548026A_19
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How young people can avoid the debt trap
MetroCreative
Rites of passage come in many forms. Some are religious ceremonies marking an important stage in a person’s spiritual life, while others are less ceremonial but still impactful. For many young people who are old enough to vote but not necessarily old enough to live completely independent of their parents, digging oneself out of debt is an early financial rite of passage. But youth and debt need not go hand in hand, even though statistics suggest otherwise. According to the Federal Reserve, student loan debt reached historical highs in the first quarter of 2018, surpassing $1.5 trillion for the first time ever. That figure is even more staggering when compared to figures from a decade ago, when total student loan was about $600 billion. And it’s not just student loan debt that’s jeopardizing young people’s financial futures. Consumer debt compiled through the use of credit cards has long been a thorn in the sides of young adults, many of whom apply for credit cards before they fully understand the concept of credit, only to learn the hard way that swiping credit cards comes at an oftentimes steep cost. But while the young people of yesteryear might have
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17
landed in debt by using credit cards for nonessentials
Avoid consumer debt.
like a night out with friends, a recent survey from the
Interest rates on credit cards can be high, especially for
professional services firm PwC found that young adults
young people without lengthy credit histories. As a result,
currently between the ages of 25 and 34 are more likely
it’s best to only use such cards for emergencies and not
to buy day-to-day essentials with credit. In fact, 20
to pay for nights out with friends or a new pair of shoes.
percent admitted to doing to so in the past six months,
Consumer debt that’s not paid off in full each month also
compared with just 6 percent of adults age 55 and over.
can adversely affect young adults’ credit ratings, which
That could be due to a number of factors beyond young
can hurt them when they get older and look to buy their
adults’ control, including low and stagnant wages, but it
own homes or other big-ticket items.
also might be a byproduct of young adults not knowing
Live at home.
how to avoid debt. If it’s the latter, then young adults can
While many college graduates want to maintain their
try to employ the following strategies to avoid falling into
independence and live on their own after graduation,
the debt trap.
moving back in with mom and dad might be the most financially savvy move to make. Doing so allows young
Explore your repayment options.
adults with jobs to begin building their nest eggs and can
According to Student Debt Relief, a private company
help them avoid having to use credit cards to meet their
that looks to educate and empower consumers about
day-to-day needs. Debt ensnares many young adults.
student loan debt, the average college graduate in the
But there are ways for young people to avoid debt
class of 2016 had $37,172 in debt. That’s nearly $10,000
and pave the way for a bright
more debt than the average graduate from the class of
financial future.
2011. Young adults struggling to repay their student loans can explore various options, including federal
Plans grow and change, just like you
student loan repayment plans, such as the Pay As You Earn plan and the Income- Based plan. Each plan is different, but young adults should know that they have many repayment options.
DISCOVER THE BENEFITS
My mission is to help you at all stages and through the changes that life may bring. Contact me to discuss your personal financial plan.
Of Giving Wisely
Did you know there are creative ways to support Tri-State Hospital Foundation? Ways in which Tri-State, you, and your loved ones all benefit at the same time? fts,” Such giving techniques are called “planned gifts,” because with thoughtful planning, you create ur win-win solutions for you, your family, and your only community owned and operated hospital..
509.758.4902
Foundation@tsmh.org
Waddell & Reed, Inc.
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Donald Montgomery
LEGACY CIRCLE
Legacy Circle is designed to honor those who have recognized Tri-State Hospital Foundation with a planned gift.
HOSPITAL
1254 Highland Avenue, Clarkston, WA TriStateHospital.givingplan.net
Financial Advisor 913 6th St. Clarkston, WA 99403 office 509-254-5060 dmontgomery@wradvisors.com donald.montgomery.wradvisors.com Now servicing Lewiston, Clarkston, Pullman and Moscow 548071A-19
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jANUARY 26, 2019
Tax-advantaged investing
MetroCreative
Investing has always been a means for people to grow their wealth and make their money work for them. Investors know that protecting investment earnings is important, and that often can be achieved through tax-advantaged investments. Tax-advantaged investing, also called tax-efficient investing, allows investors to maximize the profits they can keep after taxes are filed. Investment selection and asset allocation are important factors affecting returns, but minimizing taxes and other
Tax & Accounting Services
MERRILL KAUFMAN PLLC D. LaRae Merrill C.P.A.
email: larae@clarkstoncpa.com
Karen Kaufman C.P.A.
email: karen@clarkstoncpa.com
724 Sixth Street, Clarkston, WA 99403
(509) 758-1580 Fax (509) 758-6845
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costs is also crucial, according to the Schwab Center for Financial Research. There are some ways for investors to keep more of their assets. A qualified financial adviser can help navigate the waters of the best tax-advantaged options. When investing on an annual basis, there are some general accounts people can use to their advantages. • A 401(k) or 403(b): These accounts are an ideal way to get “free” money. Funds in these accounts are put away pre-tax. Because your adjusted gross income is lowered, so is your federally taxable income. In addition, some employers may match contributions up to a certain percentage. Companies also may offer Roth 401(k) plans, which differ from traditional plans in regard to when you pay taxes. With Roth plans, you pay taxes up front. When the money is eventually withdrawn, those withdrawals are tax-free.
jANUARY 26, 2019
liFE p LANNING gUI DE
• IRAs: Individual retirement accounts are similar to 401(k) plans in that they’re tax-deferred. However, they generally offer greater freedom in investment choices. Roth IRAs, like the Roth 401(k) plans, must be paid with after-tax dollars. But the advantages are higher contribution amounts, withdrawals that are tax-free and no mandatory withdrawals when a person reaches a certain age. • Tax-Free Savings Account (TFSA): Canadian investors can explore TFSAs. These are accounts that do not tax any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax-free. It is available to individuals ages 18 and older in Canada and can be used for any purpose.
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• College savings accounts: Investing in a 529 plan can be wise for parents. While money is invested after tax, it is tax-free when withdrawn for qualified higher education purposes. • Health savings accounts: To get a tax deduction on health expenses, an HSA is the way to go. HSAs are linked to high-deductible health plans and allow account holders to use the funds for qualified spending. Working with a financial planner can help investors maximize their investments to be as tax-efficient as possible. Financial experts understand funding limits and the timeline in which to invest for tax advantages.
Because we’ve got your back. Whether it’s saving for your retirement, a brand-new car, or a dream vacation, we’re here to help you. So, whatever an amazing life looks like for you, let us help you get there.
Federally Insured by NCUA 548561A_19
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Dreaming Up the Ideal Retirement Is Your Job. Helping You Get There Is Ours. To learn more about why Edward Jones makes sense for you, call or visit a financial advisor today.
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517 Thain Road Lewiston, ID 83501 (208) 746-7167 1-877-490-7167
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Financial Advisor
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Financial Advisor
1300 16th Avenue Suite 101 Clarkston, WA 99403 (509) 758-8353
609 S. Washington Suite 203 Moscow, ID 83843 (208) 882-1234
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302 5th Street Suite 1 Clarkston, Wa. 99403 509-758-8119 1-800-441-2308
Eastside Marketplace 1420 S Blaine, Suite 22 Moscow, ID 83843 (208) 882-4474
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