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Feature: UNIQUE IDEAS FOR HOLIDAY GIVING
UniqueIdeas for
Holiday Giving
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The holiday season has become synonymous with gift giving, which isn’t necessarily a bad thing. Gifts are great! However, the joy of gift giving can often be overshadowed by an unnecessary need to meet the gift standards of our society.
While a constant barrage of ads and commercials tell us we need to buy more “stuff” for those around us, there’s another way to approach gift giving this year — and it doesn’t involve frenzied shopping or financial stress.
Let’s look at a few gifting alternatives you can consider this season.
Find local charities or organizations that run specific holiday gift-giving programs.1
If you and your family want to continue the holiday spirit, get more information about charities and organizations in your community that offer Christmas programs.
Examples:
THE SALVATION ARMY’S ANGEL TREE PROGRAM Each year, the Salvation Army provides Christmas gifts to children in local communities. They offer several ways to get involved, including simple monetary donations, adopting a family, and volunteering time. Keep in mind that to apply to adopt a family, you must be a resident of the county where the Salvation Army resides. Contact your local center for more information.
TOYS FOR TOTS Each year, the Toys for Tots program offers multiple ways to get involved with its mission. You can donate toys, money, or both — visit their website for more information.
Examples:
MEALS ON WHEELS Many local Meals on Wheels locations benefit from monetary donations, meal prep volunteers, and delivery route drivers. Reach out to your local community’s Meals on Wheels to learn how you and your family can get involved.
HARVEST HOPE FOOD BANK This organization serves the Upstate and Midlands and offers multiple ways to get involved. With Harvest Hope, you can become a volunteer, give monetary donations, donate food, and even host your own food drive.
2Donate or volunteer with local food banks or meal service organizations.
Volunteering is a fun way to get the whole family involved! Food banks and other meal service charities are typically situated in local communities. To find them, do a quick search for “food bank volunteering near me.” Some of these charities may have age restrictions on volunteers due to safety precautions, so research before you go.
3Get involved with a charity or organization that matters to you. 4Look to the community around you and meet a need you see. Charities don’t have to have a holiday-specific program to This creative approach to the holidays can encourage get involved during the holidays! Discuss with your family your family to become more aware of your community some causes you care about, then research local ways you and consider the needs of others. If you have children, can make a difference. This way, everyone can rally behind you could begin by asking them to pay attention the organization they are passionate about and figure to their peers in school, sports practices, or other out the best way to make an impact — whether donating activities they may participate in. What a great way time, money, or materials. to remind them that they should look for ways to help others and make someone else smile!
While this list isn’t exhaustive, we hope it will spark fun conversations about unconventional gift-giving options this holiday season. Whether you have children or not, there are many ways to get creative with your giving this year. After all, one of the greatest gifts we can receive is the joy of giving to others.
TELLERLINK
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Learn more at
spero.financial/tellerlink
B Y S P E R O F I N A N C I A L
Insured by NCUA
What We Read
The Paradox of Choice: How the Culture of Abundance Robs Us of Satisfaction
SYNOPSIS
American psychologist Barry Schwartz’s fascinating book is a social critique of our modern obsession with choice and how it results in less satisfaction, regret, and anxiety for consumers. All decision-making aspects of modern life have been inundated with an overabundance of alternatives, whether that means buying a new pair of jeans or picking out a new doctor. Our society is overwhelmed with decision overload.
WHY READ IT
This book details the interesting way that choice can sometimes lead to dissatisfaction after feeling that we’ve made the wrong decision, but it also offers some excellent advice on what we can do about that choice. It puts this plethora of decisions into perspective and gives insight into how we can be content with our choices.
SPECIAL TAKEAWAY
“Learning to choose is hard. Learning to choose well is harder. And learning to choose well in a world of unlimited possibilities is harder still, perhaps too hard.” At this time of year, when we celebrate friends, family, and a spirit of gratitude, we are also bombarded with the idea of gifts — and stuff in general. It’s helpful to be reminded that having more options for materialistic choices doesn’t necessarily make us happier. Instead, the book reveals, “What seems to be the most important factor in providing happiness is close social relations.”
THE FINAL WORD
Decisions, decisions. We can’t avoid them, and we have to make them every day. Knowing this and understanding that we can control our response to all the choices we encounter can help us appreciate the things that we already have – which is especially important in the midst of the holidays!
Types of IRAs: Which One is Right for You?
Thinking about IRAs and saving for retirement is probably not top-of-mind to most of us during this time of year. However, as the holiday festivities wane and we move into the new year, it is a great time to get ahead on your retirement planning. As you do so, researching IRAs is the perfect first step. And the best part, we’ve done the heavy lifting for you - all you have to do is continue reading!
What is an IRA?
An IRA is an individual retirement account, a form of pension that provides tax breaks on retirement savings to the account holder. There are several types of IRAs to choose from, each with a distinctive tax advantage. Depending on your current situation and future goals, investing in multiple IRAs can be part of a well-rounded retirement strategy.
Still not sure what IRA is best for you?
Spero is ready to help! We offer Traditional and Roth IRAs and would love to help you determine which option is right for you. Contact a Spero representative today to get started!
Types of IRAs 1 2 3 4 5 6
TRADITIONAL IRA
A traditional IRA allows the account holder to make pre-tax contributions towards retirement. Required minimum distributions start when the account holder turns 72 years old, and the distributions are taxed at the current income tax rate of the account’s owner. Annual contributions are limited to $6,000 if you are younger than 50 and $7,000 if you're 50 or older.
ROTH IRA
Roth IRA's share the same contribution limits as a traditional IRA but your filing status and income level may affect what you can contribute. Contributions to a Roth IRA are made on an after-tax basis; therefore, your withdrawals are not taxed. This makes a Roth IRA a good choice for those who expect their tax bracket to be higher when they retire than it is currently.
SEP IRA
A SEP (Simplified Employee Pension) IRA is a type of traditional IRA that employers set up for their employees. Annual contributions to a SEP IRA are higher than other tax-favored retirement accounts. Employer contributions must be equal for all employees, regardless of the employer’s cash flow. Based on these considerations, SEP IRAs are typically a good choice for self-employed people or small business owners.
SIMPLE IRA
A SIMPLE IRA stands for Savings Incentive Match Plan for Employees. Similar to employersponsored 401(k)s, SIMPLE IRAs offer an attractive option for small businesses and selfemployed individuals. Contribution limits to SIMPLE IRAs are lower than contributions for 401(k)s, and employers must match up to 3% of the employee's compensation or maintain a fixed contribution of 2%.
NON-DEDUCTIBLE IRA
Much like a Roth IRA, the contributions to a Non-Deductible IRA made using funds that have already been taxed; therefore, your withdrawals are not taxed. These retirement accounts are a good option for those who earn more than the income limits set by a Traditional or Roth IRA. No matter the income of the account holder, they can contribute to their Non-Deductible IRA. It’s worth noting that Non-Deductible IRAs do not have the same tax benefits as other IRAs, as contributions can only be made with after-tax dollars.
SPOUSAL IRA
Spousal IRAs are a good option for married couples where one spouse earns little or no income. The couple must file a joint tax return and have taxable compensation to be eligible for a Spousal IRA. The working spouse contributes to the account under the name and social security number of the non-working spouse. Contribution limits are maxed out at $12,000 per year for those under 50 and $13,000 for those 50 and older.
True Cost The of Giving a Pet for the Holidays
It’s a common tradition for parents to surprise their children with a furry-friend come Christmas Day morning - nothing is more magical than that, right?
“Can we get a puppy?” Have you heard this a time or two? In fact, a survey conducted by OnePoll found that children ask for a pet on average 11 times per month starting at age 6! If you are wishing to make this dream a reality for the kiddos come this holiday season, first, consider the lifetime cost of a pet! The pros may definitely outweigh the cost, but the cost should also be carefully considered.
The pros we’re speaking of - according to The Ohio State Veterinary Medical Center, owning a pet can help lower stress, blood pressure, and heart rate. It can also provide social support, help owners stay in shape, and even prevent illnesses. No wonder why people love their pets!
Now, for the costs. We’ve broken down the costs of owning a dog or a cat so that you can be fully prepared to welcome a new pet into your life.
Dog Cat
HOW MUCH DOES IT COST TO HOW MUCH DOES IT COST TO OWN A DOG? OWN A CAT?
Dogs are the most popular pet in the US, but how much does it cost to get a dog and maintain care throughout its life? Let’s take a closer look:
One-Time Expenses
The first year of owning a dog will likely be the most expensive, as you’ll have to purchase many items for the first time. The good news is that many of these costs are one-time expenses.
• Food: $120-$600 • Check-ups and vaccines: $60-$300 • Heartworm and flea medication: $80-$400 • Treats: $20-$50 • Toys: $30-$80
• Adoption fee: $0-$400 • Spay/neuter: $100-$250 • Initial vet exam: $60-$150 • Food and water bowls: $5-$30 • Collar, tags, and leash: $20-$80 • Bed and crate: $70-$300 • Carrier: $40-$100
Total One-Time Expenses = $295-$1,310
Annual Expenses
After the one-time costs are covered, there are a few expenses that you can count on paying each year to care for your pup:
Total Annual Expenses = $310-$1,430
Cats may be the second-most popular pet in the US, but they typically require less care and attention. In addition to making them perfect companions for busy lifestyles, their independence usually results in a lower cost of ownership.
One-Time Expenses
Like a dog, cats will be more expensive in the first year as you incur many of these one-time expenses:
• Adoption fee: $0-$200 • Spay/neuter: $100-$175 • Initial vet exam: $120-$150 • Collar and tags: $15-$70 • Litter box: $10-$100 • Bed: $20-$80 • Food and water bowls: $5-$25 • Carrier: $15-$50
Total One-Time Expenses = $285-$750
Annual Expenses
The yearly expenses for your cat will look something like this:
• Food: $100-$500 • Check-ups and vaccines: $60-$500 • Flea and tick medication: $60-$150 • Treats: $15-$30 • Toys: $10-$60 Total Annual Expenses = $245-$1,240
The totals above represent the expected expenses of owning a dog or cat. But, just like with anything else in life, unexpected costs can arise. Of course, your four-legged friend could get sick, injured, or eat something they aren’t supposed to and run up a costly vet bill. That’s why it’s always wise to set aside some money for unexpected expenses.
When you’re prepared to purchase everything your new pet needs to be happy and healthy, the expenses can be less jarring. You’ll be able to spend more time enjoying your newest family member, all while making memories of holiday mornings that your kiddos will treasure forever!
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