IRA

The Back Nine – Practical Financial Steps for Retirement

Depending on whether you counted your birthdays or used the mortality tables, many (including the author) are on “The Back Nine.” You have made the turn, grabbed a burger and a coke at the stand and are starting the last nine holes. Unlike real golf, with financial planning, there is no mulligan allowed. Your mission… Continue Reading: The Back Nine – Practical Financial Steps for Retirement

“I Love Paying Taxes.” Said No One, Ever!

With April 15th right around the corner, well its Tax Day. Time to settle with Uncle Sam. If you have state income taxes, you will also have to settle with Cousin Sam. A Brief History of Income Taxes The first modern day income tax in the United States was in 1913 with the passage of… Continue Reading: “I Love Paying Taxes.” Said No One, Ever!

IRA vs. Roth IRA. What You Need to Know.

IRA To be eligible for an IRA, you will need to have earned income. This is from your wages as an employee. If you are self-employed, this would be from your self-employment income.In the past, there was an age restriction on who can contribute to an IRA. This is no longer the case. If you… Continue Reading: IRA vs. Roth IRA. What You Need to Know.

3 Easy Reasons to Open a Roth IRA

In my opinion, many investors will need to open a Roth IRA for their retirement. Here are 3 reasons why. 1) To Fund Your Retirement Sorry to state the obvious. If you do not realize this already: You are on your own with your retirement. Let that sink in. You (likely) will not be getting… Continue Reading: 3 Easy Reasons to Open a Roth IRA

3 Reasons to Skip the Financial New Year’s Resolutions This Year

Happy New Year! You didn’t make up another list of New Year’s Resolutions again this year, did you? According to Forbes 62% of Americans feel pressured to make New Year’s Resolutions. In 2023 The top 5 New Year’s Resolutions were: 1) 1)   Improve Fitness – 48% 2)   Improved Finances – 38% 3)   Improved Mental Heath – 32% 4)   Lose Weight –… Continue Reading: 3 Reasons to Skip the Financial New Year’s Resolutions This Year

6 Easy Ways a Financial Advisor Can Add Value

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA.

1) Risk Management

I know risk management is just another term for insurance. No one wants to read about insurance, much less buy more of it. Insurance however is just a way to share the risk. There are many risks we face and not all of them can be insured against. A good financial advisor will be able to articulate the risks and offer the ways to manage these risks.

2) Cash Flow

Face it, money is tight. The economy is not exactly roaring. One way a financial adviser can add value is to get a handle on your expenses. It won’t be their job to tell you what your budget is. That’s your job. A good advisor however will be able to tell you what the consequences of going off the reservation too far are. Day to day living expenses, saving for retirement and education and oh, paying for a little vacation all add up.

Continue Reading: 6 Easy Ways a Financial Advisor Can Add Value

The Difference Between Tax-Deferred and Tax-Free Investing

Investors need to know the difference between tax-deferred and tax-free investing. Tax-Deferred Investing Investors can avail themselves to tax-deferred investing by contributing to their 401(k) plan at work or by funding their IRA. Contributions to these accounts are tax-deferred. The contributions are put in pre-tax. The funds grow tax deferred. When distributions are made from… Continue Reading: The Difference Between Tax-Deferred and Tax-Free Investing

4 Things Every Investor Can Control

Investors can easily get distracted these days.  Hop in the car on the way to work, turn on the radio and get updates on the stock market futures. Check your online portfolio at work during your lunch break.  Perhaps you even check it several times a day when you should be working. Stop off after… Continue Reading: 4 Things Every Investor Can Control

7 Reasons Why All Investors Over Age 70 1/2 Should Consider a Qualified Charitable Distribution

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Our observation is that many people are very generous with the donations they make.  It sure helps that there is likely a tax deduction for this, no question.  Many people are accustomed to donating cash, writing a check to the… Continue Reading: 7 Reasons Why All Investors Over Age 70 1/2 Should Consider a Qualified Charitable Distribution

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