Blog Archives

3 Proven Reasons You Need a Roth IRA

Posted in Financial Planning on January 27, 2020

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA To be eligible for a Roth IRA you need to have earned income from wages or from self-employment. Additionally higher income earners are not eligible. …

Tagged with: 401(K) Plan, Adjusted Gross Income, Beneficiary, CPA, Financial Advisor, Financial Plan, High Income Taxpayers, Income Tax, Income Tax Deduction, Inherited Roth IRA, Investors, IRA, IRS, Life Expectancy, Pension, Pension Plan, Required Minimum Distribution, Retirement, RMD, Roth IRA, Savings, Self-Employment, Social Security, tax-deferred, Tax-Free, Wages

This is NOT Your Parents Retirement

Posted in Financial Planning on January 27, 2020

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Are you planning for your retirement? If so, keep in mind, This is NOT Your Parents Retirement. Your Parents Retirement

Tagged with: 401(K) Plan, Catch Up Contribution, Earned Income, Full Retirement Age, Higher Income Taxpayers, Income Tax, Income Tax Deduction, Individual Retirement Account, Investors, IRA, Pension, Pension Plan, Retire, Retirement, Retirement Plan, Retirement Planning, Social Security, Taxpayers

3 Things In Life You Only Want the Best Of

Posted in Financial Planning on January 24, 2020

1) Seat Belts – Pretty Obvious 2) Parachutes – Any Questions? 3) Financial Advice

Tagged with: College Education, Financial advice, Financial Advisor, Full Retirement Age, Government, Life Insurance, parachute, Pension, Pension Plan, retired, Retirement, seat belts, Social Security, Union

Only The Thrifty Survive

Posted in Financial Planning on January 24, 2020

Andy Grove, the retired CEO of Intel wrote a book, Only the Paranoid Survive. It’s tough to argue with the title of this book. We are just going to tweak this to, Only the Thrifty Survive. The…

Tagged with: Andy Grove, College, Great Reccession 2008-2009, Intel, Only The Paranoid Survive, Retirement, Save, Save Money, The Millionaire Next Door

5 Easy Steps to Get a Paycheck in Retirement

Posted in Financial Planning on January 18, 2019

This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Playing more golf, going to the beach or spending more time with your grandchildren is how some visualize their retirement. During your working career…

Tagged with: 4% Withdrawl Rate, 401(K) Plan, Cash Reserve Fund, IRA, Pension Plan, Retirement, Retirement Plan, Roth 401(k) plan, Roth IRA, Self-Employed, Social Security, tax-deferred, Tax-Free

The New Normal

Posted in Financial Planning on October 26, 2016

The New Normal was a term to describe the financial conditions after The Great Recession of 2008-2009 by Mohamed El-Erian, currently the chief economic advisor at Allianz. The concept of the New Normal is that the economy would remain sluggish…

Tagged with: 401(K) Plan, 9/11, Barrons, Bimmer, BMW, Boston College, CD, College Board, Core Inflation, Dow, Dow Jones Indusstrial Average, Europe, Fed, Federal Funds Target Rate, Federal Reserve Board, GDP, Gross Domestic Product, Inflation, Interest Rates, Investment, IRA, Japan, Lone Survivor, Mohamed El-Erain, NASDAQ, Negative Interest Rates, No Easy Day, QE, Quantitative Easing, Retirement, Retirement Plan, Roth IRA, S & P 500, Social Security, Standard & Poors 500 Index, Starbucks, The New Normal, The Old Normal, The Red Bandanna, U-3, U-6, Unemployment Rate, Wall Street Journal, Ward and June Cleaver

4 Easy Steps to Stay Retired

Posted in Financial Planning on August 19, 2016

You have reached the holy grail (for some) and retired. Congratulations! You are in the Land of No Alarm Clocks. Now you can do (almost) whatever you want to do. You’ve worked your whole life to…

Tagged with: 401(K) Plan, 529 College Savings Plan, 529 Plan, Bank of Japan, Budget, Cash Reserve Fund, College, Connecticut, Connecticut Income Tax, CT, ECB, European Central Bank, Fed, Federal Reserve, Federal Reserve Board, Great Reccession 2008-2009, Income Tax, Individual Retirement Account, Interest Rates, Investment Portfolio, IRA, Living Expenses, Medical Bills, Medicare Tax, Money Market Account, Negative Interest Rates, New England, New Hampshire, Portfolio, Rainy Day Fund, Retire, Retirees, Retirement, Retirement Plan, Roth IRA, S & P 500 Index, Savers, Social Security, Social Security Tax, Starbucks, Swiss National Bank, The College Board

The Difference Between a 401(k) plan and a Roth 401(k) plan

Posted in Financial Planning on August 11, 2016

401(k) plan The 401(k) plan has become one of the primary retirement vehicles many people will use to help fund their retirement. It is one of the cornerstones in 5 Easy Steps to Retirement. Pre-tax contributions and tax-deferred compounding…

Tagged with: 401 (k) Plan, 401(k) plan employer match, Auto Enrollment, Catch Up Contribution, Congress, Default Investment, Defined Benefit Plan, Earned Income, Enron, Field of Dreams, Great Recession 2008-2009, Income Tax, Inflaton, IRA, Money Market Account, Paycheck, Pension Plan, Pension Reform Act of 2006, Retirement, Retirement Planning, Risk, Roth 401(k) plan, Roth IRA, Stock Market, Tax Deferred Accounts, Tax-Free

The Difference Between a Roth IRA and an IRA

Posted in Financial Planning on July 18, 2016

The Roth IRA and an IRA both offer different tax advantaged ways to save for retirement. If you are serious about your retirement plan take these 5 Easy Steps to Retirement. Roth IRA In 2019, investors are allowed…

Tagged with: 401 (k) Plan, 401(k) plan employer match, Beneficary, Beneficiary Designation, Cash Reserve Fund, Financial Plan, Income Tax, Income Tax Deduction, Income Tax Penalty, Inherited IRA, Inherited Roth IRA, IRA, IRS, IRS Form 8606, Required Minimum Distribution, Retirement, Retirement Plan, Retirement Planning, RMD, Roth 401(k) plan, Roth Conversion, Roth IRA, Tax-Free, Wealth Transfer

The Difference Between a Roth IRA Contribution and a Roth Conversion

Posted in Financial Planning on July 13, 2016

Roth IRA The Roth IRA (“Roth”) is an excellent tool to help provide for retirement funding. Here are 3 Proven Reasons You Need a Roth IRA. The Roth is a younger investor’s best vehicle to use. Unlike the IRA,…

Tagged with: 401 (k) Plan, 401(k) plan employer match, Adjusted Gross Income, AGI, Beneficiary, BMW, Connecticut, Connecticut Residents, Connecticut Taxpayers, CT, Estate Tax, Income Tax, Income Tax Bracket, Income Tax Rates, Income Tax-Free, Internal Revenue Service, IRA, IRS, Life Expectancy, Married Filing Jointly, Required Minimum Distribution, Retirement, RMD, Roth Conversion, Roth IRA, Tax Bracket, Tax Deferred Accounts, Taxable Estate