Here are 3 Great Reasons to Fund a Health Savings Account 1) Contributions are Tax Deductible To contribute to a Health Savings Account (HSA) you need to be eligible. To qualify you need to have a High Deductible Health Plan (HDHP). There are two requirements for this. Having a minimum deductible and a maximum out… Continue Reading: 3 Great Reasons to Fund a Health Savings Account
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
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
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA 1) College is Expensive Financing a college education today can be a big challenge. Having written some checks for college I find it handy to have a cold six pack close by. According to the College Board, the average tuition… Continue Reading: 5 Easy Reasons to Fund a 529 College Savings Plan
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Don’t you just love it when a Major League athlete signs a huge contract with a new team and says, “It’s not about the money.” Bull Just to be clear: It’s always about the money! Don’t get me wrong I… Continue Reading: “It’s Not About the Money”
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. Married couples filing a joint return with a modified adjusted gross income of less than… Continue Reading: 3 Proven Reasons You Need a Roth IRA
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA Required Minimum Distribution The Internal Revenue Service (“IRS’) requires taxpayers to begin to take their Required Minimum Distribution (“RMD”) from their IRA’s and 401(k) plans by April 1st following the year they turn 73. Failure to take this RMD will… Continue Reading: When You Should Take Your Required Minimum Distribution Early
This article on savings during retirement is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA 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 2021, investors… Continue Reading: The Difference Between a Roth IRA and an IRA
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA 1. Know Where to Start Most advice would suggest starting with knowing your goals. This is good advice with financial planning; it’s just not the first place to start. The first step is to have an adequate Cash Reserve. Everyone… Continue Reading: 3 Easy Things to Know to Get Tax Smart Investing
This article is original content written by Manchester, CT Financial Advisor Thomas Scanlon, CFP®, CPA How do you envision your retirement? Spending long, lazy days at the beach? Spending more time with your grandchildren? Going golfing or fishing a lot more? Everyone has their own ideal retirement plan. Want more help getting to your retirement? … Continue Reading: How to Use the Tax Code to Retire in Style