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…
Blog Archives
7 Easy Year End Tax Saving Steps for Connecticut Taxpayers
1) Fund a CHET 529 College Savings Plan 529 College Savings Plans are an effective way to save for a child’s or grandchild’s education. The State of Connecticut allows Connecticut Taxpayers to fund a Connecticut Higher Education Trust (“CHET”)…
The Difference Between a 401(k) plan and a Roth 401(k) plan
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
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
“It’s Not About the Money”
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…
Tagged with: 401(K) Plan, 529 College Savings Plan, 529 Plan, Apple Pay, Cash Reserve Fund, CHET, College Board, Connecticut Higher Education Trust, Connecticut Income Tax, Connecticut Income Tax Return, Connecticut Residents, Federal Reserve Board, Higher Education, IRA, Money, Mortgage, Required Minimum Distribution, RMD, Roth IRA, Student Debt, Student Loans, Tax Deduction, Tax-Free
3 Reasons Affluent Connecticut Residents Should Consider a Roth Conversion
Affluent folks in Connecticut should consider doing a Roth Conversion. What is a Roth Conversion? This is when a distribution is made from an IRA, taxed and then converted into a Roth IRA. Here are Five Reasons the Affluent…
Tagged with: Beneficiary, College Tuition, Connecticut, Connecticut Estimated Tax, Connecticut Income Tax, Connecticut Residents, Connectiut Estate Tax, CT, Estate Planning, Estate Tax, Estate Tax Portability, Estimated Tax, Gift Tax, Gift Tax Return, Income Tax, Inherited Roth IRA, IRA, Itemized Deductions, Ordinary Income Tax, Required Minimum Distribution, RMD, Roth Conversion, Roth IRA, Tax Penalty, tax-deferred, Tax-Free, Taxable Income
How to Use the Tax Code to Retire in Style
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? …
Tagged with: 401 (k) Plan, Adjusted Gross Income, AGI, Appreciated Property, Captial Gains, Connecticut, Connecticut Bonds, Connecticut Income Tax, Connecticut resident, Inherited Roth IRA, IRA, municipal bonds, Ordinary Income, Required Minimum Distribution, RMD, Roth 401(k) plan, Roth Conversion, Roth IRA, State of Connecticut, tax-deferred, Tax-Free
5 Reasons to Fund a 529 College Savings Plan
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…
Tagged with: 529 College Savings Plan, 529 Plan, CHET, College Board, College Education, College Tuition, Connecticut Higher Education Trust, Connecticut Income Tax, Connecticut Residents, Estate Tax, Gift Tax Return, Inflation, Lamborghini, New England, Starbucks, Task Rabbit, Tax-Free, Uber, UGMA, UNH, Uniform Gifts to Minors Act, University of New Hampshire
Tom Was Quoted in U.S. News & World Report on College Savings Trends
Tom was quoted in U.S. News & World Report on 3 College Savings Trends to Consider in 2015. Tom read the full article click here. The information contained in this report does not purport to be a complete…
No Deposit. No Return.
What does this mean? If you don’t put something in (deposit) you won’t get something out (return). Isn’t that the truth? This applies whether you want to learn to play the guitar, improve your culinary skills or learn how to…
Tagged with: 401(K) Plan, 401(k) plan employer match, Catch Up Contribution, CNBC, College, College Board, College Tuition, Financial Plan, Financial Well- Being, Great Recession 2008-2009, Income Tax, Investing, IRA, New England, Pension Plan, Portfolio, pre-tax, Required Minimum Distribution, Retirement, RMD, Roth 401(k) plan, Roth IRA, Saving, Social Security, Tax Deduction, tax-deferred, Tax-Free, Taxpayers
