Monday, 05 August 2019
Did you know that Roth IRA’s for kids are a flexible way for you to help them start saving for retirement as soon as they begin earning income?
When you think of a Roth IRA, you don’t usually picture a child as the owner. But, when you dig deeper, a Roth really is an ideal savings vehicle because they have more than a half-century to watch their contributions grow tax-free. Plus, there is a great deal of flexibility allowing you to withdraw your contributions at any time without tax or penalties.
Here are some facts that you may not be aware of that could make setting up a Roth for your child a no-brainer.
- Savings at any age. No matter how old or young your child is, they can contribute to a Roth IRA as long as they have earned income.
- Parental Involvement. Either a parent or other adult must open the Roth IRA for a child.
- Flexible Convenience. Unlike other retirement savings accounts, you can withdraw funds from your Roth IRA without penalty. This could also make it a vehicle for college savings, first home savings, wedding, baby, etc.
Tuesday, 16 July 2019
Dennis Doble was recently quoted by Fiduciary News for their article Depending on Your Age, This Will Protect You from a Social Security FAIL.
Monday, 08 July 2019
“Change is the only constant in life” – Heraclitus
We all remember the Sphinx riddle – “What crawls on four legs in the morning, two legs in the daytime and three in the evening?” The answer—people --crawling as a baby, walking as an adult and needing a cane into old age. We’ve all, especially if you’ve ever had children, heard the saying, “The days are long, but the years are short.” These sayings are about the passage of time and how we, and everyone else, change. At home, I see my oldest daughter headed to middle school this coming September. The excitement is there, but a small “fear” of change exists and can be healthy to keep you on your toes! Life is an ever-changing series of sweet and sour moments. In this article we will discuss some healthy ways to approach and think about change; even find the beauty in it.
Transitions can be Difficult
Change, whether good or bad, can be challenging to adapt to. A promotion, a big move, a new baby, a retirement all can be wonderful, but any transition can still be difficult, emotional, or take some time to get used to. Often the best advice is to accept the change with grace. Find thankfulness and gratefulness and try to focus on the positive elements.
Humans are remarkably adaptable, but even so, we may need a little time to reorient ourselves even in the best scenarios.
There are some transitions that can be predicted and planned. If it is possible to improve your health by changing your lifestyle, then that is a proactive change that is improving your life. If you develop a succession plan or an exit plan for when your company closes its doors, then you will have confidence and security in what happens next. Taking control and making decisions can help you cope with a change and the feeling of losing control.
Wednesday, 12 June 2019
As a business owner, you should be aware of some recent federal tax legislation changes. Many of the changes can affect the bottom line for the business as well as you as the business owner - some in a good way and some in a bad way.
- The taxable income of a C corporation is now taxed at a flat 21% rate. Previously, the tax rates generally ranged from 15% to 35% (but some income was taxed as high as 39%). There is no longer a corporate alternative minimum tax.
Wednesday, 01 May 2019
We often take for granted the many opportunities over the years to be social. All of our school years provided a variety of chances to make friends. Most of our young lives we make friends through our community as well as shared interests to forced interaction. You had to deal with others and communicate, whether you wanted to or not. Careers offer social outlets for the same reason, you see the same faces, you have a common interest (work) and there is the potential to turn a co-worker into a friend or partner. Having children also opens the door to making friends with other parents.
Thursday, 28 March 2019
Suddenly you’re paying for a house that is too big, or a lease on a pickup truck you don’t use or just a membership to that fancy gym that you haven’t had the time to take advantage of yet. If your regular expenses are being paid for by credit cards or you can’t seem to save money at the end of each month, you might look toward “lifestyle creep” as the culprit. While it is easy to understand what lifestyle creep is and how it happens, it is still dangerously common among young professionals and those midway through their careers.