Advisors for Educators

11/05/2024

📊 Election Day is here! As we await the results, remember: markets have thrived under all administrations. Staying focused on the long term and avoiding reactionary decisions is key. Both parties have overseen strong market growth—trust your plan, stay the course, and let’s keep moving toward your financial goals with confidence! 🌱

The newsletter link is in the comments!

I hope this message finds you and your family well. I’m proud of the progress we’ve made together towards achieving your financial goals. A strong financial plan continues to be the cornerstone of our strategy, guiding each decision with a steady, objective perspective. This planning approach he...

04/19/2024

🏡 Considering buying a home? 🤔 As my wife and I navigate the wild world of Long Island real estate, we're pondering whether homeownership is truly a savvy investment. From comparing homes to retirement accounts to exploring tax benefits, this piece offers a fresh perspective on the age-old question. Who knew house hunting could spark such financial contemplation? The newsletter link is in the comments! 🏠💼

04/05/2024

ROTH IRA for a Teenager

During the Annual Review Meetings held with my clients in the initial months of the year, I consistently found myself addressing similar inquiries from them. One topic that has sparked considerable interest among our clients is the idea of ROTH IRAs for teenagers. Recently, a client shared a real-life example that beautifully illustrates the potential benefits of this strategy. I hope that you find it interesting.

***Newsletter link in the comment below.***

11/13/2023

💸 Health Savings Account (HSA) vs. Flexible Spending Account (FSA) showdown! 🤔💼 Dive into the world of healthcare savings with us as we break down the differences and find out which one suits your financial game plan! 💰🌐

https://mailchi.mp/531377e62b07/financial-planning-insights-12712056

05/25/2023

🚨🚨🚨What is the debt ceiling and should you be worried? Will the U.S. government default? What would be the consequences?🚨🚨🚨

Click on the link below and find out the answers to these questions. Comment below if you would like to subscribe to our monthly newsletter! 📰

How many times has the debt limit been increased? From the first debt limit in 1939 through the end of October 2022, Congress adjusted the limit 101 times. Except for a handful of declines in the 1940s and 1950s, all have been increases. Most recently, President Biden signed into law a bill raisin....

10/21/2022

Happy Friday! Big news in the retirement world, contribution limits are out and as expected are up! Here are the significant jumps for 2023:

- 401(k) went up $2,000 to $22,500
- Catch-up went up to $7,500 - ($30,000 wow!)
- Profit Sharing and SEP went up $5,000 to $66,000
- Compensation cap went up $25,000 to $330,000
- SIMPLE went up $1,500 to $15,500 (catch-up is now $3,500)

The IRS Notice Link is in the comments.

10/20/2022

On September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) released the 2023 premiums, deductibles, and coinsurance amounts for the Medicare Part A and Part B programs, and the 2023 Medicare Part D income-related monthly adjustment amounts.

For all of your visual learners see below. :-)

09/09/2022

"Can I contribute to both a 403(b) and a 457(b) retirement account?" Another question that I am asked a lot.

If your employer offers both, then YES you can contribute to (and max out) both accounts. The contribution limit for both 403(b) and 457(b) plans in 2022 is $20,500 (for people age 50 and over the limit is $27,000). This means you can put away as much as $41,000 (for people age 50 and over $54,000) which can supercharge your retirement savings and save you a LOT of money in taxes during the year you made a contribution!

09/08/2022

"Can I take RMDs from my IRA and reinvest them into my ROTH IRA?" One of my clients asked me this question the other day so I figured I'd share the response with you all.

The answer is YES but only if you receive "compensation" in the year during which you would like to contribute to your ROTH IRA. The IRS defines "compensation" as wages, salaries, commissions, tips, bonuses, or net income from self-employment.

If you have any questions on this or another topic, feel free to leave a comment below or send me an email at [email protected].