Klayton Booth - Central Financial Group

06/16/2023

Starting in 2024, max HSA contributions will be $4,150 for individuals and $8,300 for families, up from $3,850 and $7,750 in 2023.

An HSA has unique tax advantages:
• HSA contributions and earnings are NEVER taxed
• No income tax on withdrawals
• Avoid the 7.65% payroll tax

HSAs are more powerful and perfect for high earners in high tax brackets.

Here's how to make the most of an HSA:
1. Enroll in a high-deductible health insurance plan.
2. Make automatic pre-tax contributions from your paycheck.
3. No "use it or lose it" - your money, your account!
4. Invest your HSA funds for compounding returns over time.

But remember:
• Out-of-pocket health expenses must be covered until you hit your deductible each year.
• Save your medical expense receipts - they never expire!
• Reimburse yourself in retirement for tax-free withdrawals.

06/13/2023

In recent months, there has been a surge in companies discussing and embracing the use of artificial intelligence (AI). With its potential to revolutionize industries and drive innovation, AI has become a focal point of strategic planning and development for S&P 500 organizations.

03/13/2022

Concerned about your investments and inflation? This article may be able to help.
https://money.usnews.com/financial-advisors/articles/advisors-urge-clients-to-plan-ahead-for-possibility-of-inflation

10/08/2021

Figuring out how much life insurance you need means considering several factors, including any debt, expected college expenses, and how much you’d like to leave your loved ones.

In this article, we’ll explain what face value in life insurance means, and look at why its an important component of your life insurance policy.

10/01/2021

Some employer-sponsored life insurance plans end when you leave the company. Investopedia offers intel on why you may need your employer’s policy plus an individual one.

Employer-provided life insurance is often inexpensive or free, but it may not be enough, and it poses other risks as well.

09/24/2021

With a permanent life policy, you receive a guaranteed minimum rate of return on the cash value of your policy and a guaranteed death benefit. Experian breaks down how it works.

You may be able to extract money from your life insurance policy. However, the ability to tap into the policy’s cash value depends on the type of coverage.

09/17/2021

When it comes to insurance, it’s best to lock in a rate when you’re young and healthy because the younger and healthier you are, the less expensive it is to insure you. Value Penguin breaks down the costs.

Want to know how the average cost of life insurance changes based upon your policy, age and health? We've researched life insurance rates for a wide variety of profiles to help give you an idea of what you may be paying in premiums for a new policy.