Reagan Financial Planning, LLC

09/17/2021

Did you know that September is College Savings Month?

With numerous events and activities planned, it's a great time to start saving or revisit your savings plan to stay on track. Also, with the manner in which the IRS is presently handling how families are receiving their child tax credits in the form of monthly payments, there has never been a better time to start a 529 College Savings Plan for your child. Just redirect a portion of this payment in to this new account. Please read the linked article, which describes the "ins & outs" of how 529 Plans work, and all of the benefits to having an account set aside to assist with your child's future educational expenses:

https://www.savingforcollege.com/intro-to-529s/name-the-top-7-benefits-of-529-plans

In Georgia, you can use the state sponsored plan and open an account with as little as $25.00. As always, let me know if I can assist you with this important family planning initiative.

529 plans offer unsurpassed income tax breaks. Earnings in a 529 plan grow federal tax-free and are not taxed when the money is taken out to pay for college. Contributions may be deductible on state income-tax returns.

02/25/2021

Don't forget that you have until April 15th of this year to add to, or to establish, your Individual Retirement Account (IRA) for tax year 2020. The maximum that you can contribute for the year is $6,000 (or $7,000 if you are 50 years old or older). The attached article describes which of the options that are available for this type of account, Roth or Traditional, may be best suited for your specific situation. And, as always, I am here to assist with what may be the best type of investment to hold inside the account as well:

Traditional IRA contributions can be tax-deductible; retirement withdrawals are taxable. Roth IRA contributions aren't tax-deductible; withdrawals are tax-free.

02/02/2021

Good news for parents that had babies in either 2019 or 2020 when it comes to the two rounds of "child dependent stimulus payments/tax credits" associated with the two Coronavirus Relief Acts initiated by congress to date. For children born in 2020, the "payment" will come in the form of an $1,100 tax credit when you file your 2020 federal tax return. For children born in 2019, the same $1,100 tax credit will be available for parents that didn't receive either the initial $500 payment that went out in early 2020 or the $600 payment that went out recently. Make sure that you address these tax credits within your federal tax return this year if you qualify. Certain income limitations apply and are covered within the attached article:

The first 2021 babies will get the spotlight, but the 2020 babies will get stimulus cash.

12/03/2020

Although the deadline for filing your income tax returns for a specific year is April of the following year, most of your tax planning maneuvers have to be completed by December 31st. This currently leaves roughly four weeks from today's date to make financial changes that may help reduce your income taxes for 2020. This year has been an unusual year, to say the least. Based upon how your particular year has proceeded financially to date, it may be a good time to consider; adding tax deferred contributions to your company provided retirement plan, how you may be able take advantage of the pause in RMDs for the year, or possibly exploring the sell of an asset with a current capital loss to help offset some of your capital gains that have built up year-to-date, etc. The following article from Fidelity Investments goes into detail on a few other actions that you may want to consider as well. And, as always, Reagan Financial Planning, LLC is here to assist in any manner that we possibly can.

There's still time in 2020 to take stock of your financial situation and make some tax-savvy moves. Learn year end taxes moves, here.

11/11/2020

Now that the presidential election results are close to being certified by the independent state agencies, the attached article from T. Rowe Price Investments gives some insight on how a Biden presidency might effect certain segments of our national economy. I hope you find some of the information beneficial as you begin to plan your finances for next year:

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09/29/2020

As our country prepares to tune in to tonight's first presidential debate leading up to the November election, it's important to remember that election results don’t typically drive financial market outcomes over time.

Key Takeaways from the Attached Article are Great Items to Keep in Mind as We Move Through this Year's Election Cycle:

- Presidential elections often lead to volatility in the markets. But “betting” on a political outcome is difficult and potentially costly.

- Markets historically go up no matter which political party wins a presidential election, so it typically pays not to try to time the election but stay invested for the long term instead.

- Taking a balanced approach is best. Stick to your saving and investing plan despite the short-term volatility that political, economic and market conditions may bring.

The likely drivers of short-term market returns are independent of election politics.

09/11/2020

With Open Enrollment being right around the corner for most of us, related to our health insurance and other benefit options, now is the perfect time to consider the use of a Health Savings Account tied to your health insurance coverage for 2021. These specific accounts offer the most tax efficient and flexible manner to pay for your expenses not covered by your health insurance, AND to potentially save and invest for your eventual retirement. Certain types of accounts offer tax deferred growth of your savings, such as your 401k retirement plan. Some accounts offer tax free growth of your after-tax contributions, like an Individual Roth IRA. But, a Health Savings Account (HSA) offers both advantages within one account. The account value can build up over time and belongs to you for life. The attached article offers an in-depth description of how best to utilize this account option, should it be available to you for 2021. Reagan Financial Planning, LLC can also offer assistance with analyzing whether this option would be beneficial for your specific situation moving forward.

Thanks to unique tax advantages, an HSA may be the best retirement option you never knew you had. Some ways to take advantage if you qualify for one.

08/11/2020

As we begin the second half of the fiscal year still dealing with the effects of Covid-19 and the economic realities of how the virus has affected the global economy, please refer to the attached article form Vanguard on how they perceive the rest of the year shaping up economically. Vanguard is one of the most trusted, and admired, voices in the investment industry. I hope you find the information enlightening as you make investment decisions moving through the rest of the year.

07/16/2020

Tune in tomorrow morning here on Facebook @10:30 am for a meet and greet with Mark to understand what Reagan Financial planning can offer you!!

07/01/2020

https://www.fidelity.com/learning-center/personal-finance/health-care-proxies?ccsource=email_monthly

06/23/2020

Where exactly do you stand in your retirement planning?

No matter your age, there are always initiatives and milestones that you can use to gauge your progress in this area of your financial life. And let’s be honest, no one sets out to be unprepared for this important stage of our future lives. The attached article gives a few tips, and realistic objectives, for specific age groups that can help you plan and monitor your retirement planning progress:

https://www.americancentury.com/content/direct/en/insights/guidance-planning/retirement/retirement-insights/retirement-savings-every-age.html?utm_campaign=market-economy_market-update-retirement-tips_critical-comms_D_202006&utm_source=sfmc&utm_medium=email&utm_term=0031I00000SkVNKQA3&partnerref=sfmc

Please don’t hesitate to reach out to Reagan Financial Planning, LLC for totally unbiased planning assistance

Gauge your progress with these tips and checkpoints along the way.

06/11/2020

When you hear the term “financial advisor,” what comes to mind?

What does a financial advisor do? From budgeting help to long-term care planning, they're an invaluable resource for more than you might think!