Do You Know If You Are Off Course?

The new year has taken off quickly; but if you feel a little off course, now is the time to stop and reorganize.  Below is an article I read that brought perspective on why planning and investing in your yourself and your future are so important. We can all get off track, but I am here to help you reset your course in planning for your financial future. Before your life gets too chaotic, let’s sit down together to make the right decisions for your financial situation, goals, and retirement plans.

Is the 4% Rule Right for You?

The New Year is finally here, and it is back to business from all the holiday fun, friends and family at Fitzgerald Wealth Management.  

Does the 4% Rule always determine a successful income plan in retirement? 

The 4% Rule is a withdrawal strategy that many use to produce income in retirement, but in my experience, most do not fully understand it. Below is one of the many articles I have come across that addresses the 4% Rule; however this one clearly identifies the risks if the rule is not correctly followed. Before you jump, remember your financial situation, goals, and retirement plans are unique to you.

Making a Difference while Receiving Arizona Tax Credits 

With the holiday season upon us, many people look for ways to give back to their community by either volunteering their time or donating to local charities.  The state of Arizona makes charitable giving a no-brainer since you receive a tax credit for donations made to certain organizations explained below.  Remember that a tax credit is a dollar for dollar reduction to your state tax liability, so it doesn’t cost you anything. 

Retirees, Check Your Withholding

Taxes may not be the first thing you think of when you are planning retirement.  However, whether you are getting ready to retire next year or are already retired, knowing your tax bracket is critical for making financial decisions. You want to understand how taking distributions and withdrawals, cashing social security checks, and providing charitable donations affect your tax bracket.  Let’s sit down to make sure you are making the best decisions for your tax situation and your financial future. You worked hard to get here, let’s ensure your retirement is everything you want it to be. 

Tax Changes That May Be Overlooked

Ensuring you have paid the right amount of taxes can be confusing and frustrating, especially if you have deductions, are contributing to charitable organizations or are making contibutions or withdrawals from a retirement accounts. If you are already retired and are taking distributions, taxes can play a critical role in your overall income. Knowing what your tax bracket is and how it impacts your income is vital to your financial future. Contact me and we will sit down and go over your financial planning.

Should You Care What the Market Does Each Day?

Market volatility can excite us and confuse us at the same time and this past week was no different. When markets fluctuate significantly, some make quick and hasty decisions which could prove costly in the long run. Reading headlines or listening to others without having all the facts is a mistake some investors make. 

So, what is the right thing to do? 

Before you jump, remember your financial situation, goals, and retirement plans are unique to you. For those collecting Social Security benefits, it was announced that both social security and the supplemental security income (SSI) for 2019 will increase to 2.8%. Good news. Give me a call, and together we can make the right decision for your financial future. 

Tax Efficiency in Retirement

Whether you are retired or still planning for retirement, understanding taxes and how it will affect your retirement savings is important. Knowing the tax implication of a pre-tax investment income versus an after-tax investment income is also key; especially when taking a withdrawal or Required Minimum Distribution (RMD) later in life. If you have questions regarding your accounts, overall financial planning or are unsure if you are "tax efficient," contact me.