- Tax PlanningWhile following a solid tax planning strategy throughout the year is integral to your overall financial plan, some special considerations may maximize your refund or reduce overall tax liability.
- Estate Taxes
- Roth IRAA Roth IRA can help address tax diversification through long-term compounding and access to funds in retirement. The Roth allows you to withdraw original contributions tax-free and penalty-free at any time for any reason. Any money in a withdrawal that exceeds the amount of your original contributions is considered “earnings” and is subject to possible penalties and taxes. To withdraw earnings without paying taxes or penalties, you must follow very specific rules. Not only do you not pay taxes on qualified distributions from a Roth IRA, but that income doesn’t count when calculating taxes on Social Security payments.3
- Tax DeductionsAmong the first things to consider in retirement investing’s earliest considerations is regular contributions and the power of compounded interest. Obviously, the earlier you start, the better your chance of accumulating earnings. There’s also the added advantage of getting a current income tax deduction on tax-deferred contributions to qualified retirement accounts.
- Income TaxWe all know there are only two things certain in life: death and taxes. The first is frequently not planned for. Most states have a will for you even if you have not developed one yourself. It makes good financial sense to make sure all of the hard-earned assets you have worked for actually go to whom you would like to receive them, in the most estate- and income-tax-efficient way.
- Capital Gains TaxesThe IRS recently updated some rules about trusts that could make your heirs accidentally liable for capital gains taxes.
- Mutual FundsLet’s start with mutual funds, one of the oldest and most common ways people invest. Here’s how the Securities and Exchange Commission (SEC) defines mutual funds...
- Wealth ManagementWhile studying personal and family finance at the University of Missouri-Columbia, Chad started his career in the financial services industry in 1999 as an intern with Franklin Life Insurance, the company his father worked for. Chad became a full-time agent in 2001 and three years later created the insurance company’s wealth management division, now known as Centorbi Financial Group. Since 2004, Chad and his team have comprehensively assisted clients in achieving “true wealth.” While true wealth means different things to different people, they define it as anything that money can’t buy and death can’t take away.
- Financial PlanningChad is committed to continuing his education to better serve his clients. He holds Certified Fund Specialist (CFS) and Certified Estate and Trust Specialist (CES) designations. He also is a part of Ed Slott’s Elite IRA Advisor Group* and a member of the Financial Planning Association. He holds his life insurance license and has passed the Series 6, 63 and 65 securities exams.
- Retirement PlanningRetirement planning looks much different than it did a century ago. With lifespans and retirements lasting longer, it’s not just about planning for a financial future; we must also create a post-career strategy that takes into account emotional, intellectual and quality of life challenges during lat...
- AnnuitiesThe Insured Retirement Institute (IRI) – a trade association for the retirement income industry – advocates annuities as vehicles that can help provide retirees income guaranteed by the insurer. The organization has been actively educating and lobbying legislators to expand annuity access as part of...
- Long Term CareNavigating the complexities of elder care for loved ones can be challenging, and it is a journey that many of us will embark on as our parents or other family members age.