This January’s List is for the 93%
This time last year, I sent you a letter that listed 12 actions I suggested you take to make your 2022 the best it could be. As I reflect on that list now, I believe it was very helpful for about 7% or so of our readers. These would be the DIYers – the do it yourself folks.
I admit I can quote no academic studies to support this assessment. However, in my seven hundred eighty (780) years of experience I’ve found that about 7% of folks have the time, training, talent, and temperament to be their own financial advisors. For these people, my list was quite valuable.
Unfortunately, that left 93% of you quite on your own. And that’s not a very nice place for you to be. So, in 2023 I offer to all of you – the 93% – a list of your own. A good list. A short list. One item.
Partner yourself with a trusted, experienced financial advisor.
A trusted, experience financial advisor will partner with you. He or She will team with you to move you from point A (wherever you currently find yourself) to point B (wherever you direct your financial goals). Your advisor will guide and inform you. They co-ordinate the many parts of your financial life and integrate solutions that meet your specific goals and needs. Your financial advisor will work alongside you to get you where you wish to be. Systems, process, strategies, and tactics are all tools your advisor will use to your benefit.
Retirement planning. Social security questions. Medicare selection questions. Investment questions. Estate planning questions. Income tax reducing strategies. Life insurance evaluation and design. Long term care planning. Saving for college. Planning beneficiaries. These are all financial topics, but they mean very little until you are placed in the center of all these topics and many more. When you have a relationship with a trusted, experienced financial advisor all of these issues are resolved in strategies and plans that fit you precisely.
If you are a DIYer – please review my January 2022 letter for your marching orders.
If you are a 93%er – you know what you need to do.
And, of course, we’re here to help.
MtM’s Newest Advisor – Jon Weimer
Our MtM family is very excited to welcome the newest member of our team, Jon Weimer. Jon is a CERTIFIED FINANCIAL PLANNER™ and will be working with our fellow advisors to serve clients and their families. Jon graduated from Messiah College in 2013 with a degree in Business Administration. He previously worked at Fidelity for over 7 years before joining our office.
Jon grew up in Huntington, New York. He met his wife, Sarah, at Messiah College through the sports community – Jon played lacrosse and Sarah played softball. They currently live in Macungie with their two sons, Luke and Logan, as well as their French bulldog, Harvey.
Jon is looking forward to building deeper and more meaningful relationships with his clients and coworkers. He was drawn to the comprehensive style of service that MtM offers and sees the value of using all the skills that come with being a CFP®. He hopes to grow and nurture lifelong relationships with existing and future clients and contribute as much as he can to the team.
Welcome, Jon!
“Real Life Questions – Real World Answers”
“We learned about donating from our IRAs too late last year and want to make sure to take advantage of it this year.
My wife and I are both 76. We both have IRAs and we take our RMDs. Last year my RMD was almost $17,000 and hers was about $11,000. Can we give all this to charity? What are the limits? How do we go about getting this done? How is it reported on our taxes?
Thank you for your excellent show.”
Excellent for you.
The mechanics of getting your RMDs from your IRAs to charities of your choice is remarkably easy. Simply instruct you IRA custodian that you wish to use a Qualified Charitable Distribution (QCD) to send funds to the charities you’ve chosen. The custodian will draft checks directly to those charities. You may choose one or more charities and you may change your selections year by year. You can give your entire RMD amounts away through QCDs. In fact, if you wish, you can give much more – up to about $100,000 from each of you.
One of the attractive elements of the QCD is that it is not reported as income on your tax return. It does not increase your tax (in fact, eliminates the tax on your RMDs!). And it does not affect your Medicare premiums. Congratulations on your generous spirits.
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