INVITING ALL BABY BOOMERS AND BEYOND: FINANCIAL PLANNING SEMINAR. CHECK SCHEDULE BELOW.
E-mail: contactus@agttax.com
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NOVEMBER 4, 2013 MONDAY
L. WOODS TAP & PINE LODGE, LINCOLNWOOD, IL.
AGT SEMINAR WITH ARYEH GOLDBLOOM: HOW TO PROSPER DESPITE ECONOMIC UNCERTAINTY
Everyone was surprised by the timing and depth of the two most recent financial crises, no one is better prepared than the seminar speaker - Aryeh Goldbloom. He shared tips and tools for safely navigating through the stormy economy that we are still in the midst of. In the early 2001, Aryeh decided that above all, in today's economy, people in or near retirement need safety. Since that time - 10 years ago - Aryeh has dedicated himself to finding the best performing safe-money-places available. If you're looking for ideas for protecting your money while still earning well in excess of inflation and taxes, then you will definitely learn a lot at Aryeh's seminar.
We were met and helped by Simcha of the Aryeh Goldbloom Team with additional information, including availability of appointment.
Future client
None of Aryeh's 700+ clients lost a dime when the market crashed in 2008
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I asked my lab tech colleagues when do they plan to retire? One said in 5 years. A younger one said in 10 years. Another said as long as they are able to work. A few told me they are already retired and getting their Social Security benefits. Goody, goody for me and goody, goody for you...all are good answers.
There are important steps to take if you want to secure and figure out your income needs for future retirement - that is, if you're planning to retire and you want not to pay 85% tax on your Social Security benefits. For retirees living on fixed income, the 2010 threshold is set at $44,000 for joint filers and $34,000 for single filers.
What do you do in the meantime? This is not for folks who are living from paycheck to paycheck, by the way.1. Dig out from your folder last year 1040 tax return. Look at the line that lists Social Security income. If there is a number such as $14,000 on the right side of the form from that row, then you had taxable Social Security income. By the way, I've been doing my income taxes for 20 years. It's that easy. Just follow the rules. The reasons people pay for certified accountants when filing their annual returns are they have complicated reasons, don't have time. don't know or would like to cheat the IRS. I just love the IRS. I'm a dyslexic taxfiler and they caught me and recalculated my math. Well, what do you know? I've got money in my tax return. Since then, I knew there's honesty in IRS. However, dear taxpayers, unlike when you pay the IRS and you paid late, you have to pay plus interest. But when IRS pays you late, there's no interest. LOL!
2. Social Security income is only taxable if your modified adjusted gross income is $25,000 or more if you're a single filer, or $32,000 or more if a joint filer. If your tax return shows you're paying taxes from all forms of investment income (CDs, interest, dividends, capital gains, and even municipal bond) you might want to reallocate to tax deferred or tax-free accounts such as fixed or variable annuity.
3. Another way to remove taxation on your taxable investment income is to sell it and buy it back inside a traditional or Roth IRA. Is 2010 the Year of the Roth? Only your financial adviser knows. It may not be necessary to sell or reposition all your taxable investments - just enough to lower your income to where your Social Security benefits will not be taxed. The unused interest will not be counted as income if it grows inside an annuity or IRA.
4. For investors that have thousands of dollars in CDs or bonds, a fixed annuity can offer higher rates and tax relief. With a single-payment annuity, the rate of return is guaranteed. There is the comfort of knowing how much you're going to earn. I know. Unfortunately, the maximum current rate for CDs is 1.49%. Maybe, not even enough to pay for your $3,000 property tax.
5. If your Social Security benefits are taxed, minimize the tax burden by working part-time and work for few hours a week to supplement your lifestyle - eat at your favorite restaurants, buy luxury items such as gold tennis bracelets and diamond rings, going on world tour and whatever will give you joy and happiness.
Published 8/27/10 altgroup multiply
Web Page: Future Retirees of America
Got money to burn?
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