Stirlingshire

Tax deferral can have a dramatic affect on the growth of an investment. Know what's at stake. #FixedAnnuity

Is your retirement portfolio subject to “sequence of returns” danger?

Do you have a will? Is it updated?

Have You Heard of the "Mega Backdoor Roth"? 📊 How it works: Make after-tax contributions to your 401(k) Convert those contributions to a Roth IRA or Roth 401(k) 2024 Limits: Standard 401(k) limit: $23,000 ($30,500 if 50+) Mega Backdoor potential: Up to $69,000 total ($76,500 if 50+) 🔑 Key Points: ✅ Bypasses Roth IRA income limits ✅ Allows for tax-free growth ✅ Not all 401(k) plans offer this choice ⚠️ Important considerations: Tax implications of conversions Impact on employer matching Your overall financial goals Current vs. future tax rates This post is not a replacement for real-life advice. Your tax professionals can help you learn more about the tax implications of a mega backdoor Roth. 🔍 Is it right for you? Check if your plan allows: After-tax contributions In-service distributions or in-plan Roth conversions ✅ Once you turn 73, you must take the required minimum distribution from your 401(k). Withdrawals are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½. ✅ With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances. The original Roth IRA owner is not required to take minimum annual withdrawals. With a Roth 401(k), employer matching with pre-tax dollars is not distributed tax-free during retirement. If you’d like to learn more about Backdoor Roth IRAs or discuss your retirement strategy, feel free to message us. #RetirementStrategy #MegaBackdoorRoth #PersonalFinance

Compound interest can dramatically impact the future growth of your assets. Learn more.

Have you ever had to deal with a "white elephant" inheritance? Learn how to avoid holding on to a burden in our latest article. #Inheritance #Finance #Estate

🔌 Does an electric car always save you money? We've heard from more clients asking about electric vehicles (EVs). So, we thought we’d share some of the pros and cons of EVs that you might not be familiar with: Pros: ➕ You may be eligible for a clean vehicle tax credit of up to $7,500 on a new car. But this incentive can change without notice, so you’ll want to consult your tax, legal, or accounting professional. 🔧 EVs have fewer moving parts, which can mean less maintenance. No more 3,000-mile oil changes! ⚡ Driving an EV costs only 3–5 cents per mile, compared to about 15 cents for gas cars. EVLife in April 2024 explained that that’s 3–4 times cheaper! Cons: 🏠 Home charging installation costs can vary widely: $300–$600 for essential equipment and over $4,000 for complex setups, according to 2023 research from Capital One. 🚗 Insurance alert: EV premiums can be higher. Policy prices depend on a wide range of factors, including the specific model. ⚡ Finding an open EV charging port may be challenging, depending on where you live and drive. Hope this was helpful! We help clients explore these types of decisions and integrate them into an overall financial strategy. Feel free to message! #ElectricVehicles #FinancialStrategy #EVOwnership

A windfall from a loved one can be both rewarding and complicated. Learn how to cope with such an outcome with this message.

An ILIT could play a role in your estate strategy.

🤔🤔 Ever thought, "If only I'd known how this would turn out, I would've done it differently"? Thought this decision-making hack from entrepreneur Uri Levine was pretty interesting: Ask yourself: "Knowing what I know now, would I do something different?" Levine focused on the importance of making tough decisions early, saying that many start-ups fail because leaders avoid hard calls, like fixing communication issues. At work, it might help you: 🤔 Decide if it's time to let underperforming assets go 🚀 Choose to take on a big change management project 🔄 Determine if you should implement a new technology system As a financial professional, there are times when I use this approach to guide my clients. Reflecting on what I know now helps me make aligned decisions for their financial futures. Bottom line: Insights from our experiences are invaluable. What decision are you facing right now? Maybe this approach can help you navigate it. #DecisionMaking #CareerGoals #PersonalGrowth