Georgia Bankers Association’s Post

Here is a great article with some eye-opening information. Thanks for sharing Scotty Hendricks, Jr. #Memphis  #RetirementPlanning https://lnkd.in/e2qqqyT7

Did you know that 49% of women have less than $5000 in savings, and 28% have no savings at all? Men on the other hand stand at 33% and 17% perspectively. Our economy is not improving. Your company pension (that you worked hard for for the last 40 years) is no longer guaranteed income (ask the Sears employees, Roadway employees, many of the now defunct steel mills that shut down in Gary and East Chicago). What will you do? What can you do to cushion this shortfall? We offer solutions; just ask! Don't wait until the last $50 leaves your bank account. #retirementplanning #retirementgoals #retired #retirementincome #pension #retirementliving

By 2034, more than one million families will include at least two retired generations – an increase of 32% on today. Take a look at the 5 key questions to ask if you're a multi-retiree family: https://bit.ly/4blZXq5 #IntergenerationalWealth #Retiree #RetirementPlanning

This Weekend Reading For Financial Planners (November 18-19), we have curated some articles on retirement planning: -Why higher interest rates and lower inflation have led to an increased initial safe withdrawal rate for retirees, according to one analysis (Amy Arnott | Morningstar) -A group of retirement 'supernerds' critiques a recent claim that retirees can confidently use an 8% safe withdrawal rate (David Blanchett, Michael Finke, and Wade Pfau | ThinkAdvisor) -Why retirees might consider gifting while they are alive rather than waiting until their deaths to leave money to loved ones and charities (Christine Benz | Morningstar) https://bit.ly/3SLKwlp #advicers

🏖️ Planning for retirement? Discover the top 5 states to retire in for 2024! 🌟 Florida, Pennsylvania, Arizona, South Carolina, and Utah offer unique benefits for retirees. From Florida's sunny beaches and no state income tax to Pennsylvania's rich cultural scene and retiree-friendly tax policies, these states have something for everyone. Arizona and South Carolina provide great climates and affordable living, while Utah boasts excellent healthcare and outdoor recreation. Where would you settle down in 2024? Let me know in the comments! #retirementgoals #floridaliving #arizonasunset #RetirementPlanning #realestateadvice

Did you know that estate planning laws vary depending on which state you live (and die) in? For example, Oregon doesn’t tax estates unless they’re valued at $1 million or more. 💰Oregon also generally doesn’t allow licensed funeral services practitioners to act as executors of your will. Learn more about Oregon’s estate planning laws in our latest blog → https://bit.ly/3SWceM0 #Oregon #Retirement #EstatePlanning

While godparents may be deeply caring and involved in your child's life ❤️, they have no legal authority to make decisions for your child unless they are officially appointed as a legal guardian by the court. ⚖️ Read this week’s blog for more details. ▶️ https://lnkd.in/gNfrvQbm #gonzalezwood #houstontxlawfirm #highnetworth #assetprotection #businesssuccessionplanning #txbusinessowner #retirement #trusts #familylegacy #strategicplanning #dynastytrusts

The IRS wouldn't like it if we all paid attention to this. I know retirement is boring to talk about but money isn't! After all, it's #FinancialLiteracyMonth! 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉 When retirement was first designed with social security, people usually didn't enjoy it long. Like you'd die right before or right after. 🥺🥺🥺🥺🥺 Now people live DECADES in retirement! 😊😊😊😊😊😊 So why are we all told a 401K is the best retirement tool when that is one of the tools that IS taxed when distributing?? 🤔🤔🤔 Because if we all had tax free income during that time, that would be 20 or so years of living without being taxed. Kind of like being a kid again! I'm old enough to remember Toys R Us Kids and that's how I'd like to retire! How often do you hear your elders talk about taxes??? This might help you understand why they mention it at all. Do you think pushing 401K for this reason is intentional??? 👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾👇🏾 PS - I'm not saying 401Ks are all bad. You just need to know how to participate in one the best way. Proud member of Kappa Alpha Psi Fraternity, Incorporated, The Society of Black Agents, NAAIA - National African American Insurance Association, The Atlanta Black Chambers, and The Georgia Hispanic Chamber of Commerce! ✊🏾✊🏽✊🏼✊🏾✊🏽✊🏼✊🏾✊🏽✊🏼 #financialliteracy #financialfreedom #personalfinance #wealth

The Best and worst states to retire in

To give taxpayers and employers time to adapt, the IRS has extended the transition period, for high-paid participants to make contributions to their 401ks, for two years to December 31, 2025. #AskMarcum #retirementplanning