PenChecks Trust’s Post

Of this list, 529 Savings plans are some of the most popular with our clients. But there are actually even more options that could be considered. The most important thing to remember is that children have more options to fund their education that the parents (or grandparents) will have to fund their retirement. It is important to prioritize well! What is your strategy? Having more than one is a good idea too.

Labor Day and Retirement My state board of accountancy recently sent a friendly reminder regarding the continuing education hours needed for this calendar year.  Online courses make this easy compared to driving two hours to sit in an eight-hour class and finding out just how much willpower can be required to stay awake.  I just am not interested any longer. I’ve been a CPA for just a couple months short of forty-six years and worked until I was sixty-eight.  Retirement and the time to do things as I pleased were fervently anticipated.  The first year of retirement was consumed with a long planned major house remodel so this was to be the year. On August 1, 2024, I experienced something that I’ve always considered likely, if not inevitable.  I had a retinal detachment in my right eye.  My father had detached retinas in both eyes so genetics have made me more susceptible to the same fate.  Now, September 2, I am experiencing another retinal detachment.  My surgeon graciously accepted my early morning call and it looks like a second surgery could happen tomorrow.  Life changes; sometimes quickly.  I was asked today if I regretted waiting to retire.  Absolutely not!  We all make decisions on the basis of the best information available which meant, for me, working until a comfortable retirement would be financially possible. Today is Labor Day but the internet never takes a day off. That enabled me to log on to my state board of accountancy and apply to retire my CPA license.  Whatever healthy lifespan left will not include work or the obligations of a professional license. So, have a good Labor Day.  Honor your career and the work of others.  I tried to do my best given my human limitations and faults.  This feels like my last Labor Day and retirement is fully and truly here. 

If you want to retire early, you're going to get hit with a penalty called the Early Withdrawal Distribution (EWD) penalty of 10%. So, if you retire before 60… you get hit with a 10% penalty. And then… the Feds and the State are going to tax you. The Feds will take between 19% and 40%, depending on your income level. The State will take between 5% and 14%, depending on where you live. Altogether, Uncle Sam could end up taking about 50% of your retirement savings. Let’s connect…. Let me teach you! #accountability #retirement #financialliteracy #teachers #nursing #industries

Having college kids, or any adult kids, can be challenging, trust me, I know! The last thing you need is to be faced with a situation where you’re unable to get information or make decisions on their behalf if something happens to them. Being their parent alone, or their next of kin, is not enough to make decisions for them. This is where having the right documents signed and secured away can help, like a Power of Attorney. Not sure where to begin? Give me a call today to schedule your complimentary call. I’d love to help! #jsrymerlaw #texaslaw #texasestateplanner #texaseldercare #texastrusts #texaswills #texasestate #texasprobate #houstontx #sugarlandtx #texaslawyer #texasassetprotection #texasproperty #texaselderlaw #retirementgoals #retirement #EstatePlanning #powerofattorney #collegekids #texascollege

At Future Capital, we recognize that effective adult learning is key to navigating financial services, particularly within the 401(k) space. As Fred Barstein points out, traditional training methods often fall short. We prioritize interactive and peer-to-peer learning environments to fully engage our plan sponsors and their participants, helping them understand the tools available for retirement planning. We are committed to enhancing understanding and empowering decision-making for everyone involved in retirement planning. Dive deeper into these insights in Fred Barstein's full article here: https://lnkd.in/ewxN4wEd #FutureCapital #RetirementPlanning #AdultEducation #FinancialEducation

New year, new training rules! 📚 Stay compliant with Texas pension education requirements in 2025. TEXPERS is here to help with our accredited courses in 2025! Learn more: https://zurl.co/fZZT #PensionTraining #TEXPERS #MET #TxPRB #PensionTrustees #PensionFunds #Governance

In the event your child doesn’t pursue post-secondary education, your RESP’s (Registered Education Savings Plan) investment growth is taxable at your marginal tax rate plus 20%. However, if you have available RRSP (Registered Retirement Savings Plan) contribution room, you can transfer up to $50,000 of your investment returns into an RRSP with no immediate tax consequences. If you’re in this situation let's talk about it.

In the event your child doesn’t pursue post-secondary education, your RESP’s (Registered Education Savings Plan) investment growth is taxable at your marginal tax rate plus 20%. However, if you have available RRSP (Registered Retirement Savings Plan) contribution room, you can transfer up to $50,000 of your investment returns into an RRSP with no immediate tax consequences. If you’re in this situation let's talk about it.

#GenemelamudCFP #EducationPlanning Learn how using 529 plans can help transfer wealth to future generations, reduce your estate taxes, and save for retirement. #RetirementPlanning #FinancialAdvisorLargo #InvestWisely

📢 𝙄𝙛 𝙮𝙤𝙪 𝙘𝙪𝙧𝙧𝙚𝙣𝙩𝙡𝙮 𝙥𝙪𝙩 𝙮𝙤𝙪𝙧 𝙢𝙤𝙣𝙚𝙮 𝙞𝙣𝙩𝙤 𝙖 𝙩𝙖𝙭-𝙙𝙚𝙛𝙚𝙧𝙧𝙚𝙙 𝙧𝙚𝙩𝙞𝙧𝙚𝙢𝙚𝙣𝙩 𝙥𝙡𝙖𝙣 (401𝙠, 403𝙗 𝙎𝙀𝙋, 𝙏𝙧𝙖𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙄𝙍𝘼), 𝙡𝙞𝙨𝙩𝙚𝙣 𝙪𝙥! For years, we've been told deferring taxes is the best option for retirement. But in today’s world, that advice is dangerous! ❗️𝐃𝐢𝐝 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰? Some experts project that middle-class tax rates could increase to a staggering 63% - Yes, you heard me right, 63%! That’s a huge chunk of your savings, gone if you’ve been saving in pre-tax vehicles. If you combine that with the uncertainty of Social Security, it is clear that relying on old strategies can really hurt your financial future. 💥𝙏𝙝𝙞𝙨 𝙞𝙨 𝙩𝙝𝙚 𝙧𝙚𝙖𝙡𝙞𝙩𝙮 ... By deferring paying your taxes now ... it means you'll be taxed on EVERYTHING your money grows into (not just your original investment) .... and when you're ready to retire and take that money out (which is tied to the stock market by the way so there is potential for loss) not only you pay taxes but you get to declare that as income ... and possibly pay even more taxes! 🤨 Imagine losing a significant portion of your hard-earned money!!! 𝑫𝒐 𝒚𝒐𝒖 𝒉𝒂𝒗𝒆 𝒂 𝒑𝒍𝒂𝒏 𝑩? 🤜𝙁𝙤𝙧𝙩𝙪𝙣𝙖𝙩𝙚𝙡𝙮, 𝙩𝙝𝙚𝙧𝙚 𝙞𝙨 𝙖 𝙨𝙢𝙖𝙧𝙩𝙚𝙧 𝙬𝙖𝙮 ... Imagine you get to keep more of your money as it grows. It is still tied to the stock market but ... when the market is up, your money grows, when the market is down, you never lose a dime! And the best part ... your money now grows TAX-FREE! 😎𝙎𝙤𝙪𝙣𝙙𝙨 𝙩𝙤𝙤 𝙜𝙤𝙤𝙙? Let me help you strategize today so you don’t lose tomorrow. Comment "show me" below 👇and let’s build a plan to safeguard your financial future. #pfa #retirementplanning #lifetimeincome #livingbenefits #nurseentrepreneur #nurses #teachers #taxfreeretirement