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Tax Filing Season Tips with Agemy Financial Strategies
NewsIt’s that time of the year… tax season. For the vast majority of Americans who aren’t tax-savvy, dealing with it can be overwhelming. Here’s our top tips to make this year’s tax returns as stress-free as possible.
Tax filing season is here and many don’t know how to file back their taxes. Many tax payers don’t fulfill their tax filing responsibilities in due time because they look at the whole procedure and may find the process daunting. But if you don’t file correctly, it could cost you big bucks and offset your retirement plan.
Tax Changes from Last Year’s Returns
Stimulus Payments: Unlike 2020 and 2021, there were no new stimulus payments for 2022 so taxpayers should not expect to get an additional payment in their 2023 tax refund. Some tax credits return to 2019 levels. This means that taxpayers will likely receive a significantly smaller refund compared with the previous tax year.
Charitable Deductions: This filing season there will be no above-the-line charitable deductions. During COVID, taxpayers were able to take up to a $600 charitable donation tax deduction on their tax returns. However, for tax year 2022, taxpayers who don’t itemize and who take the standard deduction, won’t be able to deduct their charitable contributions.
How Retirement Contributions Impact Your Tax Bill
If you’ve started contributing to a retirement plan, at work or on your own, the next thing you’ll want to know is how to deal with it on your tax return. Fortunately, entering retirement contributions on your tax return, if necessary, is pretty simple.
Generally, you can deduct contributions of up to $6,000 to a traditional IRA ($7,000 if you are age 50 or older by the end of the tax year) on 2021 and 2022 returns.
Other plans have different limits, which vary based on your age and type of plan. They may also be limited based on your income level.
Considerations and Strategies
Tax filing lasts through April 18, three days later than the normal April 15 deadline for filing taxes. April 18 is also the deadline for requesting an extension, which gives taxpayers until Oct. 16 to file their returns for 2022.
If you’re getting ready to file, try adding some of these tips to your tax preparation this season to make filing easier:
Remember to consult your financial advisor to ensure that you are taking advantage of all available tax benefits.
Ready, Set, File
Once you have factored in the above considerations, here’s how to file your 2022 income taxes:
By following these tips, you can help to make the process of filing your 2022 income taxes as smooth and stress-free as possible.
Don’t Forget to Do Your Homework
Give your future self a hand and prepare for next year’s taxes by considering any and all missteps you experienced this year that made filing your taxes more difficult. For example, making an appointment with your financial advisor, keeping better track of important documents, and updating the amount of tax withheld from your paycheck in the upcoming year can make filing next year that much easier.
While paying attention to tax strategies for your retirement income is important, there is no single right strategy. Read up on the updates to the taxes to make sure you’re familiar with them and fully understand what they’ll mean as you file.
Finally, consult with your Fiduciary advisor to make sure you’re not missing out on further tax-strategies that could help boost your retirement savings. From reassessing your investments to postponing RMDs, Agemy Financial Strategies has over 32 years of experience in tax-strategizing to maximize retirement income in your golden years.
Let’s put together your personalized plan with a complimentary strategy session. Set yours up here today.
Financial Goal Setting with Agemy
NewsRetirement planning during a bear market is challenging enough. But the 2023 retirement outlook includes a host of other major threats, such as high inflation and rising interest rates. Here are our top six suggestions when setting financial goals for the year ahead.
Looking back over the past few years, we have learned more than ever how important it is to be financially prepared. Financial preparedness is all about setting goals, but how often are these goals being reached?
When it comes to financial goal setting in 2023, it’s important to reflect your intentions and aspirations so you can achieve your intentions in confidence. Here’s what you need to know about goal setting if you are near retirement.
List and Prioritize Your Financial Goals
One of the best ways to set goals is to list them out and identify each one. Prioritize your goals from most important to least important. Write down specific details about each goal like the timeline and the amount of money you’ll need / how much you have already saved.
It’s easy to think of saving as a one-and-done activity. But you can actually save for more than one goal at a time, especially if those goals are short-term and long-term. For example, you could put money away for a vacation while continuing to contribute to retirement accounts.
Take Care of Financial Basics
Once you have identified your goals, ensure that your basics are covered. Depending on where you are at with your financial planning, you may have already accomplished these steps. Here are a couple financial basics that you can keep in place that will help you build a strong foundation in the long run.
By making sure these are covered, it will help you pursue other goals with confidence.
Tackle Inflation Head-On
Nothing strikes as much fear into the hearts of retirees as inflation, and for good reason. The best-laid retirement plans can be wrecked by the rapid decline in value of the dollars you’ve socked away in your golden years. But inflation isn’t always the big bad wolf it is portrayed to be.
According to analysis performed by the U.S. Bank Asset Management Group, stocks have held up well against inflation over the last 30 years. And while you may think of inflation simply meaning higher prices on everyday goods, for investors, it means moving some of their money to assets that benefit from inflation or at least keep up with its pace.
The following investments tend to fare well during periods of inflation:
Retired Americans should worry more about local property tax rates or the rising cost of health care. It’s really important not to let the emotional part of the inflation situation dictate your retirement planning strategy.
Understand Sequence of Returns Risk
You face plenty of risks when investing for retirement. Markets crash, inflation can eat into your returns, you might even worry about outliving your savings. But there’s one big retirement risk that gets very little attention: Sequence of returns risk.
Sequence-of-returns risk, or sequence risk, is the risk that an investor will experience negative portfolio returns very late in their working lives and/or early in retirement. Sequence-of-returns risk is a significant threat because retirees have little time to make up for losses that are compounded by the simultaneous drawdown of income distributions.
Protecting against sequence risk means anticipating a worst-case scenario. Don’t assume that a bull market will reign throughout your golden years.
Create a Financial Plan to Each Your Financial Goals
Now that you have your goals and motivations, it’s time to start mapping out how they all fit together in a financial plan.
The good news is you don’t have to do this alone! You can either do the work yourself or get help from a financial professional. Either way, it’s important to understand how you’re positioned to achieve your goals.
To get started, take inventory of what you have and consider what you need. Document your income sources and expenses. Knowing how much money you can allocate to different goals each month gives you clear direction on how to move forward. Then, use your goals and their timelines as drivers for your financial plan.
Perhaps you count yourself among the self-sufficient crowd who never sought professional assistance during your working years. Maybe you’ve done just fine that way. But now that you have to deal with retirement math and estate planning, it’s maybe time to lean on the experience of others. That’s where the Fiduciary advisors at Agemy Financial Strategies can help.
We can help you understand your current financial reality, and where you would ideally want to be, based on your current age and financial goals. Not sure what your goals are? We can help you with those as well. Furthermore, we can provide great insights on how to structure your finances so that you’re better able to meet your goals.
Final Thoughts
Once you learn how to identify financial goals and have a plan in place, it will slowly evolve over time. Life is a constant ebb and flow and many factors can affect your financial goals. As long as you review your goals and achievements once a year with your trusted advisor, you can review and make changes where necessary.
At Agemy Financial Strategies, we sit down with you and take the time to reflect on the purpose behind your financial goals. We will help craft a financial plan that works for you.
Looking to get your financial plan for 2023 started? Contact us to set up your complimentary consultation today.
Year in Review with Agemy Financial Strategies
NewsOur firm exists for the purpose of helping people achieve their personal and financial goals. Our philosophy is to deliver quality financial programs and teach principles for successful living. Here’s a look back at 2022 and what to expect for 2023 and beyond.
Can you believe we’re wrapping up the year? And what a year it has been; Inflation, war, a Bear market… just to name a few! Amid these challenges, it is more important than ever that individuals and families have their financial lives in order.
Despite the hurdles, Agemy Financial Strategies has been hard at work this year helping all our clients achieve their retirement goals and navigate the financial storm of 2022. As we ring in the new year, here’s how our experienced, tireless and talented team of Fiduciaries can help you, too.
Financial Podcasts
You can never be too money smart, and one easy way to boost your financial IQ is to tune into some really great, and often even entertaining, podcasts. Our Financial Strategies Podcast, Andrew Agemy and son Daniel Agemy combine their expertise, knowledge (and often humor) to educate retirees and assist them in reaching their retirement goals. Covering important topics that affect your golden years, Andrew brings his 30+ years of experience helping retirees with their finances and Daniel brings his ever-expanding knowledge and technical skills.
Together they prepare retirees with the FINANCIAL STRATEGIES they need to stay happily retired. You can now listen to the show on the radio or as a podcast on Spotify and Apple Podcasts!
Large Variety of Financial Blogs
More into reading than podcasts? While necessary, retirement planning isn’t easy and can get very confusing. Trying to learn best practices and derive meaning from financial and healthcare jargon can be burdensome. With our complimentary online financial blogs, you’ll find a wealth of information on financial planning, tax planning, healthcare planning, estate planning and more to help you learn everything you need in an easily digestible format. Our financial planning blogs give you a rare insight into the financial world, while explaining strategies in a clear manner that make sense.
Whether it’s trying to plan for retirement or learning how to create a sustainable estate plan, we had you covered. Providing the correct information to our clients is something we strive for. Our financial blogs are written by our financial experts in the field and they provide the best information available on the market. We hope you continue to enjoy them in 2023.
Youtube Shows
It’s been a wild year for Agemy Financial Strategies. We’ve been helping our clients plan for retirement and build their wealth, but we’ve also been thinking about legacy planning, wealth management and how to help people get the most out of the money they make.
We know that the world is changing fast, and that means that you need to make sure your money is working for you in the best way possible. Having our Youtube shows incorporated into your learning materials is one of the best ways to educate clients. Financial literacy is a big part of a fruitful retirement, and sharing the information via Youtube shows is just another way to learn from Andrew and Daniel Agemy’s experience in this field.
At the end of the day, helping our clients get smarter about their finances will help them make better decisions in order to reach their financial goals sooner. Subscribe to our Youtube channel here.
Financial Resources
Finally, we’re grateful for all the love we get from clients who have utilized our new large array of online financial resources. At Agemy Financial Strategies, our areas of expertise are Estates, Insurance, Investments, lifestyle Balance, Money, Retirement, and Taxes. All of these areas are crucial to building a secure financial road to success.
Forms and information are updated as policies change, so it’s a great way to get ahead of the retirement game with some complimentary learning tools. What have you got to lose? Check them out here.
Ready for 2023?
If you live in Connecticut or Colorado, hiring a retirement income advisor is only half the job done. The other half is to make sure the advisor is able to deliver on your expectations. At Agemy Financial Strategies, we are an indispensable part of your financial planning process and can add immense value to your life with our Fiduciary expertise and acumen. This is why we encourage all clients to set up an annual review. Why? Regularly meeting with us can help you maximize your money and keep on top of your long-term financial goals. Our goal is to help you save more, reduce your debt and invest more wisely for retirement.
In your review, we’ll cover topics such as:
At the end, we should leave the meeting with a clear action plan for the next 12 months ahead! Set up your review here today.
Final Thoughts
As 2022 winds down, it’s time to look forward to 2023—and put yourself on the best financial footing possible for the new year.
When you work with us, you get a lifelong partner – a dedicated financial planner who creates strategies designed to evolve with you.It’s been a great year at Agemy Financial Strategies. Our mission is simple: we want our clients to feel confident knowing they have someone looking out for them and their financial needs. As Fiduciaries, it is our obligation to always put you and your needs first.
It is a pleasure helping each of our valued clients, thank you for all your trust in our work, once again wishing you a Happy and Prosperous New year!
To schedule a consultation and discuss your financial strategies and goals for 2023,contact Agemy Financial Strategies here today.
Who Needs Estate Planning in 2023?
NewsHaving a comprehensive retirement plan is one of the most important ways to help ensure financial freedom. But don’t forget to include an Estate Plan.
Retirement planning paves the way for achieving life goals, managing medical emergencies, and becoming financially independent. Imagining life at 70 or older is one of the most challenging aspects of retiring. What many Americans don’t realize is that, in addition to investing, estate planning is a crucial component of your retirement planning. Many people ignore succession planning or put it off until the last minute. Both are developing an estate plan, and a retirement plan is crucial. Your retirement plan will enable you to establish a sizable corpus for your stress-free retirement life.
What is Estate Planning?
Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they’re carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.
Being intentional with your estate planning is a gift to your loved ones. Doing so not only benefits them, but it can also provide a great deal of peace for you, too. Consider these five tips below to determine whether you feel your estate planning is up to speed and to help ensure a seamless transition of assets once you’re gone.
Who Needs Estate Planning?
Everyone with assets should have an estate plan. Whether that be millions of dollars tied up in real estate or your family car, an asset needs to be passed down.
Having an estate plan ensures your wishes, goals, hopes and dreams are possible for your family well after you are gone. An estate plan is the foundation to leave a legacy for your community and the world around you. As you think about using your assets to benefit your loved ones after you’re gone, consider having these items in place.
A Will
A Will is essential to ensuring that your decisions are honored after you are gone. You’ll need to select decision-makers, people who will act as executor and/or trustee of any trusts created in your Will. Without a will, most of the assets you own will go through your state’s probate process, which could be a confusing, drawn-out experience for your loved ones. And it’s unlikely that the results will reflect your wishes for your assets.
Retirement Plan Beneficiaries
If you own an IRA or employer plan account, like a 401(k), you probably designated a beneficiary when you opened it, which could have been decades ago. Take a look at the beneficiaries your financial companies have on file and make sure they reflect your current wishes.
Power of Attorney
The most basic tool to ensure that if you become disabled mentally or physically, your assets can be accessed and managed with the least expense and without court intervention is a power of attorney. The powers that you grant in a power of attorney are broad and are intended to permit the attorney-in-fact to step into your shoes.
Healthcare Directives
Healthcare decision making is also an important part of estate planning. Like the power of attorney, having documents in place in advance ensures that you’re able to retain control and have a voice in your own health care decision-making for as long as possible.
Other Considerations – Note Your State’s Estate Tax Laws
Estate planning is often a way to minimize estate and inheritance taxes. But most people won’t pay those taxes.
At the federal level, only very large estates are subject to estate taxes. For 2021, up to $11.07 million of an estate is exempt from federal taxation. In 2022, up to $12.06 million is exempt. What if you have a larger estate that surpasses the federal tax exemption limits? You may want to consider a grantor retained annuity trust, or GRAT, a type of irrevocable trust that can help reduce the amount of taxes your heirs pay.
Final Thoughts
Estate planning is not simply who gets your stuff when you die. Sure, that’s a part of it and an important part. But estate planning also includes planning for yourself in the event of your incapacity.
Working with a financial planner is a great way to ensure that your finances are in good standing now and in the future. It’s important to have a trusted advisor at your side when it comes to your family’s finances—someone who can help you make informed decisions about estate planning, retirement planning, and everything else in between. At Agemy Financial Strategies, we’re here for you! We’ve been helping our clients live better lives for over 30 years and we’re ready to help you, too.
Our mission is simple: we want our clients to feel confident knowing they have someone looking out for them and their estate planning needs. To schedule a consultation and discuss your options for estate planning, contact Agemy Financial Strategies here today.
Preparing for a Potential Recession in 2023
News“Before anything else, preparation is the key to success” – Alexander Graham Bell. Recession is very likely in America’s future, but it will take its time arriving. Here’s how to plan accordingly.
There are some key economic indicators pointing to a recession in 2023. The most prominent being the Fed’s decision to continue to raise interest rates in the face of rising inflation. The October job report continued to show historic lows in unemployment, with over a quarter of a million jobs being added. Facts like these show that a recession could be considered likely. That makes preparation more important than ever. Ensuring that your family is in the best financial position possible will benefit you even if we do experience a recession.
Read on to learn a few ways to stay one step ahead of a potential recession in 2023.
Know the Warning Signs
Stay informed. There are a handful of indicators that can point to a recession. While none of these signs indicate a recession with 100% certainty, they are worth paying attention to.
Consumer spending is one such sign. While most won’t have access to all of the data, a simple search can point to the fact that October’s online spending was roughly on par with last October. If we see a considerable dip in money spent, this can indicate the public has concerns about spending money vs saving it.
Unemployment reports are also a major indication. Currently unemployment is around 3.7% which is near historic lows. To put this in perspective, at the height of the great recession, unemployment was as high as 10%.
Finally, watch housing prices. If they begin to plummet, this can show a similar thought process to consumer spending. The general public – as a whole – may feel buying a home is a risky proposition and holding off may be a better option in the face of economic uncertainty.
Prepare an Emergency Fund
A six-month emergency fund is always worth having, but with inflation, have you adjusted your fund?
If your six-month fund was prepared in May of 2020, when inflation was essentially zero, then that money is simply worth less today than it was then. Ensure that your emergency fund is keeping up with inflation, so that in a worst case scenario you and your loved ones are covered while you regroup.
Review Your Budget
As interest rates creep up, major purchases like cars and homes may be something to put on hold. Instead, focus on other debt such as an existing car payment or other personal loans.
Beyond this, it’s worth evaluating your “kitchen table” budget – things like food, entertainment, allowances, etc. Small changes to unnecessary expenses can add up over time and put you ahead.
Evaluate Bonds
Investors who have already endured one of the most challenging years ever must now confront the question of how to invest when the U.S. and other major economies may be headed toward a recession. While financial market volatility is likely to persist, we believe the case for bonds is stronger than it has been in years, bolstered by significantly higher starting yields and bonds’ strong track record during economic downturns.
Currently a two-year United States Treasury note has a 4.4% yield, while a 10-year note has a 3.9% yield. While bonds are not going to offer the immediate satisfaction of a skyrocketing stock, they can offer a steady return in the face of a recession. Considering that most stocks are down across the board, bonds can help counteract this dip and be a low-risk position for a portion of your assets.
Final Thoughts
As Alexander Graham Bell said, preparation is the key to success. Whether a recession occurs or not is unknown, but being prepared for one is absolutely in your control.
By knowing the warning signs, and taking proper financial steps, you can put yourself and your loved ones in the best possible position if the economy takes a turn for the worse.
Schedule a call with the Agemy Team today. We will secure your financial assets to ensure the health & longevity of your portfolio.
Last Chance to Max Out 401ks and Roth IRAs
NewsMany Americans nearing retirement may think they have all their I’s dotted and t’s crossed. But what many fail to recognize is the importance of maximizing their 401(k)s and IRAs. Here’s how to make sure you’re not missing out on your well-deserved retirement money.
If you’re reading this, chances are you’re already contributing to your 401(k) account. That’s great! But with the IRS increasing the annual contribution limits in 2023 for most 401ks and Roth IRAs, to $22,500 from $20,500, most retirees or people nearing retirement might feel pressure to put more money into retirement savings.
If you haven’t looked at your account in a while or have never checked it out before, now is a great time to check out how much you’re contributing and take stock of whether or not that amount is enough. If it isn’t—or if you’ve always wanted to contribute more but haven’t been able to—it might be worth considering upping your contributions now that the ceiling has increased.
Here is what you need to know about maxing out your 401ks and Roth IRAs.
401(k) Contribution Limits for 2023
In order to combat rising inflation, the IRS has increased the maximum contribution limit for 401(k)s to $22,500 in 2023. However, the IRS did not raise catch-up contributions for traditional or Roth IRAs.
The biggest take away from this is people above the age of 50 are eligible for catch-up contributions to their 401(k). This means that this age group can contribute above the $22,500 limit. The IRS also increased the catch-up contribution value in 2023, from $6,500 in 2022 to $7,500. In total, employees above the age of 50 can contribute up to $30,000 to their 401(k).
Should you be maximizing your contributions? The savings would be wild to pass up. Let’s take a look at IRA and Roth contributions for 2023 before we dive in.
IRA and Roth IRA Contribution Limits for 2023
The annual contribution limit for traditional IRAs and Roth IRAs is increasing in 2023, which means you’ll be able to save more for retirement this year.
For people who have a retirement account outside of their employer, the limits are going up for both traditional IRAs and Roth IRAs. In 2023, eligible individuals can contribute up to $6,500, up from $6,000, to their IRAs.
Roth IRAs have income limits, so individuals making above a certain income threshold are eligible for reduced contributions. Individuals who make above the upper range of that threshold are not eligible at all. In 2023, the income phase-out range for single filers is $138,000 to $153,000. For married couples filing jointly, it’s $218,000 and $228,000.
Should You be Maximizing Your 401(k) and IRA Contributions?
Having a 401(k) or IRA account puts you in a better position for retirement compared to many Americans. If you’re wondering if you need to contribute more money to your 401(k) or IRA now, it depends on your finances.
For example, If your employer offers to match a percentage of your contributions, your first priority should be contributing enough to earn the match. By not taking advantage of the match, you’re essentially losing out on free money.
After that, you’re ready to invest your money. You can choose from a number of different investment vehicles, such as a Roth IRA. The important thing is to start saving early and to contribute consistently. The earlier you begin investing, the longer time your money has to grow through compound interest.
Ready to Retire?
Maybe not quite, there are many ways to invest outside of your 401(k) and IRA:
– Upgrade Your Savings: Stashing your extra money in a certificate of deposit (CD), high-yield savings account, or money market account might be the least risky investment you can make.
– HSA: Some experts say an HSA is one of the most tax-favored, yet underused, investment vehicles.
– A 529 savings plan is a tax-advantaged savings account designed to encourage saving for qualified future education costs, such as tuition, fees, and room and board. Much like a 401(k) or IRA, a 529 savings plan allows you to invest in mutual funds or similar investments.
– Open a Brokerage Account: If you’ve paid off your credit card debt, established an emergency fund, and exhausted all your tax-advantaged accounts, you can open a regular old brokerage account to squirrel away some more money.
– Invest: Whether in real estate or stocks, strategic investing could be a good place to tap into if you are looking to diversify your portfolio.
Please note: Wherever you put your money, remember that each type of investment comes with drawbacks. You should understand your risk tolerance and be comfortable with the potential pitfalls involved before getting started with a new investment. Asset diversification is a way to offset the potential risks — do not put all your eggs in one basket.
Final Thoughts
There are many different strategies you can use to max out your 401(k) and Roth IRA accounts. Starting in 2023, you’ll be able to contribute more to your 401(k) and other retirement accounts than you could before.
With this in mind, it’s important to have a financial advisor you can trust. At Agemy Financial Strategies, we specialize in investment strategies and retirement planning. These two go hand in hand when it comes to planning your financial future in order for you to enjoy your golden years.
Have questions about retirement planning or building up your retirement accounts? Contact us today.