Retirement Planning - Signature Wealth Management Group

New Year, Auld To-Do Items

As clocks chimed midnight and the sounds of champagne corks, kazoos and the familiar Auld Lang Syne resonated amid hugs with family and friends, the calendar officially turned the page to 2025. This timeless celebration allows us to recall fondly the memories, friends and experiences of the previous year and embrace the new year with an open heart, new beginnings and infinite possibilities. Dreadfully, it was not long into the new year before the celebration turned to sorrow in New Orleans. Our hearts pour out to the victims and families [...]

By Curt Mangold|2025-01-02T13:50:34-05:00January 2, 2025|Estate Planning, Financial Planning, Retirement Planning|

Pay Me Now or Pay Me Later

As we live in a free country, sometimes, Uncle Sam gives us a choice. When it comes to the taxation of retirement accounts, he takes the stance – “Pay Me Now or Pay Me Later”. Back in 1972, Fram Oil Filters used this slogan in a commercial. They claimed someone could pay the premium price for a Fram Oil Filter now, or, pay a mechanic later to fix all the problems caused by using a different oil filter. They eluded that you were going to pay the price either way. [...]

By Russell Harris|2024-12-04T12:27:04-05:00December 3, 2024|Estate Planning, Financial Planning, Retirement Planning, Tax Planning|

Why Life Insurance?

Life insurance has come a long way since the days when it was known as burial insurance and used mainly to pay for funeral expenses. Today, life insurance is a crucial part of many estate plans. You can use it to leave much-needed income to your survivors, provide for your children's education, pay off your mortgage, and simplify the transfer of assets. Life insurance can also be used to replace wealth lost due to the expenses and taxes that may follow your death, and to make gifts to charity at [...]

By Russell Harris|2024-04-01T16:35:56-04:00April 1, 2024|Estate Planning, Insurance, Retirement Planning|

Estate Planning 101

By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is [...]

By Russell Harris|2024-04-01T16:35:14-04:00April 1, 2024|Estate Planning, Financial Planning, Retirement Planning|

Don’t Forget Your RMD: A Year-End Retirement Planning Reminder

Introduction: As the year draws to a close, it's essential for retirees and those with retirement accounts to be mindful of their Required Minimum Distributions (RMDs). RMDs are mandatory withdrawals from retirement accounts that individuals must take once they reach a certain age. Failing to take these distributions on time can result in penalties and tax consequences. This article serves as a friendly reminder to prioritize your RMDs before the end of the year and offers some insights on how to handle them wisely. Understanding RMDs: The Internal Revenue Service [...]

By Russell Harris|2024-01-30T18:15:09-05:00December 19, 2023|Retirement Planning|

Preparing for the New 529 Plan

Education is a significant investment in a child's future, and responsible financial planning is crucial to ensure the availability of funds when the time comes. 529 Plans have long been a popular saving choice for higher education expenses, its origin dating back to 1996 when this prepaid college savings account first was added to the IRS tax code. And over the years, there have been changes and improvements to the Plan to make it a more attractive savings vehicle for a family’s college planning needs. Though now, it appears that [...]

By Curt Mangold|2024-05-01T10:53:52-04:00December 1, 2023|College Planning, Financial Planning, Retirement Planning|

Retirement Savings Changes

The Consolidated Appropriations Act of 2023 was signed into law in December 2022. Part of this law included what is known as the Secure Act 2.0. This portion spells out many changes to retirement savings rules that take affect over the next several years. One might ask, how does this affect me? Below is a short synopsis of a few provisions that you should be aware of. Probably the biggest change that affects many of us is the modification in Required Minimum Distribution (RMD) time frames. The original Secure Act [...]

By Russell Harris|2024-01-30T18:49:29-05:00July 28, 2023|Retirement Planning|

Fact Of The Week 11 May 2022 | Retirement Age

Are you taking the right steps to be able to retire on time? DID YOU KNOW? Since the mid 1990s, the average retirement age for both men and women has increased by 2 years. SOURCE: CENTER FOR RETIREMENT RESEARCH AT BOSTON COLLEGE This material is for informational or educational purposes only. Signature Wealth Management Group is registered as an investment adviser with the SEC. Signature Wealth Management Group only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Investing involves risk including [...]

By Russell Harris|2024-01-30T19:12:42-05:00May 11, 2022|Of Interest, Retirement Planning|

Fact Of The Week 20 April 2022 | Calculate Your Retirement

Have you taken the time to properly plan and calculate your retirement? Reach out to us for assistance! FACT OF THE WEEK 43% of workers guess how much they need to retire, rather than basing it on current expenses or using a retirement calculator. Source: Retirement Industry Trust Association This material is for informational or educational purposes only. Signature Wealth Management Group is registered as an investment adviser with the SEC. Signature Wealth Management Group only transacts business in states where it is properly registered, or is excluded or exempted from [...]

By Russell Harris|2024-01-30T19:14:49-05:00April 20, 2022|Retirement Planning|

Unique Advantages of Health Savings Accounts | Tax Advantaged Savings

These tax-advantaged savings accounts can help you cover your health care expenses A health savings account (HSA) is a tax-advantaged savings account that allows individuals with high-deductible health plans to set money aside for medical expenses. These accounts offer unique tax benefits and can even be savings tools for retirement. What is a health savings account and how do you qualify? An HSA allows you to contribute pre-tax funds and make tax-free withdrawals to pay for qualified medical expenses, like prescriptions, co-pays, or dental care. It is a way to [...]

By Russell Harris|2024-01-30T19:33:36-05:00August 30, 2021|Financial Planning, Insurance, Retirement Planning|

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