Asset Planning, Inc Blog

The latest from the team.

Looking for Ways to Donate and Get a Tax Break?

Many times we are asked by our clients about ways they can give back through planned gifting. In our last quarterly newsletter, Carol explained how you can donate part or all of your mandatory IRA distributions (RMD) to a charity of your choice which also reduces your taxable income for the year. Another way of doing this is by setting up a charitable annuity. The way it works is the donor gives a gift to the charity (amounts vary), the donor receives fixed payments for life and the donor is entitled to a federal income tax deduction the year the gift is made. I have included a link to one that is offered through the ASPCA to use as an example but there are many more out there to suit everyone’s unique philanthropic wishes.

https://www.aspca.org/ways-to-give/planned-giving

Continue reading
  703 Hits
703 Hits

Budgeting Apps

One thing we’re always telling our clients is how important it is to create a budget and to track their spending. Understanding how busy life is and how different things come up we realize this may seem like a daunting task. Fortunately, technology is on our side these days and there are a ton of new budgeting apps that help you keep track of all of this. I scoured the internet looking for recommendations on the best budget apps. These are the ones I found to be on many of the top lists; Mint, You Need A Budget, Level Money and Albert Budget App. Over the next couple weeks I am going to personally try each of them out and review them based on user friendliness, effectiveness and overall experience. In the meantime, I have included the links to each website below where you can find additional information on how each one works.

Mint- https://www.mint.com

You Need A Budget- https://www.youneedabudget.com

Albert- https://meetalbert.com

Level Money- https://www.levelmoney.com

I hope everyone has a great weekend!

Melani

Continue reading
  739 Hits
739 Hits

Sandy was Quoted in Financial Planning Magazine

Financial Planning Magazine reached out to Sandy to get her reaction to President Trump's proposed tax cuts for businesses and the elimination of certain deductions. This is what she had to say. You can read the full article here: http://www.financial-planning.com/list/rias-support-trump-tax-cuts-for-businesses

Sandys quote on Trumps tax cut in Financial Planning Magazine

Continue reading
  696 Hits
696 Hits

My Social Security Account

In an effort to go green, the Social Security Administration is now only mailing Social Security statements to workers 60 years old and over who are not receiving Social Security benefits. They do however offer a convenient online service that allows you to access your benefit information, earnings records and statements as well as complete a number of other services with the Social Security Administration. You will need to create a My Social Security Account to do so. I have included some instructions taken directly from their site to set up your account along with some detailed information on the benefits of using their online services.

Go to https://www.ssa.gov/myaccount

Click on Sign In or Create Account

My Social Security Account 2

What does a my Social Security account let me do?

If you do not receive benefits, you can:

  • new Request a replacement Social Security card if you meet certain requirements;
  • new Check the status of your application or appeal.
  • Get your Social Security Statement, to review:
    • Estimates of your future retirement, disability, and survivors benefits;
    • Your earnings once a year to verify the amounts that we posted are correct; and
    • The estimated Social Security and Medicare taxes you’ve paid.
  • Get a benefit verification letter stating that:
    • You never received Social Security benefits, Supplemental Security Income (SSI) or Medicare; or
    • You received benefits in the past, but do not currently receive them. (The letter will include the date your benefits stopped and how much you received that year.); or
    • You applied for benefits but haven’t received an answer yet.

If you receive benefits or have Medicare, you can:

Thank you for Going Green!

 

Continue reading
  821 Hits
821 Hits

Expect the Unexpected

Recently, a family tragedy threw my much anticipated, soon-to-be empty nester plans into disarray. I was reminded of a remarkably astute and humorous line from a John Lennon song: "Life is what happens when you're busy making other plans". In May my daughter is graduating from high school and will be moving off to college in the fall. She is majoring in Entrpreneurship and will be attending Chapman University. My son is graduating from trade school this year as well. My husband and I could see the finish line on the horizon and we were very much looking forward to both the financial and personal freedon afforded once our children ventured out on their own in the near future. Overnight, our lives went the complete opposite direction. In February we welcomed our nephews, ages 8 and 11, into our home. They are the sweetest children and bring us much joy but we are saddened they have come to live with us as the result of the sudden death of their father, my husband's brother. I hope my story serves as a reminder that good financial and life planning expects the unexpected. But more importantly, the best planning strikes a balance between seizing the day and saving for the days we hope are ahead of us. Like Sandy said YOLO and remember to savor every bit of fun and joy you can.

Continue reading
  706 Hits
706 Hits

YOLO

Sandy in the Amazon

During my 30 year career I have encouraged  clients to carefully save and prepare for retirement. Now I want you to reach beyond your comfort zone and embrace something new, something exciting, possibly scary. I was recently in the Galapagos and loved that portion of the trip but I also signed up for an Amazon rainforest extension that pushed my boundaries. This self-declared "prissy girl" was going to a very remote part of the world, completely off the grid. No cell, wifi, satellite, news or electricity- which was great for my daughter to be unconnected. We had dim light by solar, hunidity, heat, lots of bugs, birds, snakes, caimans and creatures. I was in a swamp with the Shaman, a medicine man, a healer of the community. To appreciate what we have, go to where they have not. View the world as exciting and try a new hobby, volunteer, give back, get involved. YOLO means "you only live once" and I have lived by that attitude for years. Take the road less traveled. Take a leap.

Continue reading
  832 Hits
832 Hits

A Recent Survey Suggests You Can Save Money by Making One Simple Call

Most people assume that things such as, annual fees, interest rates and late fees are non-negotiable when it comes to credit cards. A new survey from creditcards.com is showing us that this is not the case. In most circumstances all you have to do is call your credit card company and ask. The survey asked 952 American cardholders and the majority received what they asked for. The problem is that hardly anyone asks.

Here are the results from cardholders who asked:

  • 87 percent received a late payment fee waiver.
  • 69 percent got a lower interest rate.
  • 89 percent received a higher credit limit.
  • 82 percent had their annual fee waived or reduced.

If you are looking for ways to reduce or eliminate fees on your credit card it doesn’t hurt to call and ask. The worst they can say is no. This can save you lots of money in the long run, if you carry balances on your cards, so it’s definitely worth a call.

Continue reading
  700 Hits
700 Hits

Congratulations Melani!

Registerred Paraplanner Logo

We are pleased to announce that Melani has earned her Registered ParaplannerSM designation. The coursework she completed has given her the financial knowledge necessary to assist our CERTIFIED FINANCIAL PLANNERSTM in constructing financial plans for our clients. She will work closely with our advisors and is a valuable member of our financial planning team.

Continue reading
  807 Hits
807 Hits

Reasons Why People Put Off Saving for Retirement

Retiring comfortably is a dream for most people. Unfortunately a lot of people are not adequately saving for their retirement or, even scarier; they are not saving at all. What is preventing them from saving? Usually it’s a mind block that gets in the way. Retirement seems too far off to think of or it’s uncomfortable to talk about. Here are a few reasons that most people delay saving and some tips to overcome these excuses.

Paying off debt and paying for current living expenses - With a lot of people burdened with a mound of student debt after college and paying for current living expenses, the idea of putting anything extra towards retirement savings can seem daunting. While it is important to pay off your debt it is also important to save for your future. Even the smallest amount that you can spare is better than nothing at all.

Instant Gratification- Spending money on items or trips that you want to go on now is highly more satisfying then putting money into a retirement account that you can’t touch for a long time. Sure everyone loves a new purse or a shiny new set of golf clubs. But one thing to ask yourself; are these items worth my future financial security?

Unsure of where to start- A big reason people put off saving for retirement is that they do not know how to get started. There are also many online resources that offer retirement calculators and tips to guide you through the process. You can also contact a financial advisor to help you assess your retirement needs and set up a customized plan to get you started on the right track to a successful retirement.

Procrastination- The mindset of “I’ll do it tomorrow” and then never actually doing it can be one of the biggest disadvantages off all to your retirement savings. Most people do not understand the concept of compounding interest when it comes to savings. Basically, the sooner you start saving, your principal will not only earn interest but over time you’ll earn interest on top of previous years interest and therefore the compounding effect can be huge. If you put off starting to save until you are in your 30s instead of starting in your 20s your money will miss a decade of compounding. The end result is you will have to save significantly more money every month to get to your desired retirement goals then if you had started earlier. The easiest way to get started is through your company if they offer a 401k plan or by setting up an IRA account. With both of these options you can have contributions set up to automatically come out of your paycheck or account. The less you have to think about it the more likely it is that you will do it.

The bottom line is that there are a lot of excuses that people make as to why they can’t save for retirement. The sooner you get started, no matter how much you start with, the better. When you get ready to retire you will not regret taking those first steps you made to invest in yourself and your future.

Continue reading
  1028 Hits
Tags:
1028 Hits

Reminder: 2016 IRA Contributions

We wanted to send out a reminder that it's not too late to contribute to your IRA accounts for 2016 as long as you are still working and have not yet met your contribution limit. The IRS deadline for contributions is April 18, 2017. Please give us a call if you would like to make a contribution or have any questions.

Continue reading
  873 Hits
873 Hits

By accepting you will be accessing a service provided by a third-party external to https://assetplanninginc.com/

Search Blogs Module

Wait a minute, while we are rendering the calendar
National Ice Cream month Social Security Administration relief efforts student loans pet paper records money 20 year anniversary parking spots retirement plans flash drive Charles Schwab Medicare Part B Fox News story estate planning direction earthquake app 4 pm -8pm Medicare plan contribution limit IRS years emergency kit credit cards pet donation drive vision screening Open Enrollment jury duty operations manager tax deadline 70 1/2. debt business hours text messages FSA cell phone service provider integral member estate planning information toilet paper blog post September 30 2020. clients CFP ® items cell phone provider trust estate interest rates tax season pets documents home drive /usb pet industry fun atmosphere Coronavirus Aid June 29 April 15 Erin Nelsen trustee phishing sites retirement planning Puerto Rico Asset Planning Supplemental Security Income account numbers 2017 Equifax breach Mobile Banking Security Tips spread Kiplinger Letter memorial Day weekend team members company scams stock pile earnings fallout life saver October 1 2020. checklists Economic Security Social Security policy 401K summer Ice Cream Social Brexit vote Treasury Department disaster areas card reader Notary Public EEChecklist-Kits.pdf stockpilingchecklist.pdf investment statements rescue organizations February 14 Wells Fargo employees market turmoil April 18 2017. Labor Day TD Ameritrade privacy notices records IRS deadline family members Shred paperwork retirement accounts notary services CA FTB coronavirus cell phone carriers offer paperwork clutter media accounts wells Fargo portal fun facts cell phone carriers fees Medicare banking donation counts driver license water … illiegal robocallers insurance policy July 6 privacy settings cell phones 2018 IRA contributions emergency kits self-help topics California Lions Friends tax records DNA test kits prescription eyeglasses asset Planning April 11 Roth IRA home mortgages chip-enabled EMV cards consumer spending September 8 credit card company FEMA website executive order opt-out donation items credit score home emergency kit 23 andme Retirement Contribution Limits clone counterfeits markets home security phone companies Expired medications emergency folder Victor Dergunov Kraig Mathias car loans July 4 app non-prescripstion sunglasses assets Healthcare credit monitoring service settlement options tax deadlines September 9 Affordable Care Act ice cream event increase D premiums January 10 Independence Day Medicare question web address https :// home break-ins credit card fraud president Trump interest Financial Planning Magazine spam phone pet supplies padlock payments ice cream Facebook profile retirement health care costs July 3 rd hurricane Dorian Two-Step Verification VOIP landline phones house sitter Wells Fargo customers credit freeze vacation Auto insurance CERTIFIED FINANCIAL PLANNER exam bottom line Orange County Superior Court July weekend tax returns tax filing deadlines 900 number COVID -19 virus phishing scams gap insurance people medications health care services Orange County cell phone SIM swap scam Medicare Advantage Legal robocalls check lists stimulus package official certification ID card Joey Gonzales “ skimmer ”. borrowing money holidays approach client portal Medicare Part B premiums CARES Act Open House 2017 TD Ameritrade National LINC Conference insurance policies email notifications Flexible Spending Account breach partner /owner 2017 IRA contributions Part B identity thieves IRA accounts home emergency preparedness kits Amazon birth certificates offering insurance information Facebook https ://seekingalpha phone clients show support identity theft Part D premiums . news coverage spring cleaning Federal Trade Commission website