August, 2024 - Financial Resources Group

Limits on Deductibility

August 28, 2024

We’ve spoken in the past about annual contribution limits into qualified accounts, but have not focused on the nuances of the income limits for tax deductibility of those contributions. It’s very important to speak with your tax preparer, as specific limitations will apply. For example, in the scenario where a spouse has a 401(k) and joint tax returns are filed. There comes a point where it may be more advantageous to make your IRA contribution into a Roth, as you won’t be able to deduct your contribution anyway, and when you do start to withdraw funds from that qualified account

Financial Stability

August 19, 2024

According to many experts, knowing your cash flow is the most important piece of information you will need in order to tell if you are not only living within your means, but if you have financial stability. Financial stability in retirement becomes increasingly important the older you get. The reason for that is as we age, our ability to supplement our income by, for example, back to work part-time, will eventually disappear. Once we are fully in retirement, most of us will have already factored in possibilities like obtaining money by selling our home, and we will have moved past

Pay Attention!

August 17, 2024

We’re inundated with so many changes to rules related to retirement, that we oftentimes tell ourselves we can just ignore them and “focus on them later.” However, there are some changes you might want to pay attention to now. For example, the changes made by the Secure Act: Firstly, the Secure Act interest and penalties for missed RMDs from an IRA account, which could go on indefinitely. Currently, there’s a three-year statute of limitations beginning with the filing of the income tax return for the relevant year, which means that the IRS can’t impose a penalty for an RMD you

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Robert S. Messina, an Investment Advisory Representative (IAR), offers advisory services through Gibbs Wealth Management, an SEC registered investment advisor. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Financial Resources Group and Gibbs Wealth Management are independent of each other. Insurance products and services are not offered through Gibbs Wealth Management but are offered and sold independently by Financial Resources Group and Robert Messina, CA License #0E88665 and FRG Insurance Solutions, Inc. CA Ins Lic #0K21118.