"I Bonds are bonds that are issues based on inflation rates, so if you go all the way back into last year, you would've heard me say 'Go buy an I Bond !' because at one point they were over 9% as far as what they were paying out on an annual basis. " - Heather Foster
What is the difference between an Investment Advisor and a Comprehensive Financial Advisor? Both advisors are an important part to your financial success, but both manage your finances in different ways. For more information or questions, contact Reimbold & Miller at (260) 432-3235 or visit their website at http://www.reimboldandmiller.com.
"It's not an easy topic to have. I myself am talking to a lot of my clients about it and maybe it's about them, or maybe its about their mom and dad who are actually going thorough that process of needing some sort of help in the house, or going to an assisted living facility, or a long term care facility." - Heather Foster
" There was a conversation I started having with my clients, several months ago when we were having a really nice rebound in the market. The markets really came close, back to where they were, prior to last years drop. The question in the conversation became 'Do you want to continue with volatility?' Because the trade off to those fixed interest rates, because interest rates have gotten so high, maybe you want to reduce some risk." - Heather Foster
"It stands for Required Minimum Distribution and this doesn't apply to everybody. It applied to people who are age 73 or older and have pretax retirement assets. So this would be money in a 401K or a traditional IRA, and what happens is when you hit 73 years old or older the government says 'Hey, you need to start pulling money out of this account and paying taxes on it." - Caleb Doane
"For those who make more than $145,000 you are considered a high wage earner in you employer. So if you work for one person and you make more than $145,000, they are taking away the ability for you to do your Catch UP. Weather it's $7,500 or $10,000, it doesn't matter, anyone over the age of 50. As pre-tax, they are taking the option away." - Heather Foster
" This is a strategy that we implement when we do our financial planning sessions. One of the things we verify is, when people come in, does your company plan have any company stock within the actual employer plan?"- Heather Foster
Our current income tax rates and laws were reduced in 2017 but were temporary and set only through 2025. Unless the government agrees to keep the taxes low, they’ll come up again in 2026. Folks may want to consider contributing into Roth IRAs and Roth 401ks rather than traditional IRA and 401k. With the Roths, you are paying the taxes now rather than in the future, so paying in lower tax brackets now ends up being less of a tax burden, then in 2027 it may make sense to mix in some traditional contributions again. Everyone’s situation is different so this isn’t a one-size-fix-all strategy, but I would recommend discussing this strategy with a financial advisor.
"A lot of small business owners don't thing about making sure that they are set up for that succession plan." - Heather Foster. In the event of an accident or hopefully retirement, it's helpful to have a succession plan in place to help keep your business going and Foster Financial can help guide the process for a succession plan for small business owners.
"You can file a waiver for a qualifying event. Most people say 'Well I don't have a qualifying event.' and most people have." - Heather Foster. If you are paying too much for your Medicare, you can file a waiver stating an event that changed your financial status in the last two years. If it's a divorce, or becoming widowed, or you switched from full time to part time jobs, retirement etc. You can file this waiver for a reduction of your bill.
"We work with local attorneys that work with strategizing to protect you assets from a legal perspective. So this is not insurance planning this is legal planning that gets done with attorneys where we are able to reposition assets and protect them from a nursing home spend down." - Heather Foster
We discuss how financial planning is a process and relationship to organize one’s incomes, expenses, net worth, retirement savings strategies, etc. It is important because someone may think that they’re on a successful path, but unless you can project out and understand all of the options, and map out what your expenses may be in retirement, you don’t really know if you’re on track.