COVID PRODUCES TEACHER FRUSTRATIONS

Teachers Zoom with students

Educators, are you insecure about how this next school semester will proceed?  Don’t worry; you’re not alone.  

Zoom, Google Classrooms, your own kids staying home and under foot, it’s all just too much!

Teachers are overwhelmed right now.  It’s important to curb teacher burnout.  Educator Justin Parmenter talks about, “The burden of trying to adapt everything I’d be doing in a physical classroom to an online format, manage my own kids’ learning throughout the day, handle an insane amount of communication and do it all with the added stress of living under a deadly pandemic.” (Strauss, 2020)  Does this leave you asking yourself, can I keep up?  Has the pandemic altered teaching in a variety of ways you feel unprepared to manage? 

Kids and teachers at their laptops all day?

One of the most difficult transitions teacher face is accepting the limits of online interaction with their kids.  How do you read body language effectively through a computer screen?  Technology and change is being thrust upon everyone.  Google classrooms may crash.  Tangible resources for labs are no longer available.  Distractions from home contribute to students and teacher frustrations.  On a bright side, young people have long been outpacing the aging sector with their adaptation to new technology.  At some grade levels flexibility in scheduling has created a positive environment.  Technology tools like free wi-fi and computers or tablets represent additional benefits.  

Due to State mandates, the school district plans keep changing

Most full time teachers and administration still have a job, but what about the para professionals, teacher aides, and PE teachers?  They may be at risk of losing their jobs. Yes, they can file for unemployment, but they would receive less monthly income and their other benefits could be lost.  These are factors that currently remain unknown.  

Solutions to your problems

  1. Create a daily process.  Block your time on your calendar.  If you are bombarded with emails from co-workers and the district set aside just one or two specific times of the day to read and respond.  It can be hard if you are  constantly switch gears between class and email.
  2. Refresh your approach.  High school teacher Teresa M. Diehl makes an important point, “I certainly have had to change my plans and assessments, and I’d say that’s generally a good thing since stagnant teaching and meaningless assignments can occur when we recycle the plans we’ve had success with in the past.” (Heubeck, 2020)  You have the opportunity to be the teacher your kids remember most fondly.  
  3. Keep an open mind.  The school district is trying to make this work, they are learning on the fly just like you.  It may feel like they are fumbling, but this is new to the district too.  You have a job, maybe not what you originally signed up for, but you are still employed. 
  4. Keep your body healthy. You are accustom to being in front of the class and on your feet all day, now you sit in front of a computer screen.  Sitting is not required!  Set a timer for 60 seconds.  Tell your kids to stand with you.  Do a few shoulder rolls, touch your toes, reach to the sky.  When the timer goes off, everyone returns to their seat.  This quick break can recharge your body and your mind.  
  5. Make your online presentation appealing. Collaborate with other teachers about your presentation space.  You can help each other by critiquing your learning backdrops.  Your background used to be the board.  Now you find yourself working from behind a makeshift desk in the spare bedroom or worse yet, the laundry room.  Get someone to politely assess the following, does your background appears cluttered, does it looks like you are sitting in a poorly lit space making it hard to see your face clearly, maybe your camera angle needs to be improved.  At the end of the day,
  6. Laugh.  Yes, there will be technology malfunctions.  Kids at home may have their attention diverted if the family dog walks into the room while they are in class online.  You may be distracted when you see and hearing your own children in another room while you lecture to a computer.  Take a breath and then laugh about.  Let the kids see your fun side.  This may help to keep everyone energized as class is winding down another long study session.  
  7. Consider your financial and retirement plans carefully.  It’s a wise idea to go online to your State teachers retirement website to review your benefits regularly.  Maybe you feel the pandemic has forever changed education in ways you just don’t want to accept.  Does this lead you to think about a career change?  Are you nearing retirement and have the Covid-19 disruptions made you consider an early retirement?  Have you seen a shift in your finances due to Coronavirus?   Think about this, you may find your out of pocket teaching expenses have gone down.  You aren’t buying the same classroom supplies.  You are not commuting to work 5 days a week.  With your teaching costs down, it may be wise to start or increasing 403(b) contributions so you work toward building a more stable financial future. 

Conclusion

Few people like change, but remember to count your blessings.  Coronavirus has brought many the feeling of being overwhelmed and overloaded.  You and your students are being bombarded by new technological challenges.  However, you now have the autonomy to create a structure that works for you.  Organize yourself.  This is something you ask your students to do on a regular basis, and it can work for you too.  Stay healthy.  “Because we’re living in a time of unprecedented stress, make sure to build in time to take care of yourself.” (Fleming, 2020)  Take the time to Zoom with a couple of your teacher pals to get some helpful hints about your presenting backdrop while enjoying some camaraderie.  Years from now someone may ask one of your students you taught back in 2020, which one of your teachers had the biggest impact on you during your education?  A quick response may follow that it was you.  Your kiddos may think of you as the teacher who’s cat always meowed from outside the window while you were teaching class from your computer.  We tend to remember anomaly situations more vividly.  Laugh about this today and your kids may laugh fondly about it in the future.  2020 has brought a new way of teaching.  Don’t let your finances add to your stress.  Now is the time to get your financial life in order.  Get some peace of mind by putting a solid financial plan in place.        

About the Author

My name is Marianne Martini Nolte, CFP®   As a Certified Financial Planner™ practitioner, I provide fiduciary financial advice and  services for individuals, families, and small business owners.  In particular, I have a passion for working with women in transition, new investors just starting on their path to financial independence, and families seeking special needs planning.  This article is intended as a high level view.  For more in depth information, please contact me today to set a complimentary discovery meeting.  Let me help you establish your personalized goal saving and investment strategy with a comprehensive plan analysis.  I want to help turn your dreams into goals with a plan.  

Marianne Martini Nolte, CFP®

Imagine Financial Services 

Website, www.imaginefinancialservices.com.  

Phone, (760) 846-2569.  

Email, mnolte@imaginefinancialservices.com

Reference

Fleming, N. (2020, May 08). Curbing Teacher Burnout During the Pandemic. Retrieved July 15, 2020, from https://www.edutopia.org/article/curbing-teacher-burnout-during-pandemic

Heubeck, E. (2020, June 03). How Did COVID-19 Change Your Teaching, for Better or Worse? See Teachers’ Responses. Retrieved July 15, 2020, from https://www.edweek.org/ew/articles/2020/06/03/how-did-covid-19-change-your-teaching-for.html

Strauss, V. (2020, April 08). Perspective | A veteran teacher has ‘a mini covid-19 educator meltdown’ – and realizes that less is more with online learning. Retrieved July 15, 2020, from https://www.washingtonpost.com/education/2020/04/08/veteran-teacher-has-mini-covid-19-educator-meltdown-realizes-that-less-is-more-with-online-learning/

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.   

RETIREMENT READINESS

Free time

You have steadily saved in your 401(k) and IRA, what else should you consider regarding your retirement readiness?  Retirement planning incorporates several additional financial factors beside your retirement accounts.    

When you think about your financial cash flow for retirement, naturally your Social Security benefits, pension, 401(k), or other retirement accounts come to mind.  Don’t stop here, your cash flow may also be impacted by your risk management, estate planning, and tax implications.  Contemplate how these factors may work with your overall financial preparedness and stability. 

Risk management

Insurance is a form of risk management by risk transfer.  Consider this, if you have dutifully saved during your working years, all could be lost if you face legal issues and you are underinsured, hence the importance of an umbrella policy.  Even a simple fender bender can be costly if you are not properly insured.  A high deductible may keep your monthly premium payment down, but do you have the additional resources to pay a high deductible?  Additionally, your cash flow could be impacted if you bought a home several years ago, but do not have automatic annual replacement cost value increases set on your home owners policy.  An example: You purchased your home 5 years ago.  Your home owners replacement value was initially set at $100,000.  5 years later the replacement value has increased due to an uptick in real estate prices and the cost of building.  If you had property damage; such as a fire, and your home owner policy no longer covers 100% of your replacement cost value, you are at risk for assuming some expensive out of pocket replacement costs.    

Estate and legacy

Like risk management with insurance, estate planning also helps to protect what you have worked so hard to save.   Don’t you want to ensure your assets will be managed and distributed according to your wishes during your lifetime or after you pass?  Establishing proper estate documents is an essential element of comprehensive financial planning.  A will allows you to state your wishes for how your assets will be distributed at your passing.  In contrast to a will which takes affect at your death, a trust takes place immediately after it is created and signed. (Garber, 2019)  There are a couple of important purposes for establishing a trust.  First, a revocable living trust is usually directed by the grantor (the person creating the trust).  The grantor can fund the trust with new or existing assets.   Second, when you pass away a trust allows for your assets to be distributed outside of probate.  This can help maintain your privacy (probate is a court process and public record) and reduce administrative costs to your heirs.   Other important aspects of estate planning are to have a general power of attorney and a health care proxy established.  These documents allow another person (selected by you as the grantor) to act on your behalf in case you become incapacitated and can not speak on your own behalf.  For instance, if you were hospitalized for a period of time (incapacitate but not dead) you would be unable to pay your bills.  A person you designate as having your general power of attorney could attend to keep your financial affairs in order.  It is important to choose wisely when naming a person to have your power of attorney.  This person should act with your best iterates, not in a self serving manner.       

Tax implications

When considering your financial life, savvy planners stay focused on any tax implications which may apply.  Think about the phrase attributed to Miguel Cervantes author of Don Quixote, “don’t put all your eggs in one basket”.   You most likely have heard you should maintain a well diversified portfolio in order to lessen the impact of market volatility.  Has anyone told you about the diversification factor of having different accounts types?  If all of your accounts are established on a pre-tax basis and grow tax deferred, you will owe tax on your distributions; such as with withdrawals from your 401(k) or IRA.  If instead you contribute after-tax money to a Roth IRA which also grows tax deferred, you will be able to take distributions tax free once certain requirements are met.  Diversification of account types can provide tax free distributions, but it also helps prevent a widow/widower’s tax trap.  Imagine a hypothetical couple saving for retirement.  Both parties built substantial 401(k) account balances during their working years.  Because they funded their 401(k) with pre-tax dollars, at age 72, they are must begin taking their Required Minimum Distributions (RMD’s).  If they had funded all or part of their 401(k) under as a Roth 401(k); paying tax at the time of contribution, no RMD would be required.  If they chose to take a distribution from the Roth 401(k) it would come out tax free.  Why is this so important?   As mentioned before it can help prevent the widow/widower’s tax trap.  Most likely the couple had been claiming the Married Filing Joint (MFJ) standard deduction, in 2020 the deduction is $24,800.  Suppose one of the hypothetical spouses passes away.  The survivor now claims Single a much smaller standard deduction is allocated, in 2020 it is $12,400.   Again, the couple had previously attained age 72 so the Required Minimum Distributions still occur from both the deceased parties account and the survivors account.  With these RMDs the survivors income has not decreased, but their standard deduction has gone done significantly.  The potential result may take the survivor from a previous hypothetical Married Filing Joint tax bracket of 24% up to 32% or more when filing as Single. (Korn, 2019)  

Conclusion

Financial retirement readiness takes many forms.  Yes, dedication to building a retirement savings portfolio during your working years is an important part of preparing for retirement.  However, the impact and necessity of additional financial planning concepts like insurance, estate, and tax analysis should not be overlooked.  Savvy investors work with various professionals like a licensed insurance agent and estate attorney who will help keep your policies up to date according to your specific needs, and make documents changes as your life evolves.  Talking with a tax professional can help you prepare both for immediate tax needs and future tax needs.  Finally, a financial planner will help you coordinate these various planning strategies in a comprehensive manner creating a dynamic roadmap and helping to counsel you on your financial journey to retirement.  

About the Author

My name is Marianne Martini Nolte, CFP®   As a Certified Financial Planner™ practitioner, I provide fiduciary financial advice and  services for individuals, families, and small business owners.  In particular, I have a passion for working with women in transition, new investors just starting on their path to financial independence, and families seeking special needs planning.  This article is intended as a high level view.  For more in depth information, please reach out: 

Marianne Martini Nolte, CFP®

Imagine Financial Services 

Website, www.imaginefinancialservices.com.  

Phone, (760) 846-2569.  

Email, mnolte@imaginefinancialservices.com

Reference

Garber, J. (2019, March 21). Learn the Notable Differences Between a Will and a Trust. Retrieved July 13, 2020, from https://www.thebalance.com/difference-between-a-will-and-a-trust-3974765

Korn, D. (2019, July 19). Beware the ‘widow’s penalty’ tax trap. Retrieved July 13, 2020, from https://www.financial-planning.com/news/how-planners-can-attract-and-retain-senior-married-couples-as-clients

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.   

BENEFITS OF A 401(k)

Your 401k gold mine

Due to high administrative costs, traditional pensions are waning in popularity with employers.  401(k) and other employer plans are quickly taking their place.

Why a 401(k) is such an advantage

A 401(k) is a savings plan provided by your employer.  Take a look at three big benefits provided by your 401(k).

  • A 401(k) allows your invested money to grow tax deferred.  What this means it the money you earn will not be taxed now, but only when you take out distributions in retirement.  It provides all important  compounding of interest over time.  If you invest in an account that is not tax deferred, the earnings are taxable to you each year, but not with your 401(k).  
  • Another powerful impact, when you contribute to your 401(k), the contribution occurs on a pre-tax basis.  Hypothetical example: If you earn $1000 and you contribute $100 pre-tax to your 401(k), you will only pay tax on $900 of earnings ($1000-$100=$900).  
  • Since you are not paying tax on your full $1000 of earnings (from example above), this may put you in a lower tax bracket.   

Wow, three savvy ways for your money to be working hard for you. 

Benefit to employer (ER)

Employers (ER) benefit too.  Though the ER pays fees to both set up and administer a 401(k) plan, the advantages may out weigh the cost and often quite significantly.  “The government wants to encourage retirement savings—and as a result, the IRS grants some valuable tax benefits that can really add up over time.” (How an Employer Benefits from Offering a 401(k) 2020)  Tax credits may be realized by an employer setting up a 401(k) for their company, this is intended to offset the initial set up costs.  Employer matching contributions to the employees account are tax-deductible to the ER.  Additionally, if the ER has the plan set up with a vesting schedule, it behooves the employee to stay with the company at least until they are fully vested.  This reduces employee turn over which can be a big benefit for employers.  Now you may be thinking, “hold on, does this mean I may lose the money I contribute if I don’t stay with my employer for a certain amount of time?”  No, don’t worry, the money you contribute is yours.  A vesting schedule applies to the employer match.  Federal law applies to vesting schedules.  When setting up a plan, an employer may choose immediate, graded, or cliff vesting.  Immediate vesting is just that, the amount your ER contributes to your 401(k) is immediately 100% vested.  It’s yours (there are requirements which must be satisfied for you to take a distribution from the account, but we will cover that in just a bit).  If your ER chooses a graded vesting schedule, the vesting schedule works like this, ER contributions are  0% vested at the end of year 1, 20% after year 2, 40% year 3, 60% year 4, 80% year 5, and after the 6th year of your employment you will be 100% vested.  Cliff vesting is a pre-determined amount of years with the max being 3 years.  Hypothetical example, if you leave your employment after only 2 years you walk away with 100% of the deferrals you made, but the employer contributions have not yet vested.  If you wait until the end of year 3 before you leave your employer, you keep everything you deferred plus 100% of your employers contribution.        

Additional benefits to employee (EE)

People say it’s like free money.  You don’t have to do additional work to receive an employer contribution.  All you have to do is participate in the plan by contributing, then your ER makes a match up to a certain percent.  In 2020, you can defer up to $19,500 to your 401(k).  If you are age 50 or older, you can increase this deferral by an additional $6500 considered as a catch-up.  Between your EE deferral and your ER’s contribution and match, your 401(k) annual limit in 2020 allows for a total of $57,000.  Therefore, if you defer  $19,500 in 2020, your employer could contribute $37,500.  More than likely they will not be contributing that much, but they could.       

Accessing your 401(k)

Access restrictions apply to your 401(k).  Being fully vested in your 401(k), “does not mean you are scot-free to touch the money.” (Dixon, 2020).  Remember, the government intends this account to provide a source of financial security in your retirement retirement years.  To encourage that you do not take distributions from your account too soon, a 10% early withdrawal penalty applies to distributions taken prior to age 591/2.  Additionally, if you are under age 55 you only have two options if you need your money right now.  You can take a loan from your 401(k) or if you meet eligibility requirements you may be able to take a hardship distribution.  If you are between age 55 and 591/2, many 401(k) plans allow penalty free withdrawals.  “To use this 401(k) retirement age 55 provision your employment must have ended no earlier than the year in which you turn age 55, and you must leave your funds in the 401(k) plan to access them penalty-free.”  (Anspach, 2020)  Once you have reached age 591/2 you have met all age restrictions, but if you are still working your plan may or may not have an in-service provision for distributions.

What to do with your 401(k) when you retire

When you retire, you can leave your funds in your 401(k) and take penalty free distributions.  You will be required to pay tax on your distributions.  You can also roll your 401(k) to an IRA which may provide you with a broader spectrum of investment options.  

Tax implications

Again, the government encourages the use of retirement plans like a 401(k) by allowing your money to grow tax deferred until distribution.  Over time this can have a huge impact on the growth of your account due to compounding interest and this is great.  However, you will have to pay tax when you take your money out and 10% penalty if you take early distributions.  At age 72, Uncle Sam finally requires you to begin taking your money out a little at a time so you have to pay tax, this is the age of Required Minimum Distribution (RMD).  From age 72 until you pass, you will be required to take a little less than 4% of your accounts year end value annually.       

Conclusion

Tax deferred growth, pre-tax contributions, and potential to lower your tax bracket.  Wow, three savvy ways for your money to be working hard for you.  Your employer may receive both tax credits and their contributions are tax deductible.  Often there are vesting periods and you will want to speak with your HR department to learn more about the particulars of your employers plan.  This conversation with HR should include additional inquiries about age restrictions for accessing your funds.  Once you retire, you have options for what you can do with your 401(k).  Talk to both your tax professional and financial planner for guidance.  

About the Author

My name is Marianne Martini Nolte, CFP®   As a Certified Financial Planner™ practitioner, I provide fiduciary financial advice and  services for individuals, families, and small business owners.  In particular, I have a passion for working with women in transition, new investors just starting on their path to financial independence, and those seeking  special needs planning.  This article is intended as a high level view.  For more in depth information, please reach out: 

Marianne Martini Nolte, CFP®

Imagine Financial Services 

Website, www.imaginefinancialservices.com.  

Phone, (760) 846-2569.  

Email, mnolte@imaginefinancialservices.com 

Reference

Anspach, D. (2020, April 30). Information You Need About When You Cab Tap Your 401(k) Money. Retrieved July 12, 2020, from https://www.thebalance.com/what-age-can-funds-be-withdrawn-from-401k-2388807

Dixon, A. (2020, February 05). What It Means to Be Fully Vested in a Retirement Plan. Retrieved July 12, 2020, from https://smartasset.com/retirement/being-fully-vested-in-a-retirement-plan

How an Employer Benefits from Offering a 401(k). (2020, June 30). Retrieved July 12, 2020, from https://www.betterment.com/resources/the-top-three-401k-benefits-for-employers/

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.   

IMPORTANT STEPS IF YOU GET LAID-OFF

Imagine Financial Services

After throwing yourself a brief pity-party; remind yourself, this didn’t happenbecause of your actions.  You were not at fault, your employer’s situation resulted in the lay-off.  Get ahold of your emotions and focus on what you need to do next.  

Is This Temporary Or Permanent

Determine if this is temporary.  Maybe your employer has had to lay-off employees due to the Coronavirus pandemic, but anticipates bringing everyone back over the next few months.  This potentially short term scenario will make an impact on your plans, however, it is understandable and can be dealt with more easily.  If your employer was showing financial strains prior to the pandemic, this would lead a person to believe the lay-off may have long term affects as potentially significant restructuring of the company may need to occur.    

Before You Walk Out The Door  

Ask for your final paycheck.  You need money, not the stress of waiting for a check in the mail or direct deposit two weeks from now.  Inquire about severance pay and any unpaid sick leave.  Ask if your healthcare benefits will be extended for a period of time.  If not, you may be eligible for COBRA continuation coverage.  If your employer had 20 or more employees COBRA (Consolidated Omnibus Budget Reconciliation Act) allows you to pay out of pocket to maintain your employer healthcare insurance for up to 18 months.  (Continuation of Health Coverage (COBRA) 2020).  Last but certainly not least, you are feeling vulnerable, but your employer is too.  Now is the time to ask for a letter of reference.  Request the letter includes your availability is due to a company lay-off.      

File For Unemployment

Unemployment requirements vary from State to State.  If you are a  California resident visit https://edd.ca.gov/unemployment/ where you can find “COVID-19 Temporary Exceptions” and “Requirements to File a Claim”.  (Department,File for Unemployment – Overview)  While you were working, you paid into unemployment.  Now it is time to file and receive this important financial support. 

Job Market Readiness

You have now put some important administrative tasks behind you.  Focus can now be switch to searching for new employment opportunities.  This may be an ideal time to consider, research, and possibly acquire new education allowing you to take on a different role within your profession or make a total career change.  You have options.  Polish up your resume and don’t forget a target specific cover letter for each company where you apply.  Your resume should include details of your recent employment.  Hopefully your previous employer provided a glowing letter of recommendation and has already addressed the issue that you were laid-off.   If this is the case, it would not be necessary to provide a description of the circumstances of your lay-off.   Your former employer has taken care of this for you.  If you were not able to obtain a letter, you can simply include a quick one sentence statement in a cover letter explaining why you are looking for work.  An example, “Due to the impact of Covid-19, I was laid-off at XYZ company and am now seeking employment with your company ABC”.  Keep it clean and simple.  Remember to update your LinkedIn profile and submit your resume on other job posting sites.   

Address Your Finances

  1. If you do not already established good budgeting practices, now is the time.  It will be important to understand the difference between fixed and variable expenses and which expenses are necessary verses discretionary.  Fixed expenses include rent or mortgage.  You know your rent/mortgage costs so much per month.  However, gas would be considered a variable expense.  Some months you drive a lot and others not so much.  Necessary expenses are food and shelter.  Discretionary expenses include entertainment.  Be realistic with cash outflow.  Do you need or do you want those new shoes for a job interview?  This is not the time to indulge in retail therapy.   
  2. You have options regarding your former employer’s retirement plan.  You can take a lump sum payment, rollover your account to an IRA or Roth IRA, and you may have the choice of leaving it in your current plan.  If you find employment right away, you can transfer the old account to your new employer plan.  “WARNING! If you take a “lump-sum distribution” instead of rolling your retirement savings account over to an IRA or a new employer’s plan, you will have to pay income taxes on the money.” (Bennash, 2014)  Talk with a financial advisor or tax professional who can help you assess your best strategy.      

Conclusion

Breathe deep.  Determine if this lay-off is temporary or permanent.  A lot will hinge on this distinction.  Before you leave, be sure to ask for all benefits due.  Any extra cash and healthcare protection may be very important over time and.  Don’t be bashful.  File and receive unemployment benefits.  Prepare to market yourself.  Update your resume, generate customized cover letters for each employment outreach, put yourself out there on LinkedIn and employment platforms.  Address your financial position.  Be realistic with your budget requirements and trim out the fat (discretionary spending).  Seek professional advice regarding your previous employer’s retirement plan.  

About the Author

My name is Marianne Martini Nolte and I’m a Certified Financial Planner™ practitioner.  I provide financial planning services for individuals, families, and small business owners.  In particular, I have a passion for working with women in transition, new investors just starting on their path to financial independence, and those seeking  special needs planning.  For more in depth information, please contact me at my firm, Imagine Financial Services www.imaginefinancialservices.com  

Reference

Bennash. (2014, November 03). What happens if I get fired or laid off? Retrieved July 07, 2020, from https://www.narpp.org/fiacademy/what-happens-if-i-get-fired-or-laid-off

Continuation of Health Coverage (COBRA). (n.d.). Retrieved July 07, 2020, from https://www.dol.gov/general/topic/health-plans/cobra

Department, E. (n.d.). File for Unemployment – Overview. Retrieved July 07, 2020, from https://edd.ca.gov/unemployment/

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.  

SPECIAL NEEDS PLANNING

Special Needs Planning

Gifted with special needs 

Greatness comes in many forms.  Nikola Tesla, inventor of AC motors and power systems, showed “signs of obsessive-compulsive disorder, and was potentially a high-functioning autistic”. “From an early age, he demonstrated the obsessiveness that would puzzle and amuse those around him” (King, The Rise and Fall of Nikola Tesla and his Tower).

Narrow but intense focus

Fine tuning a talent may come at the cost of tuning other people out. Though many creative geniuses have been considered to fall on the high-functioning spectrum of autism, they may have limitations in other areas of their lives (Barber, The Autism-Genius Connection).  Because of this, family members need to step in to help fill the gaps in the life of a person with special needs.  Family members will need to plan and prepare for the various stages of life of a special needs individual.  The intent of this article is to highlight certain circumstances for special needs planning which differ from traditional planning.  Special needs includes but is not limited to developmental categories like Down’s Syndrome and Autism Spectrum Disorder, physical needs such as multiple sclerosis, behavior issues including bi-polar, and sensory impairments inclusive of blindness or deafness. 

Planning stages

When diagnosed early, from birth to age 3, parents are often referred to Early Intervention (EI) programs.  When the child reaches age 3 he or she will be entitled to public education services.  It is at ages 16-21 that authors John W. Nadworny, CFP® and Cynthia R. Haddad, CFP® strongly recommend parents begin “to think ahead to the day your young adult turns 22, when the bus no longer arrives to take him or her to school” (Nadworny and Haddad, The special needs planning guide: how to prepare for every stage of your child’s life).  It is at this stage when parents need to focus on what they envision for the life of their child with special needs when public education and associated services are no longer an entitlement.  At age 18 they may qualify for government benefits like Supplemental Security Income (SSI) and Medicaid and it is important to protect these benefits with careful planning strategies.  Living at home with parents verses successfully living in an independent setting becomes another important factor  (Nadworny and Haddad).  Additional considerations include estate planning with a special needs trust to help protect benefits currently and in the future.  Down the road when you retire, become disabled, or pass away, your adult child may be eligible for Social Security Disability Insurance (SSDI) if you are “insured” which is based on your work history (Nadworny and Haddad). 

Impact of family and friends

An essential piece of special needs planning is to communicate properly with family and friends so they do not inadvertently disqualify the special needs individual from government benefits.  To qualify for SSI and Medicaid the person can have no more than $2000 in assets as SSI only pays benefits to those with “limited income and resources” (Social Security).  Imagine the devastating affect if loving grandparents were to leave the special needs person an inheritance.  They could unintentionally disqualify the person for government benefits by leaving them even a small gift.  This is why communication of special needs planning practices with family and friends is so critical.   

Conclusion

“Brilliant people tend to beat to their own drum – so that weird kid always sitting alone at lunch with his invention was most likely thinking outside of the box, and could also very likely be the boss of you now”.  (Cohen, 5 Traits Of Extraordinarily Brilliant People).  Someone with special needs may bring challenges, joy and great love to their family.  Providing proper protection during their various stages of life will have a great impact on their overall success.  Special needs planning can have complex strategies, so working with a team of professionals like doctors, a Certified Financial Planner ™, attorneys, and CPA may help streamline the process.    

About the Author

My name is Marianne Martini Nolte and I’m a Certified Financial Planner™ practitioner.  I provide financial planning services for individuals, families, and small business owners.  In particular, I have a passion for working with women in transition, new investors just starting on their path to financial independence, and those seeking  special needs planning.  For more in depth information, please contact me at my firm, Imagine Financial Services www.imaginefinancialservices.com   

Reference

Barber, Nigel.  The Autism-Genius Connection. Psychology Today, Sussex Publishers, 11 May 2017, www.psychologytoday.com/us/blog/the-human-beast/201705/the-autism-genius-connection.

Cohen, Jennifer.  5 Traits Of Extraordinarily Brilliant People. Forbes, Forbes Magazine, 30 June 2015, www.forbes.com/sites/jennifercohen/2015/06/30/5-traits-of-extraordinarily-brilliant-people/.

King, Gilbert. The Rise and Fall of Nikola Tesla and His Tower. Smithsonian.com, Smithsonian Institution, 4 Feb. 2013, www.smithsonianmag.com/history/the-rise-and-fall-of-nikola-tesla-and-his-tower-11074324/.

Nadworny, John W., and Cynthia R. Haddad. The Special Needs Planning Guide: How to Prepare for Every Stage of Your Child’s Life. P.H. Brookes, 2007.

Social Security. SSA, 2020, www.ssa.gov/benefits/ssi/.

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.   

ACCELERATE RETIREMENT PLANNING

Is this life similar to retirement?

The recent Coronavirus shelter in place orders provided many with an unexpected look at what it may feel like to be retired. A slower pace. No office commute. Time to work on the honey-do list. As businesses begin to reopen are you now ready to rush back out and resume your previous routine or have you joyfully adjusted to what many call the new norm?

It’s been an emotional rollercoaster for many

I noticed a definite change in my behavior and many friends mentioned the same. Do some of the following sound familiar to your Covid experience?

Week 1 Lazy mornings, no makeup, time to catch up with friends on the phone and enjoy a few good books that had been collecting dust on the shelf. After self indulgence time the routine became cleaning by purging, organizing, and sanitizing. Hey, my TP supply is low.

Week 2 With additional time on my hands, I began primping in front of the mirror each morning hoping to get my husbands attention. What’s for breakfast, what’s for lunch, what’s for dinner? Snacks in between meals? It’s got to be 5:00 somewhere. Zoom meetings cropping up a lot. Low on food, I had to go out to the grocery store. Long lines, but a lot of excited chatter in line during the wait. However, no TP to be found! Go home and clean, clean, clean.

Week 3 Increased social interaction through Zoom. The weather began to warm so gardening became a nice option. Someone told me the Costco up North had a shipment of TP. I drove 45 miles up the road. As I waited in line I watched shoppers exit with TP, I was hopeful, but when I was allowed to enter, other shoppers had already eliminated the supply. Hopes dashed, I go home to clean, clean, clean.

Week 4 I’m so over the “connected” feeling while on Zoom. Now I’m just hoping nobody else wants to stay on conference for the entire hour we had blocked. Out to the local grocery store. Finally, a 8 pack of TP! Go home and clean, clean, clean.

Excess Cleaning and Isolation Aside, is this what one can expect in Retirement?

In an U.S.News article, Phil Taylor lists 25 Things to Do When You Retire. His list reveals travel, remodel your home, start a business, volunteer, but his number one is “Live Within Your Means”. (Taylor 2019) It’s all about goals. At Imagine Financial Services, as a CFP® Professional, I stress the concept of turning dreams into goals with a plan. During our working years while we are in the accumulation phase, proper planning can help us work toward achieving our goals. Then prior to attaining retirement status it’s important to have goals for what we want this next stage of our lives to look like. Earned income opportunities dwindle or stop completely, but with proper planning, the assets we have accumulated during our working years can provide an income stream to fund what our lifestyle will become in retirement. Do you want to travel, volunteer, have time to catch up with your to-do list? Forecast budgeting for these dreams/goals will help to map out what can be anticipated or expected in your future. The cost of living will go up and this needs to be factored into our calculations. It is scary to think about not having enough money in retirement. Careful planning is necessary.

Conclusion

We had not planned on social isolation and a Covid-world on lockdown. Maybe this is what threw so many of us during the shelter in place. It was forced upon us unexpectedly. However today, we can set our expectations for retirement in advance. We can dream about retirement. We can set goals for our future. We can make a plan, to help guide us in transition, and through potentially successful golden years of retirement. The time we gained by not commuting to work, the slower pace of our lives in social isolation, the opportunity to prioritize our lives and re-establish our goals has brought many to the realization and importance of having a plan. The CFP Board provides an important message:

“You deserve a holistic financial roadmap. Only CERTIFIED FINANCIAL PLANNER™ professionals are rigorously trained in 72 areas of financial expertise and must accrue thousands of hours of experience prior to earning their certification. With a CFP® professional, you get a financial planner partner committed to working in your best interest and the confidence that comes with building a comprehensive plan”. (Find Your CFP® Professional.)

I’m Marianne Martini Nolte, CERTIFIED FINANCIAL PLANNER™ professional. Reach out today and let’s make your plan.

Reference

“Find Your CFP® Professional.” Financial Planning – CFP Let’s Make a Plan, 2020, www.letsmakeaplan.org/.

Taylor, Phil. “25 Things to Do When You Retire.” U.S. News & World Report, U.S. News & World Report, 17 June 2019, money.usnews.com/money/retirement/baby-boomers/articles/ 2018-03-30/25-things-to-do-when-you-retire. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative. Marianne Martini Nolte, CA Insurance Lic #0J02045.

Overcoming Financial Obstacles

By Marianne Martini Nolte, CFP® 

Women can face many financial obstacles over their lifetimes; such as, pay disparity, longer average life expectancy, and staying home to raise children during what may be considered peak earning years.  These factors may lead to financial insecurity in retirement.   

Earnings

During their working years it is often recognized women receive less pay than their male counterparts.  According to the National Committee on Pay Equity, March 31, 2020 symbolized the recent Equal Pay Day (US Census Bureau, 2020).  Essentially this is when, “a woman starting work on January 1 last year would have finally earned on March 31 what a man earned during just that year” (Sonam Sheth, 2020).  

Less pay during working years equates to less benefit from Social Security in retirement.  Social Security benefits are based on a persons lifetime earnings.  Social Security calculates your average indexed monthly earnings during the 35 years in which you earned the most.  A formula is applied to your average indexed earnings, resulting in your basic benefit called your “Primary Insurance Amount” or PIA which is what you can expect to receive at full retirement age (ssa.gov).  

Life Expectancy

Later in life, women often outlive their spouses and are  faced with the dreaded Required Minimum Distribution widows trap.  What is the negative impact or cause of a widows trap for a surviving spouse?  While both spouses are alive and filing their taxes as married filing joint, they generate a larger standard deduction, $24,800 in 2020. However, many surviving spouses inherit their partners Individual Retirement Account (IRA) or other retirement accounts.  The SECURE Act has increased the IRA required minimum distribution (RMD) age from 70.5 up to 72, but now a widow (or widower) will be faced with RMD’s from both their own IRA as well as their inherited IRA.  They begin receiving too much income from these distributions, but now they must file their taxes as single and receive a smaller standard deduction, $12,400 in 2020.  This may result in additional tax concerns. 

Women vs. Men

Child rearing, divorce, health scares can also effect  financial planning, but these factors are not unique only to women. Many changes have occurred in society which have altered traditional family roles.  Men may be adversely impacted too.

Conclusion

With careful consideration, both women and men may be able to mitigate financial planning issues. I feel very strongly about educating folks to make sure they feel confident about their money matters.

References

Sonam Sheth, S. G. (2020, March 31). 7 charts that show the glaring gap between men’s and women’s salaries in the US. Retrieved from https://www.businessinsider.com/gender-wage-pay-gap-charts-2017-3

US Census Bureau. (2020, March 6). Equal Pay Day: March 31, 2020. Retrieved from https://www.census.gov/newsroom/stories/2020/equal-pay.html

Your Retirement Benefit: How It’s Figured. (n.d.). Retrieved May 26, 2020, from https://www.ssa.gov/pubs/EN-05-10070.pdf

DISCLAIMER The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative. Marianne Martini Nolte, CA Insurance Lic #0J02045. 

BUDGETING BOOTCAMP

Budgeting

HELP BECOMING A FINANCIALLY SAVVY 20 YEAR OLD

For many parents, it is common practice to pay your child an allowance as incentive for completing chores.  This can be a great opportunity for parents to get their kids thinking about what money represents in adult life.  It goes something like this, “Timmy, I’ll give you an allowance of X dollars each week, and in return you will take out the trash on Monday and Friday along with making your bed each morning before school”.  Timmy learns he is rewarded for his good actions.  Often, at the end of the week on ‘pay day’, parents hold the money in front of Timmy and say, “You earned your allowance, but before you go out and spend it on candy or the movies, I want you to consider saving a portion in your piggy bank”.   Parents may even use the rule of thumb phrase, “You should save at least 10% of what you earn”.   

This is a great beginning strategy for teaching kids about about early age financial responsibilities, and it can be taken even further.  Later when Timmy has his first paying job outside of the home, parents may want to apply additional financial responsibilities upon their child; such as, having Timmy pay for his monthly recurring cell phone costs.  

ADULT RESPONSIBILITIES   

Life transitions quickly and soon Tim is an adult facing real life financial responsibilities.  At this transitional point, family conversations about money tend to subside.  However, now the financial stakes are higher.  Tim earns a nice starting salary and is potentially living independently with little to no family input.  It is all too easy for young people at this stage to adopt poor financial strategies like failing to budget, no longer saving, and assuming debt.   

BUDGETING

Establishing a monthly budget is a foundational aspect in creating a persons successful financial position.  If expenses exceed income one relies on debt.  An important key is understanding and accepting the difference between need and want expenses.  You need to eat, have shelter, and pay for certain expenses like utilities.  You do not need a big screen TV or those fancy new shoes, these expenses are covered by discretionary income.   Income minus fixed expenses leaves discretionary funds.  Tracking your expenses can feel time consuming or tedious, but it helps to shed light on where your money goes each month.  Some expenses may not occur on a regular basis, like new tires for your car which may only come up every couple of years, but it is still important to put a little bit away each month for these types of incidentals.     

EMERGENCY FUND

Life happens and unexpected bills come up, so an Emergency Fund is an essential part of any persons financial arsenal.  How much should an adult have saved in an Emergency Fund?  “Three to six months of expenses: It’s the golden rule of emergency funds”(O’Shea 2019).  Some find it easier to save money for an Emergency Fund by transferring a certain percent of monthly income out of your primary checking account into a secondary savings account, thus creating an out of sight out of mind reserve.  This helps to eliminate the temptation of dipping into this account to cover discretionary expenses you really don’t need.  

ELIMINATING DEBT

Debt is a tool which can be used wisely or if used improperly may cause stress and even financial devastation.  Good debt includes a mortgage, but only one you can afford.  It is a loan used to finance what one would expect to offer a good return on investment over time (“Good Debt vs. Bad Debt” 2020).  On the other hand, bad debt does not provide potential return on investment, and you have no way to pay it off immediately or within just a couple of months max.  Additionally, bad debt will most likely have a negatively impact your credit score (“Good Debt vs. Bad Debt” 2020).  What can be done to pay down or eliminate bad debt?  It is important to pay more than your minimum payment due.  If you can not pay off this debt within  two months, go back to your budget and establish what is the maximum amount you can pay. 

CONCLUSION 

Establishing a budget, setting up an Emergency Fund, and eliminating debt are all important aspects of building an appropriate financial lifestyle.  It can be hard work evaluating your true needs verses what you want, but financial independence can be a very rewarding feeling.  Getting your finances in order may provide a person with a great lift in spirit.  Often, young people don’t know where to turn for financial advice.  You do not need to make this journey alone.  My name is Marianne Martini Nolte, I am a Certified Financial Planner TM professional, and I would like to help you achieve your long term goals.  

References

“Good Debt vs. Bad Debt.” Equifax, 2020, www.equifax.com/personal/education/credit/report/understanding-credit-good-debt-vs-bad-debt/.

O’Shea, Arielle. “Is Your Emergency Fund Too Big?” NerdWallet, 27 Feb. 2019, www.nerdwallet.com/blog/investing/is-your-emergency-fund-too-big/.

DISCLAIMER

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.     

Marianne Martini Nolte, CFP®

The CFP® certification process, administered by CFP Board, identifies to the public that those individuals who have been authorized to use the CFP® certification marks in the U.S. have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. The mission of Certified Financial Planner Board of Standards, Inc. (CFP Board) is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning.

TIME FOR A ROTH CONVERSION?

If you are faced with a lower income bracket due to the coronavirus pandemic, a Roth IRA conversion may be advantageous.  Additionally, a Roth IRA conversion may be a savvy strategy for you right now if you feel taxes will be higher down the road when you retire.  

What is a Roth conversion?  

A Roth conversion is “a way to convert funds from a traditional IRA (individual retirement account) into a Roth IRA” (Elk, 2020).  Unlike contributions, there is no limit on the amount of conversion you can make.  However, at the time of conversion you pay tax on the dollars converted, so you may find it a good strategy to make partial conversions over a few years to avoid a heavy tax burden in just one year.  

Benefits of a Roth IRA

A Roth IRA provides tax free distributions in retirement!  That’s right, if you take qualified distributions from your Roth IRA, you receive the funds without having to pay any tax. There are many types of retirement accounts which can be utilized for retirement planning including:

  • 401(k) 
  • 403(b)
  • 457
  • Traditional IRA
  • SEP IRA
  • SIMPLE IRA
  • Roth IRA

Each of these account types has specific rules pertaining to eligibility, deferral limits, early withdrawal penalties, holding periods, tax deferral implications, and distribution requirements to name a few.  When investing in one of these retirement accounts it is important to understand the impact of the account rules.  One of the rules requires account holders to take minimum distributions also known as RMD’s at age 72 (due to The SECURE Act, this age was recently adjusted up from age 70 1/2 to age 72).  When you take your annual RMD you pay tax on the withdrawal.  However, this is not the case with a Roth IRA.  Not only do withdrawals from a Roth IRA come out tax free, but RMDs are not a requirement of a Roth.  

How a Roth IRA works

When investing for retirement in a Roth IRA account, you make contributions with after-tax dollars.  “After-tax income is the net income after the deduction of all federal, state, and withholding taxes” (Kagan, 2020).  Because you contribute income after taxes you are not required to pay tax on this money a second time when you take money back out of your Roth IRA account.  

Like the other retirement accounts mentioned above, the Roth IRA grows tax deferred.  Great, and here is the big difference which may prove to be a plus, if you meet specific requirements, all withdrawals (contributions, conversions, and earnings) will come out tax free.  Tax free withdrawals during retirement, that can have a huge impact for retired folks who need to self generate an income stream once a paycheck stops.  

Contributions (after tax money you put in) always comes out tax free.  Conversions and earnings come out tax free and penalty free if certain requirements are met.  Conversions and earnings have a 5 year holding period and may be taken out tax free and penalty free when meeting special purposes like attainment of age 59 1/2, disability, first home purchase, education, and medical expenses.  Other special purposes may apply.

Roth IRA Conversion Conclusion

A Traditional IRA to Roth IRA conversion will cost you tax dollars today, but down the road you will be able to take withdrawals from your Roth IRA tax free.  This may be a huge advantage in retirement.  Roth IRA’s have their own unique contribution limits, but conversions limits do not apply.  Roth IRA accounts are subject to a 5 year holding period and other special purpose rules in order for distributions to be considered qualified and not subject to tax or penalty.  It is important to consider conversions carefully.  Check with your tax professional and financial planner first to see if this strategy is right for you.    

References

Elk, K. (2020, January 23). How to find out if a Roth conversion is right for you-and how to do one. Retrieved March 20, 2020, from https://www.cnbc.com/2020/01/22/how-to-do-a-roth-conversion.html

Kagan, J. (2020, January 29). What is After-Tax Income? Retrieved March 20, 2020, from https://www.investopedia.com/terms/a/aftertaxincome.asp 

The opinions expressed in this newsletter (article) are for general information only and are not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. The views expressed are those of the author and may not necessarily reflect those held by PlanMember Securities Corporation. Material presented is believed to be from a reliable sources and PSEC makes no representation as to accuracy or completeness. 

Representative is registered with and offers only securities and advisory services through PlanMember Securities Corporation (PSEC), a registered broker/dealer, investment advisor and member FINRA/SIPC. 6187 Carpinteria Ave, Carpinteria, CA. 93013, (800) 874-6910. Imagine Financial Services and PlanMember Securities Corporation are independently owned and operated companies. PlanMember is not responsible or liable for ancillary products or services offered by Imagine Financial Services or this representative.  Marianne Martini Nolte, CA Insurance Lic #0J02045.