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Retirement Tools

Tax Liability Calculator

What is my potential estate tax liability?

Get an idea how much tax you might owe.

We would be happy to look at these numbers with you to see how well you are prepared for your retirement.
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Potential Estate Tax Liability

 

 

 

 

Call us today with your retirement planning questions.

IRA Contribution Calculator

How Much can I Contribute to an IRA

using the IRA Contribution Calculator

Get a quick overview on how your savings stack up today.

We would be happy to look at these numbers with you to see how well you are prepared for your retirement.

(click the image to use the calculator)

Retirement calculator

Retirement Planning Calculator

Retirement Planning Calculator

Get a quick overview on how your savings stack up today.

We would be happy to look at these numbers with you to see how well you are prepared for your retirement.
(click the image to use the calculator)

Retirement calculator

All written content on this site is for informational purposes only. Opinions expressed herein are solely those of McCartin and Associates and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. McCartin and Associates and Sound Income Strategies LLC are not associated entities. McCartin and Associates is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies

Retirement Planning Articles

“So you’re retired. Now what?”

Most qualified retirement plans offer significant tax benefits - if you're willing to follow a few IRS-specified rules, that is. The federal government wants to make plans such as 401(k)s, Keoghs, SEP-IRAs and traditional IRAs available for specific needs, and has...

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Retirement Expenses Over Time

How Living Expenses Change During Retirement There are some upsides to being a retiree - senior discounts, lower taxes, subsidized healthcare, and regular Social Security checks among them. On the other hand, mature Americans must contend with worrisome issues such as...

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All written content on this site is for informational purposes only. Opinions expressed herein are solely those of McCartin and Associates and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. McCartin and Associates and Sound Income Strategies LLC are not associated entities. McCartin and Associates is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies

IRA Articles

Should I convert to a Roth IRA?

Should I convert to a Roth IRA?

The Roth IRA offers many advantages over its traditional counterpart. Should I convert to a Roth IRAThese include:

  • Tax-free distributions at retirement
  • Ability to continue making contributions beyond age 72
  • No required minimum distributions beginning in the year you turn 72
  • Leaving assets to survivors that are free from income taxes read more…

Are Your Allocations Right for RMDs?

Making sure your IRAs are allocated properly for required minimum distributions
(RMDs) once you reach the age at which you must take them is as simple as following a bit of
advice your parents probably used to tell you: live off your interest, don’t touch your principal.
That may sound simple enough, but there are many factors to consider in order to ensure the
interest and dividends you’re generating from your savings and investments is sufficient to cover
your RMDs and satisfy your other income needs throughout retirement.

Again, RMDs are distributions the IRS requires you to make on your retirement savings
each year after you’ve reached age 72. The amount changes each year in conjunction
with your estimated life expectancy and the balance of your IRAs and other qualified plans as of
December 31st the preceding year.

Ideally, an asset allocation right for taking RMDs should be able to generate at least 3.7%
dividend or interest. If your interest and dividend income isn’t sufficient to cover RMDs, then
the distributions will most likely have to come from principal. Why is that so bad? Well, with
average life expectancy rates today higher than they’ve ever been, most people need to plan for
30 years of retirement. That being the case, spending any principal at all, especially during the
early years of retirement, can be a slippery and dangerous slope….

To continue reading send us your email for the full PDF!

Compelling Reasons to Rollover Your Company Plan Money to an IRA

The IRA is a handy place to consolidate all of your retirement funds. It can help you stay in control by not having to keep track of several company plans and IRAs and the beneficiary and withdrawal options with each plan. You won’t have to worry about required distributions from both your company plan and your IRAs once all the funds have been rolled to an IRA.

1) The best case for an IRA rollover is the ability to keep the money growing tax-deferred for your beneficiaries. Many company retirement plans do not allow this stretch option even though the IRA rules permit it. The custodian of your company plan does not want to get involved in the administrative nightmare of keeping track of your beneficiaries for 30,40, or 50 years as they take required distributions after you die. So instead, your former company plan could pay your beneficiaries the entire dollar amount of your account in one year or five years at best. It’s this simple!

Do you want your retirement account to last 50 years or 5 years for your children and grandchildren? If you want your kids to have the choice to withdraw the minimum amounts over their lifetime, you must rollover your company plan to an IRA. Otherwise, your beneficiaries will be receiving the entire dollar amount of your company plan in one to five years and owe taxes on the entire amount.

2) IRA’s provide the ability to have you name many different beneficiaries and the option for those beneficiaries to split the account up after you die. Funds in your company plan are subject to Federal Law requiring participants to name their spouse as the primary beneficiary.

3) Your old company plan typically does not offer a wide variety of investment options to choose from. You can instantly make changes to the investment options in your IRA without going through the red tape of your company plan, where you are now considered an ex-employee. Why speak with an inexperienced phone rep at the company plan, when you can receive better service and more personal attention from your financial advisor?

4) Once you have rolled over your company plan funds to a traditional IRA, you can convert those funds to a Roth IRA (as long as your adjusted gross income is under the $100k income eligibility limit). You cannot directly convert company plan dollars to a Roth IRA. First, you must convert to a traditional IRA.

5) Company plans may have restrictions on withdrawals. In an IRA, you may have immediate access to your funds, regardless of age. Even if you are under the age of 59 1/2, you can withdraw from your IRA. You’ll pay tax and the 10% penalty, but you still have the ability to withdraw quickly. The company plan may have restrictions on withdrawals before the age 59 1/2. If you are no longer working for the company and leave the money in the company plan, it still may take some time to access your cash. If you need it right away, that will put unnecessary pressure on you at a time when the last thing you need is more problems.

IRA Conversions

The Roth IRA offers a number of advantages over its traditional counterpart. These include:

  • Tax-free distributions at retirement
  • Ability to continue making contributions beyond age 70-1/2
  • No required minimum distributions beginning in the year you turn 70-1/2
  • Leaving assets to survivors that are free from income taxes

retirement-cash-fund

Details on eligibility to convert a traditional IRA to a Roth IRA.

  • For years before 2010, if your filing status is married filing separately, you don’t qualify unless you lived apart from your spouse for the entire year.
  • For years before 2010, if your modified adjusted gross income is greater than $100,000, you can’t convert a traditional IRA to a Roth IRA.
  • For years before 2008, direct conversions from an employer plan to a Roth IRA were not permitted. You can do that now, but in some situations it may be preferable to roll to a traditional IRA and then convert to a Roth IRA.
  • If you inherited a traditional IRA from a person other than your spouse, you can’t convert it to a Roth IRA.
  • You can convert a traditional IRA to a Roth IRA even if you made a rollover within the previous 12 months.
  • If you’re otherwise eligible, you can convert part of a traditional IRA to a Roth IRA. But you can’t convert only the nontaxable part.

Assets converted to a Roth IRA must remain in the account for at least five years before any distributions are taken. Otherwise, a significant tax penalty may apply.

You’ll maximize the potential for tax-free income later if you pay conversion taxes out of pocket, rather than withdrawal them from your IRA. If you can’t pay conversion taxes without using part of your IRA funds, you probably shouldn’t convert unless you are certain you will be in a high tax bracket during retirement.

IRA Contribution Calculator

How Much can I Contribute to an IRA

using the IRA Contribution Calculator

Get a quick overview on how your savings stack up today.

We would be happy to look at these numbers with you to see how well you are prepared for your retirement.

(click the image to use the calculator)

Retirement calculator

All written content on this site is for informational purposes only. Opinions expressed herein are solely those of McCartin and Associates and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. McCartin and Associates and Sound Income Strategies LLC are not associated entities. McCartin and Associates is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies

Retirement Income Articles

Will Social Security be Enough?

Will Social Security be Enough to Retire on?

Bridging the Income Gap

Social Security was never designed to be an individual’s sole source of retirement income. Instead, it was meant to bridge the gap between people’s income from pensions and savings and their monthly expenses.

Today, however, nearly two-thirds of all seniors rely on Social Security for over 50% of their total monthly income. Nor are annual cost-of-living adjustments, or COLAs, keeping up with the spiraling costs of healthcare, housing, and energy in many areas across the country. Adjustments to extend the program’s solvency have reduced benefits in real terms, as well as ratcheted up the age at which one can attain full benefits.

What’s more, traditional company pension plans are fast going the way of the horse-and-buggy and the dodo bird. Instead, employers are moving toward “defined contribution plans” that put most of the responsibility for planning, funding, investing, and distributing plan funds squarely on the shoulders of individual employees.

Given these trends, one thing is clear: Each person must put increasingly greater emphasis on helping to secure their own financial future in retirement. Your actions today and throughout your working career may make the difference between relying on government programs for a modest monthly income and enjoying a more secure and independent “golden years.”

The price of procrastination is steep and the cost of inadequate preparation too high for you to wait until later to start planning!


Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice. Past performance is no guarantee of future results. Diversification does not ensure against loss. Source: Financial Visions, Inc.

All written content on this site is for informational purposes only. Opinions expressed herein are solely those of McCartin and Associates and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. McCartin and Associates and Sound Income Strategies LLC are not associated entities. McCartin and Associates is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies

Annuities Articles

Annuities and Preparing For Retirement

ANNUITIES…and Preparing For Retirement

by John McCartin

What Is an Annuity?

An annuity is a contract sold by life insurance companies that guarantees a fixed or variable payment to an annuitant either immediately, or at some future time – usually retirement. Annuities accumulate tax-deferred however; funds may not be withdrawn until the age of 59 ½ without incurring a 10% penalty. There is no limit as to the amount of money you can contribute to an annuity. read more…

All written content on this site is for informational purposes only. Opinions expressed herein are solely those of McCartin and Associates and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. McCartin and Associates and Sound Income Strategies LLC are not associated entities. McCartin and Associates is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies

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All written content on this site is for informational purposes only. Opinions expressed herein are solely those of McCartin and Associates and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. McCartin and Associates and Sound Income Strategies LLC are not associated entities. McCartin and Associates is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. © 2021 Sound Income Strategies