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Met with a client that rolled over their pension into an IRA invested 100% in CD’s when they retired. I wish I had the opportunity to meet with them before they made that decision. Here’s why 👇 → They didn’t want to take any risk with their investments. → They wanted to spend down their assets and not leave behind a huge inheritance. By taking the life annuity on their pension, they could… ✅ Increase their purchasing power dramatically. ✅ Rely less on their investments to cover their living expenses. ✅ Spend their assets down to zero knowing that they won’t outlive their pension (and Social Security) income. ✅ Have less administrative headache vs. constantly renewing CD’s as they mature. PSA - Please don’t let anyone you know make a major decision on their pension without talking to a professional first. . . . Disclosures: Thrivent.com/social
Met with a client that rolled over their pension into an IRA invested 100% in CD’s when they retired. I wish I had the opportunity to meet with them before they made that decision. Here’s why 👇 → They didn’t want to take any risk with their investments. → They wanted to spend down their assets and not leave behind a huge inheritance. By taking the life annuity on their pension, they could… ✅ Increase their purchasing power dramatically. ✅ Rely less on their investments to cover their living expenses. ✅ Spend their assets down to zero knowing that they won’t outlive their pension (and Social Security) income. ✅ Have less administrative headache vs. constantly renewing CD’s as they mature. PSA - Please don’t let anyone you know make a major decision on their pension without talking to a professional first. . . . Disclosures: Thrivent.com/social
Tax refunds aren't bonuses. They're interest-free loans to the government.
Tax refunds aren't bonuses. They're interest-free loans to the government.
Tax deductions are like coupons 🧾 Tax credits are like gift cards 💳 A $1 deduction saves you 24 cents if you're in the 24% tax bracket. A $1 credit saves you $1. . . . Disclosures: Thrivent .com/social Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
Tax deductions are like coupons 🧾 Tax credits are like gift cards 💳 A $1 deduction saves you 24 cents if you're in the 24% tax bracket. A $1 credit saves you $1. . . . Disclosures: Thrivent .com/social Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
"I got killed on taxes last year!" 🗣️ When people say this, it often means they owed a lot of money when they filed. People's stress around taxes largely revolves around how much they owe when filing. I get it, it's crucial. You want your refund (or what you owe) as close to $0 as possible. ↳ Adjusting your withholding or making quarterly tax payments can fix that. But the real game-changer is understanding how much of your income will be paid in taxes this year, and every year for the rest of your life. And discovering the legal levers to pull to strategically reduce your lifetime tax bill. That's what "tax planning" is. . . . Disclosures: Thrivent .com/social Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
"I got killed on taxes last year!" 🗣️ When people say this, it often means they owed a lot of money when they filed. People's stress around taxes largely revolves around how much they owe when filing. I get it, it's crucial. You want your refund (or what you owe) as close to $0 as possible. ↳ Adjusting your withholding or making quarterly tax payments can fix that. But the real game-changer is understanding how much of your income will be paid in taxes this year, and every year for the rest of your life. And discovering the legal levers to pull to strategically reduce your lifetime tax bill. That's what "tax planning" is. . . . Disclosures: Thrivent .com/social Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
Tax returns and tax refunds are not the same thing. 📄 Tax Return: What you file with the IRS to report income, deductions, etc. 💵 Tax refund: Money the IRS gives back to you after you file if you overpaid. . . . Disclosures: Thrivent .com/social
Tax returns and tax refunds are not the same thing. 📄 Tax Return: What you file with the IRS to report income, deductions, etc. 💵 Tax refund: Money the IRS gives back to you after you file if you overpaid. . . . Disclosures: Thrivent .com/social
What's the difference between a tax deduction and a tax credit? Tax Deduction 📑 ↳ A tax deduction reduces the amount of your income that will get taxed. ↳ A $10,000 deduction at a 32% tax rate saves you $3,200. ↳ The amount it saves you depends on your tax rate. ↳ Some tax deductions only save you money if you end up "itemizing." Tax Credit 💵 ↳ A tax credit directly reduces your tax liability. ↳ A $10,000 credit that you qualify for saves you $10,000. ↳ The credit either reduces what you owe or increases your refund when you file. ↳ Some credits go away if you make too much income. . . . Disclosures: Thrivent .com/social Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
What's the difference between a tax deduction and a tax credit? Tax Deduction 📑 ↳ A tax deduction reduces the amount of your income that will get taxed. ↳ A $10,000 deduction at a 32% tax rate saves you $3,200. ↳ The amount it saves you depends on your tax rate. ↳ Some tax deductions only save you money if you end up "itemizing." Tax Credit 💵 ↳ A tax credit directly reduces your tax liability. ↳ A $10,000 credit that you qualify for saves you $10,000. ↳ The credit either reduces what you owe or increases your refund when you file. ↳ Some credits go away if you make too much income. . . . Disclosures: Thrivent .com/social Thrivent and its financial advisors and professionals do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.
There's still time to max out your HSA and Roth IRA for last year! The due date is the tax filing deadline - April 15th, 2024 . . . Disclosures: Thrivent .com/social
There's still time to max out your HSA and Roth IRA for last year! The due date is the tax filing deadline - April 15th, 2024 . . . Disclosures: Thrivent .com/social
Did you know you can contribute to your HSA from your bank account for the previous year (2023) until the tax filing deadline on April 15th, 2024? 🗓️ Going forward, if your employer allows payroll contributions, consider making your future HSA contributions come directly from your paycheck. This allows you to sidestep Payroll Tax (7.65% total for Social Security & Medicare) on your contributions. If you reach the family limit of $8,300 in 2024, you could save $635 by running it through payroll! . . . Disclosures: Thrivent .com/social
Did you know you can contribute to your HSA from your bank account for the previous year (2023) until the tax filing deadline on April 15th, 2024? 🗓️ Going forward, if your employer allows payroll contributions, consider making your future HSA contributions come directly from your paycheck. This allows you to sidestep Payroll Tax (7.65% total for Social Security & Medicare) on your contributions. If you reach the family limit of $8,300 in 2024, you could save $635 by running it through payroll! . . . Disclosures: Thrivent .com/social
✅ I can afford my Long-Term Disability Insurance. ❌ I can't afford taking a ~40% pay cut because if I don't have enough Long-Term Disability Insurance. . . . Disclosures: Thrivent .com/social
✅ I can afford my Long-Term Disability Insurance. ❌ I can't afford taking a ~40% pay cut because if I don't have enough Long-Term Disability Insurance. . . . Disclosures: Thrivent .com/social
The deadline for putting money in your Roth IRA is fast approaching! April 15th is the last day you can make a contribution for the 2023 Tax Year.
The deadline for putting money in your Roth IRA is fast approaching! April 15th is the last day you can make a contribution for the 2023 Tax Year.