Financial Planning News You Can Use- Episode 1 – Filling Your Pockets

Transcript –

(00:00):

Welcome everyone, to the first episode of Financial Planning News You Can Use where you can hear about timely topics that may help you achieve your financial goals. My name is Chuck Lewandowski, CERTIFIED FINANCIAL PLANNER professional™. If you’ve been working with me for a while, you may have heard me say that the accumulation of wealth is based on a making a series of good decisions. The purpose of these updates is to give you information that can help you make those good decisions. I’ll be sending these updates to supplement the monthly investment market information that you may be receiving from me today.

 I’ll be discussing three topics that can have a big impact on your family’s short and long-term finances. They may put money in your pocket. They may keep money out of uncle Sam’s pocket and preserve money for your family’s pocket. Number one may put money in your pocket.

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Congratulations, Social Security recipients! You got a raise! Last week, the social security administration declared a 5.9% increase in benefits due to an increase in their measurement tool, the consumer price index, the average social security recipient receiving $92 a month increase. If you’re not currently receiving benefits, don’t worry. This cost-of-living adjustment will be included in your future benefits.

Number two may keep money out of Uncle Sam’s pocket. We’re in the final months of the year. And that means that mutual fund companies are estimating the capital gains they will be distributing to you, their shareholders. These gains may be taxable to you. If you have a taxable investment account, it’s time to determine if you can position your investments to reduce the tax impact of these gains. By strategically selling losing investments, you may be able to reduce or even eliminate federal income taxes.

 Number three may preserve money for your family’s pocket.

(01:57):

Unfortunately, two of my clients passed away over the last six months. Both were characters, veterans and great family men. I’ll miss them, but their families will miss them even more. They were both married and had most of the responsibility for their family’s finances. Fortunately, they left a file of financial documents that allowed the families to reconstruct most of the obligations that needed to be addressed. But still it has taken hours of work to tie off the loose ends.

I have a simple tool that can help you prepare for the time when the financial decision makers no longer around, it’s called a personal document locator. You can fill it out electronically and use it to summarize all your personal and financial information. Your family will be happy that you took the time to think of them.

 If you need a copy of the personal document locator assistance with your social security time decision, or just like help with capital gains analysis, please call me or use the form on my website. Charles J lewandowski.com. I look forward to hearing from you. Thanks. Have a great day.