Megan Bynum

Finding ways to meet ever-increasing college costs is one of the major challenges facing families today.  An option that has grown popular in most recent years is a 529 college savings plan.  529 plans are tax-advantaged investment accounts designed to help save funds for future higher education expenses, most commonly for children or grandchildren.  Withdrawals from 529 plans are generally free from federal and state income taxes if used for qualified educational expenses such as tuition, fees, books, etc.  Additionally, 529 plans have the ability to act as a powerful wealth transfer mechanism.  Since contributions to 529 accounts are considered gifts, they qualify for the $14,000 gift tax exclusion in 2013.  Contact us to learn more about the benefits of beginning a 529 college savings plan.

*Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.  Withdrawals used for qualified expenses are federally tax free.  Tax treatment at the state level may vary.  Please consult your tax advisor before investing.

Securities offered through LPL Financial Member FINRA/SIPC

Written by Megan B. Bynum, Wealth Advisor, LPL Financial

When evaluating health insurance, retirement plans, life insurance, etc. it is easy to overlook long term care (LTC).  Next to health insurance, I would argue that LTC is the next piece in securing your long term retirement plan.  LTC will continue to be more expensive for your family if you wait to apply for it.  Therefore you absolutely want to apply while you can medically qualify for it.  Remember, that LTC is not “nursing home” insurance but rather “asset protection”.  You can have a large retirement portfolio wiped out quickly by unexpected LTC cost.   There are several more options available now then traditional LTC.  Contact me today to help you evaluate which LTC plan is best for your family.

Securities offered through LPL Financial Member FINRA/SIPC

Written by Scott Flowers, LPL Wealth Advisor

The maximum contribution for Traditional and Roth IRA’s in 2013 is $5,500.  The limit increases to $6,500 for 50 years and over.  A SEP IRA maximum is lesser of 25% of compensation or $51,000.  SIMPLE IRA’s are $12,000 with an extra $2,500 for age 50 and over.  IRA’s are great retirement accounts that seek to save and grow money on a tax deferred basis.  With consistent investing and a good long term financial plan, IRA’s can be a huge part of securing your financial future.  Contact your tax professional to see which IRA makes sense for you, and how much you can contribute.

Securities and financial planning offered through LPL Financial, a Registered Investment Advisor, Member FINA/SIPC.

Written by Scott Flowers, Wealth Advisor, LPL Financial

Ben Leyhew

Deciding when to take a profit can be a difficult decision for retail investors. The investment adage: “Bulls make money, bears make money, and pigs get slaughtered” is colorful yet poignant. Investors can make money long or short, but greedy investing can kill your portfolio. Every trade or investment should have an entry and exit strategy. You should formulate a game plan to get in and get out. This can be a percentage, dollar amount or time frame. By sticking to this plan, you avoid the emotions of investing, which hinder many from achieving their desired investment goals. If you need help developing an entry or exit strategy with your investments, please give me a call at 615-216-1336.

Securities offered through LPL Financial Member FINRA/SIPC

Written by Ben Leyhew, LPL Wealth Advisor

Ben Leyhew

In addition to monitoring monthly/quarterly statements, I recommend investors should have an annual review with a qualified investment professional. During this review, you can address your financial goals, expectations, life changes and portfolio returns. If your portfolio is not meeting your expectations, then you should sit down with an expert to discuss changes that should be made. For some investors, an annual reallocation is sufficient. However, more aggressive portfolios may require more frequent reallocations as they tend to fluctuate more in volatile market conditions. Please contact me today at 615-216-1336 if you would like a portfolio review.

Securities offered through LPL Financial Member FINRA/SIPC

Written by Ben Leyhew, Wealth Advisor, LPL Financial

Ben Leyhew

Your “retirement number” is essentially the amount of money you need saved to provide for your retirement income needs. The goal is to provide enough income to meet your lifestyle needs and not run out of money.  90% of your current working salary is considered a good rule of thumb for retirement income. If you are currently making $50K ($4166 per month), then a good starting point for retirement income needs is $45K ($3750 per month). To ensure you don’t run out of money during retirement, you should assume a 3-5% withdrawal rate. Now take your annual retirement income need ($45K), divide that by the withdrawal rate (.05) and that equals your “retirement number” ($900K). If you have any questions regarding your “retirement number” or other retirement planning questions, please call me at 615-216-1336.

Securities offered through LPL Financial Member FINRA/SIPC.

Written by Ben Leyhew, Wealth Advisor, LPL Financial