Peters Financial, LLC

Your personal choices can significantly impact your life insurance premiums. Source: https://lnkd.in/gwxpUfv2 [7/10/19]

When it comes to funding your child or grandchild’s education many people think a 529 plan is their only option. However, you can also use a Roth IRA account to help pay for education expenses. So, which one will be your best option? First, let’s define what both of these accounts are. 529 plans are tax-advantaged savings accounts designed specifically to help save for education expenses. Roth IRA accounts are set up to make after-tax contributions for tax-free withdrawals during retirement. However, Roth IRA accounts are not owned by the child. Instead, they are designated as the beneficiaries. Here are a few things to consider when thinking of which option may be best for you.

We wish you a year filled with new opportunities, good health, and continued success. From all of us here at Peters Financial, Happy New Year! Let’s make it a great one!

One of the common questions we receive when it comes to taxes is what is the difference between a tax preparer and a tax planner? A tax preparer is used when the time comes to file your taxes each year. They help you prepare your taxes by gathering all your annual financial information. They also make sure you are taking advantage of any credits or deductions that you are eligible for. Tax planning goes beyond the annual tax filing process. A tax planning professional helps you throughout the year to make sure the tax implications of your financial moves are considered. They try to help you avoid a surprise bill when April comes around. So, which one should you have? That depends on your individual situation. However, if you have retirement accounts, investments, businesses, estates, or an inheritance, you should strongly consider getting help with your taxes.

May the Peace of Christ be with you. We send our prayers and love for a Merry Christmas and a Happy New Year!

The latest inflation numbers are in, and they're looking good! Consumer prices rose 2.5% last month, bringing U.S. inflation to a 3-year low. Remember, while this news is positive, it's important to maintain a balanced, long-term approach to your financial strategy. Every economic shift brings both opportunities and challenges. What financial goals are you focusing on in this changing economic landscape? Let's discuss! #InflationUpdate #EconomicTrends #FinancialStrategy Source: https://lnkd.in/dpv8vqnm

💡 Did you know? Planning for retirement may involve more than just relying on Social Security. 📊 While 88% of Americans expect it to be part of their income strategy, the reality is that the average annual payout might not cover the full cost of living. 🤔 With so many strategies available to grow your retirement savings, now is the time to ask yourself: Will your retirement income meet your lifestyle needs? 🏖️💼 Source: https://lnkd.in/dtgRDsr5 [6/15/2019]: https://lnkd.in/dVA-tm9K [2014/2019]

💡 Did you know? Planning for retirement may involve more than just relying on Social Security. 📊 While 88% of Americans expect it to be part of their income strategy, the reality is that the average annual payout might not cover the full cost of living. 🤔 With so many strategies available to grow your retirement savings, now is the time to ask yourself: Will your retirement income meet your lifestyle needs? 🏖️💼 Source: U.S. News & World Report, November 30, 2020

What usually comes to mind when discussing a legacy is estate planning – the planning of what physical assets will be left to beneficiaries. But legacy planning is so much more than that. Picture it as crafting a precious gift, something that will bring comfort and joy to those who follow in your footsteps. Legacy goes beyond just finances; it's about passing on the cherished pieces of your life, the things that hold deep meaning to you. Think about the love you've shared, the lessons you've learned, the beauty in your favorite memories, and the values you hold dear. Your legacy is about leaving a gentle touch on the people in your life, your community, and even the country, making them a little brighter and better for having known you. It encompasses the impact of your career and the warmth of your relationships. It's a reflection of your life, not just in words, but in the positive ripples of change you leave behind.

For those of us who love to travel, there are typically two major obstacles: Money and Time. The issue of time becomes less of an issue once we retire (you just have to commit and schedule it), but money remains a factor. Here are a few tips for you as you plan for travel while in retirement: 📝 Plan for your travels. While still working, set a goal for how often and where you would like to travel. How often will you travel overseas versus around the states? How do you prefer to travel? RV, car, plane, boat…? Answers to these broad questions will help us more accurately predict costs and help you prepare. 💸 Stay within a travel budget. Often, when we travel, we overspend. That happens because we spend too much at restaurants, buy that bigger souvenir, and book too many activities. Travel is less stressful, and more fulfilling when you stick to a budget and take advantage of free activities. 👛 Find discounts. There are many opportunities to find discounts when you travel. Traveling outside peak seasons will often mean significant discounts. Buying directly from the airline or hotel can often be less expensive. Many activities will offer major discounts if you look for them before arriving. Often, just searching forums of previous travelers, you can see ways to save money. 👨👩👦👦 Travel in groups. If you travel in a large group, you can frequently find better rates. Often those group discounts come in the activities. Talk with some good friends now to see if traveling with them would work. You may also find clubs or travel agencies who will coordinate group travel. Who knows, you might even meet a new best friend. As you are planning for travel, now or in retirement, please don’t hesitate to reach out to my team. What are your favorite travel tips?