Tag: theresa
37 posts tagged as "theresa"
Jul 14, 2021
By Theresa Fry, Senior Vice President, Manager of IRA’s, Retirement & Education Planning
It is hard to be out and about these days without seeing help wanted signs. They are everywhere. Restaurants, grocery stores, and retailers small and large are trying to hire workers. For students on summer break from college or high school, those summer earnings can be more than just some extra dollars in their pocket.
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Jun 23, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s, Retirement & Education Planning
Do you know how much it will cost to eat in retirement? Consider this example, at $5.00 per meal, eating three meals a day, 365 days in the year, for a retirement period of 20 years, it will cost a retired couple $219,000 just to eat in retirement. That assumes there will be no inflation on the cost of groceries during that 20-year period.
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Jun 2, 2021
By Theresa Fry, Senior Vice President and Manager of IRA’s, Retirement and Education Planning
With Memorial Day weekend behind us and temperatures warming up, the unofficial kickoff to summer has begun. Thankfully, more and more states are lifting their COVID restrictions and people are once again looking forward. Summer may offer you the opportunity to lead a more active, adventurous, and healthy lifestyle, or perhaps provide the rest and relaxation you need to recharge and restore your mental well-being.
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May 28, 2021
By Theresa Cagle Fry, Senior Vice President and Manager, IRA’s and Retirement Planning
In the world of finances, May 29 has become synonymous with education planning and saving for college. Why? One the most helpful ways to save for a child or grandchild’s education is through a 529 savings plan.
What is a 529 Education Savings Plan?
A 529 Savings Plan is an education savings plan that is designed to provide tax-advantaged savings for future education costs,
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May 4, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s, Retirement and Education Planning
At one time, all Social Security benefits were tax free. Today, if your only source of retirement income is Social Security, then your benefits may still be tax free. Most people pay income taxes on a portion of their Social Security income. The higher your income, the more taxes you’ll pay on your benefits.
Taxes on Social Security are determined based on your combined or “provisional” income.
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Apr 20, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning
If you have filed your tax return and are anxiously awaiting your income tax refund, the IRS (and most states) now have a variety of ways for you to quickly check the status of your refund—online, over the phone or through a smartphone app. You will need your Social Security Number, your tax filing status, and the exact amount of your refund to use them.
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Mar 23, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning
It’s not too late! You can still make a contribution to your traditional or Roth IRA. Individuals get a little extra time this year, too. The IRS recently announced an extension for individual taxpayers to file 2020 federal income tax returns and make federal tax payments to May 17, 2021. This is now the deadline for making 2020 IRA contributions for most people (see below for details).
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Mar 9, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning
The coronavirus we now refer to as COVID-19 has changed so many things. We have learned how to live, work, educate, and socialize in a way nobody would have imagined just a year or so ago. Last March, the CARES Act was passed to provide some welcome relief for individuals who needed access to their retirement savings accounts as the pandemic swept across the world.
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Mar 2, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning
If you own mutual funds in your taxable investment account, you may have been surprised to find capital gains reported even though you did not buy or sell any shares. Mutual Funds must distribute dividends and any realized capital gains earned in the prior 12 months. They are considered taxable unless you hold the shares in a tax-deferred account such as an IRA or 401(k) plan.
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Feb 9, 2021
By Theresa Fry, Senior Vice President and Manager, IRA’s and Retirement Planning
It’s tax season again. Whether you decide to tackle your tax return yourself or use a tax professional, it’s time to get organized as your tax forms begin arriving. If you took money out of your IRA last year, one of the forms you’ll receive will be the 1099-R. Form 1099-R can be confusing because amounts reported as “taxable” don’t always result in an income tax liability and items reported as being “early”,
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