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Tag: theresa

39 posts tagged as "theresa"

If You Retire Early, Watch Out for IRS Penalities

Aug 25, 2021

By Theresa Fry, Senior Vice President and Manager, IRA’s, Retirement & Education Planning

If there is one thing that this past year and a half has taught us, it’s that life doesn’t always go according to plan. If you find yourself in a situation where you are retiring early – whether by choice or by circumstance – and you need to access the money in your retirement accounts earlier than you expected,

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Is Your Three-Legged Stool Wobbly?

Aug 9, 2021

By Theresa Fry, Senior Vice President, Manager of IRA’s, Retirement & Education Planning

The description of the three-legged stool for retirement income has been a staple in planning for a long time. The three components or “legs” of the stool are: pensions, Social Security, and personal savings. The idea is that you need all three legs, providing equal resources for your retirement income, to keep your retirement stable.

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Summer Savings: Yes, Kids With Jobs Can Have an IRA

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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Summer Savings: How Much Will it Cost to Eat in Retirement?

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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Summer Savings: Strategies for Success

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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5-2-9 Day

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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Tax Tip Tuesday: Is My Social Security Taxable?

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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Tax Tip Tuesday: Where’s My Refund? There’s an App for That.

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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Tax Tip Tuesday: It’s Not Too Late to Make Your IRA Contributions

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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Tax Tip Tuesday: COVID-19 Distributions from Retirement Accounts Have Special Reporting Requirements

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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