February 2011 Archive

Planning for the Future Series: Retirement & Education Funding

Monday, February 28, 2011

With constant talk of the economy and the number of baby boomers retiring, many people are thinking about the future. These days, it’s not uncommon to begin researching methods to plan for your child’s education not long after they enter the world. Whether planning for your child’s education or looking to retire, here are some answers to some of your frequently asked questions:

Can I take money from my individual retirement plan to pay for my child’s education?

Traditionally you would incur a 10% early distribution penalty for withdrawing money from a traditional or Roth IRA before you reach age 59-1/2. Luckily, there is an exception for distributions used to pay qualified higher education expenses. Keep in mind that the qualified higher education expenses must be for you, your spouse, your children or your grandchildren. For more details, visit the FinAid website. 

How can I save on my taxes while setting aside retirement income?

By utilizing an IRAs, whether traditional or Roth, you can receive a great tax savings. You will only pay taxes on your investment gains when you withdraw money in a traditional IRA and might be able to deduct contributions to the plan. Conversely, with a Roth IRA, you cannot deduct contributions but you can take advantage of tax-free growth and laws were changed to allow you to contribute more to the Roth IRA.

What’s my best bet for long-term growth for retirement savings?

If you have the time and the patience, you will find that investing in stocks will increase your ability to achieve higher returns over the long run. Whether you have a lifetime or little time to save, remember to plan wisely for retirement. Use the Social Security Administration’s calculator to find out how much you can expect to expect in Social Security when you retire.

Have more questions or want to get started? Turn to the experts at The Salmon Agency. Give us a call at 407-365-1766 and take a positive step toward your future!

New Content for 2011: Have you seen our Twitter or Facebook lately?

Thursday, February 3, 2011

If you are following our blog, we hope that you are already a fan of ours on Facebook. Please “like” our page if you haven’t already to stay up-to-date on great insurance resources as well as to receive some other great insight. If you also have a twitter, stay active or get reacquainted with @salmonagency. Every week, you can expect to see a few things posted to help ease your pockets or to help you stay positive and motivated during the week. Here’s the rundown of what to expect:

Magical Monday: One of the few things that people don’t mind being extra plump on their body is the size of their wallets. On Mondays, look out for money saving deals to help keep that cash in your pockets. The Salmon Agency will also be spotlighting unique local organizations and community leaders to keep our followers up to date on our area and the people making difference in it. If you or your nonprofit organization (or charitable works by your business) are interested in being featured here, please contact us.

Wednesday’s Wise Words: If you find the hump on Wednesdays too hard to get over and you’re just dying for the weekend, check out Wednesdays Wise Words to find inspiration to not just survive the day, but also thrive. If you have a quote that’s helped you, don’t be too shy to let us know about it.

Fun Fridays: Fun polls on Friday – We’ll post some interactive questions about popular discussions so that you can chime in and let us know your opinion!

We hope you will enjoy this refreshing new content in 2011 and please don’t be shy about sharing our blog, our Facebook and our Twitter page with your friends and followers.