From:                              no-reply@stonefinancialcpa.com on behalf of Stone Financial CPA <no-reply@stonefinancialcpa.com>

Sent:                               Friday, May 26, 2017 3:22 PM

To:                                   Derrick Askew

Subject:                          June 2017

 

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mailNewsletter 50 | May 2017 | Archives | Services

 

 

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dates to remember for newsletter 2

June 14th - Flag Day, is a day for all Americans to celebrate and show respect for our flag, its designers and makers. Our flag is representative of our independence and our unity as a nation...one nation, under God, indivisible. Our flag has a proud and glorious history. It was at the lead of every battle fought by Americans. Many people have died protecting it. It even stands proudly on the surface of the moon.

June 18th – Father’s Day is a day to enjoy time with Dad and appreciate all he does for you. What Dad really wants is healthy, happy and successful kids. And, he wants you to spend a few moments with him on Father's Day. Today's life style is busy for both dads and kids. So, a little time with dad on Father's Day is just what he wants.  A Father is more than the biological paternal source of our being. It is the person who cares and provides for us. It is the man who helps to set the standards, the family values and the example. So, add to this group, step fathers and other men who willingly and eagerly accept and cherish the role. Whether biological, adopted or informally, if they are the father figure to you, give him some recognition today and don't hesitate to call him "Dad".

June 21st - Summer Solstice is sometimes referred to as "Midsummer" Litha". It's the longest day of the year. The amount of daylight only goes down from here...for the next six months. Summer Solstice is the meteorological start of summer. It's time to enjoy vacations, great weather, pools, baseballs, and everything else that goes along with the favorite season of kids and most adults. Grab your favorite beverage and enjoy the season, because for many of us it is all too short.


 

 

 

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·         Things To Do Before You Retire

Things To Do Before You Retire

Some people set a particular age when they want to retire. It might be more helpful to look at your financial schedule to establish a retirement date. Just because you want to retire on a certain birthday doesn’t mean you’ll be quite financially ready to do so. After all, there’s more to retirement planning than just paying off your mortgage.

Consider the following list of 16 things to do before the big day.

    • Pay off all major debt obligations, including auto loans, credit card balances and the mortgage for your primary home and any vacation properties.
    • Consider life insurance needs -- do you need a death benefit for your spouse, or do you have enough for both of you in retirement income sources? Do you want to ensure a legacy for your children or grandchildren?
    • Consider long-term care insurance -- discuss your current situation and needs with a financial professional to help determine the long-term care insurance options that may be appropriate for you.
    • Consider an additional source of steady and reliable income, which may mean repositioning a portion of your investment portfolio to protect those assets from market risk and create a lifelong income stream through the use of insurance products, such as annuities.
    • Conduct a house check -- see what major repairs may be needed at some point during retirement, such as a new roof, water heater or HVAC system. Have appliances checked out for an estimate of how long they may last.
    • Do any remodeling that’s been on your mind for a while; consider keeping a spare bedroom for future live-in help.
    • Get your house outfitted to accommodate your needs in the future. It may seem unnecessary now, but it’s best to make these upgrades before you’re on a fixed income. Consider adding handrails to the porch stoop, grab handles in the bathroom, rearrange kitchen cabinets so the things you use the most are the easiest to reach, replace doorknobs and faucets with lever handles that are easier to open; if your house has several stories, consider moving your bedroom to the ground floor.
    • Assess how long your cars should last; consider trading in/purchasing a new one if it looks like you might be saddled with repairs on an older car.
    • Put together an emergency fund to help cover costs likely to be incurred later on, from replacing the roof to buying a new car. Even pad it for financial support you may need to provide your children or grandchildren in the future.
    • Work with a financial advisor to conduct a full assessment of current and future expenses to see what can be eliminated (work clothes and dry cleaning), new expenses (taking up golf) and expenses that will “trade out” as you age (travel budget for more health care spending).
    • After you figure out how much your expenses could potentially change over the years, develop a budget for each phase of retirement.
    • Work with a financial advisor to help coordinate Social Security benefits with your personal savings and investments withdrawal strategy. It’s important to know that financial advisors are able to provide you with information but not guidance or advice related to Social Security benefits.
    • Consider downsizing now or in the future, based on lifestyle plans. For example, if you plan to travel extensively, it may be easier to maintain a condo rather than a large house. If you plan to settle in, garden and spend time at home, keeping the family house may make more sense. However, create a contingency plan for later years in case one or both spouses need assisted or full-time care.
    • Even if you don’t downsize, consider making an inventory of your possessions and getting rid of clutter you don’t need and passing on unused furniture and housewares to your children.
    • Work with an attorney to establish an estate transfer plan and communicate it to all family members. Review it every few years to ensure it’s still relevant and reflects your wishes.
    • Complete paperwork for medical directives and powers of attorney.

This is quite a laundry list, and it’s likely that once you get started, you’ll think of other things you should do. But consider the reassurance you’ll enjoy if you get most of these things done before you retire.

Guarantees and protections provided by insurance products including annuities are backed by the financial strength and claims-paying ability of the issuing insurance carrier.


·         Convert a Traditional IRA to a Roth

Convert a Traditional IRA to a Roth

    • The investor requests a distribution from his traditional IRA and then contributes it to his Roth IRA within 60 days after the distribution, or
    • The investor asks the trustee/custodian to transfer traditional IRA assets to his Roth IRA at the same or a different financial institution
    • If properly rolled over within 60 days, assets are not subject to the 10 percent additional tax for early distributions
    • However, part or all of the distribution from the traditional IRA may be included in the investor’s gross income and subject to ordinary income tax
    • If the investor is required to take an annual minimum distribution (after age 70½) from his traditional IRA, that amount may not be transferred to the Roth IRA.1

If you are thinking about converting your traditional IRA to a Roth, give us a call, and we can help you determine whether this is the right step for you. We also can help you with the conversion process itself.

1 IRS. June 13, 2016. “IRA FAQs - Rollovers and Roth Conversions.” https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras-rollovers-and-roth-conversions. Accessed April 6, 2017.


·         Summer Reading List

Summer Reading List

Microsoft co-founder Bill Gates reads about 50 books a year, demonstrating his lifelong love of reading and learning.1 While many people complain they’re too busy to read, retirement – and summer – present an ideal time to stretch your imagination with books. Here are a few recommendations for summer reads:

    • “The Woman Next Door” by Yewande Omotoso (Picador; 2017) – A female take on “Grumpy Old Men,” this charming novel depicts the collapse of a feud between two elderly women — one white, one black — in an upscale suburb in Cape Town, South Africa.
    • “The Old Man” by Thomas Perry (Mysterious Press; 2017) – Crime fiction involving a seemingly harmless retired widower who lives alone with two big dogs. But as an ex-military intelligence operative, Dan has multiple driver’s licenses, savings stockpiled in banks across the country, two Berettas hidden in the bedroom closet and armed mercenaries out to kill him.
    • “Autumn” by Ali Smith (Pantheon; 2017) – The story of friendship between a young art historian and an aging songwriter as they grapple with personal predicaments in an increasingly perilous world.
    • “Astronomy for Older Eyes” by James L. Chen (Springer; 2017) – This guide is written for aging backyard astronomers, providing keen insights into lifestyle adjustments designed to help older adults enjoy star gazing throughout retirement.

1 Katherine Rosman. The New York Times. Jan. 4, 2016. “Bill Gates on Books and Blogging.” https://www.nytimes.com/2016/01/04/fashion/bill-gates-gates-notes-books.html?smid=tw-nytimes&smtyp=cur&_r=0. Accessed March 29, 2017.


·         June Quote of the Month

June Quote of the Month


 

 

 

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june trivia for newsletter 2

The first Father’s Day celebration was in Spokane, WA on May 18, 1910.

Elvis Presley introduced his new single, “Hound Dog” on June 5, 1956.

June 7, 1990, Universal Studios in Orlando opened.

June 14, 1954, President Eisenhower signed the bill that placed the words “under God” in the Pledge of Allegiance.

June 29, 2007, Apple release its first mobile phone, the iPhone.


 

 

 

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