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Watch Out for Fraud This Holiday Season November 19, 2021

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60 Day Rollover Rule – What You Need to Know November 1, 2021

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Mixed Signals on Inflation September 29, 2021

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5 Ways a Roth IRA Can Help Minimize Your Taxes in Retirement August 4, 2021

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Spotting Credit Trouble July 23, 2021

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How Much are you Contributing to Your Retirement? May 28, 2021

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Getting a Head Start on College Savings May 3, 2021

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Rebalancing Your Portfolio April 12, 2021

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Pay Yourself First March 4, 2021

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Preparing For Tax Season February 4, 2021

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Featured

Watch Out for Fraud This Holiday Season

Vector Scams

It’s the most wonderful time of the year! But as you begin your holiday shopping and party prepping, scammers are ready to take advantage of the season by scouring the internet for ways to steal your personal information and make it…not so wonderful. Stay alert and watch out for these common forms of fraud as we head into the holidays.

Home Delivery Scams.

As more people shop online, scammers have been known to pose as companies like Amazon or FedEx and text or email unsuspecting shoppers asking for help delivering a package. Oftentimes, the message will come with a link that prompts victims to enter their personal information or, it will install malware on the device and steal the information in the background. 

Holiday Job Scams.

Many companies look for seasonal help this time of year. Some scammers will post fake job ads and ask for money upfront or ask you to deposit a check on their behalf. Legitimate companies will never ask you for money and will only ask for information (like your social security number) after you’ve been interviewed and hired. 

Charity Scams.

Less-than-honest groups will sometimes solicit people for money using the names of well-known and reputable charities. People will blindly donate to these fake “charities” in the spirit of giving without verifying any of the information provided. 

Tech Support Scams.

Shopping online and come across someone claiming to be tech support? It’s best you close your browser tabs and windows and ignore them. Victims of these phishing scams will unknowingly give them money through gift cards, prepaid cards, wire transfers, or P2P transfer apps (think Venmo or CashApp) with the belief that something is critically wrong with their device. Of course, nothing is, and the scammers will run off with the money before the victim even realizes they’ve been duped. 

Holiday Coupon & Gift Card Scams.

We all love a good deal, right? If you come across digital coupons that ask for your social security number and banking information, they’re fraudulent and should be ignored. Legitimate discount websites would never ask for this information. Likewise, some scammers may try to convince you to purchase gift cards in order to process a refund for an overpayment of non-existent goods or will act like they are contacting you on behalf of a loved one who is in trouble.

Holiday Getaway Scams.

Scammers will contact you claiming you’ve won an all-expenses-paid trip somewhere, but in order to claim your prize, you have to give the contest host several pieces of personal information like your banking information or social security number. Remember, if it seems too good to be true, it probably is. 

While this list isn’t inclusive of every scam out there, many will follow similar patterns. Remember, your gut is your best friend. If something doesn’t feel right or something seems off, listen to your gut and ignore the email, hang up the phone, or close out your browser window. Our Fraud Center has plenty of resources and tools that help you understand the different forms of fraud that you may come across year-round.

 

Source: https://www.forbes.com/advisor/personal-finance/holiday-scams/; https://www.ftc.gov 

60 Day Rollover Rule – What You Need to Know

If you have a retirement account set up and you’re making regular contributions, that’s great! There may come a time when you need to move these retirement savings from one account to another, and there are rules that come with this transaction.

A common reason that people initiate a rollover is because they are changing employers. Rather than keeping any money in a 401(k) under a former employer’s retirement administrator, you can move your savings into a traditional or Roth IRA.

IRA Transfer Options

When you transfer your IRA funds from one financial institution to another, you have a few options.

There is a custodian/trustee to custodian/trustee transfer. This type of transaction leaves the transfer to the financial institutions and ensures that you, the account holder, don’t come into contact with any funds. It’s a straightforward method and avoids any penalties or tax scenarios.

IRA 60-Day Rollover Rule

You can also transfer funds using a rollover. In this case, as the account holder, you’re more involved with the transfer. In fact, it becomes your responsibility.

Using an IRA rollover, the original custodian sends you a check for the total amount you’re withdrawing from your IRA. You’ll then send the check to the new custodian. You have 60 days from when you receive the funds from the previous financial institution to when the new financial institution receives the funds.

Should the new financial institution not receive the check within the 60-day window, you could incur income tax on your funds and have to pay penalties.

One key component of a rollover is that the check from your former IRA institution is made payable to you. If you’re moving your money via transfer, the check is payable to the receiving institution for your benefit.

To qualify for the 60-day rule, the two accounts must be the same type of IRA – Roth or traditional IRA. The original custodian will send a tax form called a 1099-R, which you will file with your yearly income taxes. The custodian will also submit a Form 5498 to the IRS showing the contributed/transferred amount.

One Year Waiting Rule

You’re allowed one rollover per year. Any additional rollovers will count as a distribution, and you will have to report those funds as income on your taxes. If you decide to have a custodian transfer the funds instead, there isn’t a limit to how many transactions you can make.

If you plan to rollover or transfer your retirement funds, it’s crucial you follow all the rules, as the IRS is strict about people following this process correctly. If you’re thinking about moving your retirement funds, contact the office to find the simplest and most effective way to transfer your money.

 

 

Steve Lindquist


Steve Lindquist

Steve Lindquist
stevelindquist@peakfns.com
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


Distributions from traditional IRAs and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59½, may be subject to an additional 10% IRS tax penalty. A Roth IRA offers tax free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59½ or due to death, disability, or a first time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes. 

Before rolling over your retirement account, consider all available options, which include remaining with your current retirement plan, rolling over into a new employer’s plan or IRA, or cashing out the account value. When deciding between an employer-sponsored plan and IRA, there may be important differences to consider – such as range of investment options, fees and expenses, availability of services, and distribution rules (including differences in applicable taxes and penalties). Depending on your plan’s investment options, in some cases, the investment management fees associated with your plan’s investment options may be lower than similar investment options offered outside the plan

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. The S&P 500 Composite Index is an unmanaged group of securities considered to be representative of the stock market in general. Index performance is not indicative of the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.

Mixed Signals on Inflation

Are you having a tough time keeping track of inflation’s mixed signals? You’re not alone.

Consumer prices in July climbed at their fastest rate since August 2008. Worse, producer prices, which can be an indicator of future price changes at the consumer level, rose at the highest rate since tracking began.1

However, in recent weeks, the stock market has shrugged off the inflation news, believing that the worst is over and rising prices will moderate in the future.

It’s important to remember that the stock market is a discounting mechanism, which means it’s always looking forward. Put another way, the stock market’s price today represents all available information about current and future events. How far forward is the stock market looking? Most would agree it’s “discounting” activity six to nine months into the future.2

Does that mean inflation will be lower in six to nine months? That’s what the stock market is suggesting. But the stock market also has a less-than-perfect record as a discounting mechanism, largely because the future is somewhat unknowable.2

Inflation is just one factor to consider when making adjustments to a portfolio. But if you’re unsure, thanks to the mixed messaging I’ve seen lately, please reach out. We’d welcome the chance to hear your perspective

 

Steve Lindquist


Steve Lindquist

Steve Lindquist
stevelindquist@peakfns.com
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


1. CNBC, August 11, 2021

2. Investopedia.com, April 28, 2021

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. The S&P 500 Composite Index is an unmanaged group of securities considered to be representative of the stock market in general. Index performance is not indicative of the past performance of a particular investment. Past performance does not guarantee future results. Individuals cannot invest directly in an index.

 

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.

 

5 Ways a Roth IRA Can Help Minimize Your Taxes in Retirement

Glass jar + calculator

1. Tax-Free Withdrawals

Money that goes into a Roth IRA is after-tax dollars. Because you’ve already paid taxes on that money, once it is withdrawn, it comes out tax-free. There are some restrictions on those withdrawals if you want to avoid penalties and taxes. But keep in mind, you can withdraw your contribution at any time, tax-free.

You’ll need to wait until age 59 ½ or for the Roth IRA to be at least five years old before you can withdraw any earnings penalty and tax-free. But again, you can withdraw your contributions at any time tax-free.

2. Earnings Grow Tax-Free

The great thing about a Roth IRA is that any growth is tax-free—any earnings on your contributions will be tax-free. It doesn’t matter what you invest in. Potential growth on those investments will be tax-free. Once you meet the above two conditions, withdrawals of earnings will be tax-free as well.

3. Withdraw Early Penalty-Free

You can withdraw contributions from a Roth IRA before 59 ½, both penalty-free and tax-free. If you need those funds, they’re available. It’s almost like having an emergency fund. 

You can also withdraw contributions tax-free before the account is five years old.

4. 50 And Older Can Contribute More

For those who are 50 or older, you can contribute more to your Roth IRA. The 2021 contribution limit is $6,000 per year. But for those who are 50 or older, that limit gets bumped up to $7,000. The additional $1,000 is called a catch-up contribution.

5. Contribute Anytime

It doesn’t matter what age you are – you can contribute to a Roth IRA at any age as long as you have earned income. Because any earnings on your contributions will be tax-free, it makes sense to keep contributing to your Roth IRA.

 

Other Benefits Of A Roth IRA

Here are a few additional benefits of the Roth IRA:

  • If you have a disability, the five-year minimum and 59 ½ age penalties for early earnings withdrawal do not apply.
  • The early withdrawal penalty does not apply for first-time homebuyers ($10,000 maximum of earnings).
  • There are no required minimum distributions on a Roth IRA.
  • Early withdrawal penalty does not apply for beneficiary or estate on account of the IRA owner’s death.
  • You can open a Roth IRA virtually anywhere (online brokerage, bank brokerage, established brokerage, etc).

If you’d like to discuss further, contact the office.

 

 

Steve Lindquist


Steve Lindquist

Steve Lindquist
stevelindquist@peakfns.com
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.

Spotting Credit Trouble

American households with credit card balances carry an average debt of $8,602.1

The wise use of credit is a critical skill in today’s world. Used unwisely, credit can rapidly turn from a useful tool to a crippling burden. There are a number of warning signs that you may be approaching credit problems:

  1. Have you used one credit card to pay off another?
  2. Have you used credit card advances to pay bills?
  3. Do you regularly use a charge card because you are short on cash?
  4. Do you charge items you might not buy if you were paying cash?
  5. Do you need to use your credit cards to buy groceries?
  6. Are you reluctant to open monthly statements from creditors?
  7. Do you regularly charge more each month than you pay off?
  8. Do you write checks today on funds to be deposited tomorrow?
  9. Do you apply for new credit cards so you can increase borrowing?
  10. Are you receiving late and over-limit credit card charges?

It is important to recognize the warning signs of potential credit problems. The more quickly corrective action is taken, the better. Procrastinating might result in financial difficulty down the road.

Sincerely,

Steve Lindquist


Steve Lindquist

Steve Lindquist
stevelindquist@peakfns.com
Financial Consultant
295 Los Altos Parkway, Suite 105
Sparks, NV 89436
(775) 789-3140

www.gbfinancial.org/


1 WalletHubTM (Evolution Finance, Inc.), 2019

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.

 

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