Tony Gallardo’s Post

People do four things with their money. 1. Spend it. 2. Save / Invest it through an employer sponsored plan such as a 401k, 403b, 457, Simple IRA and SEP IRA. 3. Give it to charities. 4. Give it to Uncle Sam. The question is.......how are you planning on paying for retirement? The answer depends a lot on what you want to do in retirement. The article below 👇👇👇 can help you map out your goals – or provide insight on things you haven't yet considered. If you don't have an investment plan in place, I can help. Have a great work week!

Retirement doesn't mean you have to retire from the excitement in life. In fact, it is the perfect time to ‘refire’ your passion and make your retirement the newest chapter in your life. Here are three ideas for you to consider: 1. Volunteering at a charity or club you care about 2. Working on your own business or working in a new industry that interests you 3. Spending more time with grandchildren #refired #retirement #moesto

Maximize Your Impact with Unused Retirement Assets Are you aware that you can donate part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension, or other tax-deferred plans, to the AFA Foundation? This is an excellent way to support our mission and make a meaningful contribution. 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 𝗼𝗳 𝗱𝗼𝗻𝗮𝘁𝗶𝗻𝗴 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗮𝘀𝘀𝗲𝘁𝘀: 1. Avoid potential estate tax on retirement assets 2. Your heirs avoid income tax on pre-tax funded retirement assets 3. Receive potential estate tax savings from an estate tax deduction 𝗛𝗼𝘄 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗮 𝗴𝗶𝗳𝘁: • Complete a beneficiary designation form from your retirement plan custodian. • Designate AFA Foundation as the beneficiary. • By designating AFA Foundation as the beneficiary, your IRA assets will not be taxed at your death, and your estate will benefit from an estate tax charitable deduction. • Additionally, as a charity, we are not taxed upon receiving these assets. 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗶𝗻𝗴 𝗙𝗮𝗰𝘁: 𝟲𝟬%-𝟳𝟬% 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗮𝘀𝘀𝗲𝘁𝘀 𝗺𝗮𝘆 𝗯𝗲 𝘁𝗮𝘅𝗲𝗱 𝗶𝗳 𝗹𝗲𝗳𝘁 𝘁𝗼 𝘆𝗼𝘂𝗿 𝗵𝗲𝗶𝗿𝘀. Consider leaving assets like real estate and stock to your heirs and donating your retirement assets to AFA Foundation. Call 1-800-326-4543 x345 to talk to our staff. Find additional contact options on our website: afafoundation.net #Charity #RetirementAssets #EstatePlanning

Tax-Saving Tips for Retirement Distributions Are you planning to withdraw from your retirement account soon? Before you do, consider these tax-saving strategies to make the most of your hard-earned savings! Delay Distributions if Possible: The longer your money stays in tax-deferred accounts, the more it can grow. If you don’t need the funds immediately, consider waiting until required minimum distributions (RMDs) kick in at age 73. Use Qualified Charitable Distributions (QCDs): If you're 70½ or older, you can donate up to $105,000 per year directly from your IRA to charity without paying taxes on the distribution. It’s a win-win! Manage Your RMDs: If you’re required to take minimum distributions, make sure you don’t miss the deadline to avoid hefty penalties—currently 25% of the amount you were supposed to withdraw! At Kim Hall, CPA, PLLC, we’re here to help you navigate your retirement with confidence and keep more of your savings in your pocket. Schedule a consultation today, and let’s craft a tax-saving strategy tailored to your goals! (336) 338-8038 www.kimhallcpa.com [email protected]

How much do you want to spend? It’s going to change throughout retirement. Most think they’ll spend $6k/month. Or $8k. Or $10k. They won’t. They’ll spend way more when they have their health and energy, less when travel decreases, and way more as medical expenses increase and a desire to often initiate charitable giving in an attempt to not die with $10M+. Here’s an example of how spending changes throughout retirement when you need income for 40+ years:

Maximizing your impact doesn’t just happen during your working years—it can be an essential part of your retirement too! In this episode of Relax, It’s Retirement, we break down the most effective strategies to ensure your retirement wealth not only supports you but also gives back to the causes you care about. Learn how to plan for retirement while making your charitable donations go further. Listen now! https://lnkd.in/gMUm7Gci #RelaxItsRetirement #Retirement #CharitableGiving #FinancialPlanning #WealthManagement #RetirementPlanning #GivingBack #TaxStrategy #FinancialGoals #TaxEfficiency

If you're a highly compensated executive or business owner planning on retiring, you must be aware of the tax implications associated with creating a retirement income plan. What appear to be simple decisions may, in fact be costly ones. Have you considered the following? * How can a Health Savings Account reduce my retirement income needs? * Should I rollover the company stock in my 401k account to an IRA? * What's the most tax efficient way to contribute to charities? Please check out the video and Let's Make a Plan. #financialplanning #taxplanning #smallbusiness #cfppro

Rather than saying, "I want to have 5 million dollars before retirement", think about why you are saying it. Then reframe your statement. What does this arbitrary dollar amount help you accomplish? Does it allow you to start your own company? Does it allow you to leave your current job without worry? Does it allow you to buy the vacation home you always wanted? Does it allow you to have financial security? Does it allow you to not worry about paying for health care needs in retirement? Does it allow you to give back to the community or more to charitable organizations you love? You can often reframe your mindset to prioritize the things that mean the most so you can start building the life you want sooner. There isn't a magical number where life starts to happen. It's happening now. What is your why? __________ 🔍 Follow me for quick tips, stories, and in-depth financial knowledge

If you work for a public school, a hospital, or a charitable organization, you may have access to a 403(b) retirement plan. This guide outlines what you should know about these plans, including how they differ from 401(k)s and what the contribution limits are for 2024.

At Allgood Financial, we understand that financial planning is about more than just numbers—it's about aligning your resources with your faith. One of the core biblical principles we incorporate into retirement planning is stewardship. In Proverbs 3:9, we’re reminded to "Honor the Lord with your wealth." This means managing your finances wisely, not just for your benefit, but to serve a higher purpose. Have you considered how charitable giving can be part of your retirement plan? Donor-advised funds and charitable trusts are just a few of the tools available that allow you to give generously while also benefiting from tax advantages. In our latest blog, we explore how faith and finances can work together to create a retirement strategy that reflects your values. Read it here: https://lnkd.in/gukaiFuP #FaithBasedPlanning #BiblicalStewardship #RetirementPlanning #CharitableGiving #AllgoodFinancial #CertifiedKingdomAdvisor