March/April 2020 When Tradition Matters · smartphone, and using a password manager to change the...

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The sender and LTM Marketing Specialists LLC are unrelated. This publication was prepared for the publication’s provider by LTM Marketing Specialists LLC, an unrelated third party. Articles are not written or produced by the named representative.

March/April 2020

How Much?While Roth IRAs get all the headlines with their tax-free distributions, traditional IRAs still occupy a large space in the retirement savings arena. Here’s why: Like potential growth in a Roth IRA, a traditional IRA’s growth builds tax-deferred. Unlike a Roth IRA, its traditional cousin has taxable distributions.* And also unlike a Roth, the traditional IRA off ers tax-deductible contributionsfor those people qualifying by income.

Tax-deductible contributions help you later, because your account should grow over time, and now, because contributions may be deductible from your taxable income in the tax year contributions are made. So, if you are in the 25% combined tax bracket (state and federal), this means a $5,000 annual contribution saves you $1,250 in taxes.

Who Qualifi es?

Your income and tax fi ling status will determine if your contributions are tax-deductible in tax year 2019. If you are covered by a retirement plan at work and your tax fi ling status is single or head of household, you can make a tax-deductible contribution

for 2019 of up to the limit of $6,000 if your modifi ed adjusted gross

income (MAGI) is $64,000 or less. Take a partial deduction if your MAGI is between $64,000 and $74,000.

If you fi le jointly or are a qualifi ed widower, the

income limit for a full deduction is $103,000 or less.

For a partial deduction, it’s between $103,000 and $123,000. Married taxpayers fi ling jointly have no income limits to qualify for tax-deductible contributions when neither has a workplace retirement plan. If your spouse has a workplace plan and you don’t, take a full deduction if your MAGI is $193,000 or less and a partial deduction between $193,000 and $203,000.

If you’re still looking for a tax deduction on your 2019 tax return, you might fi nd one by contributing to a traditional IRA. This action has a double benefi t because you’ll put money away for your future, too. Here’s a look at the traditional IRA, to which you can make tax-deferred contributions for tax year 2019 up to your tax-fi ling deadline if you qualify by income.

When Tradition Matters

* Distributions from traditional IRAs and, if taken prior to reaching age 59 ½, may be subject to an additional 10% IRStax penalty. https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-eff ect-of-modifi ed-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work and https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-eff ect-of-modifi ed-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work

its traditional cousin has taxable distributions.* And also unlike a Roth,

off ers tax-deductible

For a partial deduction, it’s

LTMClient Marketing

Partners in your marketing success

Retirement Version

Karen Petrucco Account Manager

LTM Client Marketing45 Prospect AveAlbany, NY 12206

Tel: 800-243-5334Fax: 800-720-0780sales@ltmclientmarketing.comwww.ltmclientmarketing.com

I am committed to helping my clients achieve their financial goals for themselves, their families and their businesses by providing them with strategies for asset accumulation, preservation and transfer.

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FAlbany, NY 12206

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Fwww.ltmclientmarketing.com

Take Precautions

Most fi nancial institutions will send you alerts about various account activities, including withdrawals over a certain amount and unusual credit card charges. Some may off er this automatically, while most will allow you to opt in to alerts.

When dealing with fi nancial accounts online, always make getting to your information as hard as possible for those who would do your fi nancial reputation harm. This means using double verifi cation, including having a code texted to your email or smartphone, and using a password manager to change the password each time you visit.

Don’t forget to check your accounts regularly, monitor your credit rating for suspicious activity (including fraudulent new accounts in your name) and shred any hard copies with identifying fi nancial information that you receive by mail —even new credit card off ers.

Stolen Info?

If your credit information is stolen, report it immediately to the police. This is theft. Also report the theft to the aff ected fi nancial institution and major credit monitoring agencies. You have the right to freeze your account for any reason and it’s free, making this a possible option if you know hackers stole your information. Know, though, that if you seek credit, the credit agencies can’t give your fi nancial information to anyone until you unfreeze your credit information.

7 Last-Minute Tax Breaks If you haven’t fi led your 2019 federal tax return yet, the Internal Revenue Service off ers some reminders that may help reduce your income taxes for the year, but don’t forget to consult a tax advisor about your individual tax picture, too. Here is a sampling of tax breaks that may help you reduce your 2019 tax bill.

MA2020

Protect Yourself in CyberspaceData breaches continue to make news, putting millions of Americans’ fi nancial information at risk. How can you help safeguard your vital fi nancial information if you do business online?

There are few limits to the amount you can

deduct when you itemize on your tax

return, thanks to the Tax Cuts and Jobs Act.

You may deduct amounts over 7.5%

of your adjusted gross income for

medical expenses.

The Health Flexible Spending Account (FSA)

saving limit rose to $2,700.

Limits have risen not only for income tax

brackets and the standard deduction, but also for tax deductions

like the Lifetime Learning Credit.

The maximum credit allowed for adoptions

is the amount of qualifi ed adoption

expenses up to $14,080, up from $13,810 the

previous year.

If you receive alimony payments according to an agreement that was new or suitably modifi ed in 2019, you won’t owe federal income taxes on

the amount.

The Health Savings Account (HSA) contribution limit increased to $7,000 for

family coverage and $3,500 for single coverage. Out-of-pocket limits also

increased slightly.

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Money Hacks to Simplify Your Life

Fastest-Growing Occupations

Life is nothing if not busy, so we often can’t find the time we need to take care of financial tasks, whether big or small. Consider these ways to save time.

Another way to make college cost-effective is to explore whether your student is working toward a degree in a growing or shrinking industry. Take a look at the projected growth to 2028 salaries and the 2018 median income, for these jobs:

Modernize

Many financial institutions have smartphone apps that let you do almost everything from getting statements to making deposits. But if you don’t trust the apps yet, consider checking out how today’s ATM machines let you take withdrawals, make deposits and more.

Shopping is also faster online, but even major brick-and-mortar retailers are reducing checkout times with do-it-yourself checkout scanners. Also explore apps that simplify your budgeting, track your expenses and organize multiple investment accounts.

Automate

If you’re like many people, you use direct deposit for your paychecks. Why not ask your employer or financial institution to automatically put a portion of them into savings? You might also automate your 401(k) contributions to increase when you receive a pay raise and rebalance your portfolio periodically. And if you don’t pay your bills online yet, consider this option.

Consolidate

Most insurance companies will give you a discount if you buy multiple policies from them, such as home and auto insurance. If you have multiple credit cards, consider merging them into one low-interest rate card. While on the subjectof credit cards, consider those that offer rebates and cash back (along with low interest rates). If you don’t get your phone and television from one provider, consider it because most will offer a discount for a package plan.

5 Ways toCut College Costs

If you have a child who is a junior in high school, you may have road trips to explore colleges on your schedule in a few months. Before deciding on a school, explore ways you can cut increasingly expensive college costs.

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Stay home. Some state colleges and universities offer scholarships to keep top-performing in-state students at home.

Commute. If your child attends a college close by, commuting could save a bundle on room and board costs.

Shorten College. An aggressive schedule combined with credits gained from community college and AP courses can help some students get a bachelor’s degree in three years, reducing expenses by about a quarter.

Take AP Courses. If students take advanced placement (AP) courses in high school and passa standardized AP exam for the subjects taken, they can gain credits most colleges will accept.

Look at Community Colleges. Community college is a cost-effective way to gain the general credits most colleges require. Really ambitious high school students can also get community college credits at night and during the summer while in high school.

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Cut College Costs

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This publication is not intended as legal or tax advice. All individuals, including those involved in the estate planning process, are advised to meet with their tax and legal professionals. The individual sponsoring this newsletter will work with your tax and legal advisors to help select appropriate product solutions. We do not endorse or guarantee the content or services of any website mentioned in this newsletter. We encourage you to review the privacy policy of each website you visit. Limitations, restrictions and other rules and regulations apply to many of the fi nancial and insurance products and concepts presented in this newsletter, and they may diff er according to individual situations. The publisher and individual sponsor do not assume liability for fi nancial decisions based on the newsletter’s contents. Great care has been taken to ensure the accuracy of the newsletter copy at press time; however, markets and tax information can change suddenly. Whole or partial reproduction of Let’s Talk Money® without the written permission of the publisher is forbidden.©2020, LTM Marketing Specialists LLC

We Value Your Input...Your feedback is very important to us. If you have any questions about any of the subjects covered here, or suggestions for future issues, please don’t hesitate to call. You’ll fi nd our number on the front of this newsletter. It’s always a pleasure to hear from you.

RETIR

Recyclable

That’s Life

It’s easy to fall behind when saving for retirement, if only because it may seem so far away. We may know that time and compounding make a powerful combination, but we let other fi nancial obstacles get in the way of saving. We buy fi rst homes, have children, pay for their education, deal with parents’ long-term care and more, so we put saving for retirement on the back burner. So, let’s say you let some time slip by. While it’s diffi cult to catch up, every little bit helps.

For starters, consolidate your retirement plan assets if you have contributed to 401(k) plans from many jobs. Ask your current employer if that’s doable, and benefi t from the ease of having all your retirement assets in one place with potentially lower overall fees. Also take advantage of any automatic tools your plan off ers, including automatic contributions, rebalancing and escalation. The latter feature increases your contribution when you earn a pay increase.

More Money

If you have a 401(k) plan, know that IRS contribution limits are generous. If your plan allows, you can contribute up to

$19,000 annually for 2019, plus another $6,000 in catch-up contributions if you’re

at least age 50. You might also consider opening a traditional IRA (see p. 1), which may help you put away a little more tax-deferred money for the future.

Looking for extra money to put toward retirement? Find more money to invest by

cutting back on expenses, such as dining out. Consider gigging,

where you can earn extra money in addition to your main income. And think about delaying retirement, because even a couple of years of extra contributions and potential growth can make a diff erence.

Most important, talk to your fi nancial professional to learn about these and other ways to help get your retirement savings back

on track.

Reviving Your Retirement Strategy Few people would argue about the wisdom of putting money away for retirement, yet many of us either don’t start, take time out from contributing or abandon this strategy altogether when fi nancial obstacles hit. But most people can revive their retirement savings strategy at almost any age by making a few changes in how they deal with money.PR

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sponsor do not assume liability for fi nancial decisions based on the newsletter’scontents. Great care has been taken to ensure the accuracy of the newsletter copyPR

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contents. Great care has been taken to ensure the accuracy of the newsletter copyat press time; however, markets and tax information can change suddenly. WholePR

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at press time; however, markets and tax information can change suddenly. Wholeor partial reproduction of Let’s Talk Money® without the written permission of thePR

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or partial reproduction of Let’s Talk Money® without the written permission of thepublisher is forbidden.PR

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publisher is forbidden.©2020, LTM Marketing Specialists LLCPR

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©2020, LTM Marketing Specialists LLCPROO

F

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Frebalancing and escalation. The latter feature

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Frebalancing and escalation. The latter feature increases your contribution when you earn

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Fincreases your contribution when you earn

If you have a 401(k) plan, know that IRS

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FIf you have a 401(k) plan, know that IRS If you have a 401(k) plan, know that IRS

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FIf you have a 401(k) plan, know that IRS contribution limits are generous. If your

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Fcontribution limits are generous. If your contribution limits are generous. If your

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Fcontribution limits are generous. If your plan allows, you can contribute up to

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Fplan allows, you can contribute up to

$19,000 annually for 2019, plus another

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F$19,000 annually for 2019, plus another $19,000 annually for 2019, plus another

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F$19,000 annually for 2019, plus another $6,000 in catch-up contributions if you’re

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F$6,000 in catch-up contributions if you’re $6,000 in catch-up contributions if you’re

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F$6,000 in catch-up contributions if you’re at least age 50. You might also consider

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Fat least age 50. You might also consider at least age 50. You might also consider

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Fat least age 50. You might also consider opening a traditional IRA (see p. 1),

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Fopening a traditional IRA (see p. 1), opening a traditional IRA (see p. 1),

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Fopening a traditional IRA (see p. 1), which may help you put away a little

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Fwhich may help you put away a little which may help you put away a little

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Fwhich may help you put away a little more tax-deferred money for the future.

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Fmore tax-deferred money for the future.more tax-deferred money for the future.

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Fmore tax-deferred money for the future.

Looking for extra money to put toward

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FLooking for extra money to put toward Looking for extra money to put toward

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FLooking for extra money to put toward retirement? Find more money to invest by

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Fretirement? Find more money to invest by retirement? Find more money to invest by

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Fretirement? Find more money to invest by cutting back on expenses, such as

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Fcutting back on expenses, such as cutting back on expenses, such as

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Fcutting back on expenses, such as dining out. Consider gigging,

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Fdining out. Consider gigging, dining out. Consider gigging,

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Fdining out. Consider gigging,

where you can earn extra

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Fwhere you can earn extra where you can earn extra

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Fwhere you can earn extra money in addition to your

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Fmoney in addition to your main income. And think

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Fmain income. And think about delaying retirement,

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Fabout delaying retirement, because even a couple of

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Fbecause even a couple of

Few people would argue about the wisdom of putting money away for retirement, yet many of us either don’t start, take time out

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Few people would argue about the wisdom of putting money away for retirement, yet many of us either don’t start, take time out from contributing or abandon this strategy altogether when financial obstacles hit. But most people can revive their retirement PR

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from contributing or abandon this strategy altogether when financial obstacles hit. But most people can revive their retirement

ADVERTISING REGULATION DEPARTMENT REVIEW LETTER

October 11, 2019

Reference: FR2019-1007-0059/E

Org Id: 20999

1. 2020 Lets Talk Money March/April RetirementRule: FIN 2210

The communication submitted appears consistent with applicable standards.

Reviewed by,

Wayne L. LouviereManager

jws

This year’s Advertising Regulation Conference will be held on October 24-25 in Washington, D.C. For more information and to register, please access the conference webpage at www.finra.org/2019adreg.

Please send any communications related to filing reviews to this Department through the Advertising Regulation Electronic Filing (AREF) system or by facsimile or hard copy mail service. We request that you do not send documents or other communications via email.

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