November 15, 2019
If you have retirement on your mind, the big question is this: Are you in a financial position to do so? While nothing replaces the advice of a seasoned advisor, you can take your first step to answering this question by applying a simple 5-step calculation.
In just five minutes, you can get to a simple Yes or No on whether you will have enough income and savings to cover your retirement expenses. Answer each question below in sequence:
When you’ve completed your calculation, compare the answer to your current annual expenses to see if the amount you projected is enough to cover your normal living expenses.
While offering a highly simplified model, this exercise will get you thinking about what you need to do in order to retire.
Be aware that this model does not take into account such things as growth rate of investments or inflation. So, if you have questions about retirement, please feel free to reach out to our firm for guidance.
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We who live in North Alabama know our weather. The meteorological phenomena mean we are well versed in the vocabulary of watches, warnings, El Niño, and microbursts. But knowledge without action is useless. Leverage the Alabama Department of Revenue's sales tax holiday for Severe Weather Preparedness to take action and save on supplies and other items to ready for the upcoming storm season.
There’s no better time to talk about goals than the start of a new year. And what better topic than your career? The following are a few tips to help you set reasonable and achievable goals this year:
A major change took effect at the start of 2020 that many taxpayers may not notice for some time. A new form W-4, which indicates how much to withhold from an employee's paycheck, is now in effect. The more complicated form aims to increase accuracy of withholding - diminishing large refunds and aligning more closely the tax withheld with the tax liability on an individual's 1040. But, the greater complexity is sure to raise questions from employees with their employers. The IRS has a tool to help employees fill it out, but gone are the days of listing filing status and number of exemptions.