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Retirement Planning

Individual Retirement Accounts (IRAs) provide the opportunity to grow money on a tax-deferred basis. An IRA can be thought of as an individual savings account with tax benefits. You open an IRA for yourself (that’s why it’s called an individual retirement account) and if you have a spouse, you’ll have to open separate accounts. An important distinction to make is that an IRA is not an investment itself; rather, it is an account where you keep investments such as stocks, bonds and mutual funds. You get to choose the investments in the account, and can change the investments if you wish. Your return depends on the performance of the investments held in the IRA. An IRA continues to accumulate and grow, tax free, based upon your contributions and the growth of the account.

How Banking IRAs Work

Step 1: Choose Your Product

With an IRA with Citibank, you can choose from two types of deposit accounts: Insured Money Market Accounts or Certificates of Deposit (CDs). Both are FDIC-insured and have no monthly fee.

Step 2: Choose Your IRA Type

Whether you opt for a Traditional IRA or a Roth IRA, you’ll get potential tax advantages to help you generate greater returns.

Step 3: Start Funding Your Account

Open your account with an initial contribution. You can add funds any time up to the annual contribution limit allowed to help your retirement plan grow.

Feel free to contact me for a Free and Confidential Conversation regarding Your Retirement Planning and Securing Lifetime Income

Gian Michael Simmons

Wall Street – Vice President

Wealth Management

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Retirement Planning/IRS Limits 2019

Gian Michael Simmons

Wealth Management Vice President

Retirement Planning

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.

The limit on annual contributions to an IRA, which last increased in 2013, is increased from $5,500 to $6,000. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the saver’s credit all increased for 2019.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase-out ranges for 2019:

• For single taxpayers covered by a workplace retirement plan, the phase-out range is $64,000 to $74,000, up from $63,000 to $73,000.

• For married couples filing jointly, where the spouse making the IRA contribution is covered by a workplace retirement plan, the phase-out range is $103,000 to $123,000, up from $101,000 to $121,000.

• For an IRA contributor who is not covered by a workplace retirement plan and is married to someone who is covered, the deduction is phased out if the couple’s income is between $193,000 and $203,000, up from $189,000 and $199,000.

• For a married individual filing a separate return who is covered by a workplace retirement plan, the phase-out range is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The income phase-out range for taxpayers making contributions to a Roth IRA is $122,000 to $137,000 for singles and heads of household, up from $120,000 to $135,000. For married couples filing jointly, the income phase-out range is $193,000 to $203,000, up from $189,000 to $199,000. The phase-out range for a married individual filing a separate return who makes contributions to a Roth IRA is not subject to an annual cost-of-living adjustment and remains $0 to $10,000.

The income limit for the Saver’s Credit (also known as the Retirement Savings Contributions Credit) for low- and moderate-income workers is $64,000 for married couples filing jointly, up from $63,000; $48,000 for heads of household, up from $47,250; and $32,000 for singles and married individuals filing separately, up from $31,500.

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The Power Of Praise

Wishing all a great day. Happy Friday. May your day be filled with The Power Of Praise and Gratitude. Whatever you are in, You Can Get Out Of…Learn how to nurture a spirit of Thanksgiving and Gratitude. Learn how to Praise Your Way To Victory. Thank God for Life and Love. Have A Great Day. #instagram #instagood #have #haveagoodday #life #lifequotes #quotes #motivation #inspiration #inspire #thoughts #love #work #workout #claim #your #victory #praise #god

116 Congress convenes with the most diverse class of lawmakers

116 Congress convenes with the most diverse class of lawmakers

A day of historic firsts in Congress – Congress just got more diverse.

The 116th Congress is the most diverse in U.S. history, with new House members breaking ground for women as well as for minority and LGBTQ representation.

More than 100 women were sworn into the House of Representatives — a new record — and many of them are breaking ground when it comes to race and sexuality, too. And House Democrats voted in Rep. Nancy Pelosi, D-Calif., as speaker, the only woman to have ever held the role.

Congratulations to all of our Elected Officials and thank you to all those that voted. Let’s have a awesome year!

Gian Michael Simmons/Wall Street/Music/Film


Happy Holidays- Year End Financial Tips

Wishing everyone a Merry Christmas and Happy Holidays. Some holiday financial tips. Always have a plan and stay disciplined. Don’t allow yourself to emotionally or last minute shop unless it makes financial sense. Create plans. Review your year end financial statements with a professional financial advisor. Update your wills and beneficiaries. Review Estate and Trust documents. Power of Attorneys and I recommend that everyone have a medical proxy filed with all medical facilities. Review/create end of life plans. Be proactive and not reactive. . As always, enjoy your holidays from @gianmichaelsimmons Follow Gian Michael Simmons on LinkedIn, Facebook, WordPress, Instagram, Tumbler. New to social media, over 100,000 and growing. Let’s reach 1,000,000,000 in 2019.

Contact me for a confidential and complimentary review from a professional Financial Advisor. Vice President Citi Personal Wealth Management

Book and Music 🎶 Coming 2019

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The importance of a will

Having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also spell out exactly how you would like things handled after you have passed on.

While each person’s situation varies, here are the top ten reasons to have a will.

1) You decide how your estate will be distributed. A will is a legally-binding document that lets you determine how you would like your estate to be handled upon your death. If you die without a will, there is no guarantee that your intended desires will be carried out. Having a will helps minimize any family fights about your estate that may arise, and also determines the “who, what, and when” of your estate.

2) You decide who will take care of your minor children. A will allows you to make an informed decision about who should take care of your minor children. Absent a will, the court will take it upon itself to choose among family members or a state-appointed guardian. Having a will allows you to appoint the person you want to raise your children or, better, make sure it is not someone you do not want to raise your children.

3) To avoid a lengthy probate process. Contrary to common belief, all estates must go through the probate process, with or without a will. Having a will, however, speeds up the probate process and informs the court how you’d like your estate divided. Probate courts serve the purpose of “administering your estate”, and when you die without a will (known as dying “intestate”), the court will decide how to divide estate without your input, which can also cause long, unnecessary delays.

4) Minimize estate taxes. Another reason to have a will is because it allows you to minimize your estate taxes. The value of what you give away to family members or charity will reduce the value of your estate when it’s time to pay estate taxes.

5) You decide who will wind up the affairs of your estate. Executors make sure all your affairs are in order, including paying off bills, canceling your credit cards, and notifying the bank and other business establishments. Because executors play the biggest role in the administration of your estate, you’ll want to be sure to appoint someone who is honest, trustworthy, and organized (which may or may not always be a family member).

6) You can disinherit individuals who would otherwise stand to inherit. Most people do not realize they can disinherit individuals out of their will. Yes, you may wish to disinherit individuals who may otherwise inherit your estate if you die without a will. Because wills specifically outline how you would like your estate distributed, absent a will your estate may end up on the wrong hands or in the hands of someone you did not intend (such as an ex-spouse with whom you had a bitter divorce).

7) Make gifts and donations. The ability to make gifts is a good reason to have a will because it allows your legacy to live on and reflect your personal values and interests. In addition, gifts up to $13,000 are excluded from estate tax, so you’re also increasing the value of your estate for your heirs and beneficiaries to enjoy. Be sure to check the current laws for your year to learn the most up-to-date gift tax exclusions.

😎 Avoid greater legal challenges. If you die without a will, part or all of your estate may pass to someone you did not intend. For example, one case involved the estate of a deceased son who was awarded over $1 million from a wrongful death lawsuit. When the son died, the son’s father – who had not been a part of his son’s life for over 32 years – stood to inherit the entire estate, leaving close relatives and siblings out of the picture!

9) Because you can change your mind if your life circumstances change. A good reason for having a will is that you can change it at any time while you’re still alive. Life changes, such as births, deaths, and divorce, can create situations where changing your will are necessary.

10) Because tomorrow is not promised.

Dollar cost averaging and compound interest

Most of us don’t have $10,000 to invest at 20. (In fact, many are inundated with debts, but we’ll get to that in a minute). This is where dollar cost averaging is invaluable.

The technicalities of dollar cost averaging are simple. You invest a set amount of money on a regular basis. You set it up so it’s automatic, ideally coming out of your account on payday, and ultimately you don’t even miss the money.

For example, let’s say you invest $200 a month, starting at age 20, with an average rate of return of 8% per year. By the time you’re 60, it’s worth $648,361, and the money you invested totals $96,000.

If you wait until 30, your $200 per month would be worth $283,522; to get the same $650,000 if you’d started at 20, you’d need to invest $430 per month, totaling $154,800.

If you wait until 40, your $200 per month is worth $114,532 at 60, and to get the same $650,000 you’d need to invest $1,100 per month, totaling $264,000.

In addition to compound interest and ease of investing automatically, dollar cost averaging is about getting a good rate of return in a variable market. Most of us don’t have the time, inclination, or expertise to time the markets, nor do we have the stomach to buy at the best time — which is when the market is tanking. Over time, dollar cost averaging allows you to take advantage of all markets, without having to watch stock prices or play the (dangerous) game of market timing. #money #save #compound #interest #education