Yearly Archives: 2019

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Retirement and Required Minimum Distributions

retirement and required minimum distributions Certified Financial Planner practitioner Mike Larriva talks about your retirement and required minimum distributions (RMDs). In this short video, he offers a quick planning tip that’s worth your time. Taking his suggestion could help make settling your affairs less complicated for your loved ones when you pass away.

For a more in-depth explanation of your retirement and required minimum distributions, read our article, “Understanding RMDs,” below the video. You can also click here to visit IRS.gov for more details on RMDs.

 

Understanding RMDs

By |March 21st, 2019|Retirement, Video Blog|

Financial Planning Goes Beyond Numbers

Financial Planning Goes Beyond NumbersDuring my 20-year career as an advisor, I have learned that so much of helping clients with financial planning goes beyond numbers.

Early on, I thought this business focused primarily on spreadsheets, trading, portfolio performance and understanding the global economy. Those things do play an important part in my day-to-day work, though they are not the only things to consider. Beyond that is my role of supporting, guiding and encouraging clients during trying times.

The Perspective team, for example, has helped our clients and their families through many difficult events – from divorce, substance abuse or death of a loved one, to recession, credit card debt or loss of a job. These difficult times teach us things we can’t always appreciate while we’re going through them. Yet, upon later reflection, we can grow to appreciate those lessons.

In my own life, my economic knowledge and self-composure were tested during the Great Recession of 2008. I was several years into a huge career and life change – transitioning from trading derivatives in New York City in 2000 to advising financial planning clients in Phoenix. The volatile global markets, my client’s portfolios and my family’s wellbeing weighed heavy on my mind. Those were dark days.

I am fortunate to have had Kristin, my supportive and encouraging wife, at my side. It was a tough trial for me to build a new business in an unfamiliar place. Kristin was my cheerleader. She believed in me, even when I did not. Her support and encouragement has helped guide me during my most difficult times.

Through Kristin’s example, as well as self-reflection, I’ve learned how to provide that same support and encouragement as an advisor.

Each of us at Perspective has a similar story. Collectively, we stand ready to provide support, guidance and encouragement through any trial. We draw upon each other’s experiences and strengths to go beyond numbers and look after the many needs of all our clients.

By |March 11th, 2019|Financial Planning|

Focus on Small Habits

Lupe Camargo encourages you to focus on small habits for big results.Financial Planner Lupe Camargo shares a personal story of positive change. Learn how a new focus on small habits helped create the big results she wanted.

It doesn’t matter what personal goals you may want to achieve. Improve your health. Save money. Spend more time with family. By focusing on small habits and little changes in your day-to-day life and environment, you can accomplish big goals and create positive results that will last.

Take five minutes to listen to Lupe’s story. You’ll be glad you did.

 

By |February 25th, 2019|Advisors, Video Blog|

Save More for Retirement in 2019

Save More for Retirement in 2019The U.S. Treasury Department recently announced inflation-adjusted figures for retirement account savings. That means you can now save more for retirement in 2019.

Individual Retirement Account (IRA) contributions up to $6,000 are allowed in 2019. That’s a bump of $500, after six years stuck at $5,500. The annual contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, is now $19,000 for 2019. For people 50 years or older, the “catch-up” annual limit is $25,000 for workplace plans and $7,000 for IRAs.

Pre-tax contributions to your 401(k) plan lower your taxable income in the year of the contribution. For example, if you earn $60,000 this year and contribute $15,000 to your 401(k), your taxable income will be reduced to $45,000. This allows tax-deferred growth on your investment; any pre-tax contributions you make, plus any gains from that investment, will not be taxed until you start taking distributions in retirement.

Save More for Retirement in 2019: Remember, too, you can make changes to your 401(k) election at any time during the year, not just during your company’s open enrollment. Talk with your financial planner if you have questions, want to open a new account, or are considering making changes to the amount you have been saving.

By |February 18th, 2019|Financial Planning, Retirement|