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  • Grandpa & Grandson On Bumper Cars, the secure act, The SECURE Act: 3 Key Takeaways

The SECURE Act: 3 Key Takeaways

2025-03-25T13:17:17-05:00February 7, 2020|Categories: Resource Center|Tags: |

The SECURE Act: 3 Key Takeaways

The SECURE Act: 3 Key Takeaways

By many estimates, the SECURE Act was the largest retirement reform bill since 2006. But at 18,000 words long, most investors haven’t had time to sit down and read it yet.

Passed in 2020, the act introduced several key changes to retirement planning. One significant change is that retirees must now begin taking Required Minimum Distributions (RMDs) at age 72, rather than 70½, providing an additional 18 months for funds to grow before taxable distributions begin. Another major change is the elimination of the “Stretch IRA” for many beneficiaries, meaning that most beneficiaries must now withdraw the full balance of an inherited IRA within 10 years, which could lead to higher tax liabilities.

Additionally, it allows individuals over the age of 70 to make tax-deductible contributions to retirement accounts, which is beneficial for retirees who continue to work and want to …

  • Three People on Edge of the River, Estate Strategies, Estate Strategies - Critical Elements of an Estate Plan

Estate Strategies – Critical Elements of an Estate Plan

2025-03-26T08:12:34-05:00December 12, 2019|Categories: Resource Center|Tags: , , |

Estate Strategies – Critical Elements of an Estate Plan

Estate Strategies – Critical Elements of an Estate Plan

Taking steps to protect your estate is an important financial decision. Proper strategies can maximize opportunities and reduce stress for your loved ones. Yet, around 50% of people over 50 don’t have a will, even though almost 60% of Americans plan to leave an inheritance. By creating an estate plan, you can put your financial house in order and save money. Documenting your wishes ensures that your family won’t face a costly and lengthy probate process, and it helps make sure your legacy is honored.

A will is essential for outlining how your assets will be distributed, naming an executor, and designating guardians for minor children. However, wills can be contested in court, which is why additional documents like a letter of intent can be helpful to clarify your intentions. A power of attorney …

  • Older Couple Looking At Tablet, social security, Getting Strategic with Social Security

Getting Strategic with Social Security

2025-03-26T08:16:45-05:00September 25, 2019|Categories: Resource Center|Tags: , |

Getting Strategic with Social Security

Getting Strategic with Social Security

While social security should be just a portion of your overall retirement strategy, it’s an important part to get right.

Social Security is a crucial component of your retirement plan, and understanding how it works is essential. Signed into law by President Roosevelt in 1935, the system provides retirement income funded by taxes from current workers. The amount you pay into Social Security during your lifetime determines your benefit, with the Social Security Administration (SSA) using your 35 highest-earning years to calculate your monthly payments. The more you contribute, the higher your benefit will be.

You can start receiving Social Security as early as age 62, but your monthly benefit will be reduced by about 0.5% for each month you claim early. Conversely, if you wait until your “full retirement age” (which varies based on your birth year) or beyond, you can earn …

  • Thriving In The Gig Economy

Thriving in the Gig Economy

2025-03-26T08:25:43-05:00June 21, 2019|Categories: Resource Center|Tags: , , , |

Thriving in the Gig Economy

Thriving in the Gig Economy

Approximately 57 million Americans participate in the gig economy. While the gig economy has been around forever, the number of freelancers has increased exponentially. The need for these freelancers and side hustlers to save for retirement is greater than ever.

The gig economy, which includes independent contractors and freelancers, continues to grow rapidly. With over 57 million Americans participating in this type of work, it’s clear that the shift toward gig work is here to stay. While this model offers flexibility and good income, it also presents challenges in managing finances, particularly when it comes to retirement savings, taxes, and insurance. Fortunately, freelancers can take several proactive steps to improve their financial future.

First, gig workers should secure health insurance and consider opening a Health Savings Account (HSA). The HSA offers a tax-friendly way to save for medical expenses, and after age 65, …

  • Astronaut On Moon, 59 ½. Why is this age so important?

59 ½. Why is this age so important?

2025-03-26T08:34:36-05:00May 16, 2019|Categories: Resource Center|Tags: , |

59 ½. Why is this age so important?

59 ½. Why is this age so important?

If you’re 59½ and believe you’re not financially equipped for retirement, there’s still hope. The IRS grants those at that age special allowances to help bolster their retirement savings.

As you approach your 60th birthday, significant milestones in your retirement and healthcare journey are on the horizon. At 59½, you can begin withdrawing from retirement accounts without incurring early withdrawal penalties, and you’re also eligible to contribute more to your IRA. In 30 months, you can claim Social Security benefits, and in 66 months, you’ll be eligible for Medicare. The decisions you make now regarding retirement savings, healthcare, and financial planning will shape your upcoming golden years.

For many nearing retirement, financial concerns are common, with many Americans falling short of having enough saved. However, at 59½, the IRS allows catch-up contributions to retirement plans, helping to …

  • Budgeting & Beyond, Woman drinking coffee budgeting

Budgeting & Beyond

2025-03-26T08:37:58-05:00April 11, 2019|Categories: Resource Center|Tags: , |

Budgeting & Beyond

Budgeting & Beyond

Ready to get serious about budgeting?

Budgeting is an essential practice for everyone, regardless of income, to ensure financial stability and success. It’s about managing your cash flow, saving for the future, and making sure your spending aligns with your financial goals. Whether you’re new to budgeting or refining your approach, these four tips can help you get started and set yourself up for financial success.

1. Get a Handle on Cash Flow The process of budgeting and managing cash flow can begin at any age. While many people start focusing on it in their peak earning years (ages 40-60), it’s never too late to begin. Baby boomers and Gen Xers, in particular, often find themselves carrying higher credit card debt during this time, so learning to budget effectively is crucial. To get started, consider using a cash flow analysis worksheet, which you can get for free …

  • Apps and Life Hacks

Apps and Life Hacks

2025-03-26T08:39:55-05:00March 29, 2019|Categories: Resource Center|Tags: , |

Apps and Life Hacks

Apps and Life Hacks

While tax season has nearly come and gone, it’s always nice to have a few ideas to help you close out the current tax season and plan for next year.

Managing your finances can be a lot easier with the right tools, and there are several apps available to simplify budgeting, saving, and investing. For example, Mint is great for millennials, helping manage everything from bills to budgets with ease. If you’re new to investing, Acorns makes it simple to start with spare change, while Stock Twits helps track stocks and connect with other investors. These apps help you stay organized and save for the future, making tax season more manageable.

Additionally, tools like Qapital and Honey offer ways to save money, whether through personalized budgeting or automatically applying promotional codes to your purchases. For business owners, QuickBooks Intuit helps with budgeting and invoicing. New …

  • 6 Steps for Early Retirement

6 Steps for Early Retirement

2025-03-26T08:45:02-05:00March 7, 2019|Categories: Resource Center|Tags: , , |

6 Steps for Early Retirement

6 Steps for Early Retirement
We’ve gotten a lot of questions recently on what it takes to retire early. While leaving the workforce may sound appealing, the people we work with want to make sure they have enough money saved and their portfolio is positioned for the road ahead.

Retiring early can seem like a dream, but it comes with its own set of challenges. Your savings must last longer, and the last thing you want is to run out of money. With careful planning, early retirement is possible, and there are six key steps to make sure you’re prepared. If you want more detailed guidance or help with your specific financial plan, reaching out to your team at CTS Financial Group is a great next step.

The first step is to create a budget. Retirement looks different for everyone, so it’s important to understand what your lifestyle …

  • Key Takeaways of the SEP IRA

Key Takeaways of the SEP IRA

2025-03-26T08:52:31-05:00January 17, 2019|Categories: Resource Center|Tags: , |

Key Takeaways of the SEP IRA

Key Takeaways of the SEP IRA

April 15th will be here in a blink of an eye. Are you self-employed or a small business owner?

A SEP IRA (Simplified Employee Pension IRA) is a retirement account for self-employed individuals or small business owners. Business owners, whether they have employees or work independently, can use a SEP IRA to save for retirement. This account stands out because it offers higher contribution limits than traditional and Roth IRAs, making it a popular choice for those who want to save more for retirement.

The SEP IRA’s main advantage is its high contribution limit. For 2018, the maximum contribution was $55,000, and business owners can contribute up to 25% of each employee’s pay. Self-employed individuals face a more complicated calculation, as their contributions are based on net profit, using a rate of approximately 18.6%. These …

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