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FJY News to Know #10

The New Tax Law Has Brought Some Significant Changes To The 1040 …

The new tax law is baffling some people, and many filers are either learning the breadth of the stipulations on their own — or turning to CPAs/bookkeepers for answers.  The standard deduction has doubled, but many itemized deductions have been reduced or eliminated completely. One biggie that will affect folks: the state and local tax deduction, referred to as SALT, being capped at $10,000. This will lead many filers to claim the standard deduction versus itemizing since the standard deduction is now higher. TurboTax estimates 90% of taxpayers will now take the standard deduction, up 20% from last year. What are some of the other major Q’s people have right now?  Click that link to find out here!

 

The State of the Union — Drum Roll, Please!

Worried about the current state of the economy? New GDP Data has revealed that the American economy surpassed expectations of 2.2%, expanding to 2.6% growth in the final three months of 2018. Much of the economic expansion has been attributed to consumer spending. Here are the reasons to continue feeling good about 2019.

 

You Might Be Looking Forward To Retirement … But Hold Your Horses!

Can’t wait to retire and make your retirement plans a reality? The truth is, your retirement may turn out to be disastrous if not navigated well. There are many forces at work which will hinder or prevent retirement — including divorce, bad investments, and layoffs.  Check out these 10 biggest retirement killers.  Learn from the mistakes of other retirees — and make better plans for yourself.

 

Over 50 and Out of Work? It Might be Time to Phone Up a Career Adviser…

The rate of unemployment is on an upward trend, and for many, it’s a huge wake-up call. According to a recent analysis, 56% of older workers suffer at least one layoff or other types of job separation between 50 years of age and retirement. Financial advisers are in a special position to help clients navigate these trying circumstances — while reducing the financial damage. Financial planning is all about flexibility and choices, so set yourself and your family up to have options and reserves! Find out how you can make this kind of transition much easier. Here are some steps to go through if this situation occurs to you or someone close to you:

  • Examine cash flow over the next few months
  • Identify where cash reserves are located
  • Determine how the severance packaged should be allocated
  • Assess if finding an interim job, however part-time and low-earning, is needed

We love writing about all things finance to help you learn more about how to achieve financial goals; both personally and with your business. Be sure to check out our blog page for an array of topics covering various aspects of finance, wealth management, and all things employer-sponsored retirement planning. FJY Financial specializes in Financial Planning, Investment Management, and Company Employee Retirement Plans, crafting the right strategy and plan for your specific needs. Contact us today to learn more!