The Weekly Wealth of Knowledge is your download of this week's most important topics related to financial planning, the markets, and our community. October brings in "breast cancer awareness" month, where we will be providing you content on how to get involved to support the continued battle against this horrible disease. This will include ways to give, get involved with advocacy, as well as ensure you are educated on how to carry the torch, not just in October, but throughout the year!
In this issue:
- Best Year For A Seasonal Job (3 min read)
- Are Capital Gains Rates Changing? (2 min read)
- Your Fall Maintenance Checklist (2 min read)
- BONUS: Upcoming Webinar - Social Security - Planning For Retirement
If you enjoy our Weekly Wealth of Knowledge, don't forget to check out our content on Facebook, Linkedin, and Twitter!
-------------------------------------------------------------
Best Year For A Seasonal Job
What a difference a year makes. Compared to last year at this time, the economy was still in flux with many uncertainties, as many companies dealt with the pandemic and the unknowns that came with it. Unlike last year, due to the ongoing labor shortage, seasonal employees now have the upper hand. Looking to supplement some income this holiday season or follow a hobby and make some extra money at the same time, this could be your opportunity!
-------------------------------------------------------------
Are Capital Gains Rates Changing?
There are a lot of questions about President Biden’s Build Back Better plan and potential tax law changes, including an adjustment to capital gains taxes.
One of the proposals Congress is considering sets the top rate for taxing capital gains at 25%, up from 20% under current law. Another would raise the capital gains tax rate to 39.6% for taxpayers earning $1 million or more. Still another would make the change to capital gains tax retroactive, with a start date of April 2021.1,2
At this point, many ideas are being considered as legislators look for ways to raise revenue to help pay for the Build Back Better plan. Corporate tax rates, individual tax rates, estate tax rules also are on the negotiating table.
As difficult as it may be, the best approach is to wait and see. It would be hasty to make any portfolio changes based on current discussions. An ambitious investor would have to guess what policies will be in the final bill, estimate the financial impact, and determine any needed portfolio changes. That’s a tall order.
So please, reach out if you have any concerns about capital gains taxes.
It can be challenging to wait for Congress to act, and you may feel a bit helpless with so many pending proposals. We work with professionals who are watching every move in Washington, and we may be able to offer some insight that addresses your most pressing questions.
-------------------------------------------------------------
Your Fall Maintenance Checklist
As Financial Planners, we work diligently with clients to build long term plans to pursue achieving financial goals. This often carries over into our personal lives while we are not in the office in just about everything we do. With a change of season on our doorsteps, there is much to do around the house to prepare and plan for winter. Here is a great checklist to ensure you and your home are ready to go when the snow flies.
Click here to read the full article
-------------------------------------------------------------
Upcoming Webinar: Social Security - Planning For Retirement
According to the Social Security Administration, on average, retirement beneficiaries receive 40% of their retirement income from the program.* From a financial planning standpoint, it is imperative to determine where the shortfall of needed income will be made up. Claiming strategies and the timing of when to begin receiving benefits can often have a big impact on your overall retirement goals.
Join us to discuss the impacts of social security on your financial plan, claiming tactics, strategies and timing!
_________
*https://www.ssa.gov/benefits/retirement/learn.html
_____________
1. Bloomberg.com, September 13, 2021
2. Bloomberg.com, June 16, 2021
This article is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and financial professionals before modifying your capital gains tax strategy.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general purposes only.