Ideal Wealth Advisors's LTM E-Newsletter

Craig Lundquist and Kristin Becker photo

Craig Lundquist, MBA, ChFC^®, CRPC^®

VP of Wealth Management

craig.lundquist@lpl.com

651-773-2757

Kristin Becker

Senior Administrative Assistant

kristin.becker@lpl.com

651-773-2821

Ideal Wealth Advisors

Located at Ideal Credit Union

8499 Tamarack Road

Woodbury, MN 55125

CRPC conferred by College for Financial Planning

January/February 2023

Investing for Income

Income investing involves building a portfolio that produces enough profit to pay out a regular income. The success of this strategy depends on selecting investments that are likely to provide a steady stream of cash. Now that interest rates have increased, the yields on fixed income investments are climbing, too.

Rebalancing in Retirement

While you’re making contributions to your retirement plan(s) consider rebalancing your investments annually to maintain your chosen asset allocation.* It’s easy to do simply by contributing less to the investment class that’s forging ahead and more to the class that’s lagging.

Are Your Finances Ready for the New Year?

If you’re not sure whether your financial strategy is as comprehensive as it could be, a checklist and your financial professional can help. Get a fresh start in the new year by reviewing the items on the list to see if you’re on track.

What You Should Know About Annuities

Retirees who are concerned that their savings and investments won’t be enough to sustain them throughout retirement may want to consider purchasing an annuity. Annuities can provide a stream of income for as long as you live or for a specified number of years. When it comes to the timing of purchasing an annuity, you essentially have two options: immediate or deferred.

Preventing and Surviving a Tax Audit

Recognizing the most common audit triggers may help you avoid them. But, if your business is selected for an audit, having all your information organized, with help from your tax advisor, can get you through it.

Tax Treatment Varies with Income Sources

Taxation of retirement income is not a one-size-fits-all proposition. How your retirement income is taxed depends on where it comes from and, in some cases, the total amount of income you receive. Knowing how each type of income is taxed can help you and your tax professional plan and potentially minimize the amount you owe.

Claiming Life Insurance Benefits

If one of your estate planning goals is to ensure assets remain in your family, an inheritance trust may be an option to consider. Leaving assets in a trust allows your children to keep inherited assets separate from marital assets and protects assets from creditors during financial hardship.

Make Your Mortgage Easier to Live With

The upside to owning a house is you’re building equity. The downside is the substantial amount of interest you’ll pay over the life of the loan. Finding a way to reduce that amount is a smart financial move.

Budgeting During Uncertain Times

The economy has been on an uncertain path lately. More and more people earn income that varies each month due to fluctuating work hours or multiple part-time jobs, making budgeting a difficult task. Still, you can start the new year off right by improving your money management skills, even when your monthly income is uncertain.

Top Reasons for Power Outage Increases

Power outages have been steadily increasing in the U.S., both in frequency and duration. According to the U.S. Energy Information Administration, electricity customers experienced slightly more than eight hours of power interruptions in 2020, up from 3.5 hours in 2013, the first year that data was collected.

Power Surges: Are You Protected?

The lights flicker off, and your computer screen goes blank. When the lights come back on, your computer doesn’t. A power surge could be the reason.

Steer Clear of Money-wasting Traps

You work hard for your money, so you don’t want to spend it frivolously. Keep control of your finances by avoiding traps like these that can waste your cash.

ADA Compliance May Prevent Lawsuits

As the owner of a small business, you may have a legal obligation to comply with the Americans with Disabilities Act. The ADA prohibits discrimination against people with disabilities in several areas, including employment, transportation, public accommodations, communications and access to state and local government programs and services.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:

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