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 2024

High Earners: Pay Attention to Your Financial Well-being

Everyone should closely monitor their finances, but higher-income individuals may need to take extra measures to keep more of their money. While goals should always be the driving force behind financial decisions, knowing your options for preserving income can be a valuable resource.

Replacing Income if You Can't Work

Short-term disability insurance replaces a portion of your income if you have a temporary disability, such as an illness, injury, or pregnancy, that prevents you from working. Call your insurance professional to learn more.

Tax-favored Savings for Disabled Individuals

Achieving a Better Life (ABLE) accounts are tax-advantaged savings accounts for individuals with disabilities and their families. Funds in the account can be used to pay for various qualified expenses without losing eligibility for government benefits, such as Supplemental Security Income (SSI). Be sure you work with your legal and tax professionals to avoid any missteps.

How Life Insurance Works

How much do you know about life insurance?* Understanding how your policy works and the steps your beneficiaries will need to take to claim the policy proceeds should be a priority. Your insurance professional can help you select the coverage that best meets your needs.

Cashless Payments on the Rise

Cash is out. Peer-to-peer (P2P) payments are in. P2P services allow an individual to send money to another person’s bank account through a third-party website or mobile app after linking a bank account or credit/debit card. Since contactless transactions became popular during the pandemic, consumers have begun using P2P systems instead of cash or cards, and many small businesses, nonprofit organizations, and vendors offer that option.

Digital-only Banks: Yay or Nay?

Digital-only banks — banks that have no physical locations but exist only online — are making some inroads into the banking industry. A recent Harris Poll found that 39% of respondents had opened a bank account with an online-only institution.

Weigh in on the Barbell Strategy

You don’t have to be a fitness buff to know that a barbell is a long bar with weights at either end that’s used for strength training and bodybuilding. You might have used one at the gym. But what is the barbell investing strategy?

Retirement: Is It Time?

When you think about retirement, what is foremost in your mind? Freedom from work? The chance to spend your time the way you want? The amount of money you will need to save to live comfortably?

Planning for Expenses You Didn't Plan On

Do you like surprises? A retirement party organized by your coworkers — maybe. Needing to replace your HVAC system — not so much. Ideally, planning for unexpected expenses in retirement should begin long before you turn in your notice.

Add a Retirement Plan to Your Employee Benefits Package

As a small business owner, you recognize the need to recruit and retain talent. While good wages and health insurance typically are the most important benefits for workers, business owners shouldn’t discount the advantages of helping their employees save for the future.

Prepare Your Business for a Profitable Year

Your business isn’t static; it changes over time. Assessing where you are and where you want to be should be an annual activity. As the new year begins, consider whether any of the following aspects of your business could benefit from an update. Then consult your financial and tax professionals to learn more about how you can increase profitability.

Irrevocable Trust: You Can't Take It Back

An irrevocable trust is a trust the creator (or “grantor”) cannot change or revoke. There are two main types of irrevocable trusts. A living trust is established and funded during your lifetime. A <i>testamentary trust</i> is created after your death and funded from your estate according to the terms of your will. Your legal professional can draft the necessary trust documents.

What Does a Happy Retirement Look Like?

You might think not having a steady paycheck will be what you’ll miss most once you retire. But if you’ve successfully accumulated enough savings in a retirement account or you’re one of the fortunate people with a pension, paycheck loss might not be the most critical change in your life.

Stocks Aren't Only For Growth

The 2022-23 inflation spike and accompanying stock volatility spurred many investors toward high-yield fixed-income investments as risk protection for their portfolios. But with core inflation edging lower and stock volatility more in hand, you may want to look at another investment—value stocks—to diversify* your portfolio further in 2024.

Can You Be Too Confident About Retirement?

Not that anyone should stay awake nights worrying about their retirement security, but overconfidence in the assets you project you’ll have for retirement can be your disadvantage. A 2023 study from the Center for Retirement Research at Boston College examined households’ self-assessed retirement preparedness and how it can influence retirement saving habits. The study used households in the National Retirement Risk Index.

The Boon - Tax Diversification

Having a plan for retirement is great! But remember, you’ll still have to pay income taxes. But tax-free retirement income from a Roth account could help offset some of the tax you’ll pay on withdrawals from a tax-deferred retirement account.

It's A New Year - New Tax Rules

And here’s a bit of what you should be aware of for your 2024 financial planning.

The High Cost of Senior Care

Do you care for a senior parent or another loved one? According to The National Alliance for Caregiving (NAC) and AARP, more than 50 million Americans are unpaid caregivers. On average, these caregivers pay 26% of their income and give 24 hours a week to help loved ones—often to their own financial and health detriment.*

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