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Giving Thanks
On Wednesday, November 11, we honor the bravery and sacrifice of men and women who have served America in the armed forces. This federal holiday
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Veterans Day
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is a time to reflect on their courage. Veterans Day is special for me and my family, as my father was in the Air Force for 23 years. We were a military family, having to move all over the world every two to four years. My Dad would leave us sometimes for 6 months to one year, to go to Vietnam. Before my Dad passed away last year, I would usually take the day off for Veterans Day, and my Dad and I would go to various ceremonies in our community. My Dad would wear his "Retired Air Force" hat and his green flight jacket. Random people would stop him to thank him for his service. He would grin from ear to ear and I was just so proud of him.
I have many clients who served. One particular client was a bomber pilot in WWII. Imagine what he went through during the war.
Please take a moment this Veterans Day to honor, thank, reward or remember those veterans you know and have known. Their service has helped make this country great.
Thursday, November 26 is Thanksgiving
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an occasion to gather, feast, and reflect on what we are grateful for in our lives.
I have many things I am grateful for like my family, friends, and my health. I am grateful for being in a business that allows me to meet and help so many good people.
There is a saying,
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never let the things you want make you forget the things you have.
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What are you thankful for this year? What simple joys and great developments have made your life better? Let us treasure these moments, pleasures, people and things on Thanksgiving
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and throughout the year.
Sincerely,
Bill
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| Changes for Social Security Claiming Strategies
The new budget deal that just passed will eliminate many existing Social Security claiming strategies for almost everyone. Although we expected that some of these strategies might eventually be eliminated, the inclusion within the current budget deal caught many by surprise because there were no public hearings on the issue.
Fortunately, retirees who are already receiving benefits are grandfathered in under the old rules. In addition, anyone who is 62 or older by the end of 2015 will retain the right to collect just spousal benefits starting at their full retirement age of 66, assuming their spouse has already claimed retirement benefits or had requested to file and suspend their benefits within six months after enactment of the law. In addition, widows and widowers will retain the right to decide when to collect a survivor benefit and a retirement benefit.
Retirees who are younger than 62 (i.e. born in 1954 or later) are not so lucky. The rules regarding "file and suspend" will change beginning six months after legislation is enacted. After that, anyone who files and suspends will no longer be able to trigger benefits for a spouse or dependent child, nor would they be able to request a lump sum of suspended benefits. No one will be able to collect benefits on his or her Social Security record until the primary beneficiary actually begins receiving benefits.
In addition, anyone younger than 62 by the end of 2015 will not have the option of collecting spousal benefits early. If they are entitled to two Social Security benefits (i.e. both their own benefit and their spouse's) they will be required to file for all benefits at once and would collect on the higher amount. The same rule will apply to divorced spouses.
This is just another example of how the retirement landscape is always evolving. We are here to guide you through these changes and to answer any questions you might have pertaining to them.
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Bill's Speaking Engagements
As many of you know, I love public speaking and being a thought leader in the CPA and Financial Advisor community. Accordingly, I volunteer to speak to professional groups and piers in my profession. In September and October of this year, I spoke at the following events:
- Florida Institute of CPA's (FICPA) - "How do Annuities fit into Retirment Planning"
- The Crises Center day of Professional Continuing Education - "Tax and Charitable Planning Techniques"
- Hillsborough County Dental Association - "The Affordable Care Act and the Affect on Physicians and Dentists"
- University of South Florida (USF) and FICPA conference - "The Affordable Care Act and the Affect on Physicians and Dentists"
- USF and FICPA - " The Seven Biggest Non-Investment Retirment Mistakes"
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"It wasn't on my calendar.
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Most people do not plan for a medical, mental or aging crisis for a parent-or themselves, and if such a crisis is not on your calendar, prepare now. None of us know what we don't know, and when a loved one's health and/or mind are failing, this is no time to have a crash-course in learning.
- Who do I turn to for advice?
- What kind of questions do I ask?
- Do I plan a loved one's care for this immediate crisis-or make a plan that includes future needs as conditions worsen?
- How do I respond to the many needs: place to live (kinds of facilities), care (who provides and what kinds), costs (and how to pay them), and advisors (finding the right people to handle finances and elder planning).
If you have more questions than answers, this first-hand guidebook, written by a CPA/ financial planner about his dad's situation, will provide answers. Now you will be able to deal with your own situation with more knowledge and focus.
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Mark Your Calendars!
CFO's
Art Uncorked Event
will be held on
Wednesday, December 16, 2015
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The information provided in this newsletter is educational in nature and is not intended to be construed as, legal, tax or investment advice and does not necessarily represent the views of the presenting party. Specific federal and state laws relevant to a particular situation may affect the applicability, accuracy or completeness of this information. Material presented is believed to be from reliable sources, but its accuracy is not guaranteed. If additional information is needed, the reader is advised to seek professional services.
William Cummings is an Investment Advisor Representative with securities and investment advisory services offered through Transamerica Financial Advisors, Inc. (TFA) Member FINRA, SIPC, and Registered Investment Advisor. Concierge Financial Organization, Inc. and TFA are not affiliated. Neither TFA nor its representatives provide legal, tax nor accounting advice. Persons who provide such advice do so in a capacity other than as a registered representative of TFA.
LD055289-11/15 |
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