to stay up to date on LPL Financial's Weekly Market
Commentary!
|
|
|
| HSA: The Underused Retirement Savings Secret Weapon |
When you think about the best place to stash away money for retirement, a 401(k) or IRA probably comes to mind first. There is, however, another option for many of those still employed that seems to be overlooked: the health savings account (HSA).
An HSA is an account for those enrolled in a high-deductible healthcare plan, specifically designed to help cover healthcare costs. There's a triple tax advantage when investing in an HSA that you can't find with your typical retirement account. While stockpiling all of your retirement savings into an HSA is not the wisest idea, it is a great option for those looking to build a stronger nest egg by creating a cushion against rising healthcare costs.
We encourage you to read more about HSAs and how they work by clicking here. |
 |
- HSAs were created in 2003 for individuals enrolled in high-deductible healthcare plans.
- HSA enrollment has increased from roughly 5 million in 2008 to 26 million in 2019.
- HSA balances have grown from roughly $6 billion in 2008 to $62 billion in 2019.
Source: Treasury.gov, 2019
|
|
|
As the number of security breaches continues to rise, we wanted to remind you how important it is to check your credit report on an annual basis.
As we've mentioned in the past, you are allowed one free credit report every 12 months from each of the three credit reporting agencies: Experian, Equifax and TransUnion. The Federal Trade Commission recommends getting one at a time and spacing them out every few months.
The only authorized and completely free online source for your credit report is
www.annualcreditreport.com
. Upon receiving your report, be sure to read it thoroughly and contact the credit bureaus immediately if you see any inaccuracies.
Along with regularly checking your credit report, it's not a bad idea to consider enrolling in a credit monitoring service.
Click here
to reference a list of a few different companies you can use, along with pricing and pros/cons of each.
|
|
| Did you know that abbreviating the year 2020 to just '20' on legal documents and checks could put you at risk of fraud? The problem stems from the ease in which the year 20 can be changed to any date from the last two decades. For example, 3/1/20 could easily be changed to 3/1/2017, giving scammers a chance to defraud you. Take precaution and be sure to write the year in full on all important documents and checks. |
|
|
3-on-3 Basketball Tournament
The Saratoga Springs Rotary Education Foundation will be hosting its first annual 'Teams for Dreams' 3-on-3 basketball tournament on Saturday, April 4th. If you or anyone you know is looking to join in on the fun,
click here for information. All net proceeds will
fund local scholarships, helping students achieve their dreams!
SFS Annual Shred Event
Our 9th Annual Shred Event will be held the morning of Saturday, May 2nd this year. We will be located in the parking lot adjacent to our building at 18 Division Street in Saratoga Springs.
If you haven't yet, now would be a great time to start a box and begin sorting through your old and unneeded documents. Be sure to check out our upcoming newsletters for further details!
|
Robert Schermerhorn, CFP®
Jamie Usas, CFP®,
Operations Manager
Amanda Friedman,
Wealth Consultant
Andrew Chapman
Mollie Flynn
 Saratoga Financial Services
18 Division Street, Suite 305
Saratoga Springs, NY 12866
Phone: 518-584-2555
|
|
|
| Stay Connected!  
|
Reconsider your IRA beneficiaries.
Before the SECURE Act, if someone other than your spouse inherited your IRA, they were required to take distributions from that account, but they could stretch out those payments over their lifetime.
Under the new law, the account's beneficiaries must take all of the money out of the inherited IRA within 10 years after the year of death. (Luckily, some beneficiaries, including spouses and minor children, are exempt from this rule.)
This could create big tax consequences for some beneficiaries, especially if they are working and in their higher earning years.
The passage of the SECURE Act should be beneficial for savers and retirees for the most part, but there are some disadvantages. If your wealth-transfer plan includes an inherited IRA, it's not a bad idea to reconsider your beneficiaries.
If you have any questions regarding this change, please don't hesitate to call our office at (518) 584-2555. |
|
|
