April 2021
MONTHLY MESSAGE

Thinking about Income while Filing your 2020 Income Taxes?
Coordinate Life’s Voyage Accordingly!
(Picture of the Evergreen container ship stuck in the Suez Canal.)
A Man, A Plan, A Canal, PANAMA…
-An homage to my favorite Canal
Hello Hello!
One my favorite WMGNA-isms “There are two things you can do with money, spend it now or spend it later….that or have someone else “spend it” later… if you do not make it “till later” ”. So, as we power to the April 15th tax deadline and the end of 2020 tax season (recently extended to May 17th), I got to thinking about income.
Hmmm… Silly Me, Income and Taxes? 
Different income is taxed at different tax rates. For those of you who are working and getting wages, those are taxed at a certain rate, while capital gains at a certain lower rate, and some income is even tax free! If you're still working, your primary income most likely comes from wages. However, those of you who are no longer working still need an income.
So How Do We Provide an Income Without Working?
This is often referred to as retirement income. How is retirement income generated you might ask? Back in 1995, we retired the word "Retire" and replaced it with “Restyle”. There are many ways to come to a point where you have reached critical mass; where you have saved enough money to provide a monthly income that allows you to not rely on having to work anymore. For the majority, Social Security starting as early as age 62 provides us with some income. In addition, you may also have a pension plan from an employer where a check is sent. However, those are few and far between. This then goes back to tapping into your savings. Almost everyone has a 401k, where you have accumulated a preponderance of your retirement income. Though again, a 401k does not provide a check every month. The option is to buy an annuity where you give money to an insurance company and in return, they give you a check that you cannot outlive. What we have seen since 1995 is that folks are often unclear when it comes to spendable monthly income….after-taxes. Mainly the question of “how much money do I need, and how long am I going to need it?”. Behavioral finance says that almost all of us underestimate our mortality. For example, the average life expectancy of a couple that is 65 is 91, meaning at least one will surpass 91. That is the average folks! That is why inflation and the cost of living should be considered. For example, if you presently need $10,000 monthly spendable, after-taxes, you surely do not want that same ten thousand after-taxes in twenty years. Historically every 18 years your $10,000 monthly will encounter a 50% reduction due to inflation; meaning your current $10k/month will be worth $5k. So, while you are filing your 2020 income tax return it is an opportune time to be thinking about your plan for where your income will come from when you decide to stop working.
 
A Well Thought Out Retirement Income Plan, Springs from:

1.Candid/Frequent Communication
2.Goals/Objectives
3.Cashflow/Taxes
4.The Ability to Handle Risk/Emotion

The more time you have to plan, your likelihood of a positive outcome increases! Whether you are an existing subscriber and want to re-review your Restylement™ income plan, or just a friendly reader who would like to chat about your Restylement income plan (or lack thereof yikes!), simply let us know.
 
Talk soon and keep the faith.
-Dan
WMGNA Book Club
Taking a Break
Thanks to all of you who participated in our virtual book club! We've read 9 amazing books including one authored by one of our very own clients.
We will take a short hiatus and revisit our book club after the summer. Stay Tuned!
Opportunity
As we grow and evolve, we want to ensure that our subscribers continue receiving the same impeccable service and attention they are accustomed to. We call this “the WMGNA way.” With that, we have made the decision to limit the number of new relationships that we take this year to 10 families. We have 8 spots left for 2021! So, if/when someone near and dear can benefit from a Tax-Out subscription and wants to chat to find out if we are a good fit, simply have them contact us!
It has truly been our pleasure to serve you! We look forward to continuing to do so. We take to heart the trust and confidence that you have placed in WMGNA. 

WMGNA HOME LIFE
Brian and his girls celebrating his birthday
Darlene and her new puppy
(Breed: Dutch Shepherd)
Safely celebrating Beth's birthday

Our intern, David Freitas turns 21!
COVID-19 OFFICE POLICY


  • Face masks are required when entering and exiting the 10 Talcott Notch Rd. building.

  • Please use hand sanitizer when you arrive and leave the office (provided at the front desk).

  • When you arrive, we will use a touch-less thermometer to take your temperature.

  • We will be taking extra precautions, sanitizing surfaces before and after your visit.


Talk Soon & Keep The Faith
WMGNA
CT: 860-679-5255 - FL: 561-666-3075
email - info@wmgna.com
Disclosure – Securities offered through Triad Advisors, Member FINRA/SIPC. Advisory services offered through WMGNA, LLC, a registered investment advisor. WMGNA and Triad Advisors are separate and unrelated companies.