Times Indicator – Effective Use of Your Retirement Plan or IRA

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You’ve worked long and hard for years, saving diligently through your employer-sponsored retirement savings plan. Now, with retirement on the horizon, it’s time to begin thinking about how to tap your plan assets for income.

First, evaluate your needs. Estimate your non-negotiable basic needs for things like housing, food and medical care. This is how much you’ll need just to get by. Then, estimate your income needs for things like travel, leisure and entertainment to determine how much income you’ll need for your desired lifestyle. You can adjust the lifestyle items, if necessary, but conventional guidance says you’ll need at least 70 percent of your pre-retirement income in retirement.

Second, assess your predictable income. Determine how much you can expect from Social Security and traditional pensions. If your predictable income will be enough to cover your basic needs, you may be in a position to use your retirement savings to fund your lifestyle.

On the other hand, if your basic needs exceed your predictable income, think carefully about how you tap into your retirement savings.

For example, if you have both tax-deferred and tax-free (Roth) accounts, you might consider utilizing tax-deferred accounts first to maximize the tax-free growth potential of your Roth.

Third, understand your plan options. Upon leaving your employer, you typically have four options. Plans may allow you to leave the money alone or may require that you begin taking distributions upon reaching the plan’s normal retirement age. You may choose to withdraw the money as a lump sum or receive equal payments for life. You may roll the money into an IRA. Or, if you continue to work during retirement, you may be able to roll the money into your new employer’s plan. Be sure to compare fees and expenses for each option before making a decision!

Determining the appropriate way to tap your assets can be extremely challenging and should take into account a number of factors, including income taxes, other income-producing assets, your overall health, and your estate plan.

The good news is you don’t have to do it alone. Speak with an accountant, attorney or financial advisor today to learn more about your options.

*Click anywhere in the article to download the PDF*

Tax Extenders Passed!

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In case you missed it, the tax extenders included in the budget deal passed on February 8th. Of course, please feel free to reach out to your H&S tax professional with questions about these provisions.

Click the image below to download a summary of tax provisions extended as part of the budget deal signed 2/9/18!

Click to Download

Click to Download

CPA's & Business Advisors

Tony Rubleski Coming to Muskegon!

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Hey there Muskegon area folks! We have an exciting opportunity…mark your calendars for Wednesday, November 8th at 8:00 am because we’re bringing in Author & Speaker, Tony Rubleski to share leadership lessons to take your business and career to the next level. We’re hosting this event in partnership with our friends at the Muskegon Lakeshore Chamber of Commerce. There’s still room to reserve a seat!

There will be a continental breakfast, presentation by Tony, and books available for purchase as well as signing! Click the image below to download the invite with all the details.

Reserve a spot for you and your colleagues today by emailing Stephanie Hendon at stephanieh@hscompanies.com or calling 616-456-6550 x1908.

We hope to see you at the Shoreline Inn & Conference Center on the 8th!

Click to Download

Click to Download

 

QuickBooks Phishing Scam

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At H&S we’re always trying to keep our clients in the know, report any tax news, alerts and helpful information. Currently, there is a QuickBooks email phishing scam happening, and it’s targeting small businesses who use the QuickBooks software. The email appears to be confirming that you changed your business name with Intuit. Since the odds are that you didn’t actually do this, you’ll be prompted to click the cancel link – beware! The link is just bait to capture more information. Read more by clicking the link below…

Idaho Stateman: These emails about QuickBooks software are actually a phishing scam

Scam Alert

Dreading Tax Season?

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So was Matt Tjapkes until he called Scott Hunt! Click here to listen to Matt’s story.

H&S Has a New Radio Spot

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H&S has a new radio spot running on WJQK. Be sure to listen for it or click here to hear it now!

H&S Has a New Radio Spot

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H&S has a new radio spot running on WJQK. Be sure to listen for it or click here to hear it now!

H&S Has a New Radio Spot

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H&S has a new radio spot running on WJQK. Be sure to listen for it or click here to hear it now!

In Case You Missed It – H&S in the News!

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The H&S team has been busy! Our talented team members have been helping the community, hosting open houses and offering their perspective on current events, in addition to working hard to serve our clients. Below are highlights of H&S in the news over the last few weeks.
MiBiz – Confidence and Capital Drive Surging M&A Market
Co-founder Jack Hendon offers his perspective on the M&A market in an interview with MiBiz. To read the article click here.
Business Updates | Daily Business Briefs
Lynda Nance is mentioned for winning Volunteer of the Year at the Rockford Chamber Annual Meeting.
Susan Murray is mentioned for joining the H&S team.
To read the article click here.
Grand Rapids Area Chamber of Commerce
H&S Companies Grand Rapids is featured for our recent open house.
To read the article click here.
Rockford Squire
H&S Companies Rockford was on the front page of the Rockford Squire for our open house.
To read the article click here.

In Case You Missed It – H&S in the News!

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The H&S team has been busy! Our talented team members have been helping the community, hosting open houses and offering their perspective on current events, in addition to working hard to serve our clients. Below are highlights of H&S in the news over the last few weeks.
MiBiz – Confidence and Capital Drive Surging M&A Market
Co-founder Jack Hendon offers his perspective on the M&A market in an interview with MiBiz. To read the article click here.
Business Updates | Daily Business Briefs
Lynda Nance is mentioned for winning Volunteer of the Year at the Rockford Chamber Annual Meeting.
Susan Murray is mentioned for joining the H&S team.
To read the article click here.
Grand Rapids Area Chamber of Commerce
H&S Companies Grand Rapids is featured for our recent open house.
To read the article click here.
Rockford Squire
H&S Companies Rockford was on the front page of the Rockford Squire for our open house.
To read the article click here.

CPA's & Business Advisors
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