Casey Marx | RICP® CFF® | Founder/CEO & Advisor | More Hoosiers Are Retiring Early

More Hoosiers Are Retiring Early

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https://youtu.be/doENqpJPWp4

Casey Marx our founder and CEO of Crown Haven Wealth Advisors. Marx was just interviewed by Samantha Johnson of WTHR about why more Hoosiers are retiring early and how they are pulling it off?

n our work with financial planning clients, we have seen the pandemic serve as a realization for many people that they can work from home or reduce hours and still be just as productive at work. Casey recommends asking a few simple self-reflection questions for those considering partial retirement.

  1. What’s important to you?
  2. What are you trying to achieve?
  3. What do you enjoy doing?
  4. Who do you care about?

Inflation and rising interest rates are causing millions of people to rethink their budgets or plans for retirement. Now more than ever, people in the great state of Indiana need a financial advisor they can trust.

To help, Crown Haven Wealth Advisors is offering a limited number of spots for our free financial planning sessions. Our team is happy to meet with you online or in our offices in Carmel, IN. Stop stressing about money or how you will pay for the retirement you always wanted.

You deserve a secure financial future. Click here to schedule a complimentary relationship visit or call (317) 564-4691 to speak with one of our specialists.

See and read the original article on wthr.com

 

How Will Working Affect Social Security Benefits? | IRA | 401K | Pension | Social Security

How Will Working Affect Social Security Benefits?

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How Will Working Affect Social Security Benefits?

In a recent survey, 70% of current workers stated they plan to work for pay after retiring.1
And that possibility raises an interesting question: how will working affect Social Security benefits?

The answer to that question requires an understanding of three key concepts: full retirement age, the earnings test, and taxable benefits.

Full Retirement Age

Most workers don’t face an “official” retirement date, according to the Social Security Administration. The Social Security program allows workers to start receiving benefits as soon as they reach age 62 – or to put off receiving benefits up until age 70.2

“Full retirement age” is the age at which individuals become eligible to receive 100% of their Social Security benefits. Individuals born in 1960 or later can receive 100% of their benefits at age 67.

Earnings Test

Starting Social Security benefits before reaching full retirement age brings into play the earnings test.

If a working individual starts receiving Social Security payments before full retirement age, the Social Security Administration will deduct $1 in benefits for each $2 that person earns above an annual limit. In 2022, the income limit is $19,560.2

During the year in which a worker reaches full retirement age, Social Security benefit reduction falls to $1 in benefits for every $3 in earnings. For 2022, the limit is $51,960 before the month the worker reaches full retirement age.2

For example, let’s assume a worker begins receiving Social Security benefits during the year he or she reaches full retirement age. In that year, before the month the worker reaches full retirement age, the worker earns $65,000. The Social Security benefit would be reduced as follows:

Earnings above the annual limit
$65,000 – $51,960 = 13,040

One-third excess
$13,040 ÷ 3 = $4,347

In this case, the worker’s annual Social Security benefit would have been reduced by $4,347 because they are continuing to work.

Taxable Benefits

Once you reach full retirement age, Social Security benefits will not be reduced no matter how much you earn. However, Social Security benefits are taxable.

For example, say you file a joint return, and you and your spouse are past the full retirement age. In the joint return, you report a combined income of between $32,000 and $44,000. You may have to pay income tax on as much as 50% of your benefits. If your combined income is more than $44,000, as much as 85% of your benefits may be subject to income taxes.2

There are many factors to consider when evaluating Social Security benefits. Understanding how working may affect total benefits can help you put together a strategy that allows you to make the most of all your retirement income sources – including Social Security.

How much would you pay for a more secure retirement?

How does zero dollars sound?

For a limited time, Crown Haven Wealth Advisors, Indiana’s most trusted fiduciary, is opening up spots for our free financial planning sessions.

We are happy to meet with you online or in our offices in Carmel. It costs you nothing to create a plan for a dependable future.  Click here to schedule a complimentary relationship visit or call (317) 564-4691 to speak with one of our specialists.

Sources
1. EBRI.org, 2022
2. SSA.gov, 2022

Why is this age so important?

59 1/2: Why Is This Age So Important?

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59 1/2: Why is this age so important? That age marks a turning point of sorts in your life—on a number of fronts. In particular, the Internal Revenue Service (IRS) allows you to make withdrawals from your retirement account without incurring a penalty. It has also been nearly a decade since you were granted the right to make “catch-up contributions” to your IRA.1 

In roughly 30 months, you’ll be eligible to claim Social Security benefits. You’re about 66 months away from Medicare eligibility. 

In this report, we explore your retirement choices, your healthcare concerns, and how to move vibrantly into those golden years. We also turn back the clock to take a quick look at how history may have shaped your outlook. Keep in mind that this

BUILDING YOUR RETIREMENT SAVINGS 

Some research suggests you should have at least $1 million in retirement savings to get you comfortably through a 30-year retirement.2 

Some retirement savers say there’s a 45% chance they expect to run out of money sometime during their retirement. In fact, 22% of baby boomers (those born between 1946 and 1964) report having less than $25,000 in retirement savings.3,4 

If your retirement savings are not quite up to par, the IRS provides a catch-up clause that applies to people over the age of 50.5

Older employees may exceed the IRS’s standard, elective deferral ($19,500 in 2020) to their employees’ workplace-based retirement savings plans. Elective deferrals are contributions to retirement plans by the employer at the employee’s request. Deferrals apply to 401(k)s, 401(b)s, and other retirement plans.6,7 

The catch-up amount for 2020 is $6,500 and applies to the following plans: 

  • 401(k)s 
  • 403(b)s 
  • 457s8 

Deferrals to retirement plans must exceed the standard $19,500 limit (2020) to be counted as catch-up contributions.8

You may make annual catch-up contributions if the amount is less than: 

  • The catch-up contribution dollar limit, or 
  • The excess of the participant’s compensation over the elective deferral contributions that are not catch-up contributions.8 

Catch-up contributions are $3,000 for Savings Incentive Match Plan for Employee Individual Retirement Account (SIMPLE IRA) plans. These plans are often used by small business owners.8

You may make $1,000 in catch-up contributions to your traditional or Roth IRA in 2020. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth 401(k) distributions must meet a five-year.

holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as result of the owner’s death. Employer match is pretax and not distributed tax-free during retirement.8 

Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, once you reach age 72, you must begin taking required minimum distributions from your 401(k), 403(b), 457(b), or other defined contribution plans in most circumstances. Withdrawals from your 401(k) or other defined

contribution plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.9 Also, under the SECURE Act, once you reach age 72, you must begin taking required minimum distributions from a SIMPLE IRA in most circumstances. Withdrawals from SIMPLE IRAs and traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.9

Getting Financial Guidance

You’re approaching a major turning point in your life. A financial professional can help you discover wise solutions and develop smart retirement strategies for a fulfilling and exciting future. We can help you analyze your financial situation to shape the life you envision.

We know now more than ever that people in the great state of Indiana need a financial advisor they can trust. To help, Crown Haven Wealth Advisors is offering a limited number of spots for our free financial planning sessions.

Our team is happy to meet with you online or in our offices in Carmel, IN. Stop stressing about money or how you will pay for the retirement you always wanted. You deserve a secure financial future. Click here to schedule a complimentary relationship visit or call (317) 564-4691 to speak with one of our specialists.

Note: Keep in mind that this article is for informational purposes only. It is not a replacement for real-life guidance. Also, tax rules are constantly changing, and there is no guarantee that the tax landscape will remain the same in the years ahead. Please consider working with a financial professional before implementing or modifying a retirement strategy.

Footnotes and disclosures:
Information current as of September 15, 2020.
Investing involves risk including the potential loss of principal.
No investment strategy can guarantee a profit or protect against loss
in periods of declining values.
These are the views of FMG Suite, and not necessarily those of the
named representative, Broker/Dealer or Registered Investment
Advisor, and should not be construed as investment advice. Neither
the named representative nor the named Broker/Dealer or Registered
Investment Advisor gives tax or legal advice. All information is
believed to be from reliable sources; however, we make no
representation as to its completeness or accuracy. Please consult
your financial professional for further information.

Sources:

1. USNews.com, February 12, 2020
2. AARP.org, September 15, 2020
3. CNBC.com, June 28, 2019
4. NorthwesternMutual.com, December 31, 2019
5. TheBalance.com, January 15, 2020
6. IRS.gov, November 22, 2019
7. IRS.gov, December 20, 2019
8. IRS.gov, January 9, 2020
9. IRS.gov, September 23, 2020

Casey Answering Client Concerns – Summer 2022

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Casey Answering Client Concerns – Summer 2022. Today we’re going to be talking about interest rates and how that’s affecting our overall economy. One of our client’s is in the office today, and they’re going to be asking me some questions about how the current monetary policies are impacting the economy

It’s going to be a very interesting conversation. We want to hear what you have to say; comments below. If you disagree with what we have to say, let us know. If you think it’s it’s valuable information, please feel free to share it with others.

https://www.youtube.com/watch?v=ISkxBOxDC5A

 

For a limited time, Casey Marx- Founder & CEO of Crown Haven Wealth Advisors, is accepting new clients. Many have said they’re concerned about inflation and rising interest rates.

Now, tapping into 40 years of combined experience, Casey and his team of experts are here to help. Secure your retirement. Click here to schedule a complimentary relationship visit or call (317) 564-4691 to speak with one of our specialists.

 

Casey Marx | RICP® CFF® | Founder/CEO & Advisor

Casey Marx Outlook Update 07/13/22

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The June 2022 inflation report just came out and the number was 9.1%. A lot higher than was initially anticipated and now you have all the prognosticators in the market and the media coming out and arguing why that is the case.

Watch Casey Marx RICP® Discuss The June Inflation Number

The June inflation report just came out, and the number was 9.1%. A lot higher than was initially anticipated. Now you have all the prognosticators in the market and the media coming out and arguing why that is the case.

The federal reserve is going to have to get a lot more aggressive near term to crush demand. We had significance and what that means is there’s going to be a lot of pain ahead.

What does that mean for you?

I would like to invite everyone watching this out there to do is to reach out to us at crown Haven to learn about our RetireSHIELD® program and learn what our clients already know.

It is not too late to stop the bleeding.

It is not too late to put yourself in a position for success

Short-term there is going to be a lot of pain, and coming back from a loss is very difficult.

I highly recommend that you analyze both your risk capacity and your time horizon for your investment. Crown Haven Wealth Advisors are experts at this. I developed a proprietary financial plan called RetireSHIELD®.

To learn more about our financial planning process, I invite you to schedule a relationship call to understand your unique goals and objective and how we can create a custom retirement plan for you. Just click “Relationship Building Call – 15 minutes” below to get started.

Casey Marx | RICP® CFF® | Founder/CEO & Advisor | Getting Your Finances In Order

Step-By-Step Guide To Getting Your Finances In Order

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Financial planning requires discipline and dedication. Crown Haven Wealth Founder and President Casey Marx shared a step-by-step guide to getting your finances in order with WTHR.

Maintaining discipline is the best way to stick to your goals. Break your goals down into quarterly and yearly numbers that are attainable for your specific situation.

Our CEO Casey Marx, says, “Take time — 30 minutes each week — look at everything and manage it as if you were the chief financial officer of your wealth and be cold-hearted. Be a businessperson. ‘What can I cut? How can I take care of myself?’ All of these different things. Track your spending.”

At Crown Haven Wealth Advisors, we know budgeting is part of a solid financial plan. You also need to include all aspects of your finances, including 401(k), IRAs, Investment accounts, tax planning, estate planning, and more. We optimize your portfolio to match your risk capacity, time horizon, income requirements, cash flow needs, growth objectives, and legacy desires through our proprietary plan we call

If you want to experience the holistic way we approach financial planning with our please feel free to schedule a complimentary appointment online. You can choose to meet in person or via zoom call.

Market Update May 16th 2022

5/16/22 Wealth Management Insights

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Stuck in a Rut – The losing streak for the Dow extended to seven weeks the longest such string for that index in decades-while the S&P 500 and NASDAQ fell for the sixth week in a row. Each index dropped around 2% to 3% and the S&P 500 retreated to its lowest level since March 2021.

Powell’s Second Term – The U.S. Senate on Thursday voted 80 to 19 to approve a second four year term for U.S. Federal Reserve Chair Jerome Powell. The 69-year-old was initially appointed by President Trump in 2018, and President Biden reappointed Powell this year.

Buyback Record – The value of stock that companies in the S&P 500 repurchased in the 12 month period ended March 31 broke a record, according to S&P Dow Jones Indices. As of Friday, buybacks totaled $953 billion so far-not all companies have reported their first quarter buyback figures-surpassing the previous record of $882 billion set in the 12 months ended December 31, 2021.

Top News to Watch this Week
Return to Bonds – Prices of U.S. government bonds mounted a modest comeback, sending the yield of the 10-year U.S. Treasury bond down to around 2.93% on Friday. That marked a big reversal from the previous week, when the 10-year yield rose to 3.13% after eclipsing the 3.00% level for the first time since November 2018.

How much would you pay for a more secure retirement? How does zero dollars sound? For a limited time, Crown Haven Wealth Advisors, Indiana’s most trusted fiduciary, is opening up spots for our free financial planning sessions. These are challenging times. So we are happy to meet with you online or in our offices in Carmel. It costs you nothing to create a plan for a dependable future.  Click here to schedule a complimentary relationship visit or call (317) 564-4691 to speak with one of our specialists.

2022 Changes To Your Money

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2022 brings new tax and saving changes that could impact your finances. Updates include standard deductions, retirement-plan contributions, estate, and gift tax changes are the federal government’s effort to the American people feel fewer effects of record-high inflation. Read below or watch Casey’s interview on WRTV Indianapolis to learn more about how you can make adjustments to maximize these changes.

  1. The IRS is changing and boosting tax brackets which is normal for them to do to combat inflation. This year it’s going from 1% in 2021 to 3% 2022 due to inflation indexing. The adjustment will reduce the amount of taxes deducted from paychecks and raise take-home pay.

    Standard Deduction
    $12,950 – Single
    $25,900 – Joint

    Tax rates on capital-gain and dividend taxable income
    0% Up to $41,675 (Single) / Up to $83,350 (Joint)
    15% $41,676 to $459,750 (Single) / $83,351 to $517,200 (Joint)
    20% $459,751 or more (Single) / $517,201 or more (Joint)
  2. The IRS is also changing the maximum amount taxpayers can contribute to their 401ks, increasing it by $1,000. he top tax-deductible contribution to a 401(k) for savers under age 50 will rise to $20,500 from $19,500 in 2021, about 5%. For non-qualified contributions to IRAs and Roth IRAs, the limit will remain $6,000 for people under age 50, due to rules preventing increases until there is a $1,000 increment. The income thresholds for these tax breaks will be higher for most taxpayers, however.

    Retirement-plan contribution limits
    – Traditional or Roth IRA $6,000, plus $1,000 for age 50 and older 401(k) or
    – Roth 401(k) $20,500, plus $6,500 for age 50 and older
    – SEP IRA or Solo 401(k) $61,000, plus $6,500 for age 50 and older, for Solo 401(k)
  3. Social security checks are increasing This is the biggest boost in 40 years on average, Social Security beneficiaries are seeing an extra $92 a month 

    Bonus Information
  4. Estate & Gift Tax changes
    Lifetime exemption – $12,060,000 per individual
    Annual exclusion $16,000

So a lot of things to be watching for. This is the beginning of some pretty high inflation, and I think this is going to continue for a while. Interest rates are responding, and they’re going up as well, so I think folks are going to have to get used to higher prices for a while.

Inflation and rising interest rates are causing millions of people to rethink their budgets or plans for retirement. Now more than ever, people in the great state of Indiana need a financial advisor they can trust. To help, Crown Haven Wealth Advisors is offering a limited number of spots for our free financial planning sessions.

Our team is happy to meet with you online or in our offices in Carmel, IN. Stop stressing about money or how you will pay for the retirement you always wanted. You deserve a secure financial future. Click here to schedule a complimentary relationship visit or call (317) 564-4691 to speak with one of our specialists.

Year-End 2021 Tax Advice

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Year-End 2021 Tax Advice. Many of us don’t like paying taxes, and most everyone wants to save money. Our founder Casey Marx was just featured on Money Tips to prepare for the 2022 tax season WTHR 13 NBC Indianapolis telling everyone to start making tax moves right now because it can help increase our tax break before the end of the year.

You can start by making all of your charitable donations by December 31st. Any deductions for cash contributions must be made to qualified charitable organizations. Taxpayers who claim a standard deduction claim up to $300 $600 per tax return for those married filing jointly. Make sure you get and keep donations receipts for any contributions regardless of the amount.

Our next move to reduce your tax liability is to look at your retirement accounts like traditional IRAs or 401(k)s and convert these to Roth IRAs. You will pay taxes on those deferred tax savings now, but in retirement, you get the benefit of having tax-free income distributions in retirement.

We know a lot of people initially are afraid of paying the taxes upfront because nobody likes to pay taxes. When you look at this objectively, and you do that in a measured way, you’re then allowing your money to grow and it completely tax-free environment going forward. In retirement you are able to take those funds out tax-free later if you are retired age 72 or older.

Don’t forget about the required minimum distribution from your retirement accounts each year. If you don’t take that from your qualified account from your IRA or other qualified accounts, there’s a stiff penalty. It’s 50% of what it should be. As a side note that requirement was suspended in 2020 but activated for 2021.

If you are a homeowner, you can make an extra mortgage payment on December 31st, you may be able to claim that additional interest paid as a tax deduction in the tax year paid.

At Crown Haven Wealth Advisors we know part of a solid financial plan is proper tax preparation is to review your financial goals. If you want to experience the holistic way we approach financial planning with our RetireSHIELD® plan please feel free to schedule a complimentary appointment online. We can meet in-person or via zoom call.

Schedule Appointment

Financial Planning Insanity Defined

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You have seen over and over again that every few years, the market crashes. Sometimes it crashes hard. For most of your life, you didn’t really care. In fact, if you’re like me, I wanted the market to crash back in those days. Why? Because it was a buying opportunity. Besides, I knew the market would recover. And I was young enough that I wasn’t going to use the money anytime soon.

Remember the definition of insanity, doing the same thing over and over again, expecting different results. The truth is that nothing has changed. Your portfolio was at risk when you were 25 years old, just as much as it’s at risk today. So what’s the difference?

Your age, your time period for any new recovery. The very thing that makes putting your retirement money in the stock market bonds, real estate variable annuities, or any other variable investment crazy is that you’re doing the same thing over and over again, expecting a different result. I can tell you, the results will not be any different. Your investments will go up and your investments will go down. They will do great, then they will crash. What is different is that now it can happen when you are near or in retirement. At the very same time you need your money to live. If you’re at or near retirement, it’s time to stop the insanity and look at an option that’s appropriate for retirement goals.

If want to learn how to stop the insanity with your retirement, we invite you to work with our financial planning team. Through our RetireSHIELD® program we can provide you with a lifetime of income you will never outlive.

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Listen to Casey Marx, Smart Money episode “Definition of Insanity, Cliff Young Shuffle, Fake News and Underliving Your Retirement” on the player below or on your Apple Podcast App or Android device.