Roll out those lazy hazy crazy days of summer……. In other words, keep this hot weather in mind as we deal with snow and cold in a few months. It will hopefully bring a smile to your face.
As we come to the close of 2010 I wanted to remind you once more of the Roth Conversion rule for 2010. Beginning in 2010 the $100,000 AGI limit on conversions has been lifted and if you convert in 2010, the tax on the conversion can be deferred until 2011 and 2012. This is a very complicated subject and you should not convert unless you have worked the numbers to ensure you are in fact, saving tax. I will be conducting a workshop at the Arlington Hts Public Library at 7 pm on September 28th dealing with Roth IRA’s and conversions. You can register at the library website. http://events.ahml.info/evanced/lib/eventcalendar.asp
The workshop is free. I hope to see you there.
At Wisdom we are also partnering with another financial firm to form a new entity to offer financial retirement counseling to employees. You may or may not be aware that the subject of Fiduciary Responsibility has been in the news a great deal lately. A Fiduciary, in terms of a retirement plan (your 401K), is anyone who exercises control over the plan’s operation. This could be the advisor of the plan, employees of the sponsoring company, the administration committee, etc. Many companies do not offer assistance to their employees relative to the 401K plans for fear that the company, as fiduciaries, could be held liable for decisions/acts made by the employees.
As a “Fee Only” financial advisory company, our new entity hopes to remove that corporate concern and carry the burden of fiduciary responsibility. As such, we would be able to counsel and coach employees so that they can position themselves to do the things that are important to them in the future.
Look for more on this new company in the future. If you or your employer would like to talk and learn more about this know, give us a call. We would love to have coffee with you!
