Page 12 - Palm City Spotlight - October '19

Page 12, Palm City Spotlight

FiNaNciaL Focus

Be Creative When than the RMD, but if you don’t take at least the minimum appropriate. Of course, if your grandchildren are already
Withdrawing From (which is based on your account balance and your life in college, you are free to simply write a check to the
school to help cover tuition and other expenses.
expectancy), you’ll generally be taxed at 50 percent of
Retirement Accounts the amount you should have taken – so don’t forget these • Help support a charitable organization. Due to
recent changes in tax laws, many individuals now claim
withdrawals.
Here, then, is the question: What should you do with a standard deduction, rather than itemizing. As a result,
By Bryce Buchanan, the RMDs? If you need the entire amount to help support there’s less of an incentive, from a tax standpoint, for
Edward Jones your lifestyle, there’s no issue – you take the money and people to contribute to charitable organizations.
Like many people, you use it. But what if you don’t need it all? Keeping in mind But if you’d still like to support a charitable group and
may spend decades putting that the withdrawals are generally fully taxable at your gain potential tax benefits, you might want to consider
money into your IRA and personal income tax rate, are there some particularly moving some, or all, of your required distributions from
your 401(k) or similar smart ways in which you can use the money to help your your IRA to a charity. You can transfer up to $100,000
e m pl oy e r -sp on so re d family or, possibly, a charitable organization? from your IRA in this type of qualified charitable
retirement plan. But Here are a few suggestions: distribution, thus meeting your RMD requirements
eventually you will want • Help your grown children with their retirement without adding to your taxable income. Furthermore,
to take this money out – if accounts. Your grown children may not always be able to this move might keep you in a lower tax bracket. (Before
you must start withdrawing afford to “max out” on their IRAs. You might want to help making this transfer, though, you will need to consult
some of it. How can you them with any excess funds from your own retirement with your tax advisor.)
make the best use of these funds? accounts. You can give $15,000 per year, per recipient, Your RMDs can contribute greatly to your retirement
To begin with, here’s some background: When you without incurring any gift taxes – an amount far higher income, but, as we’ve seen, they can do even more than
turn 70 ½, you need to start withdrawals – called required than the current annual IRA contribution limit of $6,000 that – so use them wisely.
minimum distributions, or RMDs – from your traditional (or $7,000 for individuals 50 or older). This article was written by Edward Jones for use
IRA and your 401(k) or similar employer-sponsored • Help your grandchildren pay for college. You might by your local Edward Jones financial advisor. Edward
retirement plan, such as a 457(b) or 403(b). (A Roth IRA want to contribute to an investment specifically designed Jones, its employees and financial advisors are not estate
is not subject to these rules; you can essentially keep your to build assets for college. A financial professional planners and cannot provide tax or legal advice.
account intact for as long as you like.) You can take more can help you choose which investments might be most

astroLogy

Astrological Insights Cancer (June 22 to July 22) Sagittarius (Nov. 23 to Dec. 21)
Recovering! You are getting your competitive spirit Collective Consciousness! Use your leadership skills
By Carole Lynn Grant back; great, now fight for your dream. You are good at to inspire others to be more enthusiastic and spontaneous.
Aries: (March 21 to April 20) what you do, own it, celebrate it. You will become more Quit waiting for others to act, leave them in the dust if
Accepted! A financial situation will be right for you. comfortable in your body despite the fact that you are they will not shift into taking action mode. As a group
Someone who helped you in the past will return your favor way out of your comfort zone. Tell naysayers where to leader, you can work miracles. Jupiter in your sign
and this relationship will once more be on its way. What go, lovingly. brings rewards.
had been turned down will be accepted enthusiastically. Leo (July 23 to Aug. 23) Capricorn (Dec. 22 to Jan. 20)
A Scorpio figures prominently. Accomplishments! Your mind is set on getting results Knowledge! The key to your success is increased
Taurus: (April 21 to May 21) from all of your hard work. Be ready to receive your knowledge about how to handle your career. You may
Palpable! A shift in energy. You are able to plow through rewards. Update your resume. Work with people who open be making a big shift, wisdom will prosper you. Set a
challenges with your strong resolve and confidence intact. doors for you too. Your soul is crying out for a change of priority of eating healthier and exercising. Confidential
Your theatrical side is awakening and you want to play. routine. Your ideas about how you earn your money are information accelerates opportunities.
Refuse to settle for ordinary because you are destined for changing. Ingenuity is your hallmark. Aquarius (Jan. 21 to Feb. 18)
greatness. Be a voice for justice, truth or freedom; you are Virgo (Aug. 24 to Sept. 23) Theatrics! Drama is highlighted as you decide to
in a good position. Implement! Your communication skills are sharp and move forward in life, not everybody will support your
Gemini (May 21 to June 21) you know exactly what to say. Demand more cooperation. goals. You will discover a whole new way to earn money.
Prioritize! It greatly benefits you to become focused People will let you keep on doing all the work, if you let Showmanship is emphasized. You can draw attention to
and practical right now. Build your client base with them. This is your time to be recognized. Your cutting- yourself like a magnet.
lucky planet Jupiter helping you to reap your harvest. edge ideas are brilliant. Defend higher ups. You will find Pisces (Feb. 19 to March 20)
Financial gain comes from former friends. Become a the structures that you need. Harmony! The music of your soul is crying out for
great receiver as you gather your wealth. Use your gift Libra (Sept. 24 to Oct. 23) peace, cooperation and results. You are ready to sing
of gab to position you. Willpower! Claim your victories, titles, or rewards. a happy tune, let others rescue themselves. Neptune in
You can convince people to do things your way because your sign creates fluctuating
they have proven to be correct. Listen to what other energies. Work hard on good
Palm City Auto people have to say, proceed to write your book, tell your days, pamper yourself if
exhausted. You’re destined
story, or get on with life. Your perception of yourself is
Lube & Services changing, great! to win in flamboyant ways.
Visit and like me
Scorpio (Oct. 24 to Nov. 22 )
Manifestation! Think freedom from restrictions. on Facebook.com/
Approach this time with an unconventional mind-set. By carolelynngrant. Check out
The DiTerlizzi Family of Companies thinking outside the box you create a creative paradigm. more information and events
at www.carolelynngrant.com.
Your staying power and determination are great examples
for others to follow. There is a book brewing in you, write
For a reading or to book an
Celebrating Our 28th Year it. Speak your protocol energetically. event call (561) 523-2361.

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