Page 10 - The Shores of Jupiter - May '22

Page 10, The Shores

Financial Focus Rex Recommends

By Rex Hearn financial support. Opera is the most costly of all the art
Don’t Be Surprised By Palm Beach forms, using all the disciplines: Music, singing, dancing,
painting, scenic design, costumes, orchestras and more.
Social Security Taxes Symphony Not so our beloved Palm Beach Opera; it will be around
Orchestral Heaven, Sublime for another sixty years! With people like General Director,
By Sally Sima Stahl Playing By Midori David Walker, charming every dollar needed from opera
When you reach the Sunday afternoon at the lovers to see it continues to succeed. In Europe opera
appropriate age, it’s Kravis Center, April 10, companies rely on 80 percent of their budgets coming
easy to apply for Social will be remembered for the from state funds. The average North American state
Security retirement visit of violinist, Midori, a support is about 5 percent.
benefits – just go to Social Japanese woman of great Franz Lehar’s The Merry Widow was an ideal choice
Security’s website, fill out skill on her 1734 Guanerius to end 60 glorious years. Production values were superb;
the online form and you’re del Gesu fiddle and what is the art nouveau sets by Michael Yeargan, were beautiful,
essentially done. But many more important, a world-class performer willing to appear culminating in the famous Maxim’s in Paris with
people overlook the next with the newly formed Palm Beach Symphony Orchestra eight delightful can-can girls drawn from Ballet Palm
step – completing Form led by Gerard Schwarz, now close to 90 players: the mark Beach, as were two excellent male dancers. The gowns
W-4V, which asks you of a major symphony. But numbers are not enough to attract and costumes were lovely to look at. The orchestra,
how much federal income tax you want withheld from the likes of Midori, their playing must be of the highest symphonic in size, was led by an exciting new and young
your benefits. And if you skip this step, you could face an standard, and this is true under the mentorship of Maestro conductor, Mr. Ward Stare, who got a high level of playing
unpleasant surprise when it’s tax-filing time, because Social Schwarz, he is able to get a very refined sound from the from the musicians. And the Palm Beach Opera Chorus
Security benefits can indeed add to your taxable income. orchestra with a subtlety I’ve never experienced before. shone brilliantly; surely the envy for miles around of their
Here are the details: His command is extraordinary. great consistent work together.
• If you’re a single filer … If your “combined” income is Midori chose the Korngold Violin Concerto in D Major, This operetta, written in 1905, made Franz Lehar
between $25,000 and $34,000, you may have to pay income Opus 35 written in 1945. Her playing was note perfect, king of the genre in the early Twentieth Century. In all,
tax on up to 50 percent of your Social Security benefits. also quietly refined due to the use of a large cloth under he wrote 30 such light operatic works. The translation
(“Combined” income includes your adjusted gross income, her chin for comfort, which appeared to dull the violin’s of Leon and Stein’s German libretto is by that living
non-taxable interest, and one-half of your annual Social sound box. Were it not for the activity of Erich Korngold’s legendary wordsmith, Sheldon Harnick – Fiddler on the
Security benefits.) If your combined income is more than son, we might never have heard this piece. He went around Roof, She Loves Me, Goose of Cairo – whose words here
$34,000, up to 85 percent of your benefits may be taxable. America promoting his father’s classical works. Noted seem flat printed as supertitles, but come off better when
• If you’re married and file jointly … If you and your for Hollywood film music, Korngold left Europe, where sung. Some of the vernacular could be updated. And what
spouse have a combined income between $32,000 and his classical output had been well regarded, to come to wonderful singers we heard. Soprano Jennifer Rowley
$44,000, you may be taxed on up to 50 percent of your the U.S.A. because of Adolf Hitler’s dictatorship. Film as the wealthy widow, Hanna Glawari, has a gorgeous,
benefits. If your combined income is more than $44,000, music paid the bills! And this Violin Concerto was his powerful voice that soared easily above the orchestra on
up to 85 percent of your benefits may be taxable. return to the classics drawing from his many film music many occasions. In the famous Vilja, Oh Vilja melody
These numbers might seem high, but they don’t mean themes, the first of which won the Academy Award for his of Act ll, she and the conductor had a small difference
you’ll lose 50 percent, or 85 percent, of your benefits – they music to Anthony Adverse – 1936 with Frederick March toward its end: he kept the tempo; Rowley wanted it
are just the percentages of benefits you may be taxed on, and Olivia de Havilland; second, Another Dawn – 1937 slower to show off her beautiful sound. This age-old
at your personal income tax rate. starring Errol Flynn; third, The Prince and the Pauper – rivalry between star and maestro resolved amicably with
To help avoid a big tax bill or an underpayment 1937 and lastly Juarez – 1939 starring Brian Aherne and a slight win for the singer. Roars of applause greeted her
penalty, you can file Form W-4V with the Social Security Bette Davis. Korngold’s sprightly solo filigrees woven aria. The dashingly handsome Andrew Manea, baritone,
Administration and request to have 7, 10, 12 or 22 percent into the fabric of his film melodies were delightfully sang Count Danilo, her lover, with great charm and a
of your monthly benefit withheld. Your tax advisor can help played by violinist Midori. resoundingly steady vocal production, almost tenor-like
you choose the withholding percentage that’s appropriate Two other pieces graced this concert. William Schuman’s in its flexibility. I think dancing lessons are in his future.
for your situation. lovely New England Triptych was composed in 1956. The waltz has three steps not two steps sideways, Mr.
The amount of taxes you may need to pay will also Schuman once headed up the Juilliard School of Music Manea. Elizabeth Sutphen, soprano, made an impressive
depend on when you start taking Social Security. The earlier and before that taught at Sarah Lawrence College, New debut as Valencienne. Her lovely voice needs stronger
you take benefits, the smaller your monthly checks, and the York. While at the college he led their Choral Society in projection for a house this size. Her triumphs in smaller
smaller the taxes. But taxes should not be a key issue in works by William Billings, 1746-1800, a contemporary of European houses are known and well deserved. Former
deciding when you need to begin collecting your payments. the Founding Fathers who helped bring American choral Palm Beach Opera Young Artist, Duke Kim, tenor,
Rather, you should consider other factors, such as your singing to the fore. Basing his Triptych on Billing’s hymns, sang Camille de Rosillon very well. He grew stronger
anticipated life expectancy, your employment situation, this superb work deserves being heard more often. The in character as the operetta progressed. Dwayne Croft,
your spending needs and the benefits for your spouse. orchestra gave it a very fine reading. The last work was whose baritone I first heard at Glimmerglass Opera
Here’s something else to keep in mind: Because Dvorak’s Symphony No. 8 in G Major, Opus 88 of 1889. over 35 years ago, was excellent as Baron Zeta, the man
Social Security taxes are based on your overall income, Responding to the conductor, the orchestra romped through wanting to keep Glawari’s millions in the Ruritanian
as described above, the amount of money you withdraw this delightful work showing off all the sections and the country of Pontivedra. Croft’s Metropolitan opera
during retirement, and where that money comes from, can quality playing of each as Dvorak throws tune after tune in successes are legion. Stage Director Helena Binder kept
also affect your tax situation. For example, withdrawals their direction. Much of their refined sound is attributable to the whole company moving nicely with quick exits and
from a traditional IRA are taxable and will increase your Maestro Schwarz’s conducting in the brilliant performance entrances by the huge chorus; there were moments when
adjusted gross income, but withdrawals from a Roth IRA of this symphony and of course by the musicians. Kudos I felt her staging/placing of younger singers could have
will be tax-free, provided you’ve had your account at least to all. Next year we’ll have six monthly concerts, up from been improved. Over all, her crowd scenes were cleverly
five years and you’re over 59½, so this money won’t enter five. Growth indeed … try not to miss them. Call the box managed. Lighting Designer Stuart Duke made the art
into your taxable income calculations and it won’t increase office at (561) 281-0145. nouveau sets glow with pastel colors and good follow spot
the tax you owe on your Social Security benefits. Similarly, work on the stars. To enter year 61, Palm Beach Opera has
withdrawals from health savings accounts (HSAs) used for Palm Beach Opera’s Merry Widow chosen Puccini’s Madama Butterfly for January; Mozart’s
qualified health expenses also won’t count toward your A Glorious End To Their 60th Season. Cosi Fan Tutte for February and Verdi’s brilliant Falstaff
taxable income. Sixty Years In Business, Bravi Palm Beach Opera! in March. See you at the opera in 2023! Contact the box
By knowing exactly what to expect from Social American opera companies come and go for lack of office at (561) 833-7888.
Security, including the tax effects, you can more effectively
incorporate your benefits into your overall retirement “Service is our number one priority”
income planning – and the better your plans, the more
you’ll be able to enjoy your life as a retiree. 561-743-0070
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones, www.palmspoolservices.com
Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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