Page 8 - Juoiter West - November '22

Page 8, Jupiter West
Financial Focus

What Should You Know • Indirect rollover – If you take an indirect rollover, as a direct rollover, in which the administrator of your old
retirement plan will send you a check made payable to the
also known as a 60-day rollover, the assets from your
About IRA Rollovers? existing IRA will be liquidated and the custodian or plan custodian of your IRA. No taxes will be withheld, but you
sponsor will send you a check or deposit the funds directly need to get the funds transferred within 60 days to avoid any
By Sally Sima Stahl into your bank or brokerage account. This payment may potential tax issues.
If you’ve been contributing be subject to withholding for federal taxes, and possibly You spend years contributing to your IRA and 401(k)
to an IRA, you’ve chosen a state taxes, unless you opt out of withholding. You have — and for good reason. So, when it’s time to move that
great way to save and invest 60 calendar days from the time the funds were withdrawn money, be careful and consider getting help from your
for retirement. All IRAs to deposit the money, including any amount withheld, financial and tax professionals. These funds can play a big
have potential tax benefits into a new IRA. If you miss this 60-day deadline, the role in your retirement income, so manage them wisely.
and a range of investment withdrawal may be taxable at your personal income tax This article was written by Edward Jones for use by
possibilities, but not all IRA rate, and it could also be subject to an early withdrawal your local Edward Jones Financial Advisor, Edward
providers offer the same penalty if you’re younger than 59½. Jones, Member SIPC.
features. So, if you decide Given the immediate withholding and the possibility of Edward Jones is a licensed insurance producer in
that your current IRA provider further taxes if you don’t move the money into a new IRA all states and Washington, D.C., through Edward D.
is charging higher fees than before the 60 days are up, you’ve got much to consider Jones & Co., L.P., and in California, New Mexico and
you’d like, or perhaps doesn’t offer as many investment choices before initiating an indirect rollover. Consequently, Massachusetts through Edward Jones Insurance Agency
as you want, then you might choose to move your IRA assets to you should consult with a financial advisor and tax of California, L.L.C.; Edward Jones Insurance Agency
another provider. How should you go about making this switch? professional before you make this type of move. of New Mexico, L.L.C.; and Edward Jones Insurance
Here are some options to consider: In addition to a rollover from an existing IRA, you may Agency of Massachusetts, L.L.C.
• Trustee-to-trustee transfer or direct rollover – You can someday want to move the money from your 401(k) or Edward Jones, its employees and financial advisors
ask the financial institution holding your IRA to move the similar employer-sponsored retirement plan to an IRA. This cannot provide tax advice. You should consult your
money directly to another IRA. No taxes will be withheld can occur when you retire or change jobs, although if you do qualified tax advisor regarding your situation.
from the amount transferred at the time of the transfer. This take on another job, you might have the options of leaving Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
method is generally hassle-free, but some IRA sponsors your 401(k) with your former employer or rolling it over into 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
will still only mail the check to your address of record, your new employer’s plan. However, if you do want to move
so you’d have to forward it to your new IRA. your 401(k) funds into an IRA, you can make what’s known
Commissioner’s Update

Budget Brief If you notice an increase in the property taxes on your ￮ $10M for affordable housing development
bill, please note this is due to higher assessed values of • Infrastructure
By County Commissioner real estate, not an increase in the tax rate. Of the 650,420 ￮ $59M in capital improvements
Maria Marino parcels of real property in Palm Beach County as of 2022, ￮ $73.3M for Palm Tran vehicles and operations
For the first time in total market value is $404.3 billion, and total taxable • Public Safety
11 years, the County value is $255.3 billion. ￮ $743.3M for the Sheriff
Commission approved a The county’s total gross budget is $6.7 billion, of which ￮ $10.3M toward Animal Care & Control
reduction in the countywide $1.9 billion is in the General Fund. Current property taxes ￮ $2.7M for Emergency Management
millage rate for fiscal fund 24.9 percent of the gross budget. In addition to ￮ $3.5M for Victims Services
year 2023 – the tax rate property taxes, revenues include the fund balance – the • Substance Use and Behavior Disorders
per $1,000 of your real excess of fund assets over liabilities; intergovernmental ￮ $1M toward the addiction stabilization center
property’s value – from revenues in the form of grants, entitlements, shared ￮ $1.5M for recovery support
4.7815 down to 4.715 mills. revenues, or payments in lieu of taxes; licenses, permits ￮ $6.3M for financially assisted partner agencies
At the new millage rate, a and fees; charges for services; and, inter-fund transfers. Expenditures also include an increase in reserves from
homesteaded property at the median value of $365,000 The county continuously explores innovative means $189M in FY 2022 to $261.9M in FY 2023.
would save approximately $21.68 per year. While the to use taxpayer dollars efficiently and leverage the costs Beginning in March, county departments were required
savings is not huge, it was important to give people a of providing programs and services through grants and to submit their budgets with service levels at status quo,
break as costs all across the board for goods and services partnerships. In formulating the FY2023 budget, the allowing additional requests only for critical needs.
have escalated. The millage reduction was possible Board prioritized six strategies. These are the highlights: Review continues through April and May, culminating
without affecting the delivery of high quality county • Economic Development in a budget workshop in June. The millage rate is set at a
services to the public. ￮ $4.5M in business incentives public meeting in July, and two separate public hearings
Additionally, Palm Beach County received revenue • Environmental Protection occur in September, where members of the public can
replacement dollars through the Federal American Rescue ￮ $4M for natural areas management participate in the process.
Plan Act to cover general government expenses and offset ￮ $750,000 for the manatee protection program Your comments and questions are welcome, and if I
the impact of the pandemic on our community. This • Housing and Homeless can assist you please contact me at (561) 355-2201 or by
frees up ad valorem funds to pay for projects previously ￮ $11.5M for homeless resource centers email at mmarino@pbcgov.org.
approved by the Board. ￮ $2.4M for a non-congregate shelter in the Glades
Language Based Learning Disabilities

By Jim Forgan, Ph.D., thoughts into writing, forgetting small sight words, knowing Most individuals with a language-based learning disability
School Psychologist what to say but difficulty getting it out, difficulty getting to need instruction that is specialized, explicit, structured, and
Your child’s smart but the point when speaking, and poor test performance despite multisensory, as well as ongoing, guided practice aimed at
has unexpected struggles. having studied. helping their specific areas of weakness. School is often a
Perhaps it worries you so Some students with language-based learning disabilities struggle for kids with a language-based learning disability but
much that you awake during are diagnosed young while other children perform well in once you get them through school, these smart kids inherit a
the night thinking about your early elementary school and are diagnosed later when the world of opportunities.
child’s difficulties. There demands of language in middle or high school increase. If you need help with your child call as we test children ages
is a subset of children who In addition, adolescents with a language-based learning 5.5 through college for language based learning disabilities,
have language-based learning disability have difficulty managing the heavy reading load dyslexia, ADHD, depression, anxiety, and other processing
disabilities which interfere from multiple classes. disorders. Visit JimForgan.com or call (561) 625-4125.
with learning. Language
infiltrates all areas of life from our thinking to our talking.
When a child has difficulty processing language, they often
struggle in reading, spelling, writing, and with math word
problems since these areas require language.
A language-based learning disability refers to a spectrum
of difficulties related to the understanding and use of spoken
and written language. A language-based learning disability
is often the root cause of a child’s academic struggles since
weak language skills impede comprehension, oral and written
communication. It can also interfere with your child’s attention,
memory, social skills, perseverance, and self-regulation. A
child can have a general language-based learning disability
or a specific type such as dyslexia or dysgraphia.
Warning signs of a language-based learning disability in 747-PALM
young children include: a history of a speech and language
impairment (remediated or ongoing), poor phonics, slow 747-7256
choppy reading, poor reading comprehension, difficulty
following multi-step verbal directions, difficulty putting