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Category Archives: Financial Planning / Investments

Savings Plan Options

Posted onNovember 1, 2017November 2, 2017
Kevin M. Hedley is a partner with Hedley & Co. PLLC. Courtesy Hedley & Co. PPLC

As Congress and the White House debate tax plans, there have been much discussed changes to the traditional 401(k) plan. The proposed plan to adjust the maximum limit for contributions has been tabled but we still have a long way to go before we have a tax plan in place.

That does lead to the questions—What are the limits for various retirement plans and what are some options for a small business owner to save for retirement?

Depending on your immediate and long term goals there are plenty of options. There are defined benefit plans, Defined contribution plans and other retirement savings plans such as SEPS, SIMPLES and IRAs to name a few. All of these plans allow a deduction from current income if a contribution is made according the respective plan terms. The differences between them include the amount of contribution and the costs of administering each plan

Benefits are paid from these plans in most cases at retirement, death, disability, or separation from service. Distributions from plans that do not fall into one of the allowed categories are also subject to penalty ranging from 10 percent to 25 percent.

Under a defined benefit plan, an employer makes annual contributions to the plan to provide each participant with a set benefit at retirement. Contributions to the plan are actuarially determined, and the plan can be integrated with social security. An integrated plan reduces the contribution for the lowest-paid employees and still allows for a significant contribution on behalf of the owner and key executives. Benefits under the plan are fixed using a definite formula. Typically, the formula expresses the benefits in one of the following ways:

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With Uncertainty In Congress About Tax Plans, There Are Ways For Businesses To Plan For 2018

Posted onNovember 1, 2017November 2, 2017

 

Steve Ellwanger, a CPA in Saratoga Springs, offers a range of accounting services.

By Maureen Werther

Between now and the end of the year, financial planners, advisors and CPAs will be busy working with clients to ensure their future financial security and minimize their tax liabilities for the coming year.

However, this year is fraught with more uncertainty than any other time in recent memory, some advisors say.

With tax reform still being negotiated in Washington, D.C., financial professionals will be waiting to see what the coming months will mean for the year ahead.

According to global financial giant, Wolters-Kluwer, year-end strategies will become clearer as the legislation moves forward. For the time being, they advise flexibility and preparedness. In other words, an accountant should be ready to adjust to whatever changes are brought about and they should be ready to execute effective strategies for clients as late as December.

For larger, well-established companies or high-wealth individuals, their team has already been planning for several different scenarios. For smaller and younger companies, there are also basic strategies they can employ to ensure them from unnecessary vulnerability.

Stephanie Mumford, CPA and partner at Teal, Becker and Chiaramonte, said that on some level everyone can benefit from financial and tax planning.

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Financial Advisors Has Predicament Of Getting Younger People Interested In Becoming CFPs

Posted onJune 9, 2017June 9, 2017
Anthony J. Capobianco, president, CEO of Capobianco Financial Advisers of Clifton Park.
Courtesy Capobianco Financial Advisers

By Susan E. Campbell

The aging population may signal a predicament for the investment advisory industry.

On one hand, more and more people are requiring expert management of retirement assets. On the other hand is a question of attrition: Who will replace retiring financial planners?

“Our industry is getting older,” said Anthony J. Capobianco, president and CEO of Capobianco Financial Advisers of Clifton Park. “I have seen studies that less than 5 percent of financial professionals today are age 30 or younger.”

These professionals include registered brokers, financial advisors and certified financial planners, all designations that indicate that certain levels of education and proficiency have been achieved.

When this issue was posed to Steven Bouchey, CFP, he recalled that it was not that many years ago that anyone could hang out a shingle and call themselves a financial planner. Today the regulators demand higher standards and the public demands more experience.

Bouchey, who is president and CEO of Bouchey Financial Group based in Saratoga Springs and downtown Troy, said that with today’s technology, anyone can go online and write their will. But with a do-it-yourself financial plan and no experience backing it, the plan won’t stand the test of time.

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Having Enough Money For Retirement Is A Concern, But Strategies Exist To Help People

Posted onDecember 9, 2016December 13, 2016
Michael Brown of Madison Wealth Managers urges people to think about retirement early. Courtesy Madison Wealth Managers
Michael Brown of Madison Wealth Managers urges people to think about retirement early.
Courtesy Madison Wealth Managers

By R.J. DeLuke

A survey conducted by the American Institute of Certified Public Accountants says running out of money is a top concern among their clients when they are look ahead to retirement.

The elderly are living longer, said AICPA,  and Baby Boomers, who hold the largest amount of retirement assets, are supporting both their parents and their children. This has amplified the fear.

Neil Edmonds of the Ascent Wealth Partners office in Saratoga Springs, who handles retirement matters for the company, agreed it is a big concern for people.

“There are not as many defined plans for retirement, like pensions,” he said, and in some cases people have nothing more than Social Security to fall back on.

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Business Report: Healthcare Costs Are A Retirement Concern

Posted onDecember 9, 2016December 13, 2016
Ruth Mahoney is president of KeyBank’s Capital Region. Courtesy KeyBank
Ruth Mahoney is president of KeyBank’s Capital Region.
Courtesy KeyBank

By Ruth Mahoney

For most of the American population, retirement is a paradox. We look forward to it, because we want to stop working. We fear it, because we cannot afford to.

People struggle to retire for several reasons. For starters, many of us aren’t saving enough. Even if we are, unexpected expenses such as a child’s college education, divorce, or care for an aging parent can delete resources from the retirement nest egg. However, according to a survey from Bankrate, the number one worry baby boomers have about living a secure retirement is the cost of healthcare.

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Business Report: Retirement Is Part Of Annual Checklist

Posted onDecember 8, 2016December 12, 2016
David L. Cumming, CFP, RICP, CRPS, senior vice president with Morgan Stanley. Courtesy Morgan Stanley
David L. Cumming, CFP, RICP, CRPS, senior vice president with Morgan Stanley.
Courtesy Morgan Stanley

By David L. Cumming

Preparing for an annual financial review may be easier than you think. With a checklist in hand and your financial advisor by your side, review key considerations and together discuss any potential corrective actions to ensure you are on track to meeting your goals.

Do I need to rebalance my asset allocation? Depending on the performance of your investments, you may want to examine whether your mix of stocks, bonds, cash, and other assets is close to your target.

If you have not reviewed your portfolio lately, you may be surprised at what you find. It’s possible that your current asset allocation has changed quite a bit since the last time you checked, due to the different performance of the various investments in your portfolio.

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Forensic Accounting & Consulting Firm Offers Litigation Support And Investigation Services

Posted onJune 8, 2016November 8, 2017
pam wickes c.jpg
Pamela D. Wickes has created Wickes Forensic Accounting & Consulting.

Courtesy Pamela D. Wickes

Local forensic accountant Pamela D. Wickes has branched off to found Wickes Forensic Accounting & Consulting LLC.

The niche accounting services firm focuses on forensic accounting, litigation support, consulting, and collaborative divorce financial services.

The forensic accounting services include a wide variety of investigations and economic damages calculations to assist with the resolution of the financial aspects of business and personal disputes, including those related to employee embezzlement, shareholder disputes, divorce, bankruptcy, certain insurance claims, and construction and post-acquisition disputes.

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Financial Management And Consulting Firm Changes Name To BST & Co. Effective July 1

Posted onJune 8, 2016November 8, 2017

A prominent financial and management consulting firm will operate under the new banner of BST & Co. LLP, effective July 1.

The new banner follows a year of significant growth for the firm, which generated a substantial increase in local and regionally-based revenue in 2015, the company said.

Officials said the name change will allow the firm to strategically focus its efforts on its core markets in the greater Capital Region and Hudson Valley, as well as other areas in upstate New York. There are plans to grow a strong presence of its valuation, forensic and litigation practices in the New York City, Westchester, Long Island, New Jersey and other downstate markets.

“Our new name is a nod to our heritage and history and is a testament to our positive outlook and steadfast confidence in the local and regional economy. There is a tremendous amount of growth potential and opportunity in the Capital Region and nearby Hudson Valley. We strongly believe that focusing our attention on these markets, while continuing our work in New York City, will position BST for significant growth in the years to come,” said BST & Co., LLP Managing Partner Ronald L. Guzior, CPA. “We look forward to continuing to provide our clients with the highest quality of service in our role as their most trusted advisor.”

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Woman Moves From Wall Street To Saratoga Region, Starts CPA/Wealth Management Firm

Posted onNovember 4, 2015November 8, 2017

Katherine Harris, president of CHS Wealth Management, with offices in Vermont and now in Saratoga Springs. Her staff helps clients with tax and wealth management issues. BY JILL NAGY CHS Wealth Management promises a "wholistic approach" to wealth management,...

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AARP Study Says Capital District Gen-Xers, Boomers Fret Not Planning, Saving Enough

Posted onNovember 4, 2015November 8, 2017

The Capital Region's Gen-Xers and Baby Boomers face major retirement savings hurdles that could deprive them of financial independence in their golden years, while increasing the need for taxpayer-funded public assistance, an AARP survey of voters in the two generations...

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