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10 Things Investors Should Know About Recent Tax Reform

 

Given the many questions recently arising on tax reform, Investment Consultant Tom Terhaar takes investors through a summary of what the changes mean for you.

While primarily reforming corporate tax law, there are a number of changes for individual tax payers.

Based on the newly enacted laws, over 80% of Americans should see a tax cut, while just 5% of taxpayers are expected to pay more (Tax Policy Center, Washington Post). In most cases, such cuts are expected to be modest; however, much will depend on your individual circumstances.
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What’s your financial wellness score?

Most people have annual physicals and car inspections, but what about a check-up for your finances?

See how you’re doing. Take our financial wellness quiz!

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Thomas Terhaar, CFP®, ChFC®
Investment Consultant
Bio

 

 

 

 

 

 

All investment advisory services and fiduciary services are provided through Conrad Siegel Investment Advisors, Inc. (“CSIA”), a fee-for-service investment adviser registered with the U.S. Securities and Exchange Commission with its principal place of business in the Commonwealth of Pennsylvania. CSIA operates in a fiduciary capacity for its clients. Investing in securities involves the potential for gains and the risk of loss and past performance may not be indicative of future results. Any testimonials do not refer, directly or indirectly, to CSIA or its investment advice, analysis or other advisory services. CSIA and its representatives are in compliance with the current notice filing registration requirements imposed upon registered investment advisors by those states in which CSIA maintains clients.  CSIA may only transact business in those states in which it is noticed filed, or qualifies for an exemption or exclusion from notice filing requirements.  Any subsequent, direct communication by CSIA with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  For information pertaining to the registration status of CSIA, please contact CSIA or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov For additional information about CSIA, please refer to the Firm’s disclosure documents, the current versions of which are available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be made available upon request.

10 Things Investors Should Know About Recent Tax Reform

 

Given the many questions recently arising on tax reform, Investment Consultant Tom Terhaar takes investors through a summary of what the changes mean for you.

While primarily reforming corporate tax law, there are a number of changes for individual tax payers.

Based on the newly enacted laws, over 80% of Americans should see a tax cut, while just 5% of taxpayers are expected to pay more (Tax Policy Center, Washington Post). In most cases, such cuts are expected to be modest; however, much will depend on your individual circumstances.

Thomas Terhaar, CFP®, ChFC®
Investment Consultant
Bio

 

 

 

 

 

 

All investment advisory services and fiduciary services are provided through Conrad Siegel Investment Advisors, Inc. (“CSIA”), a fee-for-service investment adviser registered with the U.S. Securities and Exchange Commission with its principal place of business in the Commonwealth of Pennsylvania. CSIA operates in a fiduciary capacity for its clients. Investing in securities involves the potential for gains and the risk of loss and past performance may not be indicative of future results. Any testimonials do not refer, directly or indirectly, to CSIA or its investment advice, analysis or other advisory services. CSIA and its representatives are in compliance with the current notice filing registration requirements imposed upon registered investment advisors by those states in which CSIA maintains clients.  CSIA may only transact business in those states in which it is noticed filed, or qualifies for an exemption or exclusion from notice filing requirements.  Any subsequent, direct communication by CSIA with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.  For information pertaining to the registration status of CSIA, please contact CSIA or refer to the Investment Adviser Public Disclosure web site (www.adviserinfo.sec.gov For additional information about CSIA, please refer to the Firm’s disclosure documents, the current versions of which are available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be made available upon request.

Making Sure You Are Financially on Track- Before and Through Retirement

Pre-Retirement

A mistake that people often make is thinking they are on track for retirement, but never really crunching the numbers to know where they stand.

It is important to plan for retirement accordingly, meaning that your nest egg is large enough to make sustainable withdrawals throughout your lifetime.

To understand if you are on track for retirement, a good place to start is working with a fee-for service financial advisor to determine how much money you will need in retirement. This will be based on your future plans and the estimated time you will need that money to last.

From there, you can calculate your projected savings to see how much you are likely to have at retirement. Determine if there is a gap between the amount that you will need and the amount that you will likely have. That will show you if there is a deficit and if any adjustments should be made to your retirement plan so that you are not at risk of running out of money later in life.

As you move closer to retirement and look at your finances, a great goal to have is 10x your final year’s salary.

It is important for you to understand this number before retiring, so if you’re not quite there yet, you can turn some of your savings habits up a notch. In the years leading up to retirement, consider saving at least 15 to 20 percent of your current income into a 401(k) or Individual Retirement Account.

Retirement

Once you are retired, you should consider updating estate planning documents including your will and power of attorney to make sure they fit your current needs. And if you don’t have these in place, by all means get them.

You likely do not need life insurance unless you have specific bequests or a large estate that may have exposure to federal estate taxes. If you have considerable assets, consider excess liability insurance.

A common question that comes up from those who have recently retired is, “What is the best way to withdraw from my retirement savings?”

It is important to develop a tax-efficient retirement income strategy and decide which accounts to take withdrawals from first. Ideally, you should not be withdrawing more than 4 percent of your overall invested assets in the first year of retirement.

When withdrawing money, set it up as automatic monthly distributions and stick to that budget. Resist the temptation to take out additional amounts during the year.

Tracy Burke, CFP®, ChFC®
Partner & Investment Consultant
Bio

 

 

 

 

 

 

The information contained herein should not be construed as personalized investment advice. Investing involves the potential for gains and the risk of loss. Conrad Siegel Investment Advisors, Inc. (“CSIA” or the “Firm”) is an SEC registered investment adviser with a principal place of business in the Commonwealth of Pennsylvania. CSIA may only transact business in those states in which it is noticed filed or qualifies for a corresponding exemption. For additional information about CSIA, please refer to the Firm’s disclosure documents, the current versions of which are available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be made available upon request.

5 Questions To Ask In Your Annual Review

If you don’t already, you should be meeting with your adviser for a broad-based review at least once per year. Meeting with your adviser on an annual basis can be easily overlooked. For some individuals, it is simply another annual event on their calendar that isn’t given much thought.

But your annual review is an important time to sit down with your adviser and review your current financial situation. It’s important to not only listen to what they have to say, but to come prepared with your own questions.

Let’s take a look at a few questions to ask as you try to make the most of your annual review.

How will recent changes in my personal life affect my financial situation?

A lot can happen in a year and it is important to review any significant changes in your personal life with your adviser. Whether this is a change in marital status, any additions to the family, or even a large purchase that you are thinking of making, these and numerous other instances are important to address with your adviser each year.

There may be adjustments that can be made to your investments to help prepare for these personal changes.

Am I still on track with my retirement savings?

If you do not have a retirement goal, you should discuss putting a goal in place in order to achieve a secure retirement. Clients with well-defined and realistic financial goals tend to save more and are less likely to deviate from an established investment program during the market’s inevitable ups and downs.

With this goal in place, you and your adviser can take a look at your current savings, where you would like to be, and when retirement will be a possibility.

Factors in whether you are on track or not, include:

  • Determining how much money you will need in retirement
    • Based on future plans and length of retirement
  • Projected savings leading up to retirement
  • Projecting any future sources of income
  • Determining any gaps that there may be between your goal and projected savings and future income

Should any changes be made to my portfolio for the upcoming year?

More than anything, you should be comfortable with your portfolio and the current risk level. Talk about your asset allocation and review your investment’s performance and how it affects your financial situation. It’s important to remember that when you are on track with your plan and future goals, not making any changes is a decision in itself and could be the best option.

Does my financial plan align with my estate planning strategy?

It is always a good idea to review your estate planning when meeting with your adviser. This also falls into your personal life and changes in it, such as your relationships and health. Reviewing your estate plan will help ensure that your plan reflects your income and assets. This will help in documenting your wishes and protecting loved ones.

Your adviser will be concerned with matters such as beneficiaries on IRAs, but you will need to let your adviser know if there has been a change in your personal life that should be reflected in this. Consider asking yourself these questions: Who should be my primary and contingent beneficiaries? Do I have adequate life insurance? I’m concerned that my kids are going to excessively spend their inheritance. How can I protect it? These are great things to consider before the meeting. Ask your adviser for help in areas of uncertainty.

I am concerned about the market, would you please go over my account’s investment philosophy?

There will naturally be times of concern during turbulent markets. Ask your adviser to go over their philosophy. They should have an investment philosophy that is easily communicated, avoids market timing, includes global diversification, and utilizes low cost investments. They should be able to show you how this philosophy will affect your portfolio’s performance over the long-term.

These are just a few examples of questions to ask your adviser at your annual review. It is important to remember that the more financial disclosure you give, the better job your adviser can do.

Don’t just sit back and listen during your review, be an active participant! Open dialogue is best as it creates a strong relationship and level of understanding between you and your adviser.

Want to learn more? Visit our Wealth Management site to contact our team and get your questions answered.

HACC’s Healthcare Hack

 

Several years ago with the assistance of Conrad Siegel, HACC selected a new insurance carrier for their healthcare benefits. From a financial standpoint, this change in carriers was good for the College; however, over time employees found the new carrier to be far more restrictive in their underwriting and claims approval process. This caused a number of issues and dissatisfaction with employees. With the contract coming up for renewal, HACC again engaged the services of Conrad Siegel to conduct a request for proposal (RFP) process to evaluate the current carrier and potential alternatives both in terms of service and cost.

Challenges:

In looking at alternatives, HACC was specifically concerned with:

  • Offering a plan that would appeal to a diverse workforce of classified, administrative/professional, and faculty employees.
  • Providing good customer service related to the claims authorization and approval process.
  • Offering competitive rates with provisions that would also provide rate stability over the contract period.
  • Features/services to help control costs and provide accessible, affordable, and appropriate care.

Solution

Conrad Siegel worked with HACC’s Office of Human Resources and the College Compensation Advisory Committee (CCAC) along with the Procurement & Contracts Department to develop and execute an RFP process for the purpose of selecting an insurance carrier to provide healthcare benefits over a multi-year contract period. This process included the development and distribution of the RFP, plan design considerations, review and evaluation of proposals submitted, summary and communication of results, interviews with finalists, and negotiation of rates, plan design, and contract provisions with the selected carrier.

Results

Effective January 1, 2016, HACC began offering a new plan design with a new carrier. Given the strategic importance of managing the College’s resources, this was a very high profile project. Conrad Siegel went above and beyond to partner with HACC to be sure they were able to help achieve their desired outcomes.

“Since the beginning of our plan year (and new contract), we have not had a single complaint from our workforce,” commented Aimee Brough, SPHR, Chief Human Resources Officer. “We believe this is a result of the numerous open sessions we held for employees.” It was particularly helpful to have Vicki Alfieri involved in these employee meetings. “Vicki was able to handle even the most technical issues in very practical and understandable terms,” said Aimee, “even issues the carrier’s representatives were unable to address.”

Working with Conrad Siegel

“The illustrations prepared by Vicki Alfieri and Jim Pyne were just fabulous,” stated Aimee Brough. “They took some very complex issues, for those of us on the CCAC who are not healthcare experts, and explained them in clear and concise terms.” Conrad Siegel worked with the CCAC members to help them understand their options and ultimately make a very good decision. “The expertise that Vicki and Jim brought to the negotiating process was crucial,” said Aimee. “Vicki is a tough negotiator. She was able to secure a number of important concessions from the carrier important to HACC. We knew,” said Aimee, “she was always looking out for our best interests.”

Summarizing the Relationship

When asked to describe the attributes that most defined the relationship between HACC and Conrad Siegel, Amy Berrier, Director of Classification, Compensation Benefits and HRIS, was quick to respond “peace of mind.” “We know,” said Amy, “we can feel safe that our plan is in compliance. We have a high comfort level that nothing is being missed and that Conrad Siegel will be proactive in regard to plan design consulting and changes in regulation.” But perhaps most important commented Aimee Brough, “We know they care about us and our interests.”

Health Enrollment Conference – Know Your Options

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