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September 18th, 2013 by

Do you earn over $200,000 per year?

It should come as no surprise to you that if you are earning over $200,000 , you are more likely to face an IRS field audit than those that earn less than $200K per year. And, because you know this fact, you’re probably doing more to ensure proof of record keeping, staying organized for the 3 year “open period”, getting advice from your CPA before making financial decisions and paying your taxes on time.

But, so many of us forget to be as diligent with our retirement planning. If you knew that your retirement planning strategy was going to potentially be “audited”, would you be more likely to stay up-to-date on the effectiveness of your nest egg dollars? Yes, of course! Because of the huge benefits you will gleam from expert analysis, I’m a firm believer in using the services of a retirement specialist for your retirement planning. Sure, you might know a thing or two about retirement planning. But, what you DON’T know could be very costly in the long run.

I’m A Student of Mathematics

I don’t often boast of my past achievements, but I’m a life-long student of mathematics and statistics. I dream in numbers! And, as a result, I’m the best person to audit your retirement strategy. Just Ask Freeman to review your retirement planning and help you keep your retirement dollars safe. Call (301) 627-0123 and schedule a no-obligation consultation.

September 16th, 2013 by

America's Budget Struggles

America may have some issues with balancing the budget, but that doesn’t have to be a recipe for your own budget balancing. Moreover, it’s vital to review your retirement portfolio on a yearly basis to make adjustments as necessary for retirement planning.  Don’t allow your retirement planning to get out of hand.

Just Ask Freeman for Retirement Advice

As a retirement specialist, I know what you need to keep your retirement nest egg safe. Call me at (301) 627-0123 and schedule a FREE consultation.

Listen Live To Freeman Owen Jr : Safe Money Talk

Listen live to “Safe Money Talk”, via online streaming or in the car, every Saturday from 9-10am EST on CBS Sports Radio 1580AM as I discusses topics like:

  • Lowering the tax burden of retired seniors
  • Avoiding irreversible and costly financial mistakes
  • Preventing the IRS from taking most of your money from your retirement nest egg
September 13th, 2013 by

Knowledge Empower You - Affordable Care Act

In upcoming years, this is what to expected under the new Affordable Care Act (ACA). While there are estimates as to what the ACA will cost and how much of that cost will be offset by new taxes and fees, realistically it’s impossible to predict at this point in time with any accuracy what impact health care reform will have on family budgets.
Beginning in 2013:

  • An increase in Medicare payroll taxes paid by higher-income taxpayers
  • An increase in the threshold for the itemized medical expense deduction from 7.5% to 10% of adjusted gross income
  • A new 3.8% Medicare contribution tax on certain investment income above specified income threshold amounts
  • Annual contributions to health flexible spending accounts (FSAs) are limited to $2,500, indexed for inflation in future years

Beginning in 2014:

  • “Shared responsibility payments” will apply to non-exempt individuals who do not purchase minimum essential health care coverage
  • An annual fee will be assessed on certain health insurance providers.

Beginning in 2015:

  • “Shared responsibility payments” will apply to certain employers that do not offer health care coverage to their full-time employees.

Beginning in 2018:

  • 40% excise tax on “high dollar” health insurance plans goes into effect.

How Does The Affordable Care Act (ACA) impact your retirement? Just Ask Freeman at  (301) 627-0123

Learn more about Affordable Care Act (ACA) here.

September 12th, 2013 by

Affordable Care Act - How it impacts you and your family

The impact of the Patient Protection Act on you and your family depends to a large extent on your age, for whom you work, the amount and sources of your income and your health status:

1. Young Adults: Beginning in 2014, young adults will have to purchase health insurance unless they qualify for an exemption. Young adults under age 30, however, will have access to less expensive catastrophic coverage. In addition, since 2010, young adults up to age 26 have been allowed to stay on their parent’s health plans.

2.  Non-Elderly Adults: Unless they qualify for an exemption, beginning in 2014, all U.S. citizens and legal residents will be required to have qualifying health care coverage or pay a penalty…the individual mandate. Insurers will no longer be able to turn down people with pre-existing conditions or charge them higher premiums. Health insurance plans cannot impose annual limits on the amount of coverage an individual may receive and premium rating variations can be based only on age, premium rating area, family composition and tobacco use. Lower-income earners who earn less than 400% of the federal poverty level will be eligible for subsidies to help purchase coverage. The lowest-income earners (up to 138% of the federal poverty level) will become eligible for Medicaid, regardless of whether or not they have children or a disability, if the state in which they reside has elected to participate in the ACA Medicaid expansion.

3. Employees of Large Companies: Participation in an employer’s large group health plan generally will satisfy the individual mandate. Beginning in 2015, companies with 50 or more employees will not be required to provide health care coverage, but those that don’t may have to make “shared responsibility payments.” Existing benefit packages are grandfathered, but must still meet certain requirements. New plans will have to meet minimum requirements, including limits on out-of-pocket spending.

4. Employees of Small Companies: A business with fewer than 50 employees is not required to provide health care coverage. A business with 25 or fewer employees, however, may qualify for a federal tax credit to help with the cost of providing health insurance.

5. Higher-Income Individuals: Beginning in 2013, additional Medicare taxes will be paid by higher-income individuals on their wages and, for the first time, on net investment income.

6. Senior Citizens: Medicare has added free preventive services and the Medicare Part D prescription drug coverage gap will slowly be closed by 2020. Higher-income Medicare beneficiaries will pay higher Medicare Part B premiums for medical insurance. Medicare currently covers about 38 million people and, as a result, has tremendous clout in the way medical care providers are paid. As a result, expect to see Medicare pilot programs designed to develop and implement new approaches to how medical care providers are compensated.

Just Ask Freeman any questions you have about the ACA and its impact on your retirement: (301) 627-0123

Learn more about Affordable Care Act (ACA) here.

September 11th, 2013 by

Healthcare in retirement: Affordable Care Act

The Affordable Care Act, or ACA, is the nation’s health insurance reform law, initially enacted in March 2010 and being gradually phased in over a period of years.

Beginning in 2014, most U.S. citizens and legal residents must purchase or be provided by an employer with minimum essential health coverage or be subject to a penalty.

While there are estimates as to what the ACA will cost and how much of that cost will be offset by new taxes and fees, realistically it’s impossible to predict at this point in time with any accuracy what impact health care reform will have on family budgets. The hope is that the current legislation, together with possible future changes, will transform an industry that currently pays doctors and hospitals based on the volume of services provided to a system that rewards medical providers on the basis of health care outcomes, resulting in lower health care costs. In reality, however, the legislation doesn’t include any proven strategies for tackling what many consider to be the biggest concern: health care costs that are rising at twice the rate of inflation.

What we do know, however, is that to help finance the cost of health care reform, the Affordable Care Act includes a number of taxes and fees that will take effect over a period of years… Read more here.

Just Ask Freeman any questions you have about the ACA and its impact on your retirement: (301) 627-0123