What's New?
June 2024
We've 
collaborated again with Moneygeek.com on important questions regarding life insurance.
Ever wonder how the amount and cost you are offered for a policy is calculated? There are a number of factors that go into the equation and they may differ from company to company.
Ever discussed or read about using life insurance to save for retirement instead of a 401(k) plan? We continue to emphasize life insurance's primary goal is to leave money for your heirs. A 401(k)'s primary goal is to help you save for retirement. There are specific circumstances where individuals may need to look at alternatives, but only after a thorough review with a professional.
Navigate over to our Resources tab to find all our Moneygeek articles on insurance, as well as other important financial topics. Or you can click HERE!
May 2024
The school year is almost over and it's time to prepare for final exams and graduations. Are you researching how to help your child prepare for the cost of a secondary education? The first step is to start early! The longer you have to prepare, the greater the likelihood you'll be able to save and take advantage of compounding interest. How can you save? Consider some of the following ttax advantaged options:
- 529 College Savings Accounts- Your contributions grow tax deferred and can be withdrawn tax free if used for qualified education expenses. Qualified expenses include the costs associated with attending accredited high schools, trade schools and 2 or 4 year colleges
- Coverdell or Education IRAs- Your contributions grow tax deferred and distributions can be made tax free if used for qualified education expenses. There are annual income restrictions for opening an account and the funds must be used by the time the student is 30.
- Series EE or I Savings Bonds- Interest is typically state tax exempt and could be federally exempt if used for higher education. Be aware there are limits on age, income and who can claim the tax exemption.
There are other investment vehicles and ways to save for your child's education as well. Contact our office if you'd like to learn more about which option may be most appropriate for you.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
April 2024
As you finish up your 2
023 tax returns and strategize with your financial planner and CPA about ways to reduce your tax liability, make sure you're aware of the following options and scenarios:
- Roth IRAs are great, but..... make sure you understand you'll owe income tax on any amount you convert from a Traditional IRA or 401k. You'll need to have cash on hand to cover your tax liability. Also, be aware of how that added income could affect social services such as your social security benefits or Medicare premiums.
- Qualified Charitable Distribution- Are you receiving a Required Minimum Distribution (RMD), but don't really need it? You can have up to $100k of your RMD donated direct to a charity. You won't be required to report the RMD as income or be taxed on it.
- Are you using your state's 529 College Savings Plan for your kids?- Many states offer a state tax deduction to residents for contributing to their sponsored 529 plan. It's not a huge deduction, but it could make a difference!
- Check your withholding at work- One of the most common tax mistakes we see are clients not having the appropriate withholding amounts on their paychecks. If you've changed jobs, received a raise, got married/divorced, had kids or can't claim your kids anymore, make sure you're double checking how much is being withheld from your paycheck. It could cost or save you thousands of dollars.
March 2024
Don't let the sun s
et on your estate plan. The Tax Cuts and Jobs Act of 2017 (TCJA) raised the estate tax exemption to approximately $13.1 mil this year. That's a significant number that many people won't need to be worried about. But the exemption is set to sunset and revert back to pre-TCJA levels at the end of 2025. The limit will then likely drop to around $7 mil. That's a number we know will affect a much greater number of individuals. You can either hope Congress will enact new legislation, or you can talk to your financial planner and estate attorney about ways to shelter your estate from additional taxation. Don't get caught scrambling to find a lawyer after Thanksgiving of 2025. Start having the discussions with your wealth management team now!
January 2024
Tax forms will be mailed every Friday, beginning Jan. 19th. Retirement account forms will be received the earliest. Investment accounts will be staggere
d throughout February and into early March, depending on the type of investments you own. Accoounts with real estate, municipal bond or international holdings tend to take longer for reporting. All statements are posted on AccountView as soon as they're available. Head over to our Client Account Web Links page to get yourself enrolled!
We've partnered with Moneygeek.com again to offer some insights on Life Insurance as an investment vehicle. We've also shared our thoughts on the difficulties some people have in saving for retirement. Check them out!
December 2023
Mor
e recognition for Calderon Fortney Financial Group!
Did you get your copy of Connecticut Magazine? This month's issue has their list of 5 Star Wealth Professionals. Matt was recognized for the 9th time as a 5 Star Wealth Manager in the state.
Wealth managers are nominated by clients and peers and do not pay a fee to be considered or included on the list. While no one should work with a financial planner based solely on a listing in a magazine, it does reinforce the good work we do and the reputation we have. We're looking forward to seeing Matt hit 10 years in 2024!
November 2023
We're still focusing on the importance of managing debt, especially as we head into the holiday season. We've posted our latest advice on developing good money behavi
ors to get on top of (or stay out of) debt at MoneyGeek.com. We've also shared a few thoughts on taking out personal loans, whether as part of a debt consolidation or for a big purchase. Check them out!
https://www.moneygeek.com/debt/#expert=matthew-fortney-mba-cfp
https://www.moneygeek.com/personal-loans/fair-credit/#expert=matthew-fortney-mba-cfp
September 2023
Autumn is here, which means kids are back to school and it's almost time for Medicare enrollment and your benefits enrollment at work! Do you have questions about your 
work benefits? Not sure what you should be signing up for? Have you double checked your prescriptions and doctors before signing up for any Medicare supplemental plans? We have associates that can help! Give us a call if you'd like to review.
August 2023
Our latest contribution to Moneygeek.com has been posted. With interest rates rising and the cost of borrowing money increasing significantly over the last 2 years, i
t's important to pick your credit cards carefully, especially when you're a young person applying for your first one. Click the hyperlink below for our thoughts on getting your first card.
https://www.moneygeek.com/credit-cards/first-time/#expert=matthew-fortney-mba-cfp
June 2023
We're putting the final touches on our YouTube page! Soon you'll be able to access a library of short, informative videos on a wide array of financial topics. Stay tuned for more info. Mr. DeMille, we're ready for our close up.....