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New Year’s Resolutions for High Income Earners

New Year’s Resolutions for High Income Earners

Posted By Lineweaver Financial Group
January 17, 2017 Category: High Income, Tax Planning, Financial Strategies

Happy New Year! It’s time to make your 2017 resolutions, and we believe that one of the smartest things that you can do in the new year is to resolve to learn more about all the ways you can be handling your finances. That’s an especially important task for high income-earners, and so, to help you keep those financial new year’s resolutions, we at Lineweaver Financial Group have some tips to help you this year. 1.  Pay taxes now rather than later on retirement accounts: Many high-income earners, or those on their way, will likely be in the top tax bracket even after retirement when they consider any pensions, investment income or other income accumulated over time. That means any deferred income put into a traditional 401k may be taxed at the highest rates in the future. Consider using a Roth 401k if your company offers it. The Roth 401k has a few distinct advantages over a traditional 401k for those with high incomes: 1.  There is no income limit to making Roth 401k contributions, unlike Roth IRAs which are phased out at higher income levels. 2.  While the deferred income is taxed before going into the Roth 401k, the growth on that money is tax-free. 3.  Roth 401ks can be rolled into Roth IRAs upon retirement or leaving a company. Best of all, since there are no required distributions from Roth IRAs upon reaching age 70 1/2, there are more opportunities for planning. This is a great way to diversify your retirement income, and

Five Year End Strategies for the High Income Earner

Five Year End Strategies for the High Income Earner

Posted By Lineweaver Financial Group
December 21, 2016 Category: High Income, Tax Planning, Financial Strategies

  If your annual household income is $200,000 or more, you have some unique financial challenges. While in many ways, you have the same needs as other people – saving for retirement, children’s college funds, and making sure that your family is insured for the various challenges that life can throw at you - you also have needs and strategies to consider that many people do not. Here are a few tips that we at the Lineweaver Financial Group suggest, and a few things to consider in your planning. 1.       Concentrated Stock Positions – It’s relatively common for higher income earners to receive a significant part of their income concentrated in employer stock or options as a way to encourage employees to grow the company. While this is great as long as the stock keeps going up, there are often strict rules about selling, which can tie up your money and can over-expose your financial portfolio to the risks inherent to your industry. We usually recommend that you keep no more than 25% of your portfolio in a single stock, or, if you have to, talk to your financial advisor about how to best hedge against your position so that if something unexpected happens, you are protected. 2.       Net Unrealized Appreciation (NUA) Tax Savings Opportunity - Another strategy for dealing with concentrated stock positions is to make use of Net Unrealized Appreciation, which is the difference in value between the av

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