Tag: Roth IRA

Jumpstarting your Child’s Financial Future (Ep. 47)

Jumpstarting your Child’s Financial Future (Ep. 47)

Many parents want to help their children get a head start on building wealth and achieving financial independence. Are you one of them? 

Are you curious about the options available to help secure their financial future?

Join host Jim McGovern in this episode of Maximizing Outcomes, as he shares steps parents can take to help their children succeed financially. Through practical advice and insightful discussion, Jim covers various tools and strategies to optimize financial outcomes for your family.

Key Highlights:

  • What Motivates Parents: Understand why many parents are eager to get started while their kids are young.
  • Account types for kids: From simple savings accounts to investment portfolios and trusts, the tools available to kids are vast.
  • Parental Stability: Why parents should prioritize their financial health first before concentrating too much on wealth building for their children.
  • Parental Control: How parents can retain or turn over control of assets when kids become adults.
  • Roth IRAs, Brokerage Accounts and Life Insurance: Understand the pro’s and con’s, tax treatment, and additional considerations to make with each account type.
  • Trust Accounts: How trusts can be used to further protect multi-generational wealth.
  • Plus more insightful tips and strategies!

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The Art of College Planning (Pt. 2) (Ep. 38)

The Art of College Planning (Pt. 2) (Ep. 38)

Ever wondered how the FAFSA form could unlock hidden college funding?

Chart the unknown territories of college funding where host Jim McGovern unlocks the mysteries of the FAFSA form and beyond. Tailored for families on the journey of college financial planning, Jim reveals expert tactics for leveraging the FAFSA and unveils a treasure trove of funding strategies.

Key discussion points include:

  • Discover the latest shifts, key filing dates, eligibility secrets, and annual must-dos
  • Learn precise reporting, understand financial changes, and harness the Data Retrieval Tool
  • Insights on assets exempt from FAFSA and why all families should apply
  • Strategies for diverse family structures, including divorced parents and business owners
  • Insider tips on asset positioning and FAFSA reporting essentials
  • Dive into 529 plans, permanent life insurance, and Roth IRAs for college financing
  • And much more!

Resources:

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Retirement Planning Essentials, Part 1 with Thomas Wyatt, JD, CFP® (Ep. 28)

Retirement Planning Essentials, Part 1 with Thomas Wyatt, JD, CFP® (Ep. 28)

In this two-part series, we’ll be covering qualified retirement plans in Part 1 and non-qualified retirement plans in Part 2. If you’re a business owner, these episodes are a must-listen, as they provide valuable insights into retirement income planning, plan designs, limitations, and how to administer them for maximum tax savings.

In part 1, we provide you with important information for navigating qualified retirement plans. Thomas Wyatt JD, CFP® and President of our Columbus office, will guide you through the complexities and help you make informed financial decisions for your business.

Here’s what you’ll learn in Part 1:

  • Understanding the intricacies of pre-tax IRAs and Roth IRAs, including income limitations and contribution rates
  • Exploring the benefits and limitations of SEP IRAs for small business owners and how they differ from traditional IRAs
  • What Simple Roth IRAs are, and how they compare to a 401k
  • Strategies for business owners on how they can design their 401k plans based on their business goals
  • What the 412(e)(3) plan is, and how it differentiates from other retirement plans
  • And a whole lot more!

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About our guest:

Thomas Wyatt, JD, CFP® is a highly skilled Certified Financial Planner based in Columbus, OH. With a strong focus on assisting businesses, business owners, and individual clients, Thomas has dedicated his career to helping them achieve their financial goals through effective and efficient tax-favored strategies.

Throughout his professional journey, Thomas has specialized in various areas, including Profit Sharing, 401(k) plans, Defined Benefit plans, Non-Qualified Deferred Compensation Plans, and essential employee benefits. By implementing these strategies, he empowers his clients to attract and retain talented individuals while maximizing tax advantages.

Recognizing the significance of individual financial aspirations, Thomas also works closely with individuals to help them shape the future they desire. Through comprehensive planning and personalized strategies, he assists clients in realizing their dreams and securing their financial well-being. With his extensive knowledge and unwavering dedication, Thomas Wyatt, JD, CFP® is a trusted financial partner committed to empowering businesses and individuals alike on their journey toward financial success.