Resources
We keep informed on the latest trends and market insights so we can offer you the best opportunities, support and expertise – whenever you need it. Topics Select Topic 401k & Benefits Asset Allocation Ballast News Budgeting Business Buying & Selling Business Decision Support Business Planning and Consulting Business Plans Career Counseling Cash Flow Center […]
Pre-RMD & Social Security Roth Conversions
Key Takeaways: Retiring before age 70 is the norm in the United States. While longevity continues to increase, the desire to retire later, work part-time in retirement or have a transitional job before retirement does not appeal to the masses. From a financial advisor standpoint, this presents ample financial planning opportunities for retirees before they […]
Employers: Why should you offer employee benefits?
Key Takeaways: We have discussed at length the benefits that many employers may offer up and above salaries: retirement, insurance, pension, health savings plans, etc. These benefits can be very attractive to employees, with some simply seeking employment to obtain these benefits, like health insurance. This commentary changes the perspective. Let’s start to think about […]
Give and Get: Qualified Charitable Distributions
Key Takeaways With Scottie Scheffler donning the green jacket Sunday, it’s no longer Masters week. Now, we move on to everyone’s second favorite spring tradition, tax week! We all love Augusta, GA, where cellphones are not permitted, and pimento cheese sandwiches are still only $1.50; they have a great formula, and it won’t change anytime […]
Review Your Benefits as You Progress Through Life
Key Takeaways: For many in the workforce, their employers provide them with benefits up and above their salary. Life and disability insurance are very common examples (Note: health insurance is also a very common example but will be addressed in a later article). Many times, these benefits show up as a simple line item on […]
Should Business Owners Raise Their Salary to Earn More Social Security?
Key Takeaways: Lower taxes are better, right? We spend a great deal of time planning around the tax code to help people accomplish their goals in the most tax-efficient manner. However, lowering taxes today often has consequences down the road. Sometimes there is a clear mathematical break-even, and other times a complex web of behavioral […]
Year-End Financial Planning & Investments Among Market Volatility
By: Andy Reynolds, CFP®, MBA COO/Partner – Ballast, Inc. With the recent stock market volatility, many investors have, and understandably so, buried their heads in the sand, shredding investment statements without looking and focusing outside of their financial life. While many choose to simply not look, the volatility provides significant opportunities for financial improvement, several of […]
The Investor Taxation Lifecycle
We are not CPAs nor are we tax preparers, but a great deal of our time is spent working with clients and their professionals honing a financial plan that is tax efficient. We advise our clients to hire a CPA with whom we can work together to manage their financial plans. The financial plan and […]
Evaluation of a Job Offer
Key Takeaways – The following considerations must be made when reviewing an opportunity to take a new job or leave a W2 salary to start a business. Nearly 93% of Americans earn income outside their primary job1. What are all the aspects of my compensation package? This includes salary and other benefits such as […]
Should Business Owners Raise Their Salary to Earn More Social Security?
Key Takeaways: Pass-through entity owners can choose to take profits as wages or distributions Increasing owner salary raises payroll tax liability but also increases future Social Security benefits Older owners and owners with non-working spouses and/or incomplete earnings records stand to benefit the most from increasing their salaries Lower taxes are better, […]
Alternative Uses of Social Security Income
Key Takeaways: Many unique situations could justify taking Social Security earlier. The psychological benefits of a new income stream can relieve anxiety around a new planning strategy. To take Social Security before age 70, the financial and non-financial benefits of claiming Social Security early should outweigh the benefits of deferral. If you […]
When Too Much Tax Deferral Becomes Counterproductive
Most of us have been told from early on in our careers to defer as much income as possible to ensure we’ll be properly prepared for retirement. While not bad advice, most of these strategies involve only qualified deferrals, meaning all income tax gets punted until the distribution phase. Now, if you end up in […]