http://cmsplans.com/newsBLOG RSSTue, 19 Nov 2019 20:22:08 GMTTue, 19 Nov 2019 20:22:08 GMThttp://cmsplans.com/news/how-we-work-for-youREAL Answers. REAL People. REAL Money. How We Work For YouThere is nothing like an old school snowstorm to remind you what winter weather in the Midwest can be like! Remember, even if you can’t visit Florida in February, you can still order oranges from there. In the last few months we have been handling several advanced estate settlement and planning situations. Our newsletters have included a “Real Answers. Real People. Real Money.” section to highlight some of the real-life scenarios weThu, 17 Feb 2022 15:37:45http://cmsplans.com/news/how-we-work-for-youhttp://cmsplans.com/news/dollars-and-deerskinsWe have many interesting terms for money in the US: bacon, bread, grand, loot, moola, dough, cheddar—to name a few. Why so many linked to food?One of the more common terms is bucks, with a couple plausible explanations for the origin. Some historians link the term to early trade between 18th century European settlers and Native Americans when deerskins, or buckskins, were used as currency. The quality, size, or age of the deer could determine the value of one buckskin. A Pennsylvania DutchThu, 17 Feb 2022 15:42:02http://cmsplans.com/news/dollars-and-deerskinshttp://cmsplans.com/news/401-k-and-ira-contribution-limits-for-2022Workers are now able to set aside more money into their 401(k) plans, according to the IRS. In 2022, employees can increase their qualified tax-deferred contribution to their 401(k) plan to $20,500, up from $19,500. Workers aged 50 and older also may contribute $1,000 more, bringing their total maximum contribution up to $27,000. These new amounts also apply to 403(b) and most 457 and Thrift Savings Plan contributions. IRA contributions remain the same at $6,000 a year for workers if they areThu, 17 Feb 2022 16:15:06http://cmsplans.com/news/401-k-and-ira-contribution-limits-for-2022http://cmsplans.com/news/what-if-i-don-t-have-a-company-pensionHow to Turn Money into Monthly Cash Flow  We talk a lot about pensions and the myriad of choices that are involved when deciding on how and when to take them. It is a huge, one-chance-to-get-it-right decision. But most people today don’t have a pension. According to an article in USA Today in December 2019, pension plans are going extinct. Companies that still have them are having trouble funding them, and almost two-thirds are looking at discontinuing them within 5 years. Along thoseTue, 02 Feb 2021 20:07:06http://cmsplans.com/news/what-if-i-don-t-have-a-company-pensionhttp://cmsplans.com/news/access-your-moneyAutomated Clearing House (ACH) is an amazing option to help simplify transactions between your account at a bank or credit union and your brokerage account.An ACH will electronically link your bank account to your brokerage account so that you can transfer money in and out with a simple phone call to us in our office.Once in place, there are no forms to sign and no mail involved. (Experienced any delays with the mail lately?) It’s a seamless method to receive additional funds if you areTue, 02 Feb 2021 19:33:39http://cmsplans.com/news/access-your-moneyhttp://cmsplans.com/news/alabama-coach-nick-saban-s-keys-to-successWe just passed another NCAA national football championship with the Alabama Crimson Tide handily defeating the Ohio State Buckeyes for the title. With this win, Nick Saban, the head coach of Alabama, secured his seventh NCAA national championship, the most by any coach in college football history. He is one of the winningest coaches of all time and widely considered one of the best and most consistent in this era, if not ever.Some may remember Saban’s first head coaching job right here atTue, 02 Feb 2021 19:43:31http://cmsplans.com/news/alabama-coach-nick-saban-s-keys-to-successhttp://cmsplans.com/news/survivor-s-benefitsRecently we worked with a client who happens to be a widow; let’s call her Stacey. Her spouse had passed years ago, and she never remarried. Now at age 65, she is trying to figure out how and when to retire and when to take Social Security. She knew there is a widow benefit from Social Security but did not think she was eligible until turning age 66. KEY FACTS:For the record, despite what your Full Retirement Age (FRA) may be for your own retirement benefits (which depends on your birthTue, 02 Feb 2021 19:42:19http://cmsplans.com/news/survivor-s-benefitshttp://cmsplans.com/news/we-want-to-connect-with-you-seriouslyThis past year has given us opportunities to connect with our clients in new ways.We have engaged in more video calls and virtual meetings than ever before with our clients residing locally and throughout 17 states across the country. In September and November, we hosted webinars featuring Social Security and Medicare topics with Erin Thompson, Public Affairs Specialist with the Social Security Administration.This past year we also held several virtual client appreciation events: wineTue, 02 Feb 2021 20:16:42http://cmsplans.com/news/we-want-to-connect-with-you-seriouslyhttp://cmsplans.com/news/conversations-with-kids-of-all-agesTo help you start an ongoing conversation with your children, grandchildren, or any young person that you care about, we have developed a resource just for you. It has been years in the making, a true labor of love.Our booklet, A Money Guide, will help you delve into topics of learning about money, working hard, saving every time, planning well, giving to others, and spending smart.We want to make a lasting impact to help people—one person at a time—build an unshakeable foundation for theirTue, 09 Jun 2020 19:35:38http://cmsplans.com/news/conversations-with-kids-of-all-ageshttp://cmsplans.com/news/grit-tenacity-determination-resolve-respectIt's Who We AreMy roots are in the hills. Dad was from a very small town in Pennsylvania, and Mom was from a little town in West Virginia where the family burial plot is 7 miles deep in the hills. It’s where most of my upline is buried.I remember my great-grandfather’s funeral in 1971 when I was 5 years old. To this day, while now mostly paved, these country roads are so narrow and winding and right on a ditch or hillside with no rails, all on rolling hills, several of which you cannot seeTue, 09 Jun 2020 19:28:29http://cmsplans.com/news/grit-tenacity-determination-resolve-respecthttp://cmsplans.com/news/an-american-story-one-client-at-a-timeIn early March, when news of the virus was still developing and people were debating about the merits of a shutdown, I was busy preparing dinner and the evening news was on. I caught this statement in the background: “The average American has $476 in their savings account.” The reporter was talking about the effects of the shelter in place for average households and how this was going to have a major impact on a lot of families.We have always heard about the dismal savings rate in thisTue, 09 Jun 2020 19:30:39http://cmsplans.com/news/an-american-story-one-client-at-a-timehttp://cmsplans.com/news/big-changes-to-taxes-deadline-extendedAs you’ve already found out, the big news is that the tax filing deadline has changed from April to July 15. That also extends the deadline for making 2019 IRA contributions to July 15.From a technical aspect, that means you need to be crystal clear that any contributions coming in now are for 2019 and not the current year. Most systems are set up differently and this needs to be overcommunicated to the receiving institution so it is coded correctly for tax purposes and the IRS. When you makeTue, 09 Jun 2020 19:38:22http://cmsplans.com/news/big-changes-to-taxes-deadline-extendedhttp://cmsplans.com/news/is-it-time-to-meet-the-family-yesSo many families are making it a priority to connect despite distances and are moving closer to one another through technology. And sharing with your family about your financial planning and communicating hopes and desires with your loved ones is so vital.We want you to have peace of mind knowing your family is in touch with the person who is going to help them through a most difficult time with a possible prolonged illness or someone passing. We are here for you and ready to help.We’d loveTue, 09 Jun 2020 19:37:11http://cmsplans.com/news/is-it-time-to-meet-the-family-yeshttp://cmsplans.com/news/what-we-re-doing-here-to-protect-our-clientsAs we are moving forward with phrases like ‘social distancing’ and ‘flattening the curve’ as routine, at Capital Management Strategies we consider our clients’ concerns and safety as priority. We’d like to outline a few of our procedures so that you feel comfortable connecting with us at our office.Electronic methods:Email—We have a secure electronic mail system for all our communications. You will see “SECURE” in the subject line and may have to log into a secure site, but this is a safeTue, 02 Feb 2021 18:34:11http://cmsplans.com/news/what-we-re-doing-here-to-protect-our-clientshttp://cmsplans.com/news/trust-but-verifydoveryay, no proveryay—an old Russian saying that translates to—“Trust, but verify”As advisors, we work for our clients and their families. Part of that role involves engaging extensively with corporate America and other financial institutions on their behalf.“Trust, but verify” is a mantra we have learned to live by, albeit through some painful and expensive lessons.As part of our comprehensive planning for clients, we regularly review accounts held at other financial organizations. WhileTue, 02 Feb 2021 19:43:06http://cmsplans.com/news/trust-but-verifyhttp://cmsplans.com/news/your-pension-how-do-you-practice-for-something-you-do-once-in-your-lifeRetire and Make the Right Pension ChoiceBasically defined, a pension is a retirement plan that pays a worker a monthly amount upon retirement for the rest of their life. Your monthly payment is typically based on age, years of service, and income.While a pension is a good thing, there are very few places, relatively, where you can work and still get a pension. As of March 2018, data from the Bureau of Labor Statistics shows only 17% of private industry workers had a pension. That’s downTue, 19 Nov 2019 19:19:57http://cmsplans.com/news/your-pension-how-do-you-practice-for-something-you-do-once-in-your-lifehttp://cmsplans.com/news/am-i-going-to-be-okLet’s cut to the chase. This is the question. The most basic question about many things, but in this case, about having enough money to live—now and for your lifetime. Can you sustain your standard of living for a long time, do everything you want to do, keep up with inflation, cover medical costs, and not be a burden to anyone? Back to that in a minute…I recently had the privilege of attending the dedication of a new laboratory at the University of Toledo in honor of our very dear friendTue, 29 Sep 2020 18:34:50http://cmsplans.com/news/am-i-going-to-be-okhttp://cmsplans.com/news/what-do-you-do-with-an-adult-paycheckKnow a young person who just graduated?Have a child or grandchild in college?It’s never too early for them to start saving for their future!Students and graduates often have incredible opportunities to start earning while they are young and still in school through co-ops, internships, and part-time jobs.And those fresh out of school and stepping out into the workforce with their first full-time job and a gown up paycheck may need a little help knowing just how to direct their earnings.Tue, 19 Nov 2019 20:22:08http://cmsplans.com/news/what-do-you-do-with-an-adult-paycheckhttp://cmsplans.com/news/real-answers-real-people-real-moneyIn this case we will call our client Person A. Person A had a parent that passed away in 2018. Our client was one of the named beneficiaries on the parent’s IRA accounts. KEY FACTS:  There are three main options in obtaining funds for a NON-SPOUSE that is named as a beneficiary of an IRA when the owner has passed:1. Take the money as a lump sum, in which case taxes would be due that year (which would be counted as ordinary income, just like you earned it at a job).2. Take the money over 5Tue, 19 Nov 2019 19:30:23http://cmsplans.com/news/real-answers-real-people-real-moneyhttp://cmsplans.com/news/celebrate-your-financial-age-part-2The celebration continues this month as we look to age 60 and beyond.Age 60 — Survivor's BenefitsIf you are a widow or widower, this is the earliest age you are eligible to collect a survivor’s benefit from Social Security.This also applies if you are divorced and were married at least 10 years and did not remarry prior to age 60. This survivor’s benefit is separate from your retirement benefits on your own personal record. You can switch to your own benefits later.These are strategiesTue, 04 Jun 2019 17:28:01http://cmsplans.com/news/celebrate-your-financial-age-part-2