Friday, October 30, 2020

It’s Never Too Late to Get Started

ASK THE CFP® PRACTITIONER


Joe Marino as Jerry Lee Lewis Submitted Photo

Joe Marino as Jerry Lee Lewis Submitted Photo

Enjoy an hour of rock ‘n roll as Joe Marino and his rockin’ piano belt out hits from the 1950s.

Joe Marino is a professional celebrity tribute artist/vocal impressionist paying homage to some of the most famous and well loved celebrities in history, such as: Elvis Presley, Buddy Holly, Johnny Cash, Jerry Lee Lewis, Roy Orbison, Tom Jones, Ray Charles, Fats Domino, and Bobby Darin, to name just a few. He is able to recreate any one of these famous artists, completely, down to their voices, movements, playing ability, and costuming.

He has performed in Las Vegas, Nevada, Branson, Missouri, Atlantic City, New Jersey, Orlando, Florida for Disney Inc., Royal Caribbean Cruise Lines, Elvis Presley’s home: Graceland in Memphis Tennessee, and for Maria Elena Holly (Buddy Holly’s widow) for the 2011 Winter Dance Party Tour celebration at the famed Surf Ballroom in Clear Lake, Iowa. Joe Marino has proudly appeared and toured with the world famous, off-Broadway theatrical production “The Million Dollar Quartet,” as young piano legend Jerry Lee Lewis.

 

 

The performance is on Saturday, January 13, 2018. Doors open at 11:30 AM for a noon show that includes a box lunch and Q & A with Joe Marino.

Marco Players Theater is located at 1089 N. Collier Blvd., Marco Island. For more information or to purchase tickets visit www.TheMarcoPlayers.com or call the box office at 239-642-7270.

“You are never too old to set another goal or to dream a new dream.”

 

 

~ C.S. Lewis Question: How can I improve my finances this year? Answer: What a great way to begin the New Year! Here are twelve suggestions that may decrease stress and help you obtain a more confident future: 1. Using December 31, 2017 statements, update your personal balance sheet by listing assets and liabilities. This is the foundation from which all else evolves. 2. Determine if expenses last year matched or exceeded income level. If there was a deficit, was it intended, how much was it, why did it occur, and how will you prevent it from happening again? Identify income sources and assign them to expense categories and recognize saving opportunities while maintaining a degree of flexibility allowing for unpredictable expenses like healthcare. 3. Review account titles. Haphazard titling may create unintended problems for a spouse or surviving partner if they’re not able to readily access accounts in the event of someone’s death. Account titling may also influence Medicaid eligibility and borrowing power. Review account registrations to make sure they match your intentions. 4. Examine beneficiary designations on wills and trusts, and for assets such as life insurance, annuities, IRAs,

401(k)s, qualified plans and anything else affecting your heirs. Are there provisions if your primary beneficiary passes before you, and what if you and your spouse have a simultaneous death? A good estate planner will guide you through various scenarios making sure the documents reflect your wishes. 5. Identify accounts where cash is quickly and readily available. It’s recommended to have six or more months of living expenses accessible for emergencies. Often the cash portions of your brokerage and/or retirement accounts serve a different purpose and shouldn’t be counted as emergency reserves. 6. Revisit sector and asset allocations.

Movement in financial markets could leave your portfolio with a risk profile far different from what you intended. That’s one reason rebalancing is recommended. Risk tolerance may also change based on net worth, age, income needs, and other considerations. To keep pace with your goals, a CERTIFIED

FINANCIAL PLANNER™ practitioner can help you make informed decisions as necessary. 7. Fully understand all income sources including Social Security, pensions, retirement portfolios, rental properties, notes receivable, inheritances, etc. How secure and reliable is this cash flow, now and in the future? Can you really count on that inheritance, are there likely to be vacancies in your properties that would interrupt the cash flow, are the notes receivable backed by collateral?

Determine how much of your total income each category represents. If too much of your retirement income is from unreliable sources, it may be time to reposition assets. 8. Become familiar with your Social

Security accrued benefit statement.

This is only available online. Create and review your account to ensure all earnings over the years have been recorded. Use the SSA’s online calculator to compute your benefits at various retirement ages if you haven’t begun to draw benefits. 9. Maximize the impact of charitable giving by donating low cost-basis stocks instead of cash. You’ll avoid paying capital gains on a sale of stock and the charity will benefit from the full value of the contributions.

Establishing a Donor-Advised

Fund allows you to take an upfront deduction for contributions made over the next several years and provides additional benefits. Give intelligently and efficiently. 10. Determine if you’re on track but avoid fixating on a specific number. “We’ll be fine when our retirement portfolio is worth $X” isn’t how retirement works. Realistically quantifying your current and desired lifestyle wants and needs in the context of current market conditions may lead to more accurate results. Having a successful investment plan begins with understanding current and future cash flow, knowing what you own and why you own it, having contingency plans, identifying assumed rates of return for investments and inflation, and predicting how long your plan should last. There are many moving parts to a comprehensive financial plan and it requires regular maintenance and monitoring. 11. Avoid procrastination by being willing to make changes if there are shortfalls or challenges to face.

Maximize any opportunities you may be overlooking or not taking advantage of like your employer’s retirement plan options, particularly any contribution match program. 12. Enlist the assistance of an impartial third party who has experience successfully navigating market cycles and handling situations like yours. Trust and communication are key ingredients when choosing the professionals with whom you’ll discuss your financial fears, goals and share what’s happening in your life while creating and evaluating your plan.

Try to place the emphasis on progress rather than perfection. This can help to avoid becoming overwhelmed by the paralysis of analysis. Stay focused and plan accordingly.

There is no assurance that any investment strategy will be successful. Asset allocation does not guarantee a profit nor protect against loss. The process of rebalancing may result in tax consequences. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional. All investments are subject to risk. The opinions expressed are those of the writer, but not necessarily those of Raymond James and Associates, and subject to change at any time.

“Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER ™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.” This article provided by Darcie Guerin, CFP®, Vice President, Investments & Branch Manager of Raymond James & Associates, Inc., Member New York Stock Exchange/SIPC, 606 Bald Eagle Dr. Suite 401, Marco Island, FL 34145. She may be reached at 239-389-1041, email darcie. guerin@raymondjames.com. Website: www.raymondjames.com/Darcie.

This article is provided by Darcie Guerin, CFP®, Vice President, Investments & Branch Manager of Raymond James & Associates, Inc. Member New York Stock Exchange/SIPC 606 Bald Eagle Dr. Suite 401, Marco Island, FL 34145. Call or email Darcie at 239-389-1041 or darcie.guerin@raymondjames.com with questions or suggestions for future columns. Visit her website: www.raymondjames.com/Darcie.

Leave a Reply

Your email address will not be published. Required fields are marked *