We Blame The IRS, But We Have It All Wrong

ST. CROIX INSIGHTS

We Blame The IRS, But We Have It All Wrong

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

It’s that Time of year

You and I get the pleasure of meeting with our CPA to determine how much to include in that ‘I Love You Letter’ to Uncle Sam in the form of our hard earned money. We blame the IRS, but we have it all wrong. Federal tax law begins with Internal Revenue Code, which is enacted by Congress. Congress sets the rules/playbook for your CPA, Financial Planner, and Estate Planning Attorney. I often wonder that if the play book wasn’t so complicated how many CPA’s, Attorneys, and Financial Planners would be employed to help comply with all these regulations?

 

As time goes on, taxation and regulations will continue to become more burdensome on all of us, including our children and our grandchildren. This isn’t a conservative or liberal, Democrat or Republican perspective, it’s the bottom-line that affects both you and me. It will have an impact on both the short and long term ability for us to plan our retirement and the rest of our lives. It’s impacting our incomes, investment accounts, medical insurance, Social Security, and the list could go on. It’s time for all of to pay attention, and not just at tax time.

Blaming the IRS

I suspect I’m no different then you, I’m happy to pay my fair share. But the checkbook isn’t unlimited for any of us- you, me and even Uncle Sam. I’ve yet to receive a ‘Thank You Letter’ for all the taxes I’ve paid in. How about you?

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Ask yourself- can my portfolio support my lifestyle in my retirement? 

5 + 9 =

“The Number”

ST. CROIX INSIGHTS

 

“The Number”

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

“THE NUMBER” What is it? What does it mean? Is it easy to find? Does it change?

Some call it their “walk away number” while others more boldly call it their “!@%& you number”.  Whatever you want to call it is up to you, but the concept stays the same.  How much do money do you need to live comfortably for the rest of your life (a.k.a. retirement) and how do you get there? 

 

Some people calculate their own “number.” Others seek advice from a professional to utilize every strategy to get there (which we strongly advise). However you do it, it involves time and effort on your part. If you’re married, you will also need your spouse’s participation. Your number will carry you and your spouse for the rest of your lives. When you find “the number,” everything else falls into place. Please note, as you work your way up to your retirement years, re-visiting “the number” is strongly advised. With so many variables and life-changing events, you might laugh at the number you thought was sufficient 10 years ago and raise eyebrows at the number you propose 20 years from now.

 

Your Tax Number

For a more in-depth look, pick up the book The Number- What Do You Need for the Rest of Your Life, and What Will it Cost by Lee Eisenberg. In this book, you’ll find a key of answers to all the questions you should be asking yourself and your spouse about the rest of your lives.

Also, sign up for our eNewsletter blog that includes timely financial matters, news, and planning strategies that you can implement today.

Ask yourself- can my portfolio support my lifestyle in my retirement? 

9 + 13 =