The National Association of Personal Financial Advisors (NAPFA) hosts conferences bi-annually. In May, Alyssa and Clarissa had the opportunity to attend the conference in Austin, TX. They enjoyed keynote speakers, networking opportunities, and a wide variety of educational programs. Some key takeaways from the conference are outlined below:

LIFE CHANGING EVENTS
There were various workshops that focused on helping clients navigate life changing events such as marriage, new family members, retirement, and divorce. These transitions are often unchartered territory for many clients and we are here to listen and to offer guidance.

ESTATE, TAX, AND RETIREMENT PLANNING
Alyssa and Clarissa attended an estate planning workshop led by Natalie Choate, a leader and expert among estate planning professionals. Natalie covered retirement benefit planning, Roth planning, and charitable giving. She linked each of these topics and various techniques to estate planning, taxes, and retirement planning.

When it comes to retirement accounts, naming appropriate beneficiaries is crucial. Retirement accounts will be distributed according to your beneficiary designations, regardless of what your will or trust says. When life events happen, you should review your beneficiary designations to ensure they are still accurate. The Roth IRA can be a very beneficial asset. Roth IRAs allow for tax-free investment earnings and tax-free qualified distributions.

Since the Tax Cuts and Jobs Act doubled the standard deduction, many taxpayers may find themselves no longer itemizing their deductions. This means that they may no longer be able to deduct their charitable contributions. However, if the taxpayer is over 70½, he or she may be able to make a Qualified Charitable Distribution (QCD) of up to $100,000. A QCD is a charitable contribution that is paid directly from an IRA. The amount of the QCD can offset your Required Minimum Distribution for the year and is therefore an “above the line deduction” that can help reduce your adjusted gross income.

BRAIN HEALTH
At Schultz Financial Group, we emphasize the importance of the Four Capitals: financial, intellectual, physical, and psychological. At the NAPFA Conference, there was a focus on intellectual capital and brain health. A few tips from Dr. Marc Milstein¹ to keep an aging brain young include get adequate sleep, constantly learn new things, address and treat any hearing loss, stay socially engaged, exercise, and eat good food. As medical technology continues to improve, doctors and researchers are able to learn more about the brain and ways to keep it healthy.

RETIREMENT AND SOCIAL SECURITY
Alyssa and Clarissa also attended a session on Social Security planning. Social Security is a big part of planning for retirement and it can be complicated. Planning for Social Security income is becoming increasingly important as more people are living longer. Social Security expert Elaine Simmons shared strategies to help maximize benefits for married couples, widows, and divorcing spouses. Everyone’s situation is has a unique situation and online calculators should be used with caution and verified with a professional.

¹ https://drmarcmilstein.com

Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.