June 2018 News Update | McIntosh & Associates, Inc.

How to Keep Your Money in Your Family 

You’ve invested your life into caring for their wellbeing. You cherish them and want them to mature into smart, healthy, successful adults. Naturally, as they become adults and grow older, your authority over them recedes. They make their own decisions, and you just hope it’s for the best. READ MORE

 


Financial Readiness for College Graduates

This is the time of year when college graduates prepare to make their career dreams and goals a reality. Despite their degrees, however, they may be ill equipped to face financial challenges. According to an ongoing study by the National Financial Educators Council, the average level of financial literacy in 19-24 year olds is 69%.[i] College graduates may not be as confident in their abilities to earn, save, and invest their money as you had hoped. Here are 3 tips that can help you prepare your new college graduate. READ MORE


Understanding the Language of Annuities and Insurance

Understanding complex terminology is important to protecting, sustaining, and growing your investments. Here is a guide to some of the most common financial terms. These terms represent words and phrases commonly associated with insurance policies and annuities contracts. READ MORE


Upcoming Events!

June 16th- Ojibway’s Rock & Roll Fest – Spend a day with the McIntosh Team!LEARN MORE
June 20th- LIFE: As a Financial Engine LEARN MORE
July 17th- Online Health Insurance Account Access LEARN MORE
August 21st- Women & Power LEARN MORE


“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.”

— Norman Vincent Peale


 

What You Need to Know about Early Withdrawals from Retirement Plans

Taking an early withdrawal from your Individual Retirement Account (IRA) may be tempting. But the tax penalty can make a significant dent in your long-term financial plan.

Here are some terms and requirements to keep in mind before considering an early withdrawal:

  • Early withdrawals are defined as taking distributions from your IRA or retirement plans before the age of 59½.
  • Taxpayers must report withdrawals to the IRS when they file their tax returns. They may owe income tax on withdrawals and pay an additional 10% tax penalty.
  • Nontaxable withdrawals aren’t subject to the 10% tax penalty. Examples include contributions on which taxpayers paid taxes before the money was deposited into the plan.
  • Rollovers happen when plan holders move money or other assets from 1 plan to another. The IRS allows a maximum of 60 days to complete a rollover to keep it tax-free.
  • Certain exceptions exempt plan holders from the 10% tax penalty. Many retirement plan and IRA rules differ.
  • Disaster Relief provisions exempt plan holders in certain disaster areas from the 10% tax penalty.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Tip adapted from IRS.gov13

13 https://www.irs.gov/newsroom/things-to-remember-when-considering-early-withdrawals-from-retirement-plans

 


 

The Ups and Downs of Diabetes

More than 30 million Americans (9.4% of the population) suffer from diabetes, a disease involving the pancreas’ ability to produce insulin, according to the American Diabetes Association.

A healthy pancreas, which is an organ behind the stomach, releases insulin to help your body process sugar and fat.

In type 1 diabetes, your body’s immune system destroys pancreatic cells that make insulin. In type 2 diabetes, the more common form, the pancreas produces insulin, but not enough for the body to be able to process it effectively.

Doctors check fasting blood sugar levels to diagnose diabetes. Treatment for those with type 1 diabetes involves careful monitoring of blood sugar levels, undergoing insulin therapy, consuming a healthy diet, and getting adequate exercise.

Treatment for type 2 diabetes includes a healthy diet, exercise, medication, and insulin.

Material adapted from WebMD15

15 http://www.diabetes.org/assets/pdfs/basics/cdc-statistics-report-2017.pdf

https://www.webmd.com/diabetes/default.htm