Fleishel Financial News
These days, a lot of parents are doing all they can to help their kids get into college - no matter what the financial cost is. Private tutors, test prep courses, music, voice, or foreign language lessons do not come cheap. But it wasn’t always this way.
Most small business owners wake up early and go to bed late, working from the moment their feet hit the floor until they can finally sit down again in the evening. Generally, people who run their own business do not get to take long vacations and do not have the luxury of leaving work at work. But how can you maintain a successful business when you’re exhausting yourself working 16+ hour days? Can you effectively take care of your business if you don’t take care of yourself?
According to the Wall Street Journal, the generation currently reaching retirement age is the least prepared since Harry Truman was president back in the late 1940's and early 1950's. Americans nearing their golden years are concerned that there may not be enough in their retirement accounts to live the retirement they planned.
DeLand, FL - July 8, 2019 – Thomas Fleishel, MBA, CFP® and owner of Fleishel Financial in DeLand, received Honorable Mention in the 13th Annual Invest in Others Awards for his philanthropic contributions to The Athens Theatre. As a result, Athens Theatre will receive a $1,000 donation from Invest in Others in Thomas Fleishel’s honor.
According to a recent survey by T. Rowe Price of 3,005 adults, women approaching retirement age have less than half the amount in their retirement savings as men. The same is true of younger generations. Women are saving less than men and, as a result, many are planning to work past retirement age.
While most people cannot wait to retire, when the time comes it’s not unusual for people to go back to work. Whether they need money to supplement their income or more structure, stimulation, or socialization, some people find fulfillment in returning to work.
Self-employment gives people a lot of freedom and flexibility but it can make saving for retirement quite difficult. People who work for themselves have to be diligent enough to save on their own since there isn’t an employer-sponsored plan that allows for automatic contributions.
When the economy is good and unemployment is low, it can be hard for some businesses to compete for new talent. Larger companies often want the same people which can put small business owners and entrepreneurs at a disadvantage.
There’s always a reason not to save for retirement.
A traditional IRA is typically made with pre-tax dollars, grows tax-deferred and will be taxed when withdrawn at retirement. A Roth IRA is funded with after-tax dollars, grows tax deferred but qualified withdrawals are not taxable when withdrawn. Because there are income limitations for traditional IRAs to be deductible and for Roth IRAs, many higher income investors may be missing out on a completely legal but nifty strategy, a backdoor Roth IRA.
Fleishel Financial Associates is an Independent Registered Investment Advisor.
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