At LSP WEALTH MANAGEMENT we pride ourselves on building and maintaining our relationships through outstanding personalized service. We are an independent, fee-only wealth management advisor and only consider appropriate investments and advice; investments and advice that are in your best interest. We never collect a commission. Reach out today.
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Though it's never too late to start, the sooner you begin saving, the more time your money has to grow. Gains each year build on the prior year's - that's the power of compounding, and the best way to accumulate wealth. Project your retirement expenses based on your needs, not rules of thumb. Be honest about how you want to live in retirement and how much it will cost.
Your children will have more sources of money for college than you will have for your golden years, so don't sacrifice your retirement savings. Even modest savings can pack a punch if you give them enough time to grow. Investing just $100 a month for 18 years will yield $48,000, assuming an 8 percent average annual return.
You must pay 90 percent of what you owe for the tax year by the end of that year or an amount equal to 100 percent of your tax liability for the previous tax year, whichever is smaller. That's because portions of your earned income fall into different brackets, which are assigned different tax rates.
They include: a will; assignment of power of attorney; and a living will or healthcare proxy (medical power of attorney). For some people, a trust may also make sense. When putting together a plan, you must be mindful of both federal and state laws governing estates. Your assets include your investments, retirement savings, insurance policies, and real estate or business interests.
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