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Money Matter$

Insights from the Sommers Financial Management Team

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Why We Ask to See Your Income Tax Return

A good financial advisor can help you in many ways: manage your investments, assist in major financial decisions like buying a car or a house, find the opportune time to retire, figure out how to get the most out of social security, and one of my favorites: legally avoid and lower taxes when possible. This is where sharing and reviewing your income tax return becomes an important part of what we can do for you.

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How Best to Save & Invest for Kids

Albert Einstein believed compound interest was the eighth wonder of the world. He said, “He who understands it, earns it; he who doesn’t, pays it.” The simple way money grows is over time so it makes sense to start investing early for kids when they are young. The greatest asset they have is time. Whether you are a savvy parent, grandparent or other family member, you might have wondered what you can do financially to help pave the way for the young humans in your life.

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Should I Refinance My Mortgage?

With interest rates at historic lows, there seems to be a pretty simple answer. Yes! …Probably. There as an old rule of thumb that said if you can reduce your interest rate by 1.5%, it is worth refinancing. Loan officers often tell you about the “monthly cash flow savings” from refinancing, calculating that if you’ll save $200/month off your current payment and their fee is $2,400, that you get your “money back” in only 12 months. However, what they sometimes fail to mention is the fact that you’ve often extended the length of your loan to get that cash flow savings. The only savings that really matter is the interest savings you'll reap over the life of the loan.

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When should I take Social Security?

It’s not surprising that the majority of people take social security as early as they can at age 62 - over 34% in 2018 - although from a financial standpoint almost no one should. Perhaps the early-takers thought “it might not be there later”. However, we are dealing with the federal government...

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Delay Taking Your RMD - Even Beyond 2020

At age 72, the government is ready to begin collecting tax on all of your deferred income and growth inside your IRAs and 401(k)s but you want to avoid paying the tax. What can you do? There are a least four legitimate strategies to delay or avoid taking RMDs.

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