Nicholas Savas, RICP Vice President East Region Equitable Advisors

Prices are on the rise. The Labor department reported recently that the year ending in March was the highest consumer price increase since 2018. What does this mean? -Higher gas prices ... -Grocery bill will be higher If inflation catches up, the money people have sitting in the bank won't earn enough to keep up with these price increases. People should know that there are strategies out there that can help reach your short and long term goals, especially if you need to count on that money

We remember and honor the brave women and men who made the ultimate sacrifice in defense of our freedoms to protect our way of life.

One of the most overlooked areas of financial planning lies within the estate. I would guess that over 80% of the people I meet with don't even have a basic will set up. It's difficult to think about what may happen when your health starts to decline. Or how your loves ones will carry one after your death. But not addressing this can actually lead to a huge loss in control over what happens when you're alive and a lot of confusion and uncertainty when you are gone. Here ...are 5 things you can do today to get this taken care of today: Document your health care wishes. This can include setting up a living will, health care proxy, interment agreements. Choosing an executor. This person will manage the distribution of your estate. Protect your financial interests. Assign a power of attorney, consider a trust, and look at potential tax issues for beneficiaries. Finalize your will. This should be updated every 3-5 years Create a "need to know" file. This is the folder that will have all financial related info in one place so your loved ones can access it quickly. Anything I'm missing?

I like talking about social security because it's something almost everyone will have. It's a big deal in retirement planning. Did you know that your social security might be taxed? It's based on your "provisional income". So withdrawals from your traditional retirement plans will add to this number and may increase the taxes you pay on social security. What if you had assets that didn't add to this? If you have these in your portfolio, you may be able to save a lot of ta...xes of your social security... Roth IRA Qualified Charitable Distributions Life Insurance proceeds HSA's Non taxable annuities Provide yourself some control in the future over what you give back to Uncle Sam

"I don't need to pay for a financial advisor, my investments are growing and I am all set". That's great, however, I have a few quick questions for you? 1How do you know you are saving the right amount for retirement?... 2Which is bettera 401k or a Roth IRA? 3What is your strategy to take social security? 4We know that houses, cars, food is all more expensive now than it was in 1980how did you factor inflation into your retirement income plan? 5If you had a pension of $60,000 a year at 65, what would that mean to you? 6What did you do to reduce taxes this year? What about when you are in retirement? 7If you died 5 years into retirement, what does that mean for your spouse? 8How much can you take out of your investment each year without running out of money? Got these all nailed down!?! That's awesome, I'd love to hear how you are doing. Not sure about some? Schedule a call in the link below and we can chat. https://bit.ly/348rKK9

If you are a pharmacist at Wegmans, you may be "maxing out" your 401k at the match. The truth is, that's probably only a portion of the true 401k max of $19,500 in 2021. What's up with this? How is that possible? The true answer is complicated but it always leads to the next question....... What can I do to put more money away other than in the 401k? The good news is there are a number of different ways you can do this. I review all these options and can help you make sure you are using those funds in a way that makes sense for you. Don't settle for just the match. It may be hard to save enough to retire when you want #wegmans #pharmacist #retirement #financialplanning #investments #401k

Let's talk about returns. As you save and grow your portfolio, you are looking to get the best return you can. Market goes down? Stay the course is the conventional advice. ... Now you are at retirement. Stay the course? ehh maybe not Market movement matters more once you begin withdrawing money from your account You may be at a higher risk of running out if the market goes down too soon. Timing matters How do you deal with this? Look at your portfolio. Is it all invested the same way? Consider a different approach. What got you to retirement may not get you through retirement. How much risk do you have? How much do you withdraw each year? What if the market goes down and I still need to take income to live my lifestyle? Not sure what to do? Let's talk

Get your stimulus check yet? I've had a lot of questions recently from people..."What should I do with the money?" Consider this:... Save it. Build your emergency fund first. Invest it. When and how do you want to access money in future? Pay down debt. Consider your monthly cash flow and the interest rates. Don't forget You also may qualify for an increased child tax credit now. Depending on your income and the child's age, you can receive up to $3,600 per child This can be a huge opportunity for families to get back on track financially and set themselves up for success.

"I make too much money to contribute to a Roth"- most pharmacists I work with say. What are the options? Brokerage account... Savings account Backdoor Roth The backdoor Roth strategy can be a great strategy and could allow high income earners, like pharmacists, the ability to supplement their 401k or 403b with a tax free investment. However, it takes a plan and discipline. There are multiple moving parts to the process so we will work with your CPA or tax professional Yes it takes work and yes you need a plan. But like all major goals, planning is key.

What's the Best Strategy: Pay off Student Loans Early or Save?? Having over a 100k in debt can be a very stressful situation. I talk to many pharmacists who are extremely concerned about their high level of debt, and rightfully so. However, solely focusing on paying off these loans as soon as possible often comes at the expense of other priorities and can be costly for your retirement savings. Consider this: ... If some of those loans have lower interest rates, then you might be better off making the minimum payments and allocating the rest of that money towards a retirement savings. The power of compounding interest makes this option possibly more attractive than waiting to pay your loans off prior to saving. For higher interest rate debt, look to refinance. Interest rates are low It all starts with a budget. Although it may be boring and tedious, this can really help to decide whether you can pay off your loans and save for retirement at the same time, or whether you're better off getting rid of the loans as soon as possible.

I am looking to expand our support system for our financial planning team. We are hiring for a part time administrative assistant role with the ability to work to full time. Please let me know if you are interested!

Happy New Year! One of the best things about this time of year is the opportunity to reflect. 2020 was a year we won't forget. There was a lot that did not go my way. After taking some time to look at the whole year, I realized that there was a lot that DID go well. In fact, it may have been my best personal development year ever. I'm ready to build on the progress of 2020 and make the adjustments needed to ensure that 2021 is even better. ... Let's go!

The night before 9/11. Never forget

An overlooked part of the SECURE act. Employees will now be able to see how much their 401k balances may translate into ACTUAL income per month. While working with many clients in their retirement income planning, I see this as a common issue. Many people don't know how how much they really need or how long their money may last! However, it seems some very general assumptions in the law for interest rates, longevity, etc may still leave many people still under a false sens...e of security. Do you know how much money you need to save for your own retirement? https://on.mktw.net/3l2eOwD

Seeking personal growth and development has always been something that is important to me. This year has been one to reflect and evaluate my current habits. What do I need to work on? What changes should I be making in my business, in my personal life, in my relationships? The old saying goes "if you aren't growing, you're dying". Here's what I'm reading right now. I'd love some more suggestions!

There are a number of implications with the recent executive order to defer payroll taxes. -How much will the cut actually save you? -Who would not get a tax break? -What is the impact on social security itself? ... -Potential issues with the executive order -Should you spend or save the extra money? It's important to create a plan and make sure you are prepared so you aren't surprised with the upcoming changes!

Some Thursday thoughts.. Focus is a distraction from turbulence. "An idle mind is the devil's playground"- Proverb.... What are you doing to stay focused and present?

Seeking personal growth and development has always been something that is important to me. This year has been one to reflect and evaluate my current habits. What do I need to work on? What changes should I be making in my business, in my personal life, in my relationships? The old saying goes "if you aren't growing, you're dying". Here's what I'm reading right now. I'd love some more suggestions!

There are a number of implications with the recent executive order to defer payroll taxes. -How much will the cut actually save you? -Who would not get a tax break? -What is the impact on social security itself? ... -Potential issues with the executive order -Should you spend or save the extra money? It's important to create a plan and make sure you are prepared so you aren't surprised with the upcoming changes!

Some Thursday thoughts.. Focus is a distraction from turbulence. "An idle mind is the devil's playground"- Proverb.... What are you doing to stay focused and present?

We’re not selling a position, we’re offering a career. We lead the way in creating a culture where you can work hard and succeed at business and at home. https://eqtble.co/39iZx4i

Flexibility doesn’t mean working less. It means appreciating employees as people first. We share in the mindset that time is valuable. https://eqtble.co/39iZx4i

Don't forget the tax deadline is next Wednesday, July 15th! Make sure you file or get your quarterly payments done. Also, it's the last chance to make IRA contributions for 2019. Don't miss the opportunity if you have extra funds to contribute

Power and choice aren’t always provided to recent graduates. But our financial professionals are fully licensed from the day they receive their contracts. https://eqtble.co/39iZx4i

Accelerating your own success is more than a catchphrase to us. We value ambition and provide resources to help you grow your income and responsibilities based on one factor you. https://eqtble.co/39iZx4i

Gain valuable experience and training. Help your clients live a life on their terms. Be in control. We're looking to hire a new financial advisor to our team. Check out the details. https://bit.ly/2B91hB7

This will be the looming question over the next few years. How can we plan now to address these concerns? It's important to take a look at your financial situation and look at how potential tax increases may impact your portfolio. Most people plan for savings taxes today but how can you also reduce your tax liability in the future? Now is the time. Contact me today and we can set up a review of your portfolio. https://yhoo.it/3cNjZwc

The CARES Act was signed into law late last week. This historic bill provides $2 trillion in stimulus for individuals and businesses in response to the COVID-19 outbreak. Many people will be affected by this. Take a look to see what you can expect to receive. I am a resource for those who have questions. https://nyti.ms/2WTfOJX

We are still growing! As we move into uncertain times, we are adapting. Remote work, virtual meetings, we are still running our businesses at a high level. The economic and job market is also in question. We know that there are talented people out there who may fall victim to this downturn. People who are great communicators, entrepreneurs, and business minded. If you know someone who may be a great fit, I'd like to speak with them about an opportunity on our financial planning team. http://bit.ly/3b71ly3

Meet Samantha. Samantha followed her dreams to: -Start saving early - Move to the coast - Plan on enjoying the retirement she dreamed of Watch Samantha's story: http://bit.ly/2uq50ay