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Hobart Financial Group Details 4 Excuses That Can Ruin Your Retirement

Following an article posted by Fox Business, Hobart Financial Group, a leading RIA firm, discusses four excuses that can ruin your retirement. Click below for full text.

Hobart Financial Group Details 4 Excuses That Can Ruin Your Retirement 

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Tax Updates

As we enter tax season, many issues abound. Congress is back in session and, you never know, may at some point start discussing ideas for tax reform. Whether or not Congress tackles reform provisions this year, things may change within the tax landscape. That’s because every year there are a plethora of provisions that will expire unless Congress takes action. A list of these expiring federal tax provisions is detailed in a report from the Joint Committee on Taxation.

[CLICK HERE to read the article, "Tax Policy Update," at Mondaq.com, Jan. 20, 2014.]

[CLICK HERE to read the "List of Expiring Federal Tax Provisions," at the Joint Committee on Taxation, Jan. 10, 2014.]

Also on the tax front, the IRS continues to issue new guidance for the 2014 tax year. Starting January 1, participants in employer 401(k) plans may convert assets from tax-deferred vehicles to a Roth account (if offered within the plan). Before this year, only participants eligible for retirement distributions could take advantage of this option. Assets converted will be taxed in the year they transfer to the Roth account, and the beauty of this new feature is that you can pay taxes on your previous contributions while you’re still working – then enjoy income tax-free distributions of principal and subsequent earnings once you retire.

[CLICK HERE to read the article, "IRS Issues Notice on Expanded In-Plan Roth Conversion Option," at Morgan Lewis, Dec. 18, 2013.]

If you owe a backlog of taxes, don’t forget about the IRS’ Fresh Start Program. This program permits taxpayers to make monthly installment payments on back taxes without getting hit with a federal tax lien. Last April the agency expanded its provision to allow individual taxpayers who owe up to $50,000 to make payments via a direct debit installment plan for up to six years. The easiest way to apply for a payment plan is to use the Online Payment Agreement tool at IRS.gov.

[CLICK HERE to read the news release,  "IRS Fresh Start Program Helps Taxpayers Who Owe the IRS," at IRS, April 17, 2013.]

It is likely that as we file our 2013 returns this year, there are lessons we will learn following the first full year since the American Taxpayer Relief Act of 2012 (ATRA) was passed. A representative of AllianceBernstein projects that between ATRA and the new Medicare surtax, some taxpayers will face up to 14 percent higher taxes over last year.

Complex returns may require the services of a qualified tax advisor, but many people opt to complete their own returns – which is not a bad way to learn important lessons first hand to help plan for next year. The IRS has created a series of videos to help individuals prepare their returns focusing on a variety of tax topics.

[CLICK HERE to read the blog, "Lessons Learned in 2013," at AllianceBernstein, Dec. 15, 2013.]

[CLICK HERE to read the article, "IRS Offers Videos to Help Taxpayers Preparing to File in 2014," at the IRS, Jan. 3, 2014.]

We’re happy to work with you on 2014 financial strategies. If you have questions or would like to schedule a no-obligation meeting, please contact us.

By contacting us, you may be offered information regarding the purchase of insurance products.

These articles are being provided to for informational purposes only and should not be used as the basis for any financial decisions.  While we believe this information to be correct, we do not guarantee the accuracy or completeness of the information included. All clients are encouraged to consult qualified tax and legal professionals before making any decisions about your personal situation.

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Hobart Financial Group Affirms Health Care and Financial Worries Cause Delay in Retirement For Many Americans

Following an article published by USA Today, Hobart Financial Group, a Charlotte retirement planning firm, discusses why many Americans are delaying retirement. Click below for full details.

Hobart Financial Group Affirms Health Care and Financial Worries Cause Delay in Retirement For Many Americans

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Hobart Financial Group Discusses 7 Tips for Women to Have a More Secure Retirement

Following an article published by Fox Business, Hobart Financial Group, a firm specializing in North Carolina retirement planning, discusses seven tips for women to have a more secure retirement. Click below for full text.

Hobart Financial Group Discusses 7 Tips for Women to Have a More Secure Retirement 

 

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Happy Days Are Here Again…

What a difference a couple of years made — from challenging times in Europe to the plummet in domestic home values to unemployment approaching double digits. The economic recovery in the U.S. may have been slow, but it has hardly been nonexistent.

As we gaze into the crystal ball for 2014, the typical signs and leading economic indicators look good. The following reports and insights by industry analysts and experts definitely offer an air of optimism. And it’s about time. Enjoy.

[CLICK HERE to read the article, "Q1 2014 Update: Seven Key Takeaways," at Fidelity Investments, Jan. 10, 2014.]

[CLICK HERE to read the article, "Keep Optimistic and Carry On," at Guggenheim Partners, Jan. 15, 2014.]

[CLICK HERE to read the monthly letter, "Improving Growth, Low Inflation and Favorable Markets," at Merrill Lynch CIO Reports, December 2013.]

[CLICK HERE to read the article, "The Case for Optimism," at Merrill Lynch Wealth Management, 2014.]

[CLICK HERE to read the report, "Squeezing out More Juice," at BlackRock, December 2013.]

[CLICK HERE to read the report, "Outlook 2014," at Oppenheimer Funds, Dec. 9, 2013.]

[CLICK HERE to read the report, "On the Markets," at Morgan Stanley Smith Barney, January 2014.]

[CLICK HERE to read the report, "Outlook 2014," at BNY Mellon, Nov. 7, 2013.]

[CLICK HERE to read the report, "2014 Economic and Market Outlook," at Wells Fargo Advisors, December 2013.]

Has there been a tangible difference in your financial life since the Great Recession? Do you breathe a little easier, open up your wallet a little more often in support of economic growth, of course — knowing the country is on a path to more prosperous times?

If your yesterday was blue, we hope your today is brighter. We’d like to help you take advantage of this uptick on the financial and economic landscape. After all, the plans you make today will help determine what your future holds — since we all know what a difference a couple of years make. And the difference is you. Please contact us if we can help.

By contacting us, you may be offered information regarding the purchase of insurance products.

These articles are being provided for informational purposes only. While we believe this information to be correct, we do not guarantee the accuracy or completeness of the information included.

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Watch Chris ring the NYSE Opening Bell!

Chris Hobart to join Global Financial Private Capital at NYSE Opening Bell on Tuesday, February 25!

See live footage from the NYSE Floor. Tune in to CNBC on Tuesday, February 25, 2014 at 9:30 AM EST. Click below for full details.

Chris Hobart To Join Global Financial Private Capital at NYSE Opening Bell on Tuesday, February 25

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Hobart Financial Group Discusses 4 Common Money Mistakes Entrepreneurs Make

 Following an article published by Fox Business, Hobart Financial Group, a leading RIA firm, discusses four mistakes entrepreneurs must avoid when making financial decisions. Click below for full text.

Hobart Financial Group Discusses 4 Common Money Mistakes Entrepreneurs Make

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Chris Hobart- WCNC 2.17.2014

Chris Hobart was featured on WCNC’s Charlotte Today yesterday! He discussed teaching children about business and was accompanied by a very special guest! You definitely want to check this segment out:

Chris Hobart- WCNC 2.17.2014

Thanks Chris!

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Chris Hobart- Wall Street Journal 2.12.2014

Chris Hobart was recently featured in a Wall Street Journal market update piece targeting U.S. stock futures. Chris gave some terrific insight on the subject. Check it out here:

Chris Hobart- Wall Street Journal 2.12.2014

Thanks Chris!

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Long-term Goals

One of the hallmarks of contemporary society is that we want everything right now. We can communicate 24/7 via text, phone, email, tweets and posts and wouldn’t dream of driving on a long trip without a fully charged phone. Remember when cars used to break down on the side of the road and you had to hoof it to the nearest phone?

We’ve raised children who require immediate satisfaction. We can get TV and movies on demand, and we can even pause our personal televisions and devices for a bathroom break and then start shows and newscasts back up again — whenever we demand.

But some things are better achieved by waiting. For example, you can lose weight with a surgical procedure, or you can embark on a long-term program of nutritional eating and exercise; many people view the latter as more preferable. We tend to forget that the long-term process can be more fulfilling, such as growing your own vegetables instead of buying them at the grocer or reading the book instead of — or at least before — you watch the movie.

The beginning of a new calendar year may be a good time to reassess what we want to accomplish and, perhaps more importantly, how we want to accomplish it.

Recently, Mercer published findings of a study on the potential for offering shareholder loyalty rewards. The research was conducted to find ways to entice public corporations to follow more long-term strategies rather than hit short-term earnings goals at the behest of shareholders. If shareholders were more incented to invest for the long haul, perhaps companies could do the same. But as it turns out, the idea of granting extra dividends, warrants or additional voting rights to investors who hold shares for a long term, such as a minimum of three years, was not well received for a variety of reasons.

[CLICK HERE to read the news release, "Mercer 'Loyalty Shares' Research Indicates Consensus on Negative Impact of Short-Termism," at Mercer.com, Dec. 18, 2013.]

[CLICK HERE to read the report, "Building a Long-Term Shareholder Base: Assessing the Potential of Loyalty-Driven Securities," at Mercer.com, Dec. 18, 2013.]

However, the long-term approach does often present rewards, as billionaire investor Warren Buffett will attest. Over the last 10 years, Berkshire’s stock has gained 111.16 percent, significantly outperforming the 66.23 percent return of the Standard & Poor’s 500 Index over the same timeframe.

[CLICK HERE to read the article, "Buffett Beats S&P for Second Straight Year," at CNBC.com, Dec. 31, 2013.]

One of your long-term goals may be paying off debt, which one young couple did with very strict discipline and by, interestingly enough, learning carpentry and gardening skills. Working low-paying jobs during the economic downturn, they managed to pay down about $116,000 in student loans and $2,000 in car payments while also starting a family and saving for a down payment to buy a home.

[CLICK HERE to read the article, "How One Family Paid off Almost $118,000 in Debt," at Yahoo.com, Jan. 2, 2014.]

But alas, one of the tougher things to achieve is long-term happiness. A night out with friends, a memorable vacation and even a bowl of ice cream can provide short-term bliss. However, sustaining happiness over a lifetime requires some real effort. A 75-year survey, known as the Harvard Grant Study, provides some insights on how it can be accomplished.

“The conclusion of the study, not in a medical but in a psychological sense, is that connection is the whole shooting match,” observed George Vaillant, Harvard psychiatrist and director of the study from 1972 to 2004.

[CLICK HERE to read the article, "The 75-Year Study that Found the Secrets to a Fulfilling Life," at HuffingtonPost.com, Aug. 11, 2013.]

No doubt, considering the world as it is today with the ease of technology and convenience of fast food, it’s tempting to take the most expedient route to satisfaction. But like a long, sudsy bath or a hike in the woods, some things are better enjoyed by taking your time.

If we can help you with a long-term financial strategy, please give us a call.

By contacting us, you may be offered information regarding the purchase of insurance products.

These articles are being provided for informational purposes only. While we believe this information to be correct, we do not guarantee the accuracy or completeness of the information included.

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