Frequently Asked Questions

 

HOW MANY YEARS should I KEEP MY FINANCIAL RECORDS?

This answer depends on your situation. However keep your records for three to ten just to be safe. Most records can be stored electronically for safer access.

  • Employment records up to four years

  • Tax returns up to seven years

  • Business records up to ten years

Who qualifies as a dependent

Anyone who you are financially responsible for that has not claimed themselves on their own tax return. This can include:

  • Spouse or domestic partner

  • Child (Biological, Step,Foster,or Adopted)

  • Grandchild

  • Any qualifying relatives

WHAT ARE THE TAX CONSEQUENCES OF WITHDRAWING MONEY EARLY FROM MY RETIREMENT ACCOUNT?

Withdrawing money from any retirement resource is not advised. The only time to withdraw funds would be if it is financially beneficial or a life emergency. Contact our office before finalizing any plans to make a withdrawal from your retirement account.




WHEN CAN I AFFORD TO RETIRE?

While this question is different to each individual, the answer will always be the same. How much money will you need to survive based on inflation and your lifestyle? We can help determine how much money you will need, what resources you will have and factor in inflation so that you can live a comfortable retirement.

HOW MUCH SHOULD I SAVE FOR COLLEGE?

The main factors that determine how much should be saved for college are:

  • Tuition cost and increase

  • Average rate of return on college investments

  • Current age of the child

  • How much can you afford to save

  • Any current savings