Unleashed Financial LLC
Jason Preti, CFP is founder and president of Unleashed Financial, LLC. The focus of Unleashed Financial, LLC is to bring fiduciary level financial planning and investment management to the next generation of families.
I am not your father's financial advisor, my job is to increase your financial well-being and understanding of how early planning impacts your long term success. I want to work with the client that needs comprehensive planning and investment direction, but doesn't currently have enough assets for a “traditional” wealth management firm. Unleashed Financial does not require a minimum investment, net worth, or income level. You need a plan for your current goals and long term wealth accumulation - I understand and help you meet your goals.
As a CERTIFIED FINANCIAL PLANNER™ professional, my emphasis is on planning and I fall under the fiduciary standard of care. That means I work in my client's best interest at all times. I don't work on commissions or receive compensation from selling any products, I only work for my client.
BSBA, Business Administration, Central Washington University
Assets Under Management:
Unleashed Financial LLC is a registered investment advisor in the State of Washington.
A six month emergency fund is pretty good.
Since you mentioned after-tax contributions, are you eligible to contribute to a Roth IRA account? A Roth IRA would give you the ability to save up to $5,500 ($6,500 if age 50 or over) and the flexibility of withdrawing contributions without penalties.
You didn't mention, but if you have any credit card or unsecured debt you might want to divert your additional savings that way while you are working. Going into a layoff debt free will help your emergency fund last longer.
Generally speaking, when you place an order outside of normal trading hours the default is to execute at the next open. You would have to elect to have the order executed "After Hours".
After hours stock prices are extremely volatile. During normal trading hours, bid/ask spreads might be a couple pennies, after hours they can be a couple dollars or more. While it's generally OK to create Market orders while the market is open, if you place a Market order after hours (with instructions for after hours execution) you could end up paying a lot more than you expected.
Bid: The price buyers are willing to pay for a stock
Ask: The price sellers are willing to take for a stock
Spread: The difference between the bid and ask prices
Market Order: If you are buying you pay the Ask price. If you are selling you take the Bid price. When you place a market order there are no questions asked, you immediately transact at the current bid or ask price.
When you see prices quoted something like: 109.50/109.75 this is the best available bid/ask prices. The smaller number is the Bid and the larger number is the Ask.
The IRS has a quick way to identify if your social security may be taxable: Add all of your income (retirement, part time work, and interest) and 1/2 of your total Social Security benefits. For married couples, if the amount is over $32,000 then some of your Social Security benefits will be taxable.
This doesn't tell you how much will be taxable, just gives you an idea whether of not some of it will be taxed. Based on the scenario you provided, some portion of your Social Security will be taxed.
If the funds came from a retirement account (SIMPLE IRA in this case) you need to deposit it into another retirement account to avoid taxes and penalties. Best and easiest case, Ed Jones sent you a check for 100% of the SIMPLE account and you deposit it into a traditional IRA account.
If you deposit it into a regular checking account you'll be able to make a subsequent transfer into an IRA within 60 days. !!The 60 days starts on the day the check was issued, not when you deposit the check!! Additionally, you need to know if ed jones withheld any taxes. In order to avoid any taxes or penalties, you need to make a deposit of the check plus anything they withheld.
Yes, but that doesn't mean you can double your contribution.
Generally, SEP IRA plan contributions are only made by the employer and is the lesser of 25% of your compensation or $53,000.
Some SEP IRA plans will allow individuals to make regular IRA contributions, but this can not be made in addition to your regular IRA account. As an individual, you can only contribute $5,500 ($6,500 if age 50 or older) to a SEP IRA -or- regular IRA -or- Roth IRA account.
If you are the EMPLOYER: The business can contribute up to $53,000 to the SEP IRA and then as an individual $5,500 to the SEP IRA -or- regular IRA -or- Roth IRA.
If you are the EMPLOYEE: You can contribute $5,500 to the SEP IRA -or- regular IRA -or- Roth IRA.