Snow Financial Group, LLC
Ted Snow, CFP®, is an Investment Advisor Representative working at Kestra Advisor Services, LLC in Addison, TX and has over 30 years of experience in the finance industry. Ted Snow has taken additional exams to become a Certified Financial Planner (CFP®).
Ted specializes in helping families strive to attain their financial goals. Ted is the founding principal of Snow Financial Group, LLC and brings to his firm and clients one of the most prestigious professional designation in the financial services industry, the CFP®. Ted has been recognized publicly for his sound practice, experience, and ethical standards.
With a solid foundation of education, Ted's award-winning expertise and innovation brings sound creativity to the table. Through a collaborative approach, clients are then able to explore an array of progressive strategies and solutions, personalizing their plans to achieve their life goals and financial dreams.
Snow Financial Group, LLC uses a distinct approach to comprehensive wealth management that involves continuous coordination of key financial components through a sophisticated, integrated process designed to help protect assets and accelerating wealth.
Understanding that every financial situation is unique. Ted and his team begins the process with listening to the goals and needs of each client. Once this crucial step is complete, a customized financial plan is developed, implemented, monitored, and revised as opportunities arise and needs change.
Unlike typical financial service firms that address financial planning elements in isolation, Ted specializes in overseeing the continual coordination of key components of the wealth management process to help protect clients from cracks in design and setbacks associated with unforeseen consequences of critical financial decisions. Proper and persistent coordination is crucial to the success of a long-term wealth management plan, requiring specialized skills and expertise, research, analysis, insight, and up-to-date knowledge of how the sub-components of these elements potentially affect each other.
BS, Finance and Economics, Utah State University
MBA, Financial Planning, University of Dallas
Assets Under Management:
Snow Financial Group Talks Retirement
Planning for Your Retirement
Depends on a couple of things, i.e. married vs. single, and your income. If you are married and you have income below $77,200, your cap gains tax will be 0%. If married with income under $479k but more than $77.2k, then tax will be 15%. If married with income over $479k, then tax will be 20%. If single with income under $38,600, then tax will be 0%. If single with income under $435,800 and greater than $38,600, then tax will be 15%. Finally, if single with income over $425,800, then tax will be 20%. These are all figures based on new tax law. If you use the $3k and spend it, you won't have any double taxation except for sales tax in your state. If you reinvest the $3k into another capital asset, this $3k becomes your new cost basis and only the growth of that investment will be taxable sometime in your future. I hope this helps. My best, Ted
Great question. Each person can contribute $5,500 per year into their own Roth IRA. People over 50 can contribute a catch up amount of $1,000 for a total of $6,500. Now that you are married, you will not be able to contribute more than $5,500 to your personal account. What this means is you will have to open a Roth IRA for your spouse and make the other $5,500 contribution to her account. I hope this helps and congratulations on your marriage. Ted
Great question. If you do not have a 401k at your employer, then an IRA is a good option. There are two types of IRAs - Traditional and Roth. A traditional IRA allows you to contribution pre-tax dollars, growth of your investment will be tax deffered, and when you take money out of the account at retirement, all of your distributions will be taxed at that time. If you think that taxes will be higher at the time of your retirement, the Roth IRA may be a better option. To contract with a traditional IRA, the Roth allows you to contribution after-tax dollars, growth of your investment will be tax deffered, and when you take money out of the account at retirement, none of the distributions will be taxed (under today's rules). If you need the tax deduction, use the traditional IRA, otherwise, use the Roth IRA. You can contribute up to $5,500/year into either account or a combination of the two but not more than $5,500/year in aggregate. The earlier you start contributing, the better since you have time on your side, the compounding effect will have more time to make your money work for you instead of you working for it. I hope this has helped you and provided the information you were looking for. My best, Ted
Thank you for your question and congratulations on chipping away at your debt. I hope your student debt payoff is short lived. Two question you might ask yourself are, "do I think taxes are going to be higher in the future?" and "do I receive a refund on my taxes each year of $1,000 or more?". If the answer is yes to each of these, then you might concentrate on maximizing your Roth IRA. If you need a tax deduction, then you might start a Traditional IRA as well. One thing you won't want to neglect is a company 401k. If you are working for an employer that offers a 401k, they will most likely match your contributions up to about 6%. You won't want to miss out on this "free money". Some company plans offer Roth 401k options so you can contribute up to $18k/year (plus you get the matching contribution from the employer) into a Roth type of account which is a lot more than a Roth IRA of $5,500/year. All my best to you and I wish you success.
Great question, and congratulations on being an ambitious saver. I counsel clients on this type of question all the time. I look at retirement savings as a pyramid divided into four horizontal quadrants. The bottom quarter, the biggest section, is where you put your 401k money. If you need pre-tax investments, withhold a percentage of your paycheck that would equal the requirement to get the company's maximum matching contribution. Many companies require you to invest 6% to get their maximum match. Once you've done this and you have more money to allocate to your retirement savings, you can go to the IRA/Roth IRA, the second biggest section of the pyramid, and fill it up. If you can put $5,500 here and you still have more money to invest in your retirement budget, then you can go back and fill up the 401k over and above the 6%. If your budget will allow for you to maximize your 401k ($18,000 + catch up of $6,000 if you are over 50) and your Roth IRA ($5,500 + catch up of $1,000 if you are over 50), then you can move to the next section which is a section that doesn't have limitations on how much you can contribute - low cost annuities, non-IRA brokerage accounts, etc...If you want tax advantages, you may look to tax deferred, low cost annuities or to tax effecient mutual funds in a non-IRA brokerage account. With all of this said, you may want to look at your capacity to pay taxes. If the amount you are placing in your pre-tax 401k creates a tax refund to you of about $2,000 or more, then you have capacity to place money into a Roth IRA to the fullest extent. However, if you owe money to the IRS at the end of each year, you might put more money into the pre-tax 401k before you fill up your Roth IRA to get you to a $0 owed/$0 refund on your tax return. The money you put into a Roth IRA is taxed before you invest so this creates a balancing act with your taxes. It may take a couple of years to get this strategy down, but it will allow you the flexibility to fill either section while keeping the amount you owe or the amount you should be refunded to a minimum, and to maximize the areas you place your retirement dollars. Furthermore, your 401k may have a Roth 401k feature. If you like the funds within the 401k, then you may not have to open up a new Roth IRA, you can just have more of your paycheck withheld into the 401k. Finally, as ambitious as you say and depending on your income, you may not be able to contribute to a Roth IRA (for a Roth contribution outside of the 401k, your income has to be lower than $184,000/married, $117,000/single to fully contribute the maximum amount). If this is the case, and your employer has a Roth 401k option, you can still get money into a Roth through the 401k. Again, you should keep an eye on your tax return to balance the mix of post-tax/pre-tax contibutions. I hope this has been helpful and I wish you all the best in your retirement savings strategies. Ted