Lakeside Financial Planning
Jared Hoole is the President of Lakeside Financial Planning and a CERTIFIED FINANCIAL PLANNER™. He began his career in public accounting implementing tax planning strategies for multinational corporations. After nine years in corporate tax, Jared knew he wanted a more rewarding direction where he could use his financial skills to help people to reach their life goals. So in 2014, he decided to take the next step in his career and founded Lakeside Financial Planning. In addition to his CFP®, Jared holds a bachelor’s degree in finance and a master’s degree in taxation from Bentley University.
Jared lives in Windham, NH with his wife, Alisyn, their daughter, Carsyn, and son Brody. He leads an active lifestyle and enjoys spending time outdoors, especially golfing or skiing. Jared also loves spending his summers with family and friends on the fresh waters of Lake Winnipesaukee.
MST, Taxation and Financial Planning, The Graduate School of Business at Bentley University
BS, Finance, Bentley University
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Lakeside Financial Planning - Advisor Insights
When you invest in a savings account, the bank pays out interest each month which is taxable to the account holder in the year the interest is paid. Conversly, when you invest in a Roth IRA all interest and dividends are tax free.
I would advise against rolling your accounts into a Roth IRA because of the tax implications involved. If you were to roll the 403(b) plans into a Roth IRA the entire amount would be included as taxable income on your tax return. You would be better served to roll your 403(b) plans into a Traditional IRA because this would not trigger a taxable event.
No. If you "roll" your IRA into a brokerage account it will be counted as a distribution and reported as income on your tax return.
1. It's a good way to attract high end talent to your firm
2. Employer contributions are tax deductible to the employer
3. They are staying compliant with IRS regulations
First and foremost I would recommend enrolling in your company sponsored retirement plan (401k) and contributing at least 10% of your income. If you can save above and beyond that, then I would recommend a Roth IRA because the distributions are tax-free. Looking into the future, from a cash flow and tax planning perspective, it's important to have funds in all three buckets; taxable (brokerage), tax-deferred (401k, IRA), and tax free (Roth).