Joe Jaspers's Loose Change Newsletter

Joe Jaspers, CFP^®

Vice President, Wealth Management

Carolinas Telco Capital Advisors

Located at Carolinas Telco FCU

9813 South Blvd, Suite 101

Charlotte, NC 28273

Phone: 704-391-5600

Toll Free: 800-622-5305, ext. 2608

Fax: 704-556-1652

Email: joe.jaspers@lpl.com

November/December 2020

Dealing with Uncertainty

Knowing that market volatility is inevitable is one thing, but when it actually happens, remaining calm and staying focused on the long term is a different thing. That’s when it makes sense to revisit these basic long-term investing principles:

New Charitable Giving Incentive

During the COVID-19 pandemic, Congress recognized the need to boost charitable contributions. So, they included a section in the CARES Act to encourage Americans to open their wallets to those in need.

The Need for Long-term Care

Everyone values their independence, but sadly, as we get older or experience medical setbacks, we may need help with daily living tasks. According to the Department of Health, 7 out of 10 people turning 65 today will need long-term care during their lifetime and 20% of those will need care for five years or longer.*

Avoid Tax Surprises in Retirement

Too many people underestimate the effect of taxes on their retirement income. But with proper planning, there may be ways to help reduce your tax exposure.

Safe Deposit Box Tips

Safe deposit boxes are one way to keep valuable documents and other items safe offsite.

Does Delaying Social Security Make Sense for You?

Did you know that every year you delay starting Social Security benefits increases your eventual monthly check by 8%, in most cases.* If you get your full retirement benefits at age 66, waiting until you are 70 will increase your monthly benefit by 32%.

Widowed Parents and Taxes

Life can be turned upside down in a minute. A sudden car accident could result in someone becoming a widow(er). That type of event changes everything, including your tax filing status. It is especially difficult for parents of minor children. Here’s a brief overview of what any recently-widowed parent should know.

Tax Tips for Recently Widowed

6 helpful tax tips for recently widowed.

Bunching Deductions

The Tax Cuts and Jobs Act doubled the standard deduction, which affected many people who had few deductions because they are better off taking the standard deduction.

Year-End Tax Saving Strategies for Business Owners

As the year draws to a close, it’s time to maximize your current year tax deductions and other tax planning opportunities. Here’s a brief checklist of moves you can make now to help reduce current or future tax exposure:

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