2016/2017 Roth IRA and Traditional IRA Considerations

Which is best for you ? Maybe both should be part of your retirement plans. With Traditional IRAs and other pre-tax retirement plans the contributions may be tax deductible in 2016 and 2017. Your earnings grow tax-deferred until you withdraw them. Normally it should be best to withdraw Traditional IRA funds in retirement when you may have less income, and therefore pay less in taxes.

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2017 IRA Changes

There are very few changes from 2016 to 2017. In 2016 and 2017 both the Traditional IRA and Roth IRA contribution limits remain the same at $5,500. For those 50 and over the $1,000 additional catch-up provision remains at $1,000 per person.

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Medicare Supplements 2017

Let’s look at what a Medicare Supplement is. Well it is a Supplement to the Original Medicare program. Let us look at this idea a little further. For this review we are going to look at figures familiar for 2016. Since Medicare deductibles and cost sharing are still being reviewed by Congress for 2017.

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2017 Medicare Update

Congress has provided the figures for the 2017 cost sharing in the Original Medicare.
Since most folks have some other coverage options which help limit out of pocket exposure in the form of Medicare Supplement, Medicare Advantage, or Retiree health benefits, and in some instances Medicaid,. These figures are helpful to see….

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Affordable Care Act: Deadline Extended by IRS to Distribute 2016 Forms 1095-C & 1095-B

Friday November 18, 2016 the IRS issued Notice 2016-70. This notice delays the deadlines for employers and health insurers to distribute Forms 1095-C and 1095-B to their employees.

With this delay employee statements must be distributed no later than March 2, 2017 (previously January 31). The deadlines for IRS transmittals (Forms 1094-C and 1094-B) were not delayed. Forms 1094-C and 1094-B still must be submitted to the IRS by February 28, 2017 if in hard-copy; and by March 31, 2017 if in electronic format via AIR. As with this past year’s reporting, copies of all 1095-Cs and 1095-Bs distributed to employees are required with the IRS submissions.

To read more of this article click here.

Donn Sinclair

Donn Sinclair

Kristin Sinclair

Kristin Sinclair


Term Life Insurance

@Sinclair Financial Solutions we feature some of the lowest term life insurance rates available. Whether you live in Charleston SC, Rock Hill SC, Charlotte NC, or Wilmington NC we are just a click away from shopping rights to help you save money. We compare rates with 25 or more national insurance companies to find you the best policy on the best terms.

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Regarding Social Security 2017

Folks who are receiving Social Security will be seeing a 0.3% increase for 2017. That will benefit 65 million folks who receive Monthly Social Security and Supplemental Security Income. The 0.3% is a Cost of Living Adjustment (COLA). You have probably heard the term COLA which is an Acronym or an Abbreviated way of saying Cost of Living Adjustment.

This will be of interest as well, 2017 maximum earnings for Social Security tax withholding purposes will be $127,200. 173 million folks who are workers will pay into the Social Security system. This is one of the taxes you pay with tax withholdings from your pay check. For those that are Self-Employed the payment is usually paid quarterly to the Department of Revenue with your quarterly tax payment. Of the 173 million folks who will pay into the Social Security system in 2017, roughly 12 million folks will see their maximum going from the old figure of $118,500 to the new figure of $127,200. What does this mean; well most people do not earn a salary of $118,500 but would certainly be very happy to see their income increase to $127,200. Most of us would be happy to pay more taxes if it meant we were also making more money right??? We can dream right……

So how do these figures come into play for you later in life? Once you become eligible to receive your Social Security benefits you will receive benefits based upon the income you made; and the contributions you paid into the Social Security system in your working years. For folks who were high wage earners for many years this is what it could look like when it comes time to slow down a bit. Your full retirement age is 66 years of age and retires at age 66; it is possible that you could receive a benefit of as much as $2,687 monthly. If your full retirement age is 66 but you have decided that at age 62 it is time to start receiving benefits, it is possible that someone could receive as much as, $2,102 per month. Let’s say your full retirement age is 66 years, but you have decided to keep working, keep contributing, and you are waiting to receive your Social Security benefits when you turn age 70, you could potentially see a maximum benefit of $3,576.

But, what can you do now to get an idea of what your benefits would actually be, is to use the Social Security online program to get an idea of what benefits should be at various ages if you wanted to wait to receive benefits. Remember to set up your user name and password. This way you can get back into the system when you want to look at things again as time marches along.
If you decided you wanted to start receiving your benefits prior to full retirement age, and still work, then you may need to pay back some of your benefits if you earn above the
Retirement earnings test exempt amount. It is worthwhile doing some research and deciding with a calm head and thoughtful consideration prior to starting your benefits. When you know you still want to be a wage earner and you are under the full retirement age, and do not want to limit your earnings potential.

The average retired worker in 2016 was receiving a benefit of $1,355 per month and when they see their 0.3% COLA increase, they will be receiving a figure $1,360. If they are on Medicare as well, then they will pay more for their Medicare premium and their COLA increase will help to hold them harmless. So basically the government is covering the cost of their Medicare premium increase by providing the COLA or Cost of Living Adjustment.

Updated in Rock Hill SC
by Kristin P. Sinclair (803)329-0609
November 11, 2016


Retirement Income


SWANS: Objectives, Risks, Expenses, and Rewards

SWANS: Sleep Well At Night Stuff. You should carefully consider any savings and investment vehicle’s objectives, risks, expenses, and rewards. Not all savings and investment vehicles may be appropriate for everyone. Every individual is unique, has their own set of financial circumstances, and comfort level with saving and investment risk. Also, prior to any decisions or investing you should carefully read the available material to better understand the specifics of your selected savings or investment vehicle.

Kristin P. Sinclair
Updated in Rock Hill SC on November 1, 2016


Recent Rock Hill Real Estate Sales

1146 Allison Bluff Trail
Lakeside
Rock Hill, SC 29732
3 Bedrooms, 2 Baths
1,275 sq.ft. Heated(HLA)
Closed Price: $162,000
Closed: December 1, 2016
748 Land Fall Drive
Laurel Creek
Rock Hill, SC 29732
5 Bedrooms, 3.5 Baths
4,089 sq.ft. Heated(HLA)
Closed Price: $560,000
Closed: December 1, 2016
936 Hillcroft Place
Ragin Estates
Rock Hill, SC 29732
3 Bedrooms, 2.5 Baths
2,175 sq.ft. Heated(HLA)
Closed Price: $194,900
Closed: November 30, 2016
Click here to view more listings

Thursday December 1, 2016:
7 Day Outlook for Charlotte,NC & Rock Hill,SC:

Charlotte Tonight

Clear, with a low around 34. West northwest wind around 5 mph becoming calm after midnight.

Charlotte Friday

Sunny, with a high near 58. Calm wind becoming west 5 to 7 mph in the afternoon.

Charlotte Friday Night

Mostly clear, with a low around 33. West wind around 5 mph becoming light and variable after midnight.

Charlotte Saturday

Mostly sunny, with a high near 57. Calm wind becoming north northeast around 6 mph.

Charlotte Saturday Night

Mostly cloudy, with a low around 38. Light and variable wind.

Charlotte Sunday

A 50 percent chance of rain, mainly after 11am. Cloudy, with a high near 50.

Charlotte Sunday Night  Showers likely, mainly between 7pm and 4am. Cloudy, with a low around 39. Chance of precipitation is 60%.
Charlotte Monday

Showers likely, mainly after 4pm. Mostly cloudy, with a high near 56. Chance of precipitation is 60%.

Charlotte Monday Night
Showers likely. Mostly cloudy, with a low around 41. Chance of precipitation is 70%.
Charlotte Tuesday

Showers likely, mainly before 2pm. Mostly cloudy, with a high near 55. Chance of precipitation is 60%.

Charlotte Tuesday Night

Mostly cloudy, with a low around 41.

Charlotte Wednesday
Partly sunny, with a high near 59.
Charlotte Wednesday Night

A 30 percent chance of showers. Mostly cloudy, with a low around 45.


Internet safety while traveling

Whether you’re traveling for business or going on vacation you will most likely want to stay connected while going from destination to destination. Traveling and using your laptop or mobile device you face two main risks by using a hotspot/Wi-Fi. One is hackers having the ability to track your online movements through the network you’re using/logged on to. The second is by tricking you into using a “fake” hotspot, cybercriminals do this by offering the Wi-fi for free or impersonating the name of a legitimate hotspot.
You also need to take safety a measure in case your device is stole or becomes lost during travels. Make sure to set your devices to the highest security level, in case your device is stole your personal information is protected.
To read more and find tips click here