Your Medicare Supplement: There is a monthly premium – There is dependability !

by Kristin P. Sinclair on September 26, 2017

You are getting ready to become Medicare Eligible. Yes, Medicare does have a monthly premium for Medicare Part B for most Medicare Beneficiaries. You worked all of your life and paid your Social Security taxes, and your Medicare taxes. Now you are glad to hear, that you prepaid your premiums for Medicare Part A. Yes that’s right you have prepaid your Medicare Part A.

To learn more about Medicare Supplements click here.

Internet Safety While Traveling

Alena TurnerThese days, staying connected to the Internet while traveling is essential. However, traveling with your laptop or mobile device can present several major security risks.
Losing your device or having your device stolen are legitimate concerns while traveling.

Be sure to only bring devices that are necessary. The more devices you carry, the higher the risk that a thief can access your personal information. So before you travel, make sure to execute these steps on all of your devices (laptop, tablet, phone, etc.).
Before your trip
á Back up important data on your device. Then, remove all saved sensitive information such as passwords.
á Use complex passwords to ensure that your device is difficult to access if lost or

stolen. As an added precaution, do not reuse passwords or use passwords that resemble other passwords on any site or account you already have.
á While you are not using them, turn off all automatic wireless connection settings on your devices, including Wi-Fi, file-sharing, and even Bluetooth. Having these settings turned on enables hackers to quickly access your personal information while you are on the go.
á For optimal protection against hacking, make sure that you have adequate mobile security and antivirus software as well as the most updated operating system on all of your devices.
During your Trip
As you travel, you may encounter another major security risk—hacking. Hackers usually access your information when you connect to an unprotected wireless Internet c

onnection. So, make sure to connect to encrypted connections and stay on secure websites that start with https, not http. Also, routinely check for viruses or malware while on your trip and never allow a stranger to use your mobile device or connect a USB to your laptop.
The best way to ensure that hackers cannot access your personal information via your mobile devices is to have a data plan that provides reliable service at your destination. Using the cellular network through your data plan provides you with a secure connection that cannot be hacked.
When using your laptop, always access a virtual private network (VPN) when traveling for business. A VPN provides absolute privacy by creating a private network that en

crypts your communications when you connect to a public internet provider. Using a V

PN minimizes hacking opportunities.
You should avoid this method if at all possible, but if you do not have a data plan and you do not use a VPN, connect to public internet connections with caution. When connecting to any public Wi-Fi or hotspot, be sure that the Internet is not only a legitimate connection, but also that it is encrypted. Always verify the name of the internet connection and that it is encrypted with the manager of the establishment before you connect. In order to optimize safety, use networks that are password protected rather than a network open to the public. In addition, refrain from logging into personal or financial accounts while traveling. However, if necessary, use a hard-wired connection for added safety and open a private or incognito window so that none of your login information is stored. Al

so, be careful with the type of personal information that is emailed. Call or fax sensitive

(e.g. credit card) information instead of emailing. Never assume that a network is legitimate or safe.
After your trip
Do not forget to check your devices for viruses and malware that you could have acquired. Also, verify that none of your thumb drives or promotional software contains spyware.
Updated in Charlotte NC and Charleston SC

by Alena K. Turner
September 16, 2016

What are Medicare Supplements?

by Kristin P. Sinclair (September 18, 2017)
Medicare Supplements are policies sold by private insurance companies designed to pay many of the health care costs not covered by Original Medicare. Some Medicare Supplements will feature additional benefits; these are value added features. Gym memberships, fitness opportunities at the local gym, or training at home with self directed memberships, plus optical and pharmacy discounts. Some Medicare Supplement plan designs have coverage for Foreign Travel emergencies. Emergency foreign travel expenses may be covered with certain plan designs.

To learn more about Medicare Supplements click here.

SWANS: Objectives, Risks, Expenses, and Rewards

Your IRA decisions should not keep you up at night.  SWANS: Sleep Well At Night Stuff.  Carefully consider any savings and investment vehicle’s objectives, risks, expenses, and rewards before you open or add to your Traditional IRA.  Not all investment and savings vehicles are appropriate for everyone.  Each of us has our comfort level for our particular financial circumstances.  Prior to any decisions carefully read the available material so you better understand your choices. The peace of mind and good nights’ sleep you save may be your own!

Kristin P. Sinclair    A Accu Tax
Updated in Charleston SC on September 26, 2017

Are Distributions Taxable?

by Kristin P. Sinclair (April 12, 2017)
Roth IRA qualified distributions, or distributions that are a return of your regular contributions are normally not included in your gross income. Roth IRA distributions that you roll over from one Roth IRA into another normally also are not included into your gross income for that tax year. It may be that you must include part of other distributions into your income.

To learn more about Taxable Distributions click here.

Questions for Home Health Care Provider Interviews

by Donn J. Sinclair on September 26, 2017

When recovering from an injury or illness, your Medicare coverage and your Medigap or Medicare Supplement may pay some of the Home Health Care costs that you incur. When selecting a home care agency for you or a loved one, there are important questions to ask when interviewing home health care agencies.
Private duty home care – what year did the agency first offer that service ?

To read more Questions for Home Health Care Provider Interviews click here.

What is an Asset Allocation IRA?

Donn Sinclairby Donn J. Sinclair (March 30, 2017)
Asset allocation refers to the mix of investments inside your IRA portfolio. That is, how much of your IRA portfolio you invest in stocks, bonds, cash, and other asset classes. The IRA could be a Traditional IRA, IRA Rollover, Roth IRA, SEP-IRA, or SIMPLE-IRA. Your allocation should also consider your investments within each asset class and your temperament for risk.

To read more on Asset Allocation IRA’s click here.

Must You Withdraw or Use Your Roth IRA Assets?

by Kristin P. Sinclair (April 12, 2017)
The Traditional IRA rules Required Minimum Distribution (RMD) rules do not apply to Roth IRAs. That is as long as long as the Roth IRA owner is still alive. After the death of the Roth IRA owner, some of the minimum distribution rules that apply to Traditional IRAs, should at that time also apply to the decedent’s Roth IRAs.

Please note that your Roth IRA may not be used to satisfy your RMD from your Traditional IRA. Neither may you use a Traditional IRA distribution to satisfy any RMD from a Roth IRA.

To learn more click here.

2014 What is a SEP IRA?

by Kristin P. Sinclair (April 12, 2017)
The SEP IRA is an excellent low cost retirement plan for small employers to save for retirement on a tax-deferred basis. Eligible small employers may Kristin Sinclairhave just one employee. The plans are frequently funded with the same assets as Traditional IRAs.

Other SEP IRA advantages are that the setup is easy and low cost. Annual maintenance costs are low, and often less than $20 per employee. Contribution requirements are flexible and can be profitability dependent. These employer contributions may vary year to year, there are no requirements to make continued contributions, and the plan may be discontinued at pretty much any time.

To read more about SEP IRA’s click here.

When Can You Withdraw or Use Your Assets?

by Kristin P. Sinclair (April 2, 2017)
Normally you may withdraw your IRA Assets at your discretion. These withdrawals may be subject to any trustee or custodian early withdrawal charges. There are also IRS restrictions prior to age 59.5 which may subject your withdrawal to a 10% penalty tax.

To lean more about your IRA Assets click here.

What Actions Result in IRS Penalties or Additional Taxes?

by Kristin P. Sinclair (April 5, 2017)
There are definite tax advantages for using a Traditional IRA, and there are also penalties if the rules are not properly followed. There is the consequence of additions to regular income taxes when using your IRA assets to engage in prohibited transactions…

To read more of this article click here.

Earned Taxable Compensation

by Kristin P. Sinclair (March 7, 2017)
The IRS describes taxable compensation…

To read more on this article click here.

2017 Medicare Part D

by Kristin P. Sinclair (December 14, 2016)
2017 Medicare Part D is PDP or Drug coverage, and Medicare Part D has different stages. Some plans will have a deductible of $400.00 and then co-pays and co-insurance begins based upon your specific plans cost sharing formula. Some plans do not have a deductible which needs to be met, and those plans could have higher monthly premiums – or possibly some other format which helps to limit your exposure. Co-pays and co-insurance will apply until the true cost of the medications covered by the Part D plan have reached $3,700. Then you go into the Coverage Gap stage. Your cost sharing then is a 60% discount off the cost of name-brand medications in the formulary. With your cost sharing you pay the other 40% for your medications while you are in the coverage gap. This gap is often referred to as the donut hole. For generic drugs on the formulary you get a 49% discount. This means you pay the remaining 51% of the cost of your generic medication in the formulary while in the donut hole.

To read more of this article click here.

Considerations for Charitable Deductions

by Kristin P. Sinclair A Accu Tax(March 28, 2017)
If you donated money or items to a charity in 2016, then you may be able to claim a deduction on your federal tax return. You should consider the following about charitable deductions.

To read more from this article click here

How Much Can Be Contributed for 2016/2017?

by Kristin P. Sinclair (December 22, 2016)

For 2016 and 2017 the IRS allows you to make IRA contributions up to $5500, and those 55 plus may contribute up to $6500 for this tax year. Please note that there may be additional limitations on how much you can contribute to an IRA based on your income and any retirement plan participation by you or your spouse.

To read more of this article click here.

2016/2017 Roth IRA and Traditional IRA Considerations

by Kristin P. Sinclair (November 28, 2016)
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.

To read more of this article click here.

2017 IRA Changes

by Kristin P. Sinclair (November 28, 2016)
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.

To read more of this article click here.

Medicare Supplements 2017

by Kristin P. Sinclair (November 10, 2016)
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.

To read more of this article click here.

2017 Medicare Update

by Kristin P. Sinclair A Accu Tax (April 4, 2017)
The 2017 cost sharing figures for the original Medicare have been provided by Congress.  Many of us have some additional coverage which helps limit our out-of-pocket exposure.   This coverage may be a Medicare Supplement, Medicare Advantage, or Retiree health benefits, and in some instances Medicaid,. The following figures may be helpful to know….
To read more of this article click here.

Term Life Insurance

Donn Sinclair

Donn Sinclair

by Donn Sinclair (November 28, 2016)
@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.

To read more of this article click here.

Regarding Social Security 2017

by Kristin P. Sinclair (November 11, 2016)
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

Limited Time Offer – Fixed Rate… Retirement Income

Updated in Charleston SC on September 26, 2017

4.10% Year 1 and 3.10% Years 2-5

Between your first job and retirement, life-changing events such as: marriage, children, a new home, and college educations, may require different financial strategies. Then once you retire, your priorities may again shift to include: visits with children and grandchildren, more leisure activities, and leaving a legacy for your loved ones. Give us a call at (803) 329-0609, and let’s sit down and discuss some ways that may smooth out your retirement income.

Is an IRA Rollover for You?

IRA-Rollovers can maintain the tax benefits for your retirement plan assets. We will help you do the paperwork to safely send your funds from your 401(k) or other employer-sponsored retirement plan to your IRA without a tax consequence-or 10% penalty. IRA- Rollovers normally do not offer loans like 401(k)s. However, IRA-rollovers are normally subject to less rules and restrictions than many retirement plans, and enable you consolidate several accounts and simplify your paperwork.  We can sit down and discuss balancing current income needs with needed future income increases.

Sinclair Financial Solutions

329-0609 or

(800) 659-9713

331 E. Main Street

Suite #200

Rock Hill, SC 29730

Rates terms and conditions are subject to change without notice. This is a fixed rate annuity policy series ACLAN-005. Should you choose to continue the annuity after the five-year guaranteed period, the minimum rate guarantee is 1.00% for contracts issued in 2016. Credited rates effective 11/01/2016 and are subject to change without notice. Interest is credited daily on the initial purchase Premium, less withdrawals that exceed the cumulative amount of interest credited. Quoted rates do not reflect optional liquidity riders. If you choose to add any of the available liquidity riders the interest rate will be reduced accordingly. Early withdrawals may be subject to Surrender Charges and Market Value Adjustments. The IRS may impose penalties for early withdrawals from qualified plans. Contracts issued by Atlantic Coast Life Insurance Company. Not FDIC insured. Rates vary by state.

Wednesday, September 27, 2017:
7 Day Outlook for Charlotte,NC & Rock Hill,SC:

Charlotte Today

Sunny, with a high near 90. North northwest wind 5 to 8 mph.

Charlotte Tonight

Mostly clear, with a low around 68. North wind 3 to 5 mph.

Charlotte Thursday

Sunny, with a high near 89. North wind 3 to 5 mph.

Charlotte Thursday Night

Partly cloudy, with a low around 63. Calm wind becoming north northeast 5 to 7 mph in the evening.

Charlotte Friday Mostly sunny, with a high near 80.
Charlotte Friday Night  Partly cloudy, with a low around 60.
Charlotte Saturday  Mostly sunny, with a high near 77.
Charlotte Saturday Night  Mostly clear, with a low around 53.
Charlotte Sunday  Sunny, with a high near 74.
Charlotte Sunday Night  Partly cloudy, with a low around 53.
Charlotte Monday  Mostly sunny, with a high near 75.
Charlotte Monday Night Partly cloudy, with a low around 56.

Wednesday, September 27, 2017:
7 Day Outlook for Charleston, SC:

Charleston Today Sunny, with a high near 89. Light northwest wind increasing to 5 to 9 mph in the morning.
Charleston Tonight  Mostly clear, with a low around 73. West wind around 5 mph.
Charleston Thursday

Sunny, with a high near 90. Northwest wind 3 to 5 mph.

Charleston Thursday Night

Mostly clear, with a low around 72. Light and variable wind.

Charleston Friday

A slight chance of showers and thunderstorms. Sunny, with a high near 85. Chance of precipitation is 20%.

Charleston Friday Ngiht  Partly cloudy, with a low around 70.
Charleston Saturday A chance of showers and thunderstorms. Mostly sunny, with a high near 80. Chance of precipitation is 30%.
Charleston Saturday Night Partly cloudy, with a low around 65.
Charleston Sunday Mostly sunny, with a high near 77.
Charleston Sunday Night  Mostly cloudy, with a low around 65.
Charlotte Monday Mostly cloudy, with a high near 79.
Charlotte Monday Night  Mostly cloudy, with a low around 68.