Thomas J. Marron
  Income for Life Coach

How can you make The CARES Act work for YOU?

The CARES Act is working for many Americans.
"Corona Virus Aid, Relief, & Economic Security Act"
Is providing over $2 trillion of economic assistance to businesses and millions of Americans through the "Economic Assistance Payments," "Paycheck Protection Program," "Payroll Support Program," "Tax Credits," etc.

How can you make it work for you?
You may be able to access to up to $100K in your retirement savings accounts on a tax favored, penalty free basis. This unique opportunity is a "Corona Related Distribution." (CRD) If you are a
qualified individual, you have a window of opportunity to:

  • withdraw up to $100,000 from your IRA, 401(k) or other retirement account
  • eliminate the 10% early withdrawal penalty if you are under 59 1/2 years of age
  • AND, take three years - 2021, 2022, 2023 - to pay the taxes

The IRS clarifies that the $100,000 is an aggregate limit for ALL plans (you cannot take $100,000 from each plan i.e. $100,000 from a 401(k) and another $100,000 from an IRA). Yes, your withdrawal is taxable. However, the IRS is giving you three years to pay your taxes - 2021, 2022, 2023! One-third each year. This is unprecedented. This opportunity ends December 31, 2020.

If that's not enough, there's more. The IRS is giving you three years to change your mind, redeposit your withdrawal, and thereby pay no taxes at all on this money. This redeposit option is also unprecedented and gives you even greater control, choice, and flexibility to manage your taxes efficiently. What if the markets are down 20%, 30%, 50% at some point over the next three years and what if you had the option to redeposit your money so you can buy the market when it is "on sale?"

Each of these new rules, may offer opportunities for you to improve your present financial position. If you believe that you are a person who wants to make your money work harder and, at the same time, give you greater liquidity, use, and control, this may be for you. If you want, or need, to take control of your market risk or tax risk, then you may want to take a closer look. If you could elimiate market risk or tax risk, which would you choose? If you could eliminate both, how would that make you feel?

Professional financial guidance is available to help you explore those possibilities. Contact me to set up a call or zoom meeting to see how you may be able to make The Cares Act work for you.  .

In fifteen minutes, you will know if the CRD may an opportunity for you. You may reach me at: 401-885-2111 (O); 401-529-7177 (M); (e).

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The Chinese use two brush strokes to write the word "crisis."
One brush stroke stands for danger; the other for opportunity.
In a crisis, beware of the danger - recognize the opportunity.

- President John F. Kennedy

Crisis: Danger & Opportunity - ELGL

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Why is "Income for Life" our highest priority?

Income is the first and foremost financial focus for the individuals I serve. This income focus gives us a clear objective, calls for our total commitment, and creates a compelling "reason why" we do what we do. In a world dominated by "asset allocation" we have taken a road less traveled - "income allocation" - to reach our destination. We work together to protect and grow the income needed for the quality of life each person desires and deserves. It's all about Income for Life!

At the bottom of the dotcom crash in 2002, millions of Americans had just lost nearly half of their retirement savings. Their futures became uncertain.
Their retirements postponed. Their dreams placed on hold. How could so many have been so unprepared - after the longest bull market in history? More than a dotcom crash, this was a family financial crisis.

People needed help, and hope. They needed strategies to rescue and recover, protect and grow their financial future. In the summer of 2002, I entered the financial services profession. "Why," my friends asked, "This must be the worst possible time!" Perhaps, I could be part of the solution. Perhaps, I could help rebuild some of those hopes, dreams, and plans. What if I could offer financial tools and resources so people would be better prepared next time? Of course, I could. So, I began.

During the 2008 financial crisis, my clients were ready. Their lifetime incomes were secure. Their lifetime savings were safe. Their dreams and hopes intact. Their families protected. Their futures bright.

I have the privilege and responsibility of working directly for a special group of individuals and families who are committed to building the financial security and freedom essential for the quality of life they desire and deserve. Each day, I commit myself to earning their trust and fulfilling my fiduciary responsibility. As an independent advisor, I do not work for any company.
Making a positive difference in the lives of my clients and their families is deeply fulfilling. Working one-on-one to custom design action plans that focus on their highest priorities is my job. Their financial success is my goal. I love what I do.

To identify each person's unique goals, challenges and concerns, I listen to understand. Together, we build a foundation of financial fundamentals that make educated decisions possible. We co-design a plan with strategies that are in their best interests and will take them from where they are to where they want to be. With a whole-hearted commitment to "making it happen," we begin.

Our action plan is the starting point. Now, there is more work to do. Charting progress, updating goals, and improving strategies are critical to our progress and ultimate success. Communication lines are always open. I am available to those I serve.

Because income for a two-person, three decade retirement must be reliable, predictable, flexible, and tax efficient, income planning is critical and challenging work. The results impact every aspect of our lives and the lives of those we love. Transforming those challenges into opportunities is what we do.

While money is not everything, it does seem to influence almost everything. For that reason, our comprehensive approach to financial planning includes strategies to protect the family, build wealth, manage taxes, leave a legacy, preserve the estate, and make a difference in the community.


What is the Bottom Line?

Are you prepared . . . for a two person, three decade retirement?
Find some answers in fifteen minutes.

Call for your personal "Income for Life" Check-up!

It's quick, simple, and easy, No cost. No obligation. Text, email, or call to save your date.                   401.529.7177  (text)                      401.885.2111  (call)

If not now, when?

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