Financial Planning

RETIREMENT & FINANCIAL SERVICES

Comprehensive Investment Management Solutions

Thank you for your interest in Mid Michigan Health Insurance Advisors LLC financial services. Our financial services division is Circle Of Life Financial Planning (COLFP), we are highly skilled experts available to help make your investment portfolio work harder toward achieving your goals. David Newbill is our Chief Financial Officer (CFO) of MMHIA, and resident expert of our financial services division. We are committed to providing exceptional investment management for our clients. Their approach to management of your investment portfolio includes the following:

  • A personalized investment strategy based on truly independent investment advice.
  • Active management of your investment portfolio, including changing asset allocations and investment directions as appropriate. We will regularly re-evaluate your portfolio and make changes as your personal goals, risk tolerance, and market conditions warrant. In management of IRAs and non-retirement accounts, we utilize a network with thousands of investment options.
  • Detailed, easy-to-read quarterly statements showing your asset allocation and account balances.
  • A quarterly review of the financial markets and our investment strategy, as well as our outlook for the months ahead.
  • Personal assistance on any questions regarding your portfolio, our investment strategy, or your personal financial situation.
  • A comprehensive Retirement Income Analysis, employer buyout analysis, and any other financial planning assistance as desired.
For more information concerning our retirement and financial services, click the toggles below or call us toll-free at 1 844 533-7432 Ext. 3.

FOR BUSINESS:

A simplified employee pension (SEP or SEP IRA) is a retirement plan that an employer or self-employed individual can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee's SEP IRA on a discretionary basis.1 Additionally, under the new Setting Every Community Up for Retirement Enhancement (SECURE) Act legislation, which was enacted on December 20, 2019, small employers will get a tax credit to offset the costs of starting a 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) IRA plan with auto-enrollment on top of the start-up credit they already receive.2 3 SEP IRAs often have higher annual contribution limits than standard IRAs.4 Fundamentally, a SEP IRA can be considered a traditional IRA with the ability to receive employer contributions. One major benefit it offers employees is that employer contributions are vested immediately.5
A SIMPLE IRA is a retirement savings plan that most small businesses with 100 or fewer employees can use. "SIMPLE" stands for "Savings Incentive Match Plan for Employees," and "IRA" stands for "Individual Retirement Account." Employers can choose to make a 2% retirement account contribution to all employees or an optional matching contribution of up to 3%. Employees can contribute a maximum of $13,500 annually in 2020; the maximum is increased periodically to account for inflation. Retirement savers ages 50 and older may make an additional catch-up contribution of $3,000, bringing their annual maximum to $16,500. One of the many major provisions, now law, under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the government will provide a maximum tax credit of $500 per year to employers who create a 401(k) or SIMPLE IRA plan with automatic enrollment.
The 401(k) plan has gained in popularity among small business owners ever since 2001 when some changes to federal tax law made it a better and more flexible choice for their needs compared to some other retirement savings options.
In fact, it now has its own acronym: the SBO 401(k) plan.
Important Note: The SBO 401(k) plan is for businesses whose only eligible participants in the plan are its owners.
A 408(k) account, commonly referred to as a Simplified Employee Pension (SEP) plan, is an employer-sponsored, retirement savings plan. The 408(k) plan is a simplified version of the popular 401(k) plan; however, it is intended for smaller companies, such as those with fewer than 25 employees.
The plan is also available to self-employed individuals. The plan allows employees to contribute pre-tax dollars to the account, thereby reducing their net incomes for the year. This results in tax savings for the contributor.

KEY TAKEAWAYS

  • A 408(k), also known as a Simplified Employee Pension (SEP), is an employer-sponsored retirement plan akin to the 401(k).
  • The 408(k) plan is available to companies with 25 or fewer employees.
  • Only employer contributions are allowed into the 408(k) plan.
  • 408(k) plans are available to self-employed people, who are subject to the same contribution limits as employers.
Just because you are a one-person outfit, a freelancer, or an independent contractor, doesn't mean you have to go without a retirement plan. If you are self-employed, you can set up a solo 401(k), also known as an independent 401(k) plan, on your own. Solo 401(k)s have some benefits over other types of retirement accounts.

KEY TAKEAWAYS

  • Self-employed individuals who meet certain requirements can set up a solo 401(k) to save for retirement.
  • This type of plan offers several benefits over other types of retirement accounts.
  • One of the main benefits is that contribution limits are typically higher than other retirement plans.
An individual retirement account (IRA) is a tax-advantaged investing tool that individuals use to earmark funds for retirement savings. There are several types of IRAs as of 2020:
  • Traditional IRAs
  • Roth IRAs
  • SEP IRAs
  • SIMPLE IRAs

KEY TAKEAWAYS

  • IRAs are tax-advantaged investing tools for individuals to earmark their retirement savings.
  • Depending on the individual's employment status, IRAs can be of various types and have different tax liabilities.
  • If you withdraw money from an IRA before age 59½, you are usually subject to an early-withdrawal penalty of 10%.
  • There are income limitations for contributing to Roth IRAs and deducting contributions to traditional IRAs.
  • Rules regarding maximum contributions and income limits for IRAs change each year.
Having adequate health insurance is the chief financial conerstone of any sound business, without appropriate coverage for illness and accident the financial burden is on the company owners and key employees shoulders. As part of your financial plan we look at how to make the cost of health insurance affordable and comprehensive

FOR INDIVIDUALS:

Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they're carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.
Investing should be easy – just buy low and sell high – but most of us have trouble following that simple advice. There are principles and strategies that may enable you to put together an investment portfolio that reflects your risk tolerance, time horizon, and goals. Understanding these principles and strategies can help you avoid some of the pitfalls that snare some investors.
Where will your retirement money come from? If you’re like most people, qualified-retirement plans, Social Security, and personal savings and investments are expected to play a role. Once you have estimated the amount of money you may need for retirement, a sound approach involves taking a close look at your potential retirement-income sources.
Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
Having adequate health insurance is the chief financial conerstone of any sound business, without appropriate coverage for illness and accident the financial burden is on the company owners and key employees shoulders. As part of your financial plan we look at how to make the cost of health insurance affordable and comprehensive

Open Enrollment
Nov 1st through Dec 15th

You will need a qualifying life event in order to trigger a Special Enrollment Period, meaning you will not have to wait to enroll during the Annual Enrollment Period beginning Nov 1st through December 15th. Click here for a detailed explanation of how the SEP works. Please keep in mind you have 30 days to apply for coverage from the date the life event occurred.
  • Loss of health coverage
    • Losing existing health coverage, including job-based, individual, and student plans
    • Losing eligibility for Medicare, Medicaid, or CHIP
    • Turning 26 and losing coverage through a parent’s plan
  • Changes in household
    • Getting married or divorced
    • Having a baby or adopting a child
    • Death in the family
  • Changes in residence
    • Moving to a different ZIP code or county
    • A student moving to or from the place they attend school
    • A seasonal worker moving to or from the place they both live and work
    • Moving to or from a shelter or other transitional housing
  • Other qualifying events
    • Changes in your income that affect the coverage you qualify for
    • Gaining membership in a federally recognized tribe or status as an Alaska Native Claims Settlement Act (ANCSA) Corporation shareholder
    • Becoming a U.S. citizen
    • Leaving incarceration (jail or prison)
    • AmeriCorps members starting or ending their service

Without adequate health insurance one catastrophic life event, can create financial hardship for an owner and it's employees, the beginning of good financial planning begins with having appropriate coverage, and it starts with understanding what your options are based on your current situation, just like financial products, tax laws and rules can play a part in reducing your cost and liability. It starts with experts in the fields of service for health, life and financial planning.

David Newbill

Medicare & Retirement Specialist

CPA® CFP®

E-mail: david@mmhia.com

EXTENSION 3

CONTACT ME


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