New Federal IRA Laws - Tom Gucciardi

Mr. Tom Gucciardi, Founder of Global Financial Group explains the most current IRA or any Qualified account you own. Such as a 401 K. Please call 954-804-4381 with questions. ln December 2019, the federal SECURE Act was signed into law which amended several provisions regarding individual retirement accounts. The SECURE Act made the following changes:

lncreased Required Beginning Date: The SECURE Act increased the age triggering the required beginning date for IRA required minimum distributions (RMDs) to 72. This change applies to distributions required to be made after December 31., 2019, with respect to individuals who attain age 70 1/2 after that date.

"Stretch" RMD: Upon the death of an IRA owner, the individual beneficiary is required to draw down his or her entire inherited interest within 10 years. This rule applies regardless of whether RMD had begun before the owner's death. This change applies generally with respect to deaths after 2019.

EDB Exception: The above lo-year rule does not apply to any portion payable to an "eligible designated beneficiary" (EDB) if (1) that portion will be distributed over the beneficiary's life or a period not exceeding his or her life expectancy and (2) those distributions begin within one year of the death. An EDB means a designated beneficiary who is:

o The surviving spouse o A child under the age of majority 

o Disabled or chronically ill 

o Any other person who is not more than 10 years younger than the IRA owner.

The new law does not change the ability of a deceased IRA owner's spouse to treat the IRA as their own, but the new rules will apply upon the surviving spouse's death.

 BENEFITS OF SINGLE PREMIUM WHOLE LIFE INSURANCE-THOMAS GUCCIARDI

As the founder of Global Financial Group, Tom Gucciardi will go into detail the benefits of a Single Whole Life Contract.

1. leave a legacy behind to your beneficiaries.  If you are age 45 to 80 you may have funds that you do not plan on spending in your lifetime.  In this case a Single Premium Whole Life Contract will leave a tax-free legacy to your loved ones. One premium and you are done. No risk and full guarantees.

2. The underwriting (getting approved) is very simple, meaning all you have to do is speak with Tom Gucciardi at 954-804-4381.  Many insurance companies do not require any blood work or a nurse to visit your home.  A simple 15-minute phone conversation will get you approved.

3. The death benefit is massive compared to your initial deposit.  For instance, as of Dec 2021 a $100,000 single deposit for a female 65-year-old nonsmoker will get an immediate tax-free benefit of approximately $175,000.  That is an immediate 75% increase of tax-free money to your loved ones.  Nicotine users are eligible also.  Call Thomas Gucciardi at 954-804-4381.

4.  In ten years your guaranteed cash vale will be equal to your initial deposit in most cases.  You will be provided with a straightforward illustration.  So, if you do not pass away you may get your initial deposit back.  Free life insurance for 10 years.  After approximately 10 years, tax issues may come into play if you withdraw funds as this will be a M.E.C contract. All gains in your cash value over your initial deposit are subject to taxes.  (More on that to come in a future article.)  Or call Tom Gucciardi at Global Financial Group at 954-804-4381.  

5. A Single Premium Life Insurance contract is perfect for a person who wants a simple issued contract, large tax-free benefit.  It is designed for funds you do not plan on spending in your lifetime.

6. leverage your money with the guarantee of a tax-free death benefit.

Call Thomas Gucciardi at Global Financial Group at 954-804-4381

https://GlobalFinancialGroup.com/

Thomas Gucciardi 954-804-4381

New IRA Tax Laws- Tom Gucciardi

 Written by Tom Gucciardi, 02/21/2021

Website: https://globalfinancialgroup.com/

Important law changes to anyone leaving Qualified funds (IRA, etc.) to any beneficiary

The major changes of the SECURE Act Passed in Dec, 2020 are:

1. All funds in a qualified plan (IRA) may be left to the beneficiary, but it must be withdrawn over a ten year period in their lifetime. Stretch IRA's , a common term that was used so your beneficiary may pay the tax over their lifetime is over.  Please Call Tom Gucciardi: 954-804-4381 to discuss options to leave your IRA Tax Free to your beneficiaries.

2. The current owner of an IRA may wait until the age of 72 to start taking RMD's. (Required Minimal Distribution)  The problem with this tactic is it creates more taxes for your beneficiaries. 

The answer is to call Tom Gucciardi : 954-804-4381 and learn how to convert your IRA into a tax free single premium life contract.

The first important new law impacting retirement distributions in over a decade was enacted on December 20, 2019 as the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act of 2019”). The Act provides certain beneficial income tax changes for individuals who turn 70½ in 2020 and beyond, but it also imposes harsher tax consequences on non-spouse beneficiaries (such as children and grandchildren) who inherit a retirement account from someone who dies after January 1, 2020.

Call Tom Gucciardi -954-804-4381

On the positive side, the Act increases the age when an individual must begin to take required minimum distributions (RMDs) to age 72 (from age 70 ½).  This change is effective for any IRA owner who turns 70½ in or after 2020.  This will enable individuals to defer distributions (and the taxes due) until age 72.

If an individual turned 70½ in 2019, he or she must take the RMD for 2020 and following years (unless there is further IRS guidance on this in 2020).

The Act also eliminates the maximum age limit for contributions to a traditional IRA if the individual is still working and has earned employment income.  Previously, no contribution could be made to an IRA after age 70½.

The foregoing positive changes for taxpayers under the Act are offset by a significant adverse income tax consequence to a beneficiary who inherits an IRA  after January 1, 2020 — if that beneficiary is not the surviving spouse (e.g. a child or grandchild). For these so-called inherited IRAs, the maximum time frame for withdrawing distributions is 10 years after the IRA owner dies. Under prior law, the RMDs could be “stretched“ over the life expectancy of the beneficiary.  This change means that income taxes paid on those RMDs by the beneficiary will be accelerated during that 10-year period (and the IRS will collect tax revenue a lot sooner) and the tax-free growth of the inherited IRA will last only a maximum of 10  years, instead of the beneficiary’s lifetime.

Thomas Gucciardi 954-804-4381 Global Financial Group

Tom Gucciardi - My Creed To Live By.

I wrote this creed in 1995.  It has been my guiding light for my Family, Business and Employees.  Tom Gucciardi

Our Creed-Thomas Gucciardi

The Global Financial Group core beliefs will impress upon its agents, employees and Customers, honesty and fairness in all of its business dealings.

We offer our clients competence, diligence, and good judgment.

We utilize compliant marketing material from the carriers we represent as well as the State we are conducting business within.

We will only conduct business that benefits our clientèle.

We will continually show respect to Customers,  fellow agents & employees.

We will utilize fair marketing practices with the intention of educating our clientèle.

We understand and agree that a personalized and caring nature towards our clientèle is the first responsibility we have to our clientèle. We will service our clientèle to the best of our ability.

We offer fairness, integrity and civility as etiquette for correct business and personal relationships.

We will strive to make our personal lives and business activities an example for others to emulate and a source of pride for our families and community.

We hold all individuals' rights to self-determination, privacy and personal dignity to be authentic.

We believe ethical behavior is a matter of spirit and intent as well as a matter of law.

We believe honesty and integrity is characterized by open and truthful communication.

These principles shall be the guiding light for all.

Thomas Gucciardi, Founder

954-804-4381

TG@GlobalFinancialGroup.Com

Benefits Of A Fixed Indexed Annuity, 30 Year Expert Tom Gucciardi

Today, I, Thomas Gucciardi, Founder of Global Financial Group , will give types on simple facts about a Fixed Indexed Annuity.  Call Tom Gucciardi at 954-804-4381.

WHAT IS A FIXED INDEXED ANNUITY?

A fixed indexed annuity (FIA) is a contract between you and an insurance company. similar to a CD at the bank, which is a contract between you and the bank.  FIAs offer the opportunity for tax-deferred growth based in part on changes in a market index, plus the option to convert your annuity into a steady, guaranteed, lifetime income stream, all while protecting your hard-earned principal from the uncertainty of market volatility.

When purchasing a FIA, you agree to pay for it in either a single lump sum or multiple payments over time. In return, the insurance company takes the risk of market downturns to protect your annuity value and also promises to make payments from the annuity to you in a single payment or series of payments, over a fixed number of years.

Money in an FIA earns interest based on changes to the index. Annual interest is calculated using a unique formula based on changes in the performance of stocks (S&P, Dow Jones, NASDAQ), bonds (Capital Markets Bond Index), or commodities (CBUE). The index is used as an external benchmark – you do not actually invest your funds in it. All contracts are different, so call Thomas Gucciardi.

Call Thomas Gucciardi at 954-804-4381

HOW A FIXED INDEXED ANNUITY WORKS?

Generally, fixed indexed annuities (FIAs) have an interest rate floor, which is the minimum interest that will be credited each period – typically 0%, a participation rate, which is the percent of an index that will be used to calculate interest crediting, and/ or a cap, which is the maximum interest that will be credited. Together, the interest rate floor, participation rate, and cap determine the amount of interest you earn. Your interest earnings rate will always remain somewhere between the floor and the cap. It will not rise above the cap, even if the index goes higher. Conversely, it will never fall below zero, even if the index declines in value. In fact, the value of your money will never decline due to market loss for as long as it is in the FIA, although it can increase with a rising index.

Sound confusing?  It is really a simple concept. Plus a low risk retirement product with guarantees. Income for life is one of the many options you have. Call Thomas Gucciardi at 954-804-4381

If you withdraw your money from an FIA before an index terms ends, the annuity may not add all the index-linked interest for that term to your account. Additionally, like many long-term financial products, like CDs or mutual funds, FIAs have a surrender fee for early withdrawal, the terms of which depend on your contract.

Contracts generally allow you to withdraw 10% of your money without a penalty( read your contract) Therefore, 10% a year is very liquid for many people.  Just think , if you withdraw 10% of all your money and spend it...it will be 50% gone in 5 years.  You may also reinvest the 10% each year.  You must know all tax ramifications.

Tom Gucciardi, Founder of http://globalfinancialgroup.com/

954-804-4381

Leave A Tax-Free Legacy To Your Family. Thomas Gucciardi

My name is Tom Gucciardi.  CEO and Founder of Global Financial Group.  I pride myself in having taught over 5,000 financial representatives in my life.  I also have over 500 million dollars under management.  My goal is to teach each family to avoid taxes and probate.(among other import items , such as 'risk")   It is a simple phone call 954-804-4381.

First, you can’t take the wealth you’ve accumulated with you (Leave it TAX FREE)   One of the reasons many look to build a strong financial portfolio, is to be able to ensure their loved ones are taken care of after they’re gone.

Second, no one wants to be a mess for those they care about to sort out – or worse, take on – when they leave this earth. Let myself Tom Gucciardi be the man and professional  to assist you.  I will put a book together for you.  I call it the "Bible for your children"  Upon death, the book is there to leave a tax free plan for them to inherit.   Furthermore, most people would hate to think their heirs had to deal with critical decisions, financial quandaries, or even dividing possessions, at a time when they will be grieving as well.

The best way to accomplish this is to call Thomas Gucciardi at 954-804-4381.  

Here are just some of the benefits of estate planning that you get to experience in the present:

• In considering your estate plan, it’s natural to clear up the ‘clutter’ in many areas of your life. Relationships are contemplated and considered as you decide who will do what and who will get what when you’re gone. Frequently, this puts those relationships into new perspective and can be beneficial in strengthening them now—or in mending those that might need some repair.

• Your wishes are solidified and made known in writing. Consequently, you have the peace of mind that comes along with knowing that your ‘affairs are in order.’

• You get to have a say in who will take care of any children and even how you would like that done. This usually lends itself to conversations with Godparents and other family or friends. Thus, you can make sure any decisions you have made are truly a good fit for you and your kids or even other family members.

• It prompts you to re-assess and re-evaluate assets and investments now, in a different light, considering or reconsidering what you will leave for those you love. In doing so, you may identify things you can – or should – change now to establish what you want to happen in a future with or without you in it.

Call Tom Gucciardi at 954-804-4381

YOUR FINANCIAL PLAN FROM AGE 18 UNTIL DEATH-THOMAS GUCCIARDI

My name is Tom Gucciardi.  This is good information for every American to focus on.  The last thing any of us want is money stress.  Credit card bills out of control.  To high of a mortgage.  We all want to live the American dream.  It all starts after High School .

Thomas Gucciardi presents:

The three phases of your financial life are the accumulation phase, preservation phase, and distribution phase. Your entire work life is typically spent in the accumulation phase which directly impacts the beginning of the preservation phase and can significantly impact the outcome of your distribution phase as you move into retirement. This is why it has become more important than ever to ensure that you are making the right choices throughout these three stages.

The Accumulation Phase-Thomas Gucciardi

Save, save, save. Beginning with your very first job and continuing throughout your entire working life, the accumulation phase consists of all the saving you have done during that time. Start with a small amount of weekly money aside.  Even if it is only $20.00.  Start an account with a financial institution you can trust, that has low risk. Call Tom Gucciardi at 954-804-4381 for ideas.  I like Fixed Indexed Annuities.  They are issued by Insurance Companies only.  Hence the word insurance.  Your principle is guaranteed.

The accumulation phase is the longest phase for most, and it includes all the blood, sweat, and tears you shed while working late nights, missing out on family events, or working long days and overtime. Think about every job you have ever had; what you save or could have saved throughout this phase adds up as fast as time goes by. Not to mention how much of an impact all that saving will have on the road ahead. The guarantees of a Fixed Indexed Annuity will give you peace of mind that your money will be there when you retire.

If you simply save $100 a month, after one year your up to $1,200. Do that for 30 years, you’re up to $36,000. Plus growth ! Depending on the method you use when saving and if you take advantage of percentage returns that come with 401k plans, or other retirement accounts, that number could potentially skyrocket to upwards of $90,000 to $100,000 depending on the type of account. The earlier the better, but it is never too late to start. How much you save during this time directly affects your preservation phase and the options you might have as you close in on retirement.

The Preservation Phase-Tom Gucciardi

This phase consists of everything you do when you begin to prepare and transition from your work life into retirement. You can think of this as the clock winding down on a sporting event. In the beginning of the game, teams make risky moves and do what they can to get ahead as the game plays on. The preservation phase is the portion of the game, when the clock is counting down on the final minutes of play. Teams stop with risky plays and only make smart, precise decisions that can ultimately affect the outcome of the game, or in this case, your upcoming retirement.

While in this phase, you will want to regularly evaluate your financial plan to ensure that it aligns with your retirement goals. Guaranteed Income for Life. The lower the risk, the better in my 30 plus years of experience. Don't have your life savings wiped out by being greedy.  Your retirement portfolio is evolving, do what you can to help ensure its evolution is for the better while assessing your risk tolerance and preserving what you have worked so hard for.  Call Thomas Gucciardi at 954-804-4381 for assistance.

The Distribution Phase-Tom Gucciardi

The time for retirement has arrived. Your working days are over, and you no longer can depend upon that weekly or bi-weekly paycheck.  At this time your Fixed Indexed Annuity with all of its guarantees is perfect.  You have now entered the distribution phase and how you choose to distribute your money can often have a lasting effect on how long it lasts. Researching and investing in the right financial products as well as speaking to a Insurance advisor like myself, Thomas Gucciardi,  can help you create a plan to best fit in line with your goals. Often times choosing the right products can help ensure that you receive the most income from your assets without significantly reducing your principal. It is suggested that the income received during retirement is divided into two main categories, “paycheck” and “play-check.” The purpose is to ensure that your expenses are covered every month without the added stress of setting aside part of your income for expenditures. For most, retirement incomes are typically lower than your previously earned weekly paycheck. Which is why, it is recommended to do a trial run of your monthly spending with a fixed budget at your expected retirement income. 

Get Guaranteed Life Income is my Advice.

Thomas Gucciardi