Paul Allen on Managing your Retirement Plans

Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James.  This information is intended to be educational and is not tailored to the investment needs of any specific investor.  The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.  Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Paul Allen on Hidden Assets in No Man’s Land

Dear WSP Family & Friends,

Do you have a strategy in place for your “no man’s land” assets? When we sit down with families during their financial planning meetings, one of their biggest challenges and frustrations is trying to find their assets in “no man’s land.” These may include retirement plans from previous employers, old brokerage accounts that don’t have an established advisor or an active 401(k) that’s not receiving advice.

Almost all of us have assets in “no man’s land” waiting to be claimed. This month, we challenge you to review and consolidate these assets to ensure they are managed efficiently and strategically as part of your overall financial plan.

Sincerely,
Paul Allen, CFP®, MS
President and CEO, Wealth Strategies Partners



Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James.  This information is intended to be educational and is not tailored to the investment needs of any specific investor.  The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.  Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Ask an Advisor: Compounding Interest

April showers bring May flowers… This age-old adage not only speaks to the natural cycle of growth but also holds valuable lessons for personal finance. Just as the rain nourishes the soil for future blooms, the concept of saving nurtures financial stability and growth. While saving may seem like a simple act, its impact is profound, especially when coupled with the power of compounding interest.

Saving isn’t merely about crunching numbers; it’s an emotional investment in one’s future security. Many individuals often ponder the “what ifs” of needing money unexpectedly. However, by understanding the principle of compounding interest, the importance of consistent saving becomes evident. The magic number here is 72 – a quick calculation to determine how long it takes for an investment to double at a given interest rate. This simple concept can be a game-changer in financial planning.

It’s crucial to impart this wisdom to younger generations. By teaching children and grandchildren about the power of saving early, we equip them with essential financial literacy skills. Even if they can only set aside a small amount each week, the impact over time is significant.

Let’s embrace the spirit of April and sow the seeds of saving!

Sustainability and Innovation: A Visit to Taylor Farms Manufacturing Plant

Recently, WSP team members Danielle Spence, Dalton Harris, and Caleb Boy visited the Taylor Farms manufacturing plant located in Smyrna, TN – Rutherford County’s second largest employer. Their visit provided much insight into the intricate processes of one of the nation’s leading providers of fresh salads and produce.

As our team delved deeper into their operations, one statistic stood out: a staggering one-third of the United States consumes Taylor Farms salad products. This underscores the company’s expansive reach and its integral role in shaping the nation’s food habits. The company can reach 16 states and over 50% of the nation’s population in a single day’s drive!

The plant’s scale is massive and awe-inspiring. Each week, Taylor Farms receives a whopping 5,000,000 pounds of raw material alone. This speaks volumes about the demand for fresh, quality produce in today’s market, and with great quantity comes great responsibility. Taylor Farms is acutely aware of its environmental impact.

One particularly commendable aspect of Taylor Farms’ operations is its commitment to sustainability. Within the plant, our team learned that approximately 100,000 pounds of food waste are generated weekly. However, rather than letting this excess go to waste, Taylor Farms has implemented a proactive solution. Local farmers are paid to collect this surplus, daily, ensuring that it doesn’t end up in landfills. It’s a symbiotic relationship as the waste becomes feed for livestock.

Speaking of feed for livestock – one of our favorite facts from this tour involves the surprising behavior of cows. Did you know that cows will actively search for onions among piles of waste? Just like humans, the onions make them cry, too!

Many thanks to Brian Thure, President of Taylor Farms Tennessee, for this incredible experience! His favorite salad? The Dill Pickle Chopped!

Paul Allen on the Importance of Limiting Your Tax Bill

Maximize Your Retirement Contributions to Minimize Taxes

Hello, Wealth Strategies partners, friends, and families! I’m Paul Allen, the President and CEO of our firm. As we gear up for the impending tax season, I want to share some valuable insights on how you can optimize your financial strategies to minimize your tax bill while maximizing your wealth-building potential.

At our firm, we are dedicated to, first and foremost, making you money and minimizing your tax liabilities. With tax season in full swing, now is the perfect time to focus on both fronts.

First and foremost, let’s talk about retirement contributions. One of the most effective ways to reduce your tax burden is by maximizing your contributions to retirement accounts. By doing so, not only are you helping to secure your financial future, but you’re also taking advantage of valuable tax benefits.

In 2023, individuals are eligible to contribute up to $6,500 to their Individual Retirement Account (IRA). If you’re over 50, you can make an additional catch-up contribution of $1,000, bringing your total to $7,500. These contribution limits also apply to Roth IRAs, with some income restrictions to consider.

For single tax filers, phase-out begins if your income exceeds $138,000, while for joint filers, the threshold is $218,000. It’s crucial to be mindful of these limitations to ensure you maximize your contributions effectively.

But that’s not all. If you’re an entrepreneur or self-employed individual, don’t overlook the significance of a SEP IRA (Simplified Employee Pension Individual Retirement Account). This retirement option offers substantial tax advantages for small business owners and the self-employed.

In 2023, the contribution limit for SEP IRAs is $66,000 or 25% of your income, whichever is less. By maximizing your contributions to a SEP IRA, you can significantly reduce your taxable income while simultaneously bolstering your retirement savings.

As we navigate through March, I challenge each of you to seize this opportunity and prioritize your retirement contributions. It’s essential to view these contributions not only as a means of helping to secure your financial future but also as a strategic tool for minimizing your tax liabilities.

Remember, when it comes to wealth-building and tax optimization, every dollar saved counts. Let’s make the most of this March challenge and set ourselves up for financial success in the years to come.

Thank you for entrusting us with your financial well-being, and remember, we’re here to help you every step of the way.

Sincerely,
Paul Allen, CFP®, MS
President and CEO, Wealth Strategies Partners



Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James.  This information is intended to be educational and is not tailored to the investment needs of any specific investor.  The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.  Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Happy International Women’s Day! 

Happy International Women’s Day! Today, we join the world in celebrating the remarkable achievements and contributions of women across all walks of life. At Wealth Strategies Partners, we take this moment to recognize and honor the phenomenal women who play pivotal roles in steering our ship toward success.

Heather Beckwith, our Chief Operating Officer, brings an unparalleled level of dedication and strategic thinking to the table. Her leadership has not only shaped the operational backbone of our organization but has also inspired her colleagues to reach new heights.

Julia Hoskins, our Vice President of Operations, is a driving force behind the seamless functioning of our team. Her ability to navigate complex challenges and foster a collaborative environment has been instrumental in maintaining our high standards of service.

Danielle Spence, our esteemed Wealth Advisor, is committed to empowering our clients on their financial journeys. Her expertise and client-centric approach have not only strengthened our relationships but have also paved the way for successful wealth management strategies.

As we celebrate International Women’s Day, we extend our heartfelt gratitude to Heather, Julia, Danielle, and all the incredible women who contribute their talents, insights, and passion to our organization. Your leadership is invaluable, and the impact you make resonates not only within our team but also with our clients and the wider community.

Thank you, Heather, Julia, Danielle, and all the phenomenal women on our team, for your dedication, leadership, and the myriad of ways you make us a stronger and more vibrant wealth management practice.

#InternationalWomensDay #Leadership #WealthStrategies