Monthly Tips
April 2023
TIP 1 Trust Accounts In a Bank Run
In a world with FDIC insurance, bank runs that cause bank collapses were thought to be a distant memory. With what happened in the last month, we see that the past may be prologue. One might wonder what happens to the trust accounts in the case of a bank failure. Read about that and more in our latest blog: Bank Failures Are Scary, But Trust Funds Are Always Secure.
https://gstrustco.com/about-us/why-garden-state-trust/
TIP 2 Tax Time
We may have a little bit of extra time to pay our taxes this year, because April 15th falls on a weekend and is followed by Emancipation Day on Monday. Thus, the deadline to file your federal tax return and pay any federal income taxes is Tuesday, April 18, 2023. This isn’t just the deadline for paying taxes though, it’s also the deadline to max out your IRA if you haven’t already for the 2022 tax year. The limit is up to $6,000, and $7,000 if you are 50 years or older and can make a catch-up contribution.
Don’t forget to be wary of IRS impersonators too, they amp up their efforts this time of year. The IRS will not call and demand immediate payment or request payment via a credit or debit card or gift card or cryptocurrencies, or threaten to bring in police or other agencies to arrest you for not paying. Do not give out any information when any caller claims to be from the IRS, and instead contact TIGTA to report the call. Use their “IRS Impersonation Scam Reporting” webpage. You can also call 800-366-4484 to report it.
https://gstrustco.com/wp-content/uploads/2023/02/gstc-2023-tax-facts-brochure.pdf
TIP 3 Financial Literacy Month
April is financial literacy month, which means it’s time to reach out and help others realize the lessons you’ve learned about your wealth journey. Take a moment to share your story with a child or friend.
Perhaps it would be something basic, such as how you started with a secured credit card in order to build your credit score, which went from nothing to the high 700s in 10 years.
Perhaps it will be about how you started investing in a 401(k) because of the employer match, or how you used to go to a club to discuss stocks with friends before there was so much information at your fingertips, or how you go about buying a car for best value.
Perhaps it won’t be about your success, but instead about your greatest failures, in order to prevent those, you care about from having to make those mistakes themselves.
If you don’t feel like sharing your story, but still want to promote financial literacy, share our stories instead. Tell someone about our blog, or monthly e-newsletter, and have them sign up.
https://gstrustco.com/resources/learning/
TIP 4 Aging Happily
Japanese people don’t hold the exclusive on longevity. In fact, NJ.com reports one of our own New Jersey residents, Vincent Dransfield, turned 109 last month. What’s his secret formula? He’s still cracking jokes, giving advice, and staying mobile. He said, “Just don’t stand still. The main thing is to get to know people and love them”.
The article also mentions the main trouble with living until your 109, and that is outliving many of the people you care about. Luckily, Vincent has a daughter, three grandchildren, and seven great-grandchildren. Many solo-agers (a rapidly growing category of people) don’t have the luxury of familial support. That doesn’t mean they can’t still get the support they need. Sometimes it means setting up a plan in advance, with an institution you trust. If you’re aging alone and are worried about what you can do, let us know and we’ll share the resources we’re aware of.
https://gstrustco.com/resources/seven-critical-questions-for-solo-agers/