Monthly Tips August 2023

Monthly Tips

August 2023


TIP 1 IRS Visits

“It’s the IRS here for a surprise visit”. This statement was already rare, but it’s just become even rarer with the announcement that, except for extremely limited cases, the IRS will stop showing up for in-home visits. Instead, they will send letters requesting that a person make an appointment should there be an issue to resolve. This makes it safer both for the IRS revenue officers, and for the people they are visiting.

IRS impersonator scams are likely to get even more personal with the advent of AI that could potentially do some of the leg work for the scammers, though some safeguards are being programmed to prevent criminal actions. One good rule of thumb to keep in mind – The IRS will never request payment via gift cards or crypto-currency.


TIP 2 Creating a Steady Income Stream For Retirement

Save. Save more. Save even more. Eventually, those words will change.

It’s time to retire, and start spending instead of saving, but some retirees feel uncomfortable with the transition, and are never confident that they’ve saved enough. In fact, in some studies failing to save enough for retirement is the number one retiree regret, and the number one worry is running out of money.

In our latest blog post, read about the basic steps when it comes to retirement income planning, and what investors should consider when they become retirees: Creating a Steady Income Stream For Retirement: Creating a Steady Income Stream In Retirement


TIP 3 Top 1% of Earners

Everyone may want to be at the top of the earning pyramid, but it wouldn’t be a pyramid unless the top was very small. SmartAsset recently compiled data to see what it would take to be in the top 1% of earners in each state. In the Garden State of New Jersey, those in the top 1% earn an annual household income of $817,346. You could be in the top 5% for a more reasonable $333,114 annual income. For those in the Keystone State of Pennsylvania, those in the top 1% earn an annual household income of $588,702.

Although trust services are often associated with the ultra-rich, you don’t need to be anywhere near the top 1% to benefit from them and for their fees to be worthwhile. If you’d like to know more about whether trust services could benefit your family, please let the professionals at Garden State Trust Company know of your interest.


TIP 4 Please Like and Subscribe

“Please like and subscribe” may have become a commonplace reminder cliché, but clichés are clichés for a reason (also a cliché). If you find value in content, supporting that content creator is a nice thing to do.

Sharing that content helps the content creator, and the people you’re sharing it with. You may think that you’re being intrusive, but many times in life we find the best stories, images, memes, movies, and even vendors like Garden State Trust Company because of a recommendation. If you want to share information about us, we would really appreciate it. You could share our latest newsletter, or resources and brochures, or you could contact us with a question or make a referral if you’d like us to reach out.