By SJS Investment Services Senior Advisor Andrew Schaetzke, CFP®.
Over the past year, global stock markets have provided some of their best returns in recent history.[1] As a result, many investors have more savings than ever before. Particularly with potential upcoming changes to the U.S. tax code, many investors are asking how can they save and invest more in tax-efficient ways.[2] We provide the below resource to help you determine ways to save and invest more in tax-efficient ways. As always, please consult your tax professional for specific advice.
From this checklist, you may come away with answers to the following:
Do I need to save more in your Emergency Fund? If so, how should I invest my Emergency Fund?
For healthcare savings, how much can I contribute to a Flexible Savings Account (FSA) and / or Health Savings Account (HSA)?
How much can I save in the retirement plan offered by my employer?
If I exceed income limits, how can I invest in Roth accounts?
As a business owner, what additional savings options do I have?
How can I help my children save more for their future (ex. education savings account, trust account, etc.)?
Should I consider an annuity or additional life insurance?
What accounts can I use for tax-efficient charitable giving?
As always, we are here to help you analyze your personal situation and help you plan for your future. Please feel free to reach out to us if you have any questions.
Important Disclosure Information & Sources:
[1] “Benchmark Returns“. Vanguard, 30-Apr-2020, investor.vanguard.com.
[2] “Biden Will Seek Tax Increase on Rich to Fund Child Care and Education“. Jim Tankersley, 22-Apr-2021, nytimes.com.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide tax advice. Please consult your tax professional for specific advice. This material has been prepared for informational purposes only.
Hyperlinks to third-party information are provided as a convenience and we disclaim any responsibility for information, services or products found on websites or other information linked hereto.
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