Trendline Financial Monthly July 2010

Trendline Financial Solutions
Peter Owen, ChFP, CLU, FLMI, CRSP, CISP
President
223 Parker Avenue
West Hempstead NY 11552
(516) 317 – 2860
peter@trendlinefinancialsolutions.com
www.TrendlineFinancialSolutions.com

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Trendline Financial Monthly

July 2010

Hi Everyone
I am sending the newsletter out early this month since I am getting married next week and will be busy doing all the last minute details.
Included are two articles on Social Security and effects of working after retirement. I have found that many people reach age 62 and file for benefits without realizing the effects of earned income after retirement. Some simple financial planning and research would prevent missteps at this important stage of a person’s financial life.
Enjoy the summer (and pray for nice weather next weekend).
Peter Owen

Will You See Higher Tax Rates in 2011?
The Economic Growth and Tax Relief Reconciliation Act of 2001, followed two years later by the Jobs and Growth Tax Relief Reconciliation Act of 2003, reduced the top marginal tax rate to 35% and the top capital gains rate to
15%. But this tax relief was designed to be temporary. And now, in 2010, we’re only months away from seeing those provisions expire.

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	Social Security: File-and-Suspend for Higher Benefits If you’re married and looking for opportunities to increase retirement income, you may want to look closely at your Social Security benefits. One opportunity for maximizing Social Security income, called “file-and-suspend,” may enable a married couple to boost both their retirement and survivor’s benefits.
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	Returning to Work After You’ve Retired No matter how much you’ve looked forward to retirement, you might find yourself missing the social interaction and financial benefits you enjoyed when you were employed. Whether working during retirement is a choice–or a necessity–make sure you understand the financial implications.
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	My child got a scholarship for college. Is it taxable? If a scholarship is used to pay for college tuition, fees, books, or required equipment, it’s not taxable. But if the scholarship is used to cover room and board, travel costs, or optional equipment, or if it’s awarded as payment for teaching, research, or some other required service, then it is taxable.
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How will a college scholarship affect my child’s 529 plan?
If your son or daughter gets a college scholarship, federal rules governing 529 plans allow you to withdraw from the account an amount equal to your child’s scholarship. You won’t owe the 10% penalty that typically applies to the earnings portion of any withdrawal not used to pay the beneficiary’s qualified education expenses. However, you’ll still owe income tax on the earnings portion of the withdrawal.

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The information in any newsletter or within the website should not be construed, in any manner whatsoever, as the receipt of or a substitue for personalized individual advice from Trendline Financial Solutions. Advice may only be given after client has received a copy of the Firm’s Form ADV on file with the New York State Dep’t of the Attorney General, appropriate Firm disclosures as required by Law, and entered into a Financial Planning agreement with the Firm.

Trendline Financial Solutions is a Financial Planner Firm offering Financial Planning and Investment Management with offices in Southold, Great Neck and West Hempstead, NY – convenient to Garden City and Rockville Centre.

Servicing all Nassau County villages: