Tom Says

It is an election year. This brings for many, including myself, an air of uncertainty. Which Party will control the White House and what does that mean to me? One of my main concerns is the tax implications of a Democratic White House. The experts seem to agree that we are in for higher taxes if the Democrats win. For our customers it means less net dollars in your check in the coming years. It also means you will pay higher taxes on any lump sum transaction you may be considering in 2009. This creates some urgency to consider these possibilities and plan accordingly.

If you count on a particular amount in your regular checks you should begin planning for the possibility of less. You may also want to consider doing a lump sum transaction before the election as opposed to waiting until next year. A transaction this year could mean you will receive much more than in future years.

This sort of foresight and planning can amount to tens of thousands of dollars to you in the future. Do not become a victim of political circumstance. Take charge of your situation and prepare. Too often I am approached by customers who are forced to make fast and or forced decisions when circumstances arise that cause financial strain. Yes these can be unforeseen, but in my experience, most can be avoided with a little planning. Decisions that are forced are often expensive. Take this opportunity to get answers and know your options before the powers that be force a decision on you.

Oh, and maybe you will consider voting and have things turn out your way in the first place.