Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
If you own a retirement account, you are probably familiar with the early withdrawal penalty. This rule states that if funds are withdrawn from a retirement account before age 59 ½, there is a 10% penalty. This applies to IRA accounts and other tax-advantaged retirement accounts like 401(k) and 403(b).
Most of your retirement savings will likely come from an employer-sponsored plan, such as a 401(k) or a 403(b). These are great savings plans for retirement because normally an employer will also match your contributions. However, just because your employer sponsors a retirement plan, doesn’t mean you should stop saving for retirement there.
If you have long-term investments, you may have large, embedded gains that can cause a pretty high tax bill. However, even though you cannot escape paying taxes on these gains, your heirs may avoid tax liability when they inherit certain assets. This gives your heirs a huge tax advantage because their cost basis is essentially reset.
When you purchase a term life insurance policy, coverage is adequate for a fixed period. This fixed period can vary depending on your insurance needs. If you die during the policy term, the insurer will pay your beneficiaries the policy’s face value.