Celebrating 40 Years of Business!

Group

Western Reserve Resources Corporation is pleased to announce their 40th Anniversary!

40 years ago, our work began in pencil and paper, walking together with our clients as we planned for their financial future.

Since 1976, we have seen the landscape of the Financial Planning Industry change as technology and information have evolved with each passing year. In that time, we have also witnessed great economic times, dramatic downturns, political change, social unrest, financial bubbles, and the list could go on.

Most importantly, over the past 40 years, we have had the pleasure of seeing our clients’ families grow. We’ve celebrated with them as their children were born, careers advanced, and life was celebrated. We have also walked alongside as jobs changed, hardships came, and family dynamics shifted.

Bear Market or Bull Market, Downturn or Upswing, what remains at heart in what we do is walking side by side with our clients. This connection cannot be replaced or overlooked. As we move forward in business in the years to come, the core of our work will remain rooted in partnering with families as they pursue life.

To our clients, we thank you for the 40 years together and look forward to the years to come!

WRRC 40th Anniversary, Mark Boone, Financial Advisor, Hudson, Ohio

IRA and Retirement Plan Limits for 2016

 

IRA contribution limits

The maximum amount you can contribute to a traditional IRA or Roth IRA in 2016 is $5,500 (or 100% of your earned income, if less), unchanged from 2015. The maximum catch-up contribution for those age 50 or older remains at $1,000. (You can contribute to both a traditional and Roth IRA in 2016, but your total contributions can’t exceed these annual limits.)

Traditional IRA deduction limits for 2016

The income limits for determining the deductibility of traditional IRA contributions in 2016 are unchanged, except for one instance: if you’re not covered by an employer plan but your spouse is, and you file a joint return, you can fully deduct your IRA contribution in 2016 if your MAGI is $184,000 or less (up from $183,000 in 2015).

If your 2016 federal income tax filing status is: Your IRA deduction is reduced if your MAGI is between: Your deduction is eliminated if your MAGI is:
Single or head of household $61,000 and $71,000 $71,000 or more
Married filing jointly or qualifying widow(er)* $98,000 and $118,000 (combined) $118,000 or more (combined)
Married filing separately $0 and $10,000 $10,000 or more

*If you’re not covered by an employer plan but your spouse is, your deduction is limited if your MAGI is $184,000 to $194,000, and eliminated if your MAGI exceeds $194,000.

Roth IRA contribution limits for 2016

The income limits for determining how much you can contribute to a Roth IRA have increased for 2016. If your filing status is single or head of household, you can contribute the full $5,500 to a Roth IRA in 2016 if your MAGI is $117,000 or less (up from $116,000 in 2015). And if you’re married and filing a joint return, you can make a full contribution in 2016 if your MAGI is $184,000 or less (up from $183,000 in 2015). (Again, contributions can’t exceed 100% of your earned income.)

If your 2016 federal income tax filing status is: Your Roth IRA contribution is reduced if your MAGI is: You cannot contribute to a Roth IRA if your MAGI is:
Single or head of household More than $117,000 but less than $132,000 $132,000 or more
Married filing jointly or qualifying widow(er) More than $184,000 but less than $194,000 (combined) $194,000 or more (combined)
Married filing separately More than $0 but less than $10,000 $10,000 or more

Employer retirement plans

All of the significant employer retirement plan limits for 2016 remain unchanged from 2015. The maximum amount you can contribute (your “elective deferrals”) to a 401(k) plan in 2016 is $18,000. This limit also applies to 403(b), 457(b), and SAR-SEP plans, as well as the Federal Thrift Plan. If you’re age 50 or older, you can also make catch-up contributions of up to $6,000 to these plans in 2016. (Special catch-up limits apply to certain participants in 403(b) and 457(b) plans.)

If you participate in more than one retirement plan, your total elective deferrals can’t exceed the annual limit ($18,000 in 2016 plus any applicable catch-up contribution). Deferrals to 401(k) plans, 403(b) plans, SIMPLE plans, and SAR-SEPs are included in this aggregate limit, but deferrals to Section 457(b) plans are not. For example, if you participate in both a 403(b) plan and a 457(b) plan, you can defer the full dollar limit to each plan–a total of $36,000 in 2016 (plus any catch-up contributions).

The amount you can contribute to a SIMPLE IRA or SIMPLE 401(k) plan in 2016 is $12,500, and the catch-up limit for those age 50 or older remains at $3,000.

Plan type: Annual dollar limit: Catch-up limit:
401(k), 403(b), governmental 457(b), SAR-SEP, Federal Thrift Plan $18,000 $6,000
SIMPLE plans $12,500 $3,000

Note: Contributions can’t exceed 100% of your income.

The maximum amount that can be allocated to your account in a defined contribution plan (for example, a 401(k) plan or profit-sharing plan) in 2016 is $53,000, plus age-50 catch-up contributions. (This includes both your contributions and your employer’s contributions. Special rules apply if your employer sponsors more than one retirement plan.)

Finally, the maximum amount of compensation that can be taken into account in determining benefits for most plans in 2016 is $265,000, and the dollar threshold for determining highly compensated employees (when 2016 is the look-back year) is $120,000, both unchanged from 2015.

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This information, developed by an independent third party, has been obtained from sources considered to be reliable, but Raymond James Financial Services, Inc. does not guarantee that the foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance may not be indicative of future results. Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate professional.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other government agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal.

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015.

Cyber Security Awareness Month

October is National Cyber Security Awareness Month. Check out these resources from Raymond James to learn more about how to protect your identity online:

Lost in (Cyber-)Space: Four steps to documenting and preserving digital assets.

Tips for Protecting your Identity Against Cybercrime: With more than 9.9 million people every year becoming a victim of identity theft, review these tips and be mindful of your online activity.

Don’t Let Thieves Ruin Your Holiday Season: Learn how to protect your identity when shopping online.

Death of the Password?: They call it password fatigue – the dozens of secret codes we must remember to access our accounts overwhelms us. So we reuse them or write them down.

Common Scams to be Aware of & How to Protect Yourself: Nine common scams, often targeted at elderly individuals, that you should be aware of.