Stephanie R Whaley - Prudential

Every person deserves a financial plan that reflects their unique goals and dreams. As a Blueprints to Black Wealth Certified Financial Professional, I’m partnering with Prudential to help more people build and protect their wealth—today, tomorrow, and for generations to come.

To learn more, contact me at [email protected]

Congratulations to my nephew as he officially signed his letter of intent to play football and run track!

Congratulations to my nephew on making All-Conference selections!

Is it possible to over save into a 401k?

Yes, if you are maxing out a 401k with a good employer match you could run into required minimum distributions in retirement.

An RMD, or required minimum distribution, is the minimum amount of money that you are legally mandated to withdraw each year from a retirement account (beginning at age 73 in 2024).

If you don’t withdraw RMDs on time, you could face a penalty of up to 25 percent (in addition to ordinary income tax on the distribution).

For example, if your RMD is $10,000 from an IRA and you only took $5,000, you’ll pay up to $1,250 in tax penalties plus your ordinary income tax ranging from 10 to 37 percent.

This is a main reason you need to diversify your accounts in the same way that you diversify your investments. By having non qualified investments, life insurance cash values, real estate and Roth accounts you will be able to strategically distribute funds to minimize your taxes and avoid RMDs.

If you’re unsure if you are saving too much into a 401k let’s build a financial plan!

Congratulations to one of our Northwestern Mutual Financial Representatives, Armanti Edwards, as he is being inducted into the College Football Hall of Fame! He is being honored at the Appalachian State University Football game against Old Dominion this Saturday.

How can I help you?

1) Build a financial plan that has a bucket strategy incorporating short term, mid term, long term and retirement accounts to accomplish your goals.

2) Hold a long term perspective to not fall into the trap of buying high and selling low. Diversify and rebalance.

3) Behaviorally coach you through periods of stress to not make mistakes.

Today, September 11, we remember the nearly 3,000 victims whose lives were taken in a tragedy that indelibly shaped our nation. This day in our history reminds us of the people we care for and the value of what we do at Northwestern Mutual – to put people first and deliver on our promise to protect others.
Please take a moment today to honor and pay tribute to the lives lost and forever changed.