rapidfire
Retirement Living
Family
Asset Rescue
Matters
Discover helpful
resources for military
M
any Americans don’t realize So how do you avoid losing 30 percent spouses and children.
they are enjoying — and have been or more of your retirement assets to taxes?
enjoying — the lowest income tax Here are some tips: Kids in Distressed Situ-
rates in the nation’s history. Rick Staszek, a ■ If you don’t have one, hire a registered ations (K.I.D.S.) Inc. and
registered fi nancial planner with Financial fi nancial planner and investor advisor rep- Blue Star Families have
Network Investment Corp. in Pittsburgh, resentative who will provide you with an joined forces to bring the
says military offi cers approaching retire- actively managed account. joy of reading to military
ment need to be prepared for future tax ■ If you’re approaching retirement, you children by donating
hikes as some 76 million baby boomers probably can’t wait fi ve to seven years for new books to military-
retire and cash out in the next several years. your investments to bounce back. That affected libraries and
Staszek thinks tax rates will top out as high means dividing your money into short-, schools and providing
as 60 percent. (Most of us currently pay out mid-, and long-term investment options. individual kids with
about 30 percent of our income in state and ■ With long-term investments, plan books of their own.
federal income taxes.) for tax-free growth. One easy option is to The Books on Bases,
Staszek says many people are not pre- convert funds you have in traditional IRAs Smiles on Faces program
pared for the hit they’re going to take when into Roth IRAs. also helped kick off the
they withdraw retirement savings. “We’re ■ Hire a fi nancial consultant who White House’s United
brought up to believe that retirement plans knows tax laws. Your CPA might not have We Serve initiative. The
are great for us, but they’re a double-edged a handle on how to protect your savings first distribution of books
sword,” Staszek adds. “The longer you hold the way a Series 65 or 66 certifi ed fi nan- took place at Bayside
on to your retirement savings, cial planner would. Elementary School in
the more the IRS will get.” — Deborah Huso Virginia Beach, Va., with
local military children and
their families and friends
participating in reading
and craft activities.
“We are looking for-
ward to working together
with Blue Star Families
to coordinate building up
the book collections of
military-impacted librar-
ies and military bases
across the country,” says
Janice Weinman, presi-
dent of K.I.D.S. Inc.
E-mail programs@
bluestarfam.org to learn
more or to see whether
the program is coming
to a base near you.
28 MILITARY OFFICER SEPTEMBER 2009 ILLUSTRATION: DAVID BUSBY
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