Business & Finance

Finance is Fun: The Simple IRA

Updated 15 hours ago

Marion Syversen was in for this week’s Finance is Fun to let us know what a Simple IRA is.
SIMPLE IRA – SIMPLE plan is an abbreviation for Savings Incentive Match Plan for Employees available to employers with less than one hundred and it may be a great way for your business to provide benefits to your people.
 
What is it? – A SIMPLE IRA is one of many IRA’s available. It’s specific purpose is as a less expensive option than 401(k)s and 403(b)s. The SIMPLE plan is comprised of a company agreement (a plan document) and then employee accounts that those eligible employees manage and control. SIMPLE plans can be opened through financial institutions, with an advisor, through mutual fund companies, etc. Should you choose to use an advisor that person assists with required forms and notifications.
 
Who can use it? –Any business with 100 or less employees. Employees must have earned at least $5,000 in compensation during any 2 years before  the calendar year and expect to receive at least $5,000 during the current calendar year. It’s not really complicated but there are conditions (as this is only a brief overview, please speak with a financial professional for guidance on your specific circumstances).
 
What’s it cost? – If you use mutual-fund direct plans with which I am familiar setting up the plan has no cost. Each participating employee has annual fees on the account, in my experience from $10 to $50. Then there are mutual fund costs. The only cost to the employer is the match. Remember the SIMPLE plan is an abbreviation for Savings Incentive Match Planfor Employees. The employer must choose annually to either match 2% on each eligible employee’s compensation- regardless if they contribute to the account OR employers may match the elective deferrals of those eligible employees dollar-for-dollar up to 3% of compensation.
 
What’s the benefit? – For example, ithe employer chooses the dollar-for-dollar match, foran eligible participating employee who makes $20,000 a year, the employer’s contribution is $600. Compared to the costs of other benefits you may find that a SIMPLE IRA is a very good value for your quality employees.
 
SIMPLE Plans can be open January 1st through October 1st  if you don’t have a plan and think this would be a good fit for your business, you need to act soon as the last quarter of the year is a blackout for opening a plan.
 
 
 
 
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Finance Is Fun: Credit Reports

Updated 1 week ago

Marion Syversen was here for this week’s Finance is Fun to talk about credit reports, and what key things you should know about them.

Credit report - A credit report is a history of you and your money. It contains your name, address, work history and Social Security number. It also has a history of ‘public information’ such as bankruptcies, liens and ‘wage attachments.’ There are three agencies which publish credit reports and they sometimes differ in what is included in each one. They may have mistakes and errors. This is why reviewing credit reports is important.

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Biz Tips: Startup Bangor

Updated 2 weeks ago

Ever had an idea for a business and didn’t know how to bring it to reality?

Deb Neuman talks about StartUp weekend coming to Bangor where ideas will become reality!

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Finance is Fun: Your Money Personality

Updated 2 weeks ago

Marion Syversen was in for this week’s Finance is Fun explaining what someone’s money personality is.

Everyone has emotions that are usually bound up in their money. It tends to be a mix between what we learned as kids and our proclivities, our personality quirks and traits. No one is perfectly balanced so the goal is to be a sane as possible inside our unique composition.

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Consumer Contact: Gone Phishing

Updated 2 weeks ago

 

David Leach of the Maine Bureau of Consumer Credit Protection was in the studio with Russ Van Arsdale on Monday for this week’s Consumer Contact segment. They were speaking to Joy about a new anti-scam guide being released by the bureau. The guide is called “Gone Phishing” and it gives tips on avoiding all manner of scams and protecting your credit.

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Finance is Fun: Family and Money

Updated 3 weeks ago

Marion Syversen was on the Noon news for this week’s Finance is Fun with some tips about family and money.

Whether you are helping an adult child, or standing in the gap when someone you love has a sudden financial difficulty, lending money to family or friends can change things between you. Here are some ideas for ways to maneuver these tricky waters.

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Biz Tips: Back to “Business School”

Updated 4 weeks ago

Time flies and as another school year approaches Deb Neuman doesn’t want any more time to go by if you are thinking about starting or growing a business.

Here are a few classes and events you should know about.

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Finance is Fun: Estate Planning

Updated 4 weeks ago

Marion Syversen was in for this week’s Finance is Fun talking about estate planning.

Please plan - Making a plan for your family for how to pass on your earthly possessions after death is a pretty intense topic. People avoid it. If you won’t face things and make a plan you leave your grieving family to sort things out, to argue over sentimental items as it reminds them of you and time spent with you, to cause such discord that relationships may be permanently altered. All because you couldn’t face this task. You have spent your life loving you family. So I know I can count on you make thorough preparations for this most difficult time and not leave them without your loving guidance.

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Consumer Contact: Flooded Vehicle Resale

Updated 1 month ago

Russ Van Arsdale was in the studio on Monday for this week’s Consumer Contact. This time, he spoke to Joy about the precautionary measures you can take when looking at used cars, especially due to all of the recent flash flooding.

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Finance is Fun: Back to School Shopping

Updated 1 month ago

Marion Syversen was in for this week’s Finance is Fun to talk about back to school shopping.

Everyone is facing the same joy and dread of back to school and all the joys and hassles that accompany this time of transition. Here are some strategies for your family.

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So Many Retirement Plans. What do all the Letters and Numbers Mean?

Updated 1 month ago

Pre-tax contributions – Most retirement plans are funded with what are termed ‘pre-tax contribution.’ Taxes are NOT removed from that contribution now but will be owed later, when the money is removed from the tax-deferred protection of the particular account. So if you are twenty years old and begin to save, the money contributed to the account is pre-tax, and if you didn’t begin removing it until age seventy for example, the money grows protected from tax, or tax are deferred, until you remove any or all of it. Each amount withdrawn prompt the taxes due.

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Biz Tips: Are you Ready to Quit Your “Day Job” to Start a Business?

Updated 1 month ago

Deb Neuman wants to know:  Are you ready to quit your “day job” to start a business?

1. Distracted at work – thinking about your business
2. You’ve market tested the idea
3. You’ve got a business “plan”
4. You’ve got a contingency plan
5. You’ve banked some money
6. You’ve got support (spouse/family/friends)
7. You never want to say “if only?”

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Consumer Contact: Pass It On

Updated 1 month ago

 

Russ Van Arsdale was in the studio Monday for this week’s Consumer Contact. This week, Russ was speaking with Wayne about strives from the Federal Trade Commission to not only inform those looking on ways to detect and protect from scams, but also to pass that information on to everyone they can.

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Finance is Fun: Retirement By The Numbers

Updated 2 months ago

Marion Syversen was in for this week’s Finance is Fun to talk about retirement and how are people getting ready for retirement, or already in retirement, how are they liking the decisions they made?

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Biz Tips: Tips for Job Seekers

Updated 2 months ago

It’s summer time and many new grads are out looking for work!
If that’s you – or you’re already working and thinking about making a change … Deb  Neuman shares tips to help you find that new job!

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Finance is Fun: Riskiest Businesses to Start

Updated 2 months ago

Marion Syverson was here for this week’s Finance is Fun to talk about what businesses are the riskiest to start.

Food - Grocery stores, in an already competitive filed there is a lot of pressure on prices is shops of this type. Margins, the profit above costs, are typically very small and could be as low as 1% Restaurants and bars are also risky businesses. Often owners are surprised by the high costs of equipment and building requirement for code compliance, licensing and wages.

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Penquis Tips for First Time Homebuyers

Updated 2 months ago

If you’re thinking of buying your first home know there is help available to get you there.

Certified housing counselor Heather Massow has tips for first time homebuyers.

Call 973-3500 or log on to penquis.org for more information

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Finance is Fun: Top Strategies When You Provide For Others

Updated 2 months ago

Marion Syversen was in for this week’s Finance is Fun to talk to us about the top strategies for you when you’re providing for others.

‘Responsibility requires action’ – This quote is both succinct and insightful. The responsibility of dependents requires you to act on their behalf, to both protect them now and in the event you cannot take care of them. Let’s give this some thought.

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Biz Tips: Summer Means Kids in Business!

Updated 2 months ago

Summer means kids in business!

Deb Neuman has some tips to help your kids have a summer business:

1. Let them pick the business!

2. Help them make a business “plan”

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Finance is Fun: Investing, Men Vs Women

Updated 2 months ago

Marion Syverson was in for this week’s Finance is Fun to tell us about how, research has shown that in general there are gender differences in how men and women behave in investing. Marion examined some of them so we can learn our strengths – and weaknesses.

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