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RETIREMENT INSIGHTS FOR MARCH 2024

News and information for current and future retirees.

> Enjoy the little things, for one day, you may look back and realize they were
> the big things.
> 
> -Robert Brault


HISTORY OF THE ALTERNATIVE MINIMUM TAX

The Alternative Minimum Tax (AMT) is a tax provision that operates as a sort of
tax double-take. It has existed since 1969, requiring taxpayers to calculate
their tax liability twice–once under the regular income tax rules and again
under the AMT. Ultimately, they end up paying the higher amount between the two
calculations. The AMT has different exemptions, rates, and fewer preferences
than the regular tax system. To determine the AMT, taxpayers must add certain
deductions to their income, resulting in their Alternative Minimum Taxable
Income (AMTI). This AMTI is then compared to the regular taxable income, and the
taxpayer pays the higher of the two amounts.

However, the Tax Cuts and Jobs Act (TCJA) of 2017 brought about significant
changes to the AMT, making it less burdensome for many taxpayers. The TCJA
increased the AMT exemption, which means that a more substantial amount of
income is exempt from the AMT calculation. The income threshold for phaseouts
also rose, allowing more taxpayers to manage the AMT. Furthermore, certain
deductions that the AMT previously favored were reduced or eliminated. As a
result of these changes, the number of taxpayers affected by the AMT has
significantly decreased. It's important to note that the current schedule has
TCJA provisions related to the AMT set to expire after 2025, which means that
the AMT rules may revert to their previous form.1

This update is for informational purposes only and is not a replacement for
real-life advice. Consult your tax or accounting professionals for more specific
information on the AMT.


GOLF TIP

Practice Putting with Tees

Next time you are on the practice green, line up a putt that doesn’t break and
put two tees on either side of your putter head so that the putter can just pass
through. Put the ball in the middle of the tees and try to putt it without
hitting them. This teaches you to putt using the putter’s sweet spot.2


LESS SCREEN TIME TO REDUCE STRESS

Smartphones, gaming systems, and screens are everywhere, adding a touch of
excitement and convenience to our lives. They're in our homes, bedrooms,
offices, vehicles, pockets, and purses, always ready to entertain and assist us.
Have you ever considered how much time you or your family spend glued to those
screens? You may have seen weekly alerts from your phone telling you you've used
it longer than you thought possible. Sound familiar? While these devices bring
joy and usefulness, striking a balance is essential.

Excessive screen time can sometimes leave us feeling disconnected. Picture this:
when you're engrossed in your device, you might miss out on something
significant. It could be quality time with your loved ones, exercising, pursuing
hobbies, or even enjoying well-deserved relaxation. By cutting down on screen
time, we can free up more precious moments to connect with family and friends.
Reducing screen time may supercharge your physical health, unlock exciting
playtime, strengthen relationships, and boost your mood. Finding that balance,
allowing for more physical activity, quality time with loved ones, and exploring
new adventures can offer many mental and physical health benefits. So, put down
that phone for a bit, take a deep breath, and enjoy your life; you may be
surprised how refreshed you feel.3


DID YOU KNOW?

Neil Armstrong missed a deadline and nearly missed going to the moon.

In 1962, Armstrong submitted his application for the second round of NASA
astronaut hiring several days late. Dick Day, NASA's assistant head of flight
crew operations, knew that Armstrong had “the right stuff” and secretly slipped
his tardy application into the candidate pile on his behalf.4

For the first time in nearly 50 years, the Adams County SPCA has no dogs left to
adopt. Credit: Adams County SPCA


ON THE BRIGHT SIDE

In Pennsylvania, the Adams County SPCA is celebrating a remarkable achievement
after finding homes for nearly every pet in their shelter right before
Christmas. With only one cat remaining, this was the first time in 47 years the
facility had found homes for so many at once. The organization expressed its
excitement and called it a "true miracle," crediting the hard work of staff and
volunteers. In total, 94 animals were adopted, and 26 strays have been reunited
with their owners since November 1. The shelter is now assisting other shelters
in Pennsylvania that are still full. While the holiday season may have
contributed to the increase in adoptions, the organization advises against
giving pets as gifts, as they represent a long-term commitment for the
recipients.5


BRAIN TEASER

An older man walks. Two young men in excellent physical condition are just a few
feet behind him and sprinting. No matter how fast they run, they can't catch up
with the older man. Why can't they – and where are these people?

Click here to reveal the answer
All three are on treadmills in a gym.

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The content is developed from sources believed to be providing accurate
information. The information in this material is not intended as tax or legal
advice. It may not be used for the purpose of avoiding any federal tax
penalties. Please consult legal or tax professionals for specific information
regarding your individual situation. This material was developed and produced by
FMG Suite to provide information on a topic that may be of interest. FMG, LLC,
is not affiliated with the named broker-dealer, state- or SEC-registered
investment advisory firm. The opinions expressed and material provided are for
general information, and should not be considered a solicitation for the
purchase or sale of any security. Copyright 2024 FMG Suite.

1. Taxpolicycenter.org, January 16, 2024

2. Golf.com, January 16, 2024

3. Mayo Clinic, January 16, 2024

4. Today I Found Out, January 16, 2024

5. NBC's Today, December 26, 2023

--------------------------------------------------------------------------------

CONTACT

Mobile: (516) 647-7146

2 Grenwolde Dr.

Kings Point, NY 11024

Life & Annuity, Financial Advisor

rich@siminouwm.com



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The content is developed from sources believed to be providing accurate
information. The information in this material is not intended as tax or legal
advice. Please consult legal or tax professionals for specific information
regarding your individual situation. Some of this material was developed and
produced by FMG Suite to provide information on a topic that may be of interest.
FMG Suite is not affiliated with the named representative, broker - dealer,
state - or SEC - registered investment advisory firm. The opinions expressed and
material provided are for general information, and should not be considered a
solicitation for the purchase or sale of any security.

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the California Consumer Privacy Act (CCPA) suggests the following link as an
extra measure to safeguard your data: Do not sell my personal information.

Copyright 2024 FMG Suite.



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