Are you DOL compliant? DFS Marketing, Inc. and Partners are about to be!

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The Department of Labor Fiduciary Rule’s implementation date is rapidly approaching with portions of the rule going into effect April 10, 2017; with the full implementation of the rule being effective January 1, 2018. While many advisors already act in their client’s best interest, this Rule makes it their legal obligation. We would like to take a moment to update you on many of the actions we have taken so that we can continue to assist you in growing your business.

Under the DOL Fiduciary rule, when the sale of a fixed indexed annuity using qualified funds is made, a “Best Interest Contract” must be signed by the client and a qualifying Financial Institution. In order to comply with the rule DFS Marketing, Inc. partners have applied to qualify as a Financial Institution with the Department of Labor. This will allow DFS Marketing, Inc. partners to act as your Financial Institution when you conduct a fixed indexed annuity sale.

In addition to applying for Financial Institution status as an IMO, DFS Marketing, Inc. partners are in the process of forming our own Registered Investment Advisory Firm.  DFS Marketing, Inc. partners are affiliating with strategic and well known partners in the RIA world to offer a robust portfolio offering, full bodied technology platforms and practical training programs. It is our intention to provide the necessary tools, systems and compliance oversight to allow insurance-only agents and registered representatives to continue to serve your clients through our qualifying Financial Institutions.

In order to help you transition to changes that will be needed to comply with the DOL Rule, we are attentively creating an extensive and well-defined training program. Our training program will not only assist you in working in a compliant manner but also support you in growing your business to new levels with the innovative technology and sales tools. It is our expectation that these tools and systems provide you with minimal disruption to your business so that you can focus on your growth.
We are committed to providing solutions both for registered representatives and insurance only agents. Be assured that we are here to help you grow your business and we look forward to continuing to provide you with a broad annuity products access in conjunction with new sales and operational systems to comply with the new standards that our industry will need to follow.

Sincerely,

julian-sign

Julian N. Dougharty

President/CEO

832-220-5858

www.dfs-marketing.com

 

Why Choosing an IMO ( Insurance Marketing Organization ) is important?

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Reduce or Eliminate the Burden

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If you are a married Social Security recipient, you know that one day you or your Spouse will be widowed. All too often, the tragedy of losing a Spouse is accompanied by a loss of income for the survivor. This income loss is the result of a reduction in Social Security benefits to the household upon the death of a spouse. The amount of lost benefits may be substantial, from one third, to one half, or even more.

Although tax exempt income is included in calculat- ing your combined income, a nonqualified annuity may help to reduce taxes on your Social Security benefits. Income that is left to accumulate inside a tax deferred annuity does not appear on your tax return and is not used in calculating your total income.

Therefore, moving money from a taxable investment to a nonqualified tax deferred annuity may help to reduce taxes on Social Security benefits. A key financial concern of many seniors today is the fact that, if your income is above certain limits, Social Security retirement benefits are taxable.

Taxes on Your Social Security Retirement Benefits

Social Security recipients have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income; such as, wages, self-employment, interest, dividends withdrawals from annuity contracts and other taxable Income that must be reported on your tax return, in addition to your benefits.

No one pays federal income tax on more than 85% of his or her Social Security benefits.

Individual: If your income is between $25,000 and $34,000, you may have to pay income tax on upto 50% of your benefits. More than

$34,000, up to 85% of your benefits may be taxable.

Jointly: If you and your spouse have a combined income that is between $32,000 and $44,000, upto85% of your benefits may be taxable.

Married w/separate return: You may pay income taxes on your benefits.

How Tax Deferred Annuities Can Help?!

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Although tax exempt income is included in calculating your provisional income, a tax deferred Annuity can help reduce taxes on your Senior benefits. Income that is left to accumulate inside a tax deferred annuity does not appear on your tax return and is not used in calculating your total income.

Therefore, moving money from a taxable investment to a tax deferred annuity can help reduce taxes on Senior benefits. You can possibly pay no tax at all on your Senior benefits if you shelter enough income inside a tax deferred annuity and your other income is below the base amount threshold. If your investments are generating taxable income, that income is counted when determining how much of your Senior benefits are taxed. Earnings that grow tax deferred inside an annuity are not counted toward your provisional income.

Annuity earnings will become taxable income when you withdraw them. Make sure you don’t immediately need the income before moving to a tax deferred annuity. Withdrawals in the early years could also incur surrender penalties.If you would like more understanding on how to help reduce taxes on your Senior benefits, please contact us at your convenience.

New Government Changes and Benefits for Seniors!

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Congress has legislated increases in Senior benefit payments based on increases in the Consumer Price Index. If you receive monthly Senior benefit payments, there is a 1.5% cost-of-living adjustment starting with your December, 2013 benefits paid in January, 2014.

Specific cost-of-living increases are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers calculated by the Bureau of Labor Statistics. The earnings limit for people turning 66 in 2014 will be $41,800. $1 in benefits is deducted for each $3 earned over $41,800. There is no limit on earnings for workers who are at full retirement age for the entire year. Full retirement is age 66 for people born in 1943 through 1954. The earnings limit for workers younger than full retirement age is $15,480. $1 in benefits is deducted for each $2 earned over $15,480.

In addition to receiving extra payment each month, you may now earn more income without offsetting your benefits because the earnings test cut-off also increased. Based on the increase in average wages, the maximum amount of earnings subject to Senior benefit tax increased to $117,000 (from $113,700).