PRESS RELEASE Amherst, NY: Level Financial Advisors has promoted Desiree Weppner to the position of Human Resources Manager at its fee-only investment management and financial planning firm. She will assist the company in all aspects of employee relations, payroll, 401k and benefits administration, along with hiring and retention activities.  As part of her new responsibilities, Ms. Weppner will continue to support the client services team in various aspects of the firms daily activities. She will report to the firm’s chief operating officer in her new role. Ms. Weppner graduated from Gannon University, achieving a Bachelor of Science in Mental Health Counseling; she later received her Masters of Science in School Counseling from Edinboro University. Prior to joining Level in 2020, Ms. Weppner worked as a School Counselor at St. Gregory the Great Catholic School. She serves on the board of the Character Council of Western New York as its Vice President and is also...

REVISED – 11/22/2021 Governor Kathy Hochul recently directed the New York State Health Commissioner to enforce the NY HERO Act.  The law, passed and signed into law several months ago, requires NY employers to develop an airborne infectious disease prevention plan to protect employees during health emergencies such as the current global pandemic. In addition to this, Erie County implemented a mask mandate effective 11/23/2021 for all indoor public areas. Because of the NY designation and due to our location within Erie County, we are required to make changes to our in-office policies for both employees and visitors.  Below are our updated protocols as of 11/22/2021. All visitors and employees are required to wear masks until further notice.  Visitors for in-person meetings will be required to undergo a temperature check and answer health-related questions, following CDC Guidelines. Those with a temperature of 100.4 or higher will not be allowed to attend their meeting in-person. We will...

The tax code is a confusing maze of rules and regulations that very few people understand. All of these rules often make it difficult to understand what is true and what is not. This leads to people creating rules of thumb that are generalizations to simplify the complexity of the tax code. Unfortunately, as with most complex topics, this can create popular beliefs that may not be true. Here are five of the most common tax myths we hear from clients:   1) I’ll be in a lower tax bracket once I’m retired.   Naturally, if you are no longer working and earning wages it is reasonable to assume you will be in a lower tax bracket. Unfortunately, the formulas that determine how much of your Social Security, qualified dividends and capital gains are taxed, along with mandatory withdrawals from your 401k/IRA at age 72, can lead to paying a lot higher tax rate than you...

IR-2021-216, November 4, 2021 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 in Notice 2021-61 PDF, posted today on IRS.gov. Highlights of changes for 2022 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500, up from $19,500. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the Saver's Credit all increased for 2022. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the...

The historic 5.9% increase in Social Security benefits announced recently made national news.  In this quick local story, News4 speaks with our own Paul Coleman III, CFP® about what the increase might be saying about inflation. https://www.wivb.com/news/local-news/inflation-surge-drives-up-social-security-benefits-by-5-9-for-2022/  ...

After an extended summer hiatus, here is the next installment in a continuing series on the topic of creating a pre-retirement financial planning checklist.  You may recall my previous blogs were based upon a simple airplane landing analogy.   THE RETIREMENT TRANSITION ANALOGY: GETTING THE PLANE READY TO LAND. PREPARE FOR LANDING: A RETIREMENT READINESS ANALOGY-VISUALIZING RETIREMENT PREPARING FOR RETIREMENT CHECKLIST: DOING THE MATH!   After a relatively long and uneventful flight, the crew springs into a flurry of pre landing activities during the last 15 minutes, necessary to guarantee that the landing is safe and on time. Likewise, as we near our retirement date, there are some critical tasks necessary to be ready for a safe and well-planned transition.  In this segment, let’s examine the need to make some substantive changes to our investment portfolio to accommodate the need for retirement income. The airplane analogy works well in describing this transition.  During...